> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/mifir/readme.md).

# MiFIR

*In force · Consolidated version of 23 November 2025 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123)

**Regulation (EU) No 600/2014** — of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012

The full text is available article by article, one page per article (`articles/<number>`). Every numbered paragraph and point carries a stable anchor (`#p-3` for paragraph 3, `#p-3-a` for its point (a)), so any provision can be cited with a direct link. The English consolidated manifestation from CELLAR is reproduced verbatim; the official text remains the EU publication at [EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123).

### Contents

#### [Title I — Subject matter, scope and definitions](/mifir/titles/i.md)

* [Article 1 — Subject matter and scope](/mifir/articles/1.md)
* [Article 2 — Definitions](/mifir/articles/2.md)

#### [Title II — Transparency for trading venues](/mifir/titles/ii.md)

* [Article 3 — Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments](/mifir/articles/3.md)
* [Article 4 — Waivers for equity instruments](/mifir/articles/4.md)
* [Article 5 — Volume cap](/mifir/articles/5.md)
* [Article 6 — Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments](/mifir/articles/6.md)
* [Article 7 — Authorisation of deferred publication](/mifir/articles/7.md)
* [Article 8 — Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances](/mifir/articles/8.md)
* [Article 8a — Pre-trade transparency requirements for trading venues in respect of derivatives](/mifir/articles/8a.md)
* [Article 8b — Pre-trade transparency requirements for trading venues in respect of package orders](/mifir/articles/8b.md)
* [Article 9 — Waivers for bonds, structured finance products, emission allowances, derivatives and package orders](/mifir/articles/9.md)
* [Article 10 — Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives](/mifir/articles/10.md)
* [Article 11 — Deferred publication in respect of bonds, structured finance products or emission allowances](/mifir/articles/11.md)
* [Article 11a — Deferred publication in respect of derivatives](/mifir/articles/11a.md)
* [Article 12 — Obligation to make pre-trade and post-trade data available separately](/mifir/articles/12.md)
* [Article 13 — Obligation to make pre-trade and post-trade data available on a reasonable commercial basis](/mifir/articles/13.md)

#### [Title III — Transparency for systematic internalisers and investment firms trading OTC and tick size regime for systematic internalisers](/mifir/titles/iii.md)

* [Article 14 — Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments](/mifir/articles/14.md)
* [Article 15 — Execution of client orders](/mifir/articles/15.md)
* [Article 16 — Obligations of competent authorities](/mifir/articles/16.md)
* [Article 17 — Access to quotes](/mifir/articles/17.md)
* [Article 17a — Tick sizes](/mifir/articles/17a.md)
* [Article 18 — Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives](/mifir/articles/18.md)
* [Article 19 — Monitoring by ESMA](/mifir/articles/19.md)
* [Article 20 — Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments](/mifir/articles/20.md)
* [Article 21 — Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives](/mifir/articles/21.md)
* [Article 21a — Designated publishing entities](/mifir/articles/21a.md)
* [Article 22 — Providing information for the purposes of transparency and other calculations](/mifir/articles/22.md)
* [Article 22a — Transmission of data to the CTP](/mifir/articles/22a.md)
* [Article 22b — Data quality](/mifir/articles/22b.md)
* [Article 22c — Synchronisation of business clocks](/mifir/articles/22c.md)
* [Article 23 — Trading obligation for investment firms](/mifir/articles/23.md)
* [Article 23a — Accessibility of information on the European single access point](/mifir/articles/23a.md)

#### [Title IV — Transaction reporting](/mifir/titles/iv.md)

* [Article 24 — Obligation to uphold integrity of markets](/mifir/articles/24.md)
* [Article 25 — Obligation to maintain records](/mifir/articles/25.md)
* [Article 26 — Obligation to report transactions](/mifir/articles/26.md)
* [Article 27 — Obligation to supply financial instrument reference data](/mifir/articles/27.md)

#### [Title IVa — Data reporting services](/mifir/titles/iva.md)

* [Article 27a — Article 27a](/mifir/articles/27a.md)
* [Article 27b — Requirement for authorisation](/mifir/articles/27b.md)
* [Article 27c — Authorisation of data reporting services providers](/mifir/articles/27c.md)
* [Article 27d — Procedures for granting and refusing applications for authorisation of ARMs and APAs](/mifir/articles/27d.md)
* [Article 27da — Procedure for the selection of a single CTP for each asset class](/mifir/articles/27da.md)
* [Article 27db — Procedures for granting and refusing applications for authorisation of CTPs](/mifir/articles/27db.md)
* [Article 27e — Withdrawal of authorisation](/mifir/articles/27e.md)
* [Article 27f — Requirements for the management body of a data reporting services provider](/mifir/articles/27f.md)
* [Article 27g — Organisational requirements for APAs](/mifir/articles/27g.md)
* [Article 27h — Organisational requirements for CTPs](/mifir/articles/27h.md)
* [Article 27ha — Reporting obligations for CTPs](/mifir/articles/27ha.md)
* [Article 27i — Organisational requirements for ARMs](/mifir/articles/27i.md)

