Investment firms, trading venue operators, and counterparties refer to the provisions of the Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) when they trade derivatives on a trading venue, report transactions to the competent authority, or advise clients on products.

What the regulation requires

The purposes of MiFID II and MiFIR are stated in their recitals. The MiFID II recital says that the financial crisis exposed weaknesses in the functioning and transparency of financial markets. It calls for a stronger framework for markets, including OTC trading, to increase transparency, protect investors, and strengthen confidence1. The MiFIR recital refers to stronger trade transparency and to the G20 Leaders' London summit statement of April 2, 20092.

An EU regulation applies directly in the Member States. A directive imposes obligations on financial institutions and others only once Member States transpose it into national law3. Both instruments are dated May 15, 2014, and were published in the Official Journal on June 12. The dates are in the table in "Entry into force and amendments"4.

The two instruments replace the earlier Directive 2004/39/EC of 2004: part of it was recast as a directive and part was replaced by a regulation. Together they form the framework of requirements for investment firms, regulated markets, data reporting services providers, and third-country firms5. The core topics for derivatives are the obligation to trade on trading venues, pre- and post-trade transparency, transaction reporting, position limits, and client protection.

The following table shows how the two instruments divide the subject matter.

MiFID II (directive) MiFIR (regulation)
Number Directive 2014/65/EU Regulation (EU) No 600/2014
Legal form Member States transpose it into national law. It applies through national measures Binding in its entirety and directly applicable in Member States

MiFID II covers the authorization and operating conditions for investment firms, the authorization and operation of regulated markets, the authorization and operation of data reporting services providers, and the supervision and cooperation of authorities6. MiFIR covers the publication of trade data, transaction reporting to authorities, the trading of derivatives on trading venues, and non-discriminatory access to clearing and benchmarks. It also covers product intervention and position management by the European Securities and Markets Authority (ESMA), as well as the treatment of third-country firms.

The main provisions on derivatives are in the following table7.

Instrument Provision Content
MiFID II Article 4 Definitions
MiFID II Article 16 Organisational requirements
MiFID II Article 25 Assessment of suitability and appropriateness
MiFID II Article 27 Best execution
MiFID II Article 57 Commodity derivative position limits
MiFIR Articles 8a, 10, and 21 Transparency
MiFIR Article 26 Transaction reporting
MiFIR Articles 28 to 34 Derivatives
MiFIR Articles 40 to 45 Product intervention and position management

Responsibilities are divided among three parties.

Party Role Basis
ESMA Drafting regulatory technical standards (RTS) and maintaining the public register for the trading obligation MiFIR Article 32(1), Article 34
ESMA Temporarily prohibiting or restricting the sale of products, and requiring positions to be reduced, under certain conditions MiFIR Article 40, Article 45
European Commission Adopting ESMA's drafts as RTS, and deciding that a third-country trading venue is equivalent MiFIR Article 32(1), Article 28(4)
Competent authorities of Member States Receiving transaction reports, and setting and applying position limits. They may prohibit or restrict the sale of products in their own Member State MiFIR Article 26(1), Article 42(1), MiFID II Article 57(1)

Regulatory technical standards (RTS) are delegated regulations that set out the details of a law. The classes of derivatives subject to the trading obligation are also set by RTS8.

Provisions were checked against the versions publicly available on October 3, 2026, including the amendments that entered into force on March 28, 20249.

Transactions and parties covered

Scope of financial instruments

MiFID II defines "financial instruments" as the instruments listed in Section C of Annex I. Derivatives fall under points 4 to 10 of Section C (text as adopted in 2014).

