Article 32 — Trading obligation procedure — 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
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- 2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 26 Oct 2026 · Official source
4.ESMA shall, on its own initiative, in accordance with the criteria set outlaid down in paragraph 2 and after conducting a public consultation, identify and notify to the Commission the classes of derivativesderivative or individual derivative contracts that should be subject to the obligation to trade on the venues referred to in Article 28(1) of this Regulation, but for which no CCP has yet received authorisation under Article pursuant to Article 14 or 15 of Regulation (EU) No 648/2012 or which is not admitted to trading or traded on a trading venue referred to in Article 28(1).
4a.Where ESMA considers that the suspension of the clearing obligation as referred to in Article 6a of Regulation (EU) No 648/2012 is a material change in the criteria for the trading obligation to take effect, as referred to in paragraph 5 of this Article, ESMA may request that the Commission suspend the trading obligation laid down in Article 28(1) of this Regulation for the same classes of OTC derivative that are subject to the request to suspend the clearing obligation.
4b.ESMA may request that the Commission suspend the trading obligation laid down in Article 28(1) for specific classes of OTC derivative or for a specific type of counterparty, where such a suspension is necessary to avoid or address adverse effects on liquidity or a serious threat to financial stability and to ensure the orderly functioning of financial markets in the Union and where that suspension is proportionate to those aims.
4c.The requests referred to in paragraphs 4a and 4b shall not be made public.
4d.After having received the requests referred to in paragraphs 4a and 4b, the Commission shall, without undue delay and on the basis of the reasons and evidence provided by ESMA, do either of the following:
For the purposes of point (b) of the first subparagraph, the Commission shall inform ESMA of the reasons why it rejected the requested suspension. The Commission shall immediately inform the European Parliament and the Council of that rejection and forward them the reasons provided to ESMA. The information provided to the European Parliament and the Council regarding the rejection and the reasons for that rejection shall not be made public.
The suspension referred to in the first subparagraph, point (a), shall be valid for an initial period of no more than three months from the date of publication of the implementing act referred to in that point.
Where the grounds for the suspension referred to in the first subparagraph, point (a), continue to apply, the Commission may, by way of an implementing act, extend that suspension for further periods of no more than three months, with the total period of the suspension of no more than 12 months.
The implementing acts referred to in the first subparagraph, point (a), and the fourth subparagraph of this paragraph shall be adopted in accordance with the examination procedure referred to in Article 51.