EU · MiFIR · TITLE V DERIVATIVES

Article 31 MiFIRPost-trade risk reduction services

In force

Read the official text on EUR-Lex(opens in a new tab)

AI-generated What this provision does

Transactions in OTC derivatives formed as a result of post-trade risk reduction services (such as portfolio compression) are exempt from MiFIR transparency, the derivatives trading obligation and MiFID II best execution; providers must keep complete records of such transactions not otherwise reported under EMIR and give them to authorities on request. The Commission specifies the services covered.

Amendments and application dates

Amending act	Change	Applies from
Regulation (EU) 2024/791	Text amended; Text deleted	28 Mar 2024

Level 2: delegated and implementing acts

Delegated actIn forceLegal basis
Commission Delegated Regulation (EU) 2026/482 of 24 November 2025 amending Delegated Regulation (EU) 2017/567 as regards the determination of what constitutes a liquid market for equity instruments, the obligation to provide market data on a reasonable commercial basis, the size specific to the instrument for the purposes of obligations for systematic internalisers, and the definition of and disclosure for post-trade risk reduction services
European Commission · 27 Feb 2026 · EUR-Lex
AI summaryAmends Delegated Regulation 2017/567 following the 2024 MiFIR review: replaces the free float criterion for liquid shares with a market capitalisation threshold of EUR 100 million, clarifies how average daily turnover and transactions are calculated, treats other similar equity instruments as illiquid, and updates the rules on market data on a reasonable commercial basis, SI instrument size and post-trade risk reduction services. Parts apply from 23 August 2026.
Delegated actIn forceLegal basis
Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryMiFIR delegated regulation covering the criteria for a liquid market in shares, depositary receipts, ETFs and certificates, market data on a reasonable commercial basis, systematic internalisers' quoting and execution obligations, portfolio compression, and the conditions for ESMA, EBA and competent authorities' product intervention and position management powers. Amended by Delegated Regulation 2026/482 after the 2024 MiFIR review.

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 31 UK MiFIR · Risk reduction services
UK MiFIR
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit reference
EU changes after exit: Regulation (EU) 2024/791 (from 28 Mar 2024). UK changes after onshoring: Financial Services and Markets Act 2023 (by 30 Jun 2025). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.

Version history

From 28 Mar 2024
From 2 Jul 2014 to 28 Mar 2024

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.