Category Section C point Content
Derivatives relating to securities, currencies, interest rates, yields, emission allowances, financial indices, and similar 4 Options, futures, swaps, forward rate agreements, and others. May be settled physically or in cash
Cash-settled commodity derivatives 5 Must be settled in cash, or may be settled in cash at the option of one of the parties
Physically settled commodity derivatives (traded on a trading venue) 6 Traded on a trading venue. Excludes wholesale energy products traded on an organised trading facility (OTF) that must be physically settled
Physically settled commodity derivatives (other than point 6) 7 Not for commercial purposes, and with the characteristics of other derivatives
Derivatives for the transfer of credit risk 8
Contracts for differences (CFDs) 9
Derivatives relating to climatic variables, freight rates, inflation rates, and similar 10 Must be settled in cash, or may be settled in cash at the option of one of the parties

Point 10 also covers derivatives relating to other assets, rights, obligations, indices, and measures not otherwise listed, that have the characteristics of other derivatives. Point 11 of Section C is emission allowances10.

Trading venues and categories of investment firm

MiFID II defines four kinds of place where trading takes place. A regulated market, an MTF, and an OTF are together called a "trading venue".

Category Key points of the definition MiFID II provision
Regulated market A multilateral system operated by a market operator that brings together third-party buying and selling interests in financial instruments, in accordance with non-discretionary rules, in a way that results in a contract Article 4(1)(21)
MTF (multilateral trading facility) A multilateral system operated by an investment firm or a market operator that brings together third-party buying and selling interests in financial instruments, in accordance with non-discretionary rules, in a way that results in a contract Article 4(1)(22)
OTF (organised trading facility) A multilateral system that is not a regulated market or an MTF, in which buying and selling interests in bonds, structured finance products, emission allowances, or derivatives interact in a way that results in a contract Article 4(1)(23)
Trading venue A regulated market, an MTF, or an OTF Article 4(1)(24)

The definitions of a regulated market and an MTF require that trading follow non-discretionary rules. The definition of an OTF has no such requirement11.

A systematic internaliser (SI) is an investment firm that, outside a trading venue and without operating a multilateral system, executes client orders on own account. The 2014 definition covered an investment firm that does this on an organised, frequent, systematic, and substantial basis12. In the ESMA version, the definition limits own-account dealing to equity instruments and also covers a firm that opts in to the SI status. In its statement of March 27, 2024, ESMA noted that the MiFID II amendment removed the quantitative test for determining SI status, and that this change applies after transposition into national law13.

Who is subject to the obligations

MiFIR applies to investment firms authorized under MiFID II, to credit institutions authorized under Directive 2013/36/EU (when providing investment services), and to market operators. The derivatives provisions in Title V also apply to the financial counterparties defined in the European Market Infrastructure Regulation (EMIR), and to non-financial counterparties that meet the EMIR conditions (text as adopted in 2014)14. The distinction between financial and non-financial counterparties is covered in EMIR.

What is required

The following table lists the derivatives-related obligations by who must do what.

Item Who What is required Provision
Trading obligation Financial and non-financial counterparties subject to the clearing obligation Trade the derivatives covered only on a regulated market, an MTF, an OTF, or an equivalent third-country trading venue MiFIR Article 28, Article 32, Article 34
Pre-trade transparency Operators of trading venues Publish bid and offer prices and depth of trading interest. Covers exchange-traded derivatives and a subset of OTC derivatives MiFIR Article 8a(1) and (2)
Post-trade transparency (trading venues) Operators of trading venues Publish the price, volume, and time of transactions. Covers the same scope as pre-trade MiFIR Article 10(1)
Post-trade transparency (outside trading venues) Investment firms Publish the price, volume, and time of transactions. Covers the OTC derivatives in Article 8a(2) MiFIR Article 21(1)
Transaction reporting Investment firms Report details of transactions to the competent authority by the close of the following working day MiFIR Article 26(1)
Position limits Competent authorities of Member States (set the limits) Set limits on the net positions in agricultural and "critical or significant" commodity derivatives MiFID II Article 57(1)
Position management ESMA Where a threat to orderly markets or financial stability exists and the measures of competent authorities are insufficient, require position information and reductions MiFIR Article 45(1) and (2)
Product intervention ESMA, competent authorities ESMA may temporarily prohibit or restrict the sale of financial instruments across the EU, and competent authorities may do so in their own Member State15 MiFIR Article 40(1), Article 42(1)
Suitability Investment firms In investment advice and portfolio management, recommend products that suit the client's knowledge, financial situation, and objectives MiFID II Article 25(2)
Appropriateness Investment firms In other services, in principle, assess whether a product is appropriate based on the client's knowledge and experience MiFID II Article 25(3) and (4)
Product governance Investment firms Regularly review whether the financial instruments they offer or sell continue to meet the needs of the target market, and whether the distribution strategy is appropriate MiFID II Article 16(3)
Best execution Investment firms Take all sufficient steps to obtain the best possible result for clients when executing orders MiFID II Article 27(1)

