EU · MiFIR · TITLE VI NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS

Article 38 MiFIRAccess for third-country CCPs and trading venues

In force

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

AI-generated What this provision does

Third-country trading venues may request access to EU CCPs, and recognised third-country CCPs to EU venues, under Articles 35 and 36 only where the Commission has found the third country offers equivalent reciprocal access; access to benchmark licences and data under Article 37 likewise requires an equivalence decision on reciprocal fair, reasonable and non-discriminatory access.

Amendments and application dates

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

Level 3: ESMA Q&As, guidelines and opinions

Q&AAnsweredExplicit reference · 90%
ESMA_QA_1665: Third country trading venue request access to an EU CCP in the absence of an equivalence decision
ESMA · 2 Apr 2019 · the ESMA website
AI summaryA third-country trading venue may request access to an EU CCP under Article 38 MiFIR without an equivalence decision under Article 28(4), except for derivatives subject to the trading obligation traded on a regulated market; access for derivatives traded on MTFs and OTFs falls under EMIR.
Q&ALegacy Q&A documentESMA rulebook
ESMA70-872942901-38: Questions and Answers On MiFID II and MiFIR market structure topics
ESMA · the ESMA website
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.

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 38 UK MiFIR · Access for third-country CCPs and trading venues
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 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.