Article 14 — Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments — 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
2.This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes of up to standard market size. Systematic internalisers shall not be subject to this Article and Articles 15and including the threshold determined in the regulatory technical standards adopted pursuant to paragraph 7, 16 and 17 when they deal in sizes above standard market sizepoint (b), of this Article.
3.Systematic internalisers may decide the size or sizes at which they will quote. The minimum quote size shall be at least the equivalent of 10 % ofof systematic internalisers shall be determined in the standard market size of a share, depositary receipt, ETFregulatory technical standards adopted pursuant to paragraph 7, certificate or other similar financial instrument traded on a trading venuepoint (c). For a particular share, depositary receipt, ETF, certificate or other similar financial instrument traded on a trading venue, each quote shall include a firm bid and offer price or prices for a size or sizes which could be of up to standard market size forand including the class of shares, depositary receipts, ETFs, certificates or other similar financial instrumentsthreshold referred to which the financial instrument belongsin paragraph 2. The price or prices shall reflect the prevailing market conditions for that share, depositary receipt, ETF, certificate or other similar financial instrument.
7.In order to ensure the efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments and maximise the possibility of investment firms to obtain the best deal for their clients, ESMA shall develop draft regulatory technical standards to specify further the arrangements for the publication of a firm quote as referred to in paragraph 1, the determination of whether prices reflect prevailing market conditions as referred to in paragraph 3, and of the standard market size as referred to in paragraphs 2 and 4.:
ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
ESMA shall submit those draft regulatory technical standards to the Commission by 29 March 2025.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.