EU · MiFIR · TITLE III TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS
Article 22 MiFIRProviding information for the purposes of transparency and other calculations
ESMA and competent authorities may require trading venues, APAs and CTPs to provide data for the transparency and trading obligation calculations and related reports, and those entities must store the necessary data for a sufficient period; ESMA RTS set the content, format, frequency and retention.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2019/2175 | Provision replaced; Text amended | by 1 Jan 2022 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryAmends Delegated Regulation 2017/577 to reflect the 2024 MiFIR/MiFID II review: removes data reporting for the old quantitative SI tests and the volume cap (now calculated from transaction reports), requires XML for scheduled data and direct reporting to ESMA for the derivatives trading obligation, lets authorities set formats for ad hoc requests and extends record retention to five years.
- RTSIn forceLegal basis
AI summaryAmends RTS 2 (2017/583) and RTS 1 (2017/587) after the 2024 MiFIR review: removes request-for-quote and voice trading systems from non-equity pre-trade transparency, defines central limit order books and periodic auction systems, keeps some provisions for derivatives during the transition, and updates large-in-scale and other transparency rules for bonds, structured finance products, emission allowances and equity instruments. Parts apply from 2 March 2026.
- RTSIn forceLegal basis
AI summaryAmends RTS 1 (2017/587) on equity transparency: aligns non-price forming transactions with RTS 22, raises the pre-trade large-in-scale threshold and the size qualifying for 60-minute deferral for ETFs, adds pre-trade transparency rules for hybrid trading systems and shortens publication delays. Most changes apply from 1 January 2024.
- RTSIn forceLegal basis
AI summaryAmends RTS 2 (2017/583) on non-equity transparency: aligns the treatment of non-price forming transactions with RTS 22 to make post-trade publication consistent, and updates publication timing and other provisions to reflect faster publication now possible. Most changes apply from 1 January 2024.
- RTSIn forceLegal basis
AI summaryAmends and corrects RTS 1 (2017/587) so that systematic internalisers' quotes and price improvements in shares and depositary receipts must respect the tick sizes that apply on trading venues, to preserve a level playing field, and updates and corrects other provisions.
- RTSIn forceLegal basis
AI summaryRTS on the data that trading venues, APAs and CTPs must provide to competent authorities and ESMA for the MiFIR transparency, volume cap, systematic internaliser and derivatives trading obligation calculations, including the content, frequency and format of data requests and data retention. Since amended by Delegated Regulation 2026/392.
- RTSIn forceLegal basis
AI summaryRTS 2 on transparency for bonds, structured finance products, emission allowances and derivatives: sets pre-trade transparency by trading system type, large-in-scale and size-specific-to-the-instrument thresholds, order management facility sizes, the liquidity assessment of each instrument class, and post-trade publication content and deferral regimes. Amended several times, notably by Delegated Regulations 2021/529, 2022/629, 2023/945 and 2025/1246.
- RTSIn forceLegal basis
AI summaryRTS 1 on transparency for shares, depositary receipts, ETFs, certificates and similar instruments: defines non-price forming transactions, sets pre-trade transparency by trading system, the conditions for negotiated trade, large-in-scale and order management facility waivers, systematic internaliser quoting rules, and post-trade publication and deferrals, and covers the share trading obligation. Amended notably by Delegated Regulations 2019/442, 2023/944 and 2025/1246.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredExplicit reference
AI summaryThe opt-in regime in Article 22a(2)-(3) MiFIR applies only to the equities consolidated tape and only to SME growth market operators and market operators meeting its conditions; all contributors must send data to the bond and OTC derivatives tapes, and MTFs that are not SME growth markets must contribute to the equities tape.
- Q&AAnsweredExplicit reference
AI summaryUnder Article 22a(5) MiFIR the consolidated tape provider may choose any transmission protocol a data contributor (or its outsourced provider) offers other data users under Article 13(1); outsourcing must not be used to restrict that choice.
- Q&AAnsweredExplicit reference
AI summaryRegulatory data (order-matching system and instrument status) for the consolidated tape is expected only from trading venues, since APAs operate no trading system; an APA acting for a venue transmits that venue's regulatory data as its service provider.
- Q&AAnsweredExplicit reference
AI summaryData contributors may outsource reporting to the consolidated tape provider, for example to an APA or another venue, but remain legally responsible under Article 22a MiFIR, including for data quality; outsourcing must not add artificial latency, restrict the CTP's choice of transmission protocols or otherwise undermine the CTP.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 22 UK MiFIR · Providing information for the purposes of transparency and other calculations
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2019/2175 (by 1 Jan 2022). UK changes after onshoring: S.I. 2024/1115 (from 1 Dec 2024), Financial Services and Markets Act 2023 (by 1 Dec 2025). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
Version history
- From 28 Mar 2024
- From 1 Jan 2022 to 28 Mar 2024
- From 2 Jul 2014 to 1 Jan 2022
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.