#### [Title V — Derivatives](/mifir/titles/v.md)

* [Article 28 — Obligation to trade on regulated markets, MTFs or OTFs](/mifir/articles/28.md)
* [Article 29 — Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing](/mifir/articles/29.md)
* [Article 30 — Indirect Clearing Arrangements](/mifir/articles/30.md)
* [Article 31 — Post-trade risk reduction services](/mifir/articles/31.md)
* [Article 32 — Trading obligation procedure](/mifir/articles/32.md)
* [Article 32a — Stand-alone suspension of the trading obligation](/mifir/articles/32a.md)
* [Article 33 — Mechanism to avoid duplicative or conflicting rules](/mifir/articles/33.md)
* [Article 34 — Register of derivatives subject to the trading obligation](/mifir/articles/34.md)

#### [Title VI — Non-discriminatory clearing access for financial instruments](/mifir/titles/vi.md)

* [Article 35 — Non-discriminatory access to a CCP](/mifir/articles/35.md)
* [Article 36 — Non-discriminatory access to a trading venue](/mifir/articles/36.md)
* [Article 37 — Non-discriminatory access to and obligation to licence benchmarks](/mifir/articles/37.md)
* [Article 38 — Access for third-country CCPs and trading venues](/mifir/articles/38.md)

#### [Title VIa — ESMA powers and competences](/mifir/titles/via.md)

* [Article 38a — Exercise of ESMA’s powers](/mifir/articles/38a.md)
* [Article 38b — Request for information](/mifir/articles/38b.md)
* [Article 38c — General investigations](/mifir/articles/38c.md)
* [Article 38d — On-site inspections](/mifir/articles/38d.md)
* [Article 38e — Exchange of information](/mifir/articles/38e.md)
* [Article 38f — Professional secrecy](/mifir/articles/38f.md)
* [Article 38g — Supervisory measures by ESMA](/mifir/articles/38g.md)
* [Article 38h — Fines](/mifir/articles/38h.md)
* [Article 38i — Periodic penalty payments](/mifir/articles/38i.md)
* [Article 38j — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments](/mifir/articles/38j.md)
* [Article 38k — Procedural rules for taking supervisory measures and imposing fines](/mifir/articles/38k.md)
* [Article 38l — Hearing of the persons concerned](/mifir/articles/38l.md)
* [Article 38m — Review by the Court of Justice](/mifir/articles/38m.md)
* [Article 38n — Authorisation and supervisory fees](/mifir/articles/38n.md)
* [Article 38o — Delegation of tasks by ESMA to competent authorities](/mifir/articles/38o.md)

#### [Title VII — Supervisory measures on product intervention and positions](/mifir/titles/vii.md)

* [Article 39 — Market monitoring](/mifir/articles/39.md)
* [Article 39a — Prohibition of receiving payment for order flow](/mifir/articles/39a.md)
* [Article 40 — ESMA temporary intervention powers](/mifir/articles/40.md)
* [Article 41 — EBA temporary intervention powers](/mifir/articles/41.md)
* [Article 42 — Product intervention by competent authorities](/mifir/articles/42.md)
* [Article 43 — Coordination by ESMA and EBA](/mifir/articles/43.md)
* [Article 44 — Coordination of national position management measures and position limits by ESMA](/mifir/articles/44.md)
* [Article 45 — Position management powers of ESMA](/mifir/articles/45.md)

#### [Title VIII — Provision of services and performance of activities by third-country firms following an equivalence decision with or without a branch](/mifir/titles/viii.md)

* [Article 46 — General provisions](/mifir/articles/46.md)
* [Article 47 — Equivalence decision](/mifir/articles/47.md)
* [Article 48 — Register](/mifir/articles/48.md)
* [Article 49 — Measures to be taken by ESMA](/mifir/articles/49.md)

#### [Title IX — Delegated and implementing acts](/mifir/titles/ix.md)

* [Article 50 — Exercise of the delegation](/mifir/articles/50.md)
* [Article 51 — Committee procedure](/mifir/articles/51.md)

#### [Title X — Final provisions](/mifir/titles/x.md)

* [Article 52 — Reports and review](/mifir/articles/52.md)
* [Article 53 — Amendment of Regulation (EU) No 648/2012](/mifir/articles/53.md)
* [Article 54 — Transitional provisions](/mifir/articles/54.md)
* [Article 54a — Transitional measures related to ESMA](/mifir/articles/54a.md)
* [Article 54b — Relations with auditors](/mifir/articles/54b.md)
* [Article 55 — Entry into force and application](/mifir/articles/55.md)

### Level 2 and Level 3

* [Level 2](/mifir/level-2.md)
* [Level 3](/mifir/level-3.md)


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