{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2017/2194 — Delegated act — Package orders [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-2/delegated-acts/2017-2194-package-orders/articles/1","url":"https://www.headlesslaw.com/mifir/level-2/delegated-acts/2017-2194-package-orders/articles/1","title":"Article 1 — Package orders for which there is a liquid market as a 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force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2017-08-14","entry_into_force":"2017-12-18","locators":{"document_date":"CELLAR 32017R2194 work_date_document","entry_into_force":"CELLAR 32017R2194 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/delegated-acts/2017-2194-package-orders","path":"/mifir/level-2/delegated-acts/2017-2194-package-orders","name":"Commission Delegated Regulation (EU) 2017/2194","number":"2017/2194","celex":"32017R2194","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/2194 of 14 August 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to package orders (Text with EEA relevance)","document_date":"2017-08-14"},"position":{"kind":"article","key":"1","index":1,"articles":6,"annexes":0},"prev":null,"next":{"path":"/mifir/level-2/delegated-acts/2017-2194-package-orders/articles/2","key":"2","title":"Article 2 — Asset-class specific criteria for package orders consisting exclusively of interest rate derivatives"},"act_anchor":"#art-1"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2017/2194/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/delegated-acts/2017-2194-package-orders.md","unit_text_sha256":"50a72d8463acc008c58b188d372e575a5e9062d118f76389142d123cb33d76ba","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/delegated-acts/2017-2194-package-orders/art-1","kind":"article","key":"1","heading":"Article 1 — Package orders for which there is a liquid market as a whole","text":"## <a id=\"art-1\"></a>Article 1 — Package orders for which there is a liquid market as a whole\n\nThere shall be a liquid market for a package order as a whole where either of the following conditions is satisfied:\\\n**(a)** the package order consists of no more than four components that belong to classes of derivative that have been declared subject to the trading obligation for derivatives in accordance with the procedure described in Article 32 of Regulation (EU) No 600/2014, unless one of the following applies:\n> **(i)** all the components of the package order are large in scale compared to normal market size;\n> **(ii)** the components of the package order do not exclusively belong to one of the asset classes as referred to Annex III to Commission Delegated Regulation (EU) 2017/583;\n**(b)** the package order meets all of the following conditions:\n> **(i)** all components of the package order are available for trading on the same trading venue;\n> **(ii)** all components of the package order are subject to the clearing obligation in accordance with [Article 5](https://www.headlesslaw.com/emir/articles/5) of Regulation (EU) No 648/2012 of the European Parliament and of the Council or the clearing obligation in accordance with Article 29(1) of Regulation (EU) No 600/2014;\n> **(iii)** at least one of the components of the package order has a liquid market or is not large in scale compared to normal market size;\n> **(iv)** the package order meets the criteria applicable to the relevant asset class and laid down in Articles 2, 3, 4 or 5.\n\n","marks":[],"text_hash":"50a72d8463acc008c58b188d372e575a5e9062d118f76389142d123cb33d76ba","revision":1}}