Retained EU Law
2014
United Kingdom
Markets in Financial Instruments Regulation (MiFIR)
At a glance
Enforced by
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Browse 112 other sections — procedural / definitional / commencement
In order to be considered to be a professional client,...
The following are professional clients in relation to all investment...
(1) An entity referred to in paragraph 3 may request...
(1) Clients other than those mentioned in Part 2, including...
(1) A client satisfying the criteria in Part 3 may...
Commission Delegated Regulation (EU) 2017/589 of 19 July 2016 supplementing...
(1) To ensure that investment firms comply with the principles...
Commission Implementing Regulation (EU) 2017/1005 of 15 June 2017 laying...
Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing...
Commission Delegated Regulation (EU) 2017/1943 of 14 July 2016 supplementing...
Commission Implementing Regulation (EU) 2017/1945 of 19 June 2017 laying...
Commission Delegated Regulation (EU) 2017/1946 of 11 July 2017 supplementing...
To determine circumstances that trigger an information requirement, as referred...
To specify further the requirements laid down in rule 5.10.2...
To list situations constituting significant damage to investors' interests and...
To specify the thresholds referred to in paragraph 7BB(2)(a) of...
To clarify what constitutes a reasonable commercial basis—
(1) To specify the criteria for establishing when an activity...
To determine— (a) the specific content, the format and the...
To specify further the cases in which the connection between...
To determine the format and timing of communications and publications...
To specify further— (a) the requirements to ensure trading systems...
To specify minimum tick sizes or tick size regimes for...
To specify minimum tick sizes or tick size regimes for...
To specify the level of accuracy to which clocks are...
To specify the characteristics of different classes of financial instruments...
To clarify the arrangements that a regulated market—
To specify further the cases in which the connection between...
To specify further the format and the timing of the...
(1) To determine the methodology for calculation which will be...
To determine— (a) the criteria and methods for determining whether...
To determine the format of the weekly reports referred to...
To determine— (a) the information to be provided to the...
To determine common formats, data standards and technical arrangements facilitating...
To specify— (a) the means by which an APA (within...
To determine data standards and formats for the information to...
To specify— (a) the means by which the CTP may...
To specify— (a) the means by which the ARM (within...
To specify— (a) the information to be provided to the...
To develop standard forms, templates and procedures for the notification...
To establish an exhaustive list of information to be included...
To determine standard forms, templates and procedures for the modalities...
To specify the following— (a) the details of organisational requirements...
Subject matter and scope
Definitions
Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Waivers for equity instruments
Suspension of waivers
Volume Cap Mechanism
Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Authorisation of deferred publication
Pre-trade transparency requirements for fixed income instruments and derivatives etc
Article 8: waivers or suspensions for fixed income instruments and derivatives etc
Post-trade transparency requirements for fixed income instruments and derivatives etc
Article 10: deferrals and suspensions for fixed income instruments and derivatives etc
Obligation to make pre-trade and post-trade data available separately
Obligation to make pre-trade and post-trade data available on a reasonable commercial basis
Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Execution of client orders
Obligations of competent authorities
Access to quotes
Tick sizes
Systematic internalisers: pre-trade transparency requirements for fixed income instruments and derivatives etc
Article 18: waivers and suspensions for fixed income instruments and derivatives etc
Notification and publication requirements
Monitoring by the competent authority
Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Investment firms (including systematic internalisers): post-trade transparency requirements for fixed income instruments and derivatives etc
Providing information for the purposes of transparency and other calculations
Investment firms operating internal matching systems
Obligation to uphold integrity of markets
Obligation to maintain records
Obligation to report transactions
Obligation to supply financial instrument reference data
Obligation to trade on regulated markets, MTFs or OTFs
Suspension or modification of Article 28
Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing
Indirect Clearing Arrangements
Risk reduction services
Trading obligation procedure
Mechanism to avoid duplicative or conflicting rules
Register of derivatives subject to the trading obligation
Non-discriminatory access to a CCP
Non-discriminatory access to a trading venue
Non-discriminatory access to and obligation to licence benchmarks
Access for third-country CCPs and trading venues
Market monitoring
ESMA temporary intervention powers
EBA temporary intervention powers
Product intervention by competent authorities
Coordination by ESMA and EBA
Coordination of national position management measures and position limits by ESMA
Position management powers of ESMA
General provisions
Equivalence determination
Register
Requirements
Temporary prohibitions and restrictions and withdrawal of registration
Temporary prohibitions and restrictions: procedure
Withdrawal of registration: procedure
Notices under Articles 49A and 49B
Treasury Regulations
Treasury Directions
FCA Directions identifying relevant area of the UK
Other FCA directions
FCA rules
Transfer of MiFID functions
Reports and review
Amendment of Regulation (EU) No 648/2012
Transitional provisions
Entry into force and application
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Financial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
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