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Article 1 — Subject matter and scope — compare

Showing 12 of 12Release 2 Nov 2026Details
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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.
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Release c89ff15e published 2 Nov 2026, 05:02 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
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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(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 andand non-financial counterparties that are subject to all non-financial counterparties fallingthe clearing obligation under Article 10(1)(b)Title II of that Regulation (EU) No 648/2012.

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 isentered 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 anya 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 201529 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.

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