Subject: The regulation lays down a wide range of rules on the organisational and operational requirements for investment firms and investment fund managers. In this regard the regulation contains provisions, among others, on the obligation of investment firms to provide information, on the assessment of suitability and appropriateness, on the requirement of best execution, handling of orders, placing, eligible counterparties, compliance, internal audit, risk management and complaints handling. Further, the regulation also provides rules on outsourcing, conflicts of interests, retention of records, wholesale energy products and other derivative financial instruments, investment advice, systematic internalizers, algorithmic trading and on the operating obligations for trading venues.
Personal Scope: Investment firms, investment fund managers, credit institutions (if providing investment services or if conducting investment activities)
Entry into force: 20 April 2017.
Applicable from: 3 January 2018.
Subject: Trading venues shall calculate the ratio of unexecuted orders to transactions effectively entered into the system by each of their members and participants for every financial instrument traded according to the method elaborated in the regulation.
Personal Scope: Trading venues
Subject: It defines liquid market according to Article 2(1)(17)(b) of MiFIR with regard to shares, depository receipts, exchange traded funds nad certificates. It provides that the competent authorities shall assess the mentioned instruments and publish these assessments. Trading venues shall provide the described information necessary for this purpose for the competent authorities. The regulation describes the obligation of the trading venues to provide data, especially the pricing of the data provisions, it describes the obligation of the systematic internalisers to provide data and elaborates the related definitions of the Regulation (EU) No 600/2014. The regulation elaborates the criteria and factors for the purposes of product intervention by ESMA, EBA and the competent authorities. In its Section 2 the regulation provides rules for the position management powers of ESMA.
Personal Scope: Trading venues, internalisers, authorities
Subject: The regulation describes when transferable securities may be deemed as freely negotiable and when transferable securities, units and shares in collective investment undertakings, derivatives, emission allowances may fit for fair, orderly and efficient trading and the regulation provides publication obligations for the regulated markets in this regards
Personal Scope: Regulated markets
Subject: Investment firms operation regulated market multilateral trading facility (MTF) or organised trading facility (OTF) shall suspend or remove a derivative from trading where that derivative is related or referenced to only one financial instrument, and that financial instrument has been suspended or removed from trading.
Personal Scope: Operators of regulated markets, MTFs and OTFs
Subject: The regulation provides what qualifies as material market in terms of liquidity.
Subject: Applicant seeking authorisation shall provide information regarding its business plan, internal corporative governance policies and the procedures which govern its management body, senior management, and, where established, committees, and information on every members of the management body. The regulation provides the organisational requirements regarding conflict of interest, and outsourcing. The regulation elaborates on the rules of the security of the system operated by the data provider and on the rules of the publishing mechanisms.
Personal Scope: Applicants seeking authorisation
Subject: According to the regulation the market operators and investment firms operating a trading venue shall make the information available to the public the pre-trade and post-trade data disaggregated, in accordance with the criteria laid down in the regulation.
Personal Scope: Market operators and investment firms operating a trading venue
Subject: Trading venues providing co-location services shall provide the mentioned services in a non-discriminatory manner. The regulation elaborates on the rules of establishing of the fee structure.
Subject: The regulation provides that the trading venues shall harmonise their business clocks and elaborates of the rules of the harmonisation.
Subject: The regulation provides rules for the publishing of the price the costs and the likelihood of execution of the financial instruments. It provides further rules for the publication obligations of the tranding venues and systematic internalisers operating under a continuous auction order book, continuous quote driven trading or request for quote trading system and it provides reporting obligation for the execution venues.
Personal Scope: Trading venues and systematic internalisers
Subject: This Regulation lays down rules on the content and the format of information to be published by investment firms on an annual basis in relation to client orders executed on trading venues, systematic internalisers, market makers or other liquidity providers or entities that perform a similar function to those performed by any of the foregoing in a third country.
Personal Scope: Investment firms
Subject: This Regulation sets out, the details of the data requests to be sent by competent authorities and the details of the reply to those requests to be sent by trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs).
