Retained EU Law SI 2014 United Kingdom

Markets in Financial Instruments Regulation (MiFIR)

Read it on legislation.gov.uk (opens in a new tab)
Enforced by
FCA
Status
Amended (in force with amendments)
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm8 Any Person3 Client2 Operator1 Trader1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Any Person — also bound by 2340 other Acts
Client — also bound by 62 other Acts
Operator — also bound by 746 other Acts
Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

uri:annex/1/4 (1) An entity referred to in paragraph 3 may request... Regulated
  • Inform professional clients they can request consumer-level protectionFinancial Services Firm
uri:annex/1/6 (1) A client satisfying the criteria in Part 3 may... Regulated
  • Follow procedure before treating a client as a professional clientFinancial Services Firm
s.art014 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Regulated
  • Publish firm quotes as a systematic internaliser for liquid financial instrumentsFinancial Services Firm
s.art015 Execution of client orders Regulated
  • Make firm quotes public and execute client orders at those quotesAny Person
s.art017 Tick sizes Regulated
  • Comply with tick sizes for quotes, price improvements and execution pricesTrader
s.art020 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Regulated
  • Publish post-trade transaction data via an APAClient
s.art023 Investment firms operating internal matching systems Regulated
  • Obtain MTF authorisation and comply with FSMA Part 4AClient
s.art025 Obligation to maintain records Regulated
  • Keep records of all orders and transactions in financial instruments for 5 yearsFinancial Services Firm
s.art026 Obligation to report transactions Regulated
  • Report transaction details to the FCA by the next working dayFinancial Services Firm
s.art027 Obligation to supply financial instrument reference data Regulated
  • Supply financial instrument reference data to the FCA before trading startsFinancial Services Firm
s.art029 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing Regulated
  • Ensure all on-market derivatives are cleared by a CCPOperator
s.art035 Non-discriminatory access to a CCP Regulated
  • Provide non-discriminatory access to clear financial instrumentsFinancial Services Firm
s.art036 Non-discriminatory access to a trading venue Regulated
  • Provide non-discriminatory trade feeds to CCPs on requestFinancial Services Firm
s.art037 Non-discriminatory access to and obligation to licence benchmarks Regulated
  • Grant non-discriminatory access to benchmark data and licensesAny Person
s.art046 General provisions Regulated
  • Register with FCA before providing investment services in the UKAny Person
97 other provisions — procedural and definitional
uri:annex/1/5 (1) Clients other than those mentioned in Part 2, including...
uri:annex/3/22 To determine the format and timing of communications and publications...
s.001 A professional client is a client who possesses the experience,... (opens in a new tab)
s.002 In order to be considered to be a professional client,... (opens in a new tab)
s.003 The following are professional clients in relation to all investment... (opens in a new tab)
s.007 Commission Delegated Regulation (EU) 2017/589 of 19 July 2016 supplementing... (opens in a new tab)
s.007 (1) To ensure that investment firms comply with the principles...
s.008 Commission Implementing Regulation (EU) 2017/1005 of 15 June 2017 laying... (opens in a new tab)
s.009 Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing... (opens in a new tab)
s.010 Commission Delegated Regulation (EU) 2017/1943 of 14 July 2016 supplementing... (opens in a new tab)
s.011 Commission Implementing Regulation (EU) 2017/1945 of 19 June 2017 laying... (opens in a new tab)
s.012 Commission Delegated Regulation (EU) 2017/1946 of 11 July 2017 supplementing... (opens in a new tab)
s.013 To determine circumstances that trigger an information requirement, as referred... (opens in a new tab)
s.014 To specify further the requirements laid down in rule 5.10.2... (opens in a new tab)
s.015 To list situations constituting significant damage to investors' interests and... (opens in a new tab)
s.016 To specify the thresholds referred to in paragraph 7BB(2)(a) of... (opens in a new tab)
s.017 To clarify what constitutes a reasonable commercial basis— (opens in a new tab)
s.019 (1) To specify the criteria for establishing when an activity... (opens in a new tab)
s.020 To determine— (a) the specific content, the format and the... (opens in a new tab)
s.021 To specify further the cases in which the connection between... (opens in a new tab)
s.023 To specify further— (a) the requirements to ensure trading systems... (opens in a new tab)
s.024 To specify minimum tick sizes or tick size regimes for... (opens in a new tab)
