Article 1 — Subject matter and scope — compare

Showing 12 of 12Release 2 Nov 2026Details

Coverage: MiFIR: every English consolidation from 1 Jan 2022. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
Freshness: Release c89ff15e published 2 Nov 2026, 05:02 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
Shown: Showing 12 of 12
Failures: None.
Incomplete: No.

From: 1 January 2022 · Consolidated version of 1 January 2022 · Checked against EUR-Lex on 26 Oct 2026 · Official source
To: 2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 26 Oct 2026 · Official source

1(1)

1.This Regulation establishes uniform requirements in relation to the following:

1(1)(a)

(a)disclosure of trade data to the public;

1(1)(b)

(b)reporting of transactions to the competent authorities;

1(1)(c)

(c)trading of derivatives on organised venues;

1(1)(d)

(d)non-discriminatory access to clearing and non-discriminatory access to trading in benchmarks;

1(1)(e)

(e)product intervention powers of competent authorities, ESMA and EBA and powers of ESMA on position management controls and position limits;

1(1)(f)

(f)provision of investment services or activities by third-country firms following an applicable equivalence decision by the Commission with or without a branch;

1(1)(g)

(g)the authorisation and supervision of data reporting services providers.

1(2)

2.This Regulation applies to investment firms, authorised under Directive 2014/65/EU and credit institutions authorised under Directive 2013/36/EU of the European Parliament and of the Council when providing investment services and/or performing investment activities and to market operators including any trading venues they operate.

1(3)

3.Title V of this Regulation also applies to all financial counterparties ~~as defined in Article 2(8) of Regulation (EU) No 648/2012 and~~and non-financial counterparties that are subject to ~~all non-financial counterparties falling~~the clearing obligation under ~~Article 10(1)(b)~~Title II of ~~that~~ Regulation (EU) No 648/2012.

1(4)

4.Title VI of this Regulation also applies to CCPs and persons with proprietary rights to benchmarks.

1(4a)

4a.Chapter 1 of Title VII of this Regulation also applies to third‐country firms providing investment services or performing investment activities within the Union.

1(5)

5.Title VIII of this Regulation applies to third-country firms providing investment services or activities within the Union following an applicable equivalence decision by the Commission with or without a branch.

1(5a)

5a.Title II and Title III of this Regulation shall not apply to securities financing transactions as defined in point (11) of Article 3 of Regulation (EU) 2015/2365 of the European Parliament and of the Council.

1(5b)

5b.All multilateral systems shall operate either in accordance with the provisions of Title II of Directive 2014/65/EU concerning MTFs or OTFs or in accordance with the provisions of Title III of that Directive concerning regulated markets.

Systematic internalisers shall operate in accordance with Title III of this Regulation.

Without prejudice to Articles 23 and 28, all investment firms concluding transactions in financial instruments which are not concluded on multilateral systems or on systematic internalisers shall comply with Articles 20 and 21.

1(6)

6.Articles 8, 108a, ~~18 and~~ 8b, 10 and 21 shall not apply to regulated markets, market operators and investment firms in respect of a transaction ~~where the counterparty is~~entered into by a member of the European System of Central Banks (ESCB) ~~and where that transaction is entered into in performance of monetary~~, ~~foreign exchange and financial stability policy which that member of the ESCB is legally empowered to pursue and~~ where that member has given prior notification to its counterparty that the transaction is exempt., and where one of the following applies:

1(6)(a)

(a)the member of the ESCB is a member of the Eurosystem acting under Chapter IV of Protocol No 4 on the Statute of the European System of Central Banks and of the European Central Bank, annexed to the Treaty on European Union and to the TFEU, with the exception of Article 24 of that Statute;

1(6)(b)

(b)the member of the ESCB is not a member of the Eurosystem and the transaction is entered into in performance of monetary or foreign exchange policy, including operations carried out to hold or manage official foreign reserves, which that member of the ESCB is legally empowered to pursue; or

1(6)(c)

(c)the transaction is entered into in performance of financial stability policy which that member of the ESCB is legally empowered to pursue.

1(7)

7.Paragraph 6 shall not apply in respect of transactions entered into by ~~any~~a member of the ESCB which is not a member of the Eurosystem, in performance of their investment operations.

1(8)

8.ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards to specify the monetary, foreign exchange and financial stability policy operations and the types of transactions to which paragraphs 6 and 7 apply with regard to members of the ESCB which are not members of the Eurosystem.

ESMA shall submit those draft regulatory technical standards to the Commission by ~~3 July 2015~~29 March 2026.

Power is delegated to the Commission to ~~adopt~~ supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.

1(9)

9.The Commission shall be empowered to adopt delegated acts in accordance with Article 50 to extend the scope of paragraph 6 to other central banks.

To that end, the Commission shall, by 1 June 2015, submit a report to the European Parliament and to the Council assessing the treatment of transactions by third-country central banks which for the purposes of this paragraph includes the Bank for International Settlements. The report shall include an analysis of their statutory tasks and their trading volumes in the Union. The report shall:

1(9)(a)

(a)identify provisions applicable in the relevant third countries regarding the regulatory disclosure of central bank transactions, including transactions undertaken by members of the ESCB in those third countries, and

1(9)(b)

(b)assess the potential impact that regulatory disclosure requirements in the Union may have on third-country central bank transactions.

If the report concludes that the exemption provided for in paragraph 6 is necessary in respect of transactions where the counterparty is a third-country central bank carrying out monetary policy, foreign exchange and financial stability operations, the Commission shall provide that that exemption applies to that third-country central bank.