Personal Scope: Competent authorities, trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs).
Subject: This Regulation establishes contractual obligations for investment firms pursuing market making strategies and obligations for trading venues regarding market making schemes.
Personal Scope: Investment firms and trading venues.
Subject: This Regulation determines when an OTC derivative contract may be considered to have a direct, substantial and foreseeable effect within the Union and specifies cases where it is necessary or appropriate to prevent the evasion of rules and obligations arising from any provision of MiFIR.
Personal Scope: Third country entities and their branches established within the EU regarding provisions defining transactions having direct, substantial and foreseeable effect, while the provisions on prevention of the evasion of rules and obligations deriving from Regulation No. 648/2012 apply to investment firm and credit institutions.
Subject: This Regulation sets out uniform standards and formats for recording relevant order data for market monitoring purposes.
Personal Scope: Operators of trading venues.
Subject: The Regulation sets out the rules on non-discriminatory access to trading venues and central counterparties.
Personal Scope: Trading venues and central counterparties.
Subject: Specifying the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing.
Subject: In order to ensure that the investors are adequately informed before and after the trade, it determines which information shall be made public in connection with the trade and in which case the related service provider may be waived in relation to transparency requirements. The transparency requirements determined by the regulation relate to transactions of bonds, structured finance products, emission allowances and derivatives, irrespective of whether those transactions take place on regulated markets, multilateral trading facilities (MTFs), organised trading facilities, systematic internalisers, or outside those facilities. Further, this regulation contains detailed provisions regarding the methodology of transparency calculations as well.
Personal scope: market operators operating a trading venue, investment firms, competent authorities.
Applicable from: 3 January 2018, however, regulation on the calculations and publications to be performed by the competent authorities shall apply from the date of the entry of force of this regulation.
Subject: This Regulation lays down detailed rules for the organisational requirements of the systems of the trading venues allowing or enabling algorithmic trading, in relation to their resilience and capacity, requirements on trading venues to ensure appropriate testing of algorithms and requirements in relation to the controls concerning direct electronic access (DEA).
Personal Scope: Trading venues.
Subject: This Regulation lays down rules on reporting reference data for financial instruments in a consistent format and according to uniform standards, for the purpose of effective market monitoring by competent authorities. Competent authorities shall conduct quality assessments regarding the content and accuracy of the reference data received on at least a quarterly basis.
Personal Scope: Competent authorities, trading venues, systematic internalisers.
Applicable from: 3 January 2017.
Subject: This Regulation sets out a specific range of information necessary for competent authorities to be able to exchange in order to enable them to supervise the conduct of natural and legal persons in their respective jurisdictions.
Personal Scope: Competent authorities, investment firms, market operators, data reporting service providers, credit institutions providing investment services, any other natural or legal persons, or any unincorporated entities or associations.
Subject: This Regulation deals with the transparency requirements applicable to trading venues and investment firms in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments, covering both pre-trade and post-trade transparency requirements. The Regulation establishes the scope of information to be published, the persons obliged to publish these information as well as the manner of publishing.
Personal Scope: Competent authorities, investment firms, trading venues, systematic internalisers.
Subject: This Regulation prescribes that all exchange-traded funds covered by this Regulation shall have the same tick size regime based on a single liquidity band, regardless of their average daily number of transactions, so that the risk of circumvention of the tick size regime in relation to those instruments is reduced. The tick size regime only determines the minimum difference between two price levels of orders sent in relation to a financial instrument in the order-book, and should be applied equally, regardless of the currency of the financial instrument. The Regulation provides for the collection of certain data and for an early publication of the average daily number of transactions for each financial instrument covered by this Regulation in order to ensure that the tick size regime can operate effectively and that market participants have sufficient time to implement the new requirements.
Personal Scope: Competent authorities, trading venues.
