Retained EU Law 2014 United Kingdom

Markets in Financial Instruments Regulation (MiFIR)

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At a glance

Enforced by

FCA

What's here

15 compliance obligations

Who this Act binds

Business-side actors with duties under this Act, ranked by how often they appear.

  • Any Person 9
  • Operator 2
  • Trader 2
  • Client 2

Other Acts binding the same actors

For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.

Any Person also bound by 2338 other Acts (top 5 shown)
Operators also bound by 730 other Acts (top 5 shown)
Traders also bound by 826 other Acts (top 5 shown)
Clients also bound by 65 other Acts (top 5 shown)

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.

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  • Inform professional clients they can request consumer-level protection Any Person
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  • Follow procedure before treating a client as a professional client Any Person
s.art014

Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

  • Publish firm quotes as a systematic internaliser for liquid financial instruments Any Person
s.art015

Execution of client orders

  • Make firm quotes public and execute client orders at those quotes Any Person
s.art017

Tick sizes

  • Comply with tick sizes for quotes, price improvements and execution prices Trader
s.art020

Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

  • Publish post-trade transaction data via an APA Client
s.art023

Investment firms operating internal matching systems

  • Obtain MTF authorisation and comply with FSMA Part 4A Client
s.art025

Obligation to maintain records

  • Keep records of all orders and transactions in financial instruments for 5 years Operator
s.art026

Obligation to report transactions

  • Report transaction details to the FCA by the next working day Trader
s.art027

Obligation to supply financial instrument reference data

  • Supply financial instrument reference data to the FCA before trading starts Any Person
s.art029

Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing

  • Ensure all on-market derivatives are cleared by a CCP Operator
s.art035

Non-discriminatory access to a CCP

  • Provide non-discriminatory access to clear financial instruments Any Person
s.art036

Non-discriminatory access to a trading venue

  • Provide non-discriminatory trade feeds to CCPs on request Any Person
s.art037

Non-discriminatory access to and obligation to licence benchmarks

  • Grant non-discriminatory access to benchmark data and licenses Any Person
s.art046

General provisions

  • Register with FCA before providing investment services in the UK Any Person
Browse 102 other sections — procedural / definitional / commencement
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s.007

(1) To ensure that investment firms comply with the principles...

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

Read the full Act on legislation.gov.uk (opens in a new tab)

Official guidance

Authoritative sources published by regulators or government explaining this legislation.

Enforcement and responsible bodies

The regulators that administer or enforce this legislation.

FCA

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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