The trading obligation and the EMIR clearing obligation

The trading obligation adds a condition about the place of trading to transactions that are subject to the EMIR clearing obligation. It applies to financial and non-financial counterparties subject to the EMIR clearing obligation, and the other party must likewise be a financial or non-financial counterparty subject to the clearing obligation. A class of derivatives that is declared subject to the trading obligation and appears in the public register must be traded only on a regulated market, an MTF, an OTF, or an equivalent third-country trading venue. Transactions that are not subject to the clearing obligation, or are exempt from it, are outside the trading obligation16.

Two conditions must be met for the trading obligation to take effect. The class of derivatives must be traded on at least one trading venue. There must also be sufficient third-party buying and selling interest, so that liquidity is high enough for trading only on trading venues17. ESMA assesses liquidity by the frequency and size of trades, the number and type of participants, and the average spread, and drafts RTS that set the scope and start date. The European Commission adopts them as RTS.

When needed to avoid a negative effect on liquidity or a threat to financial stability, the European Commission can temporarily suspend the trading obligation at ESMA's request. There is also a mechanism to suspend it for a specific financial counterparty at the request of a Member State's competent authority18.

ESMA publishes the derivatives subject to the trading obligation, the trading venues on which they trade, and the date from which the obligation takes effect in a public register19. The version of the register dated September 4, 2023, covers the following two classes.

Class Currency Content
Fixed-to-float interest rate swaps EUR Floating-rate reference of 6-month EURIBOR. Tenors of 2 to 10 years, 12, 15, 20, and 30 years
Fixed-to-float interest rate swaps EUR Floating-rate reference of 3-month EURIBOR. Tenors of 2 to 7 years, 10, 15, 20, and 30 years
Index CDS EUR iTraxx Europe Main and iTraxx Europe Crossover. The latest series and the previous series, 5-year maturity

Interest rate derivatives in GBP and USD have already been removed from the scope20.

Is a derivatives trade subject to the trading obligation? Flow and examples

YesNoAre both partiescounterparties subjectto clearing?Outside thetradingobligationYesNoIs it subject to clearingand not exempt?Outside thetradingobligationYesNoIs the class in ESMA'spublic register?Outside thetradingobligationYesNoIs it on or after theeffective date set in theregister?Not yet ineffectGenerally subject to thetrading obligation
Figure 1Is a derivatives trade subject to the trading obligation?
Figure description

The figure checks four questions to decide whether the trading obligation applies.

Consider a hypothetical example in which Securities Firm E (fictional), a financial counterparty subject to the clearing obligation, trades with another such counterparty. The date from which the obligation takes effect, as set in the register, has passed.

Example Trade Conditions that apply Result
1 A EUR fixed-to-float interest rate swap. The floating-rate reference is 6-month EURIBOR and the tenor is 5 years Subject to the clearing obligation, with no exemption. Matches 6-month EURIBOR and tenors of 2 to 10 years in the register version20 Every question is answered yes, so the trade is generally subject to the trading obligation
2 An interest rate swap with the same conditions as Example 1, but with an exemption from the clearing obligation Transactions that are not subject to the clearing obligation, or are exempt from it, are outside the trading obligation16 The answer to the second question is no, so the trade is outside the obligation
3 A GBP fixed-to-float interest rate swap. Subject to the clearing obligation, with no exemption The register version says that interest rate derivatives in GBP have already been removed from the scope20 The answer to the third question is no, so the trade is outside the obligation

In Example 1, the other conditions, such as spot start, no optionality, constant notional, and the frequency of fixed-leg payments, also match Class 1.1 in the register's table.