Subject: This Regulation sets out uniform requirements for testing and deployment of algorithmic trading systems, staffing, governing and decision-making framework, monitoring system and kill functionality of trading algorithms. Furthermore, the Regulation lays certain obligations on investment firms providing direct electronic access (DEA providers) concerning trading systems and monitoring systems used by DEA providers, and due diligence of prospective DEA clients. The Regulation lays down rules regarding investment firms acting as general clearing members, and investment firms engaged in high-frequency algorithmic trading techniques.
Personal Scope: Investment firms engaged in algorithmic trading, DEA providers, investment firms acting as general clearing members and investment firms engaged in high-frequency algorithmic trading techniques.
Subject: For the purposes of effective data analysis by competent authorities, the regulation determines the transactions subject to reporting, the format to be used for reporting and the content of such report. The Regulation defines the meaning of transaction and an execution of a transaction. The investment firm, person or computer algorithm which makes investment decision or executes a transaction shall be identified in the transaction report as specified in the Regulation.
Personal Scope: investment firm, operator of the trading venue
Subject: This Regulation lays down rules for the calculation of the net position held by a person in a commodity derivative and the methodology for calculating the position limits on the size of that position.
Personal Scope: competent authorities, non-financial entity, trading venue
Subject: In connection with the regulation on those persons that shall not be covered by the scope of the 2014/65/EU Directive the Regulation determines the conditions under which an activity shall be considered as an ancillary to the main business of the group.
Personal Scope: Persons that are dealing on own account or are providing investment services in commodity derivatives, emission allowances and derivatives thereof.
Subject: The regulation specifies the information that shall be provided by a relevant operator of MTFSs or OTFs, respectively by an entity requesting authorisation to provide such services to its competent authority.
Personal Scope: investment firms operating a multilateral trading facility (MTF), investment firms operating an organised trading facility (OTF)
Entry into force: 15 June 2016.
Subject: This regulation specifies the criteria, which ESMA should use to determine whether the derivatives or subset thereof are considered sufficiently liquid to trade exclusively on trading venues. Therefore examines the following information:
Personal Scope: Firms trading in derivatives
Entry into force: 09 December 2016.
Subject: This regulation specifies what information shall the person with property rights to a benchmark provide to central counterparties (CCPs) and trading venues, furthermore it sets standards guiding how a benchmark may be proven to be new.
Personal Scope: persons with proprietary rights to a benchmark
Applicable from: 3 January 2019.
Subject: This regulation specifies the information and the submission requirements of these information, which are necessary for the registration of a third-country firm applying for the provision of investment services or performance of activities throughout the Union, which are to be provided to the European Securities and Markets Authority (ESMA). It also specifies the format in which the information to clients as referred to in Article 46(5) of Regulation (EU) No 600/2014 should be provided.
Personal Scope: third-country firms applying for the provision of investment services or performance of activities throughout the Union
Subject: This Directive lays down detailed rules in the following main issues:
Personal Scope: investment firms, investment fund managers, alternative investment fund managers and credit institutions providing investment services and/or performing investment activities
Implementation deadline for Member States: 3 July 2017.
Honlapunk sütiket használ annak érdekében, hogy személyre szabott módon tudjuk megjeleníteni Önnek a tartalmakat. Kérjük, olvassa el Süti Kezelési Tájékoztatónkat, amelyben további információkat olvashat a sütikről és azok kezeléséről. Beállításait módosíthatja ezen a linken vagy saját böngészőjének beállításaiban.
Ezek a sütik szükségesek a weboldal futtatásához, és nem kapcsolhatók ki. Az ilyen sütik csak olyan műveletekre vonatkoznak, mint például a nyelv, az adatvédelmi preferenciák. Beállíthatja a böngészőjét, hogy blokkolja ezeket a sütiket, de webhelyünk esetleg nem megfelelően fog működik.
A Süti Adatkezelési Tájékoztatót megismertem és hozzájárulok ahhoz, hogy a Gárdos Mosonyi Tomori Ügyvédi Iroda, mint adatkezelő a Google Analytics sütikkel kapcsolatban az IP címemet statisztikai célból kezelje. Tudomásul veszem, hogy a hozzájárulásomat bármikor visszavonhatom.
