{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2023-03-23","held_since":"2023-03-23","gaps":[],"covered":["MiFID II L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-09-28","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/recitals/105","url":"https://www.headlesslaw.com/mifid-ii/recitals/105","title":"Recital 105","family":"l1_recital_view","work_id":"mifid2","view_of":"/mifid-ii/recitals","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"Directive 2014/65/EU, OJ L 173, 12.6.2014","check":{"against":"EUR-Lex","on":"2026-09-28"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065","valid_from":"2023-03-23","valid_until":null,"content_id":"98562157c21edee7","versions":["2023-03-23"],"version_url":"https://www.headlesslaw.com/mifid-ii/recitals/105/versions/2023-03-23","revision_url":"https://www.headlesslaw.com/mifid-ii/recitals/105/versions/2023-03-23/rev/98562157c21edee7","versions_url":"https://www.headlesslaw.com/mifid-ii/recitals/105/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/recitals/105/relations","act_url":"https://www.headlesslaw.com/mifid-ii/recitals","source_line":null,"attribution":null,"context":{"act":{"work_id":"mifid2","path":"/mifid-ii/recitals","name":"MiFID II","number":"Directive 2014/65/EU","celex":"32014L0065","title_official":null,"document_date":null},"position":{"kind":"recital","key":"105","index":105,"articles":170,"annexes":0},"prev":{"path":"/mifid-ii/recitals/104","key":"104","title":"Recital 104"},"next":{"path":"/mifid-ii/recitals/106","key":"106","title":"Recital 106"},"act_anchor":""}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065","check":{"result":"matched","checked_at":"2026-09-28","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/recitals.md","unit_text_sha256":"f54a22ed40157fa0262bb86899aef7dc48e6578b758de6154ed3f2f1e247593d","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"mifid2/recitals/rec/105","kind":"recital","key":"105","heading":"","text":"In respect of transactions executed between eligible counterparties, the obligation to disclose client limit orders should only apply where the counterparty is explicitly sending a limit order to an investment firm for its execution.","marks":[],"text_hash":"f54a22ed40157fa0262bb86899aef7dc48e6578b758de6154ed3f2f1e247593d","revision":1,"blocks":[{"locator":"mifid2/recitals/rec/105/block/1","text_hash":"f54a22ed40157fa0262bb86899aef7dc48e6578b758de6154ed3f2f1e247593d","revision":1}]}}