{"release":{"id":"c89ff15ec1240a456b40735def079beeda55a0c372be7f3da154287997367ecf","published":"2026-11-02T04:02:35Z","pinned":false},"limits":{"coverage":{"history":"from:2022-01-01","held_since":"2022-01-01","gaps":[],"covered":["MiFIR L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"c89ff15ec1240a456b40735def079beeda55a0c372be7f3da154287997367ecf","release_published":"2026-11-02T04:02:35Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/articles/31","url":"https://www.headlesslaw.com/mifir/articles/31","title":"Article 31 — Post-trade risk reduction services","family":"l1_generated","work_id":"mifir","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":"Consolidated version of 23 November 2025","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123","valid_from":"2024-03-28","valid_until":null,"revision":1,"content_id":"3bab9504d6cb2d9b","change_date":null,"nearest_versions":["2022-01-01","2024-03-28"],"first_text_date":"2014-05-15","correction_applies":false,"versions":["2022-01-01","2024-03-28"],"version_url":"https://www.headlesslaw.com/mifir/articles/31/versions/2024-03-28","revision_url":"https://www.headlesslaw.com/mifir/articles/31/versions/2024-03-28/rev/3bab9504d6cb2d9b","versions_url":"https://www.headlesslaw.com/mifir/articles/31/versions","relations_url":"https://www.headlesslaw.com/mifir/articles/31/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/articles/31.md","body_sha256":"30ddca759dab0114ff65a7048908836e7151e8f71f441fbcce642ed25e56f083"},"units":[{"locator":"mifir/art/31","kind":"article","status":"in_force","label":null,"heading":"Post-trade risk reduction services","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mifir/art/31/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"The transparency requirements laid down in Articles 8a, 10 and 21 of this Regulation, the trading obligation laid down in Article 28 of this Regulation and the obligation to execute orders on terms most favourable to the client laid down in Article 27 of Directive 2014/65/EU shall not apply to transactions in OTC derivatives that are formed and established as a result of post-trade risk reduction services.","marks":[],"revision":1,"text_hash":"19dca5eebd6a7d3adeb74be7d03fffda8f774e3f78e1fa680bf7bc299a5afb0c","reason":null},{"locator":"mifir/art/31/para/2","kind":"paragraph","status":"deleted","label":"2.","heading":null,"text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mifir/art/31/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"Investment firms and market operators that are providers of post-trade risk reduction services shall keep complete and accurate records of the transactions referred to in paragraph 1 of this Article that are not already recorded or reported in accordance with Regulation (EU) No 648/2012. Those investment firms and market operators shall make those records available to the relevant competent authority or ESMA promptly upon request.","marks":[],"revision":1,"text_hash":"484abe8e9f64517bdd9b60d76e67107c9847f47d95e986ae169e95f3a838c7c6","reason":null},{"locator":"mifir/art/31/para/4","kind":"paragraph","status":"in_force","label":"4.","heading":null,"text":"The Commission is empowered to adopt delegated acts in accordance with Article 50 to supplement this Regulation by specifying:","marks":[],"revision":1,"text_hash":"70ae54cae6818b3a58bc1af3babcbe3148580f8f231117d35f87b8b89393a442","reason":null},{"locator":"mifir/art/31/para/4/pt/a","kind":"point","status":"in_force","label":"(a)","heading":null,"text":"post-trade risk reduction services for the purposes of paragraph 1;","marks":[],"revision":1,"text_hash":"b2ff9981af9e1bbde7bfe99253408285fc549df577e45e8b592e3365bc1f31f4","reason":null},{"locator":"mifir/art/31/para/4/pt/b","kind":"point","status":"in_force","label":"(b)","heading":null,"text":"the transactions to be recorded pursuant to paragraph 3.","marks":[],"revision":1,"text_hash":"e3d83e2e31c663389ae3e4d0d0b898e26d41125991e04b574a18526f2fa39dea","reason":null}],"markdown":"---\ntitle: \"Article 31 — Post-trade risk reduction services\"\ntype: regulation\nlegal_status: in_force\nsource: \"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123\"\nsource_retrieved: 2026-09-30\nshortTitle: \"Article 31 — Post-trade risk reduction services\"\ninstrument_type: level1_regulation\nauthority: Commission\nbinding: true\nbinding_character: binding\nmica_level2: false\nlegal_basis: \"Regulation (EU) No 600/2014\"\ninstrument: mifir\ncelex: \"32014R0600\"\nregulation: MiFIR\nregulation-full: \"Regulation (EU) No 600/2014\"\narticle: 31\nstatus: in_force\nobject_id: eu.mifir.legal_text.article.31\ntext_version: \"Consolidated version of 23 November 2025\"\nsource_url: \"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\n---\n\n*In force · Consolidated version of 23 November 2025 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123)*\n\n1. <a id=\"p-1\"></a>The transparency requirements laid down in [Articles 8a](8a.md), [10](10.md) and [21](21.md) of this Regulation, the trading obligation laid down in [Article 28](28.md) of this Regulation and the obligation to execute orders on terms most favourable to the client laid down in Article 27 of Directive 2014/65/EU shall not apply to transactions in OTC derivatives that are formed and established as a result of post-trade risk reduction services.\n2. <a id=\"p-2\"></a>[Deleted by [Regulation (EU) 2024/791](https://eur-lex.europa.eu/eli/reg/2024/791/oj) of 28 February 2024.]\n3. <a id=\"p-3\"></a>Investment firms and market operators that are providers of post-trade risk reduction services shall keep complete and accurate records of the transactions referred to in paragraph 1 of this Article that are not already recorded or reported in accordance with Regulation (EU) No 648/2012. Those investment firms and market operators shall make those records available to the relevant competent authority or ESMA promptly upon request.\n4. <a id=\"p-4\"></a>The Commission is empowered to adopt delegated acts in accordance with [Article 50](50.md) to supplement this Regulation by specifying:\n\n    <a id=\"p-4-a\"></a>**(a)** post-trade risk reduction services for the purposes of paragraph 1;\n\n    <a id=\"p-4-b\"></a>**(b)** the transactions to be recorded pursuant to paragraph 3.\n\n## Related Level 2 and Level 3\n\n### Binding measures\n\n- [2017/567 — Delegated act — Transparency, compression and supervisory measures \\[in force\\]](../level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and.md)\n- [2026/482 — Delegated act — Liquid market, market data and systematic internalisers \\[in force\\]](../level-2/delegated-acts/2026-482-commission-delegated-regulation-eu-2026-482-of-24.md)\n\n***\n\n[Title V — Derivatives](../titles/v.md) · [← Article 30](30.md) · [Article 32 →](32.md)\n"}