s.025 To specify minimum tick sizes or tick size regimes for... (opens in a new tab)
s.026 To specify the level of accuracy to which clocks are... (opens in a new tab)
s.027 To specify the characteristics of different classes of financial instruments... (opens in a new tab)
s.028 To clarify the arrangements that a regulated market— (opens in a new tab)
s.029 To specify further the cases in which the connection between... (opens in a new tab)
s.030 To specify further the format and the timing of the... (opens in a new tab)
s.031 (1) To determine the methodology for calculation which will be... (opens in a new tab)
s.032 To determine— (a) the criteria and methods for determining whether... (opens in a new tab)
s.033 To determine the format of the weekly reports referred to... (opens in a new tab)
s.034 To determine— (a) the information to be provided to the... (opens in a new tab)
s.035 To determine common formats, data standards and technical arrangements facilitating... (opens in a new tab)
s.036 To specify— (a) the means by which an APA (within... (opens in a new tab)
s.037 To determine data standards and formats for the information to... (opens in a new tab)
s.038 To specify— (a) the means by which the CTP may... (opens in a new tab)
s.039 To specify— (a) the means by which the ARM (within... (opens in a new tab)
s.040 To specify— (a) the information to be provided to the... (opens in a new tab)
s.041 To develop standard forms, templates and procedures for the notification... (opens in a new tab)
s.042 To establish an exhaustive list of information to be included... (opens in a new tab)
s.043 To determine standard forms, templates and procedures for the modalities... (opens in a new tab)
s.044 To specify the following— (a) the details of organisational requirements... (opens in a new tab)
s.art001 Subject matter and scope
s.art002 Definitions
s.art003 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
s.art004 Waivers for equity instruments
s.art004 Suspension of waivers
s.art005 Volume Cap Mechanism
s.art006 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
s.art007 Authorisation of deferred publication
s.art008 Pre-trade transparency requirements for fixed income instruments and derivatives etc
s.art009 Article 8: waivers or suspensions for fixed income instruments and derivatives etc
s.art010 Post-trade transparency requirements for fixed income instruments and derivatives etc
s.art011 Article 10: deferrals and suspensions for fixed income instruments and derivatives etc
s.art012 Obligation to make pre-trade and post-trade data available separately
s.art013 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis
s.art016 Obligations of competent authorities
s.art017 Access to quotes
s.art018 Systematic internalisers: pre-trade transparency requirements for fixed income instruments and derivatives etc
s.art018 Article 18: waivers and suspensions for fixed income instruments and derivatives etc
s.art018 Notification and publication requirements
s.art019 Monitoring by the competent authority
s.art021 Investment firms (including systematic internalisers): post-trade transparency requirements for fixed income instruments and derivatives etc
s.art022 Providing information for the purposes of transparency and other calculations
s.art024 Obligation to uphold integrity of markets
s.art028 Obligation to trade on regulated markets, MTFs or OTFs
s.art028 Suspension or modification of Article 28
s.art030 Indirect Clearing Arrangements
s.art031 Risk reduction services
s.art032 Trading obligation procedure
s.art033 Mechanism to avoid duplicative or conflicting rules
s.art034 Register of derivatives subject to the trading obligation
s.art038 Access for third-country CCPs and trading venues
s.art039 Market monitoring
s.art040 ESMA temporary intervention powers
s.art041 EBA temporary intervention powers
s.art042 Product intervention by competent authorities
s.art043 Coordination by ESMA and EBA
s.art044 Coordination of national position management measures and position limits by ESMA
s.art045 Position management powers of ESMA
s.art047 Equivalence determination
s.art048 Register
s.art048 Requirements
s.art049 Temporary prohibitions and restrictions and withdrawal of registration
s.art049 Temporary prohibitions and restrictions: procedure
s.art049 Withdrawal of registration: procedure
s.art049 Notices under Articles 49A and 49B
s.art050 Treasury Regulations
s.art050 Treasury Directions
s.art050 FCA Directions identifying relevant area of the UK
s.art050 Other FCA directions
s.art050 FCA rules
s.art051 Transfer of MiFID functions
s.art052 Reports and review
s.art053 Amendment of Regulation (EU) No 648/2012
s.art054 Transitional provisions
s.art055 Entry into force and application

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.