Transparency

The 2024 amendments limited the scope of derivatives transparency to exchange-traded derivatives and a subset of OTC derivatives21.

Pre-trade transparency applies where a central limit order book or a periodic auction is used. Operators of a regulated market publish bid and offer prices and depth of trading interest for exchange-traded derivatives. Market operators and investment firms operating an MTF or an OTF publish them for the OTC derivatives in the following table22.

Condition OTC derivatives covered
Denominated in EUR, JPY, USD, or GBP, subject to the clearing obligation, and cleared by a central counterparty (CCP) Interest rate derivatives with a contractual maturity of 1, 2, 3, 5, 7, 10, 12, 15, 20, 25, or 30 years
Denominated in EUR, JPY, USD, or GBP, and cleared by a CCP Single-name CDS that reference a global systemically important bank
Denominated in EUR, JPY, USD, or GBP, and cleared by a CCP CDS that reference an index containing such banks

For post-trade transparency, trading venue operators publish post-trade data for exchange-traded derivatives and the OTC derivatives in the table above. For trades outside trading venues, investment firms publish post-trade data for the OTC derivatives in the table above through an approved publication arrangement (APA)23. The dates from which these apply are in the table in "Entry into force and amendments".

For SIs, the quoting obligation for non-equity instruments (including derivatives) has not applied since March 28, 2024, because the amendment deleted the article that set it24.

Transaction reporting and EMIR reporting

Under transaction reporting, the report can be made by the investment firm itself, by an approved reporting mechanism (ARM) acting on its behalf, or by the trading venue through whose system the transaction was completed25.

The instruments covered by the amended text are instruments traded on a trading venue (including transactions outside the venue), instruments whose underlying is traded on a trading venue, and instruments whose underlying is an index or a basket. For OTC derivatives, transactions executed on a trading venue are reportable. For the OTC derivatives that MTF and OTF operators publish before trading, transactions outside the trading venue are also covered26. The dates from which this applies are in the table in "Entry into force and amendments".

ESMA's statement of March 27, 2024, says that the amendment removed some transactions executed outside trading venues from the scope of reporting. The reported fields gain the effective date, the identification of the entity responsible for reporting, and the transaction identification code, and lose the waiver indicator and the short-selling indicator.

MiFIR transaction reporting is a separate obligation from EMIR reporting. Under MiFIR, investment firms and trading venue operators report to the competent authority27. Under EMIR, the counterparties to a transaction and CCPs report to a trade repository28.

The two obligations are coordinated where they overlap. A transaction reported to a trade repository under EMIR is deemed to satisfy the investment firm's MiFIR transaction reporting obligation if all three of the following are met29.

  • The repository is approved as an ARM.
  • The report contains the details required for MiFIR transaction reporting.
  • The report is sent to the competent authority on time.

Positions, product intervention, and client protection

Position limits have three conditions that are not in the table30.

  • "Critical or significant" refers to contracts traded on a trading venue and economically equivalent OTC contracts with a large open interest. The size is measured by the aggregate net position of end position holders, and a one-year average of 300,000 lots or more qualifies.
  • The limits are set on the positions aggregated at group level. The purposes are to prevent market abuse and to support orderly pricing and settlement conditions.
  • Positions held by a non-financial entity that objectively reduce risks directly relating to its commercial activity are outside the limits.

ESMA's position management can be used when two conditions are both met. There must be a threat to the orderly functioning of the market or to financial stability. The competent authority must also have taken no measure against that threat, or the measure it took must be insufficient. ESMA can request information, request that a position be reduced or eliminated, and, as a last resort, restrict trading in commodity derivatives31.

The four client protection provisions are in the table above323334. Best execution takes into account price, costs, speed, and similar factors, and follows the client's specific instructions where there are any.

Entry into force and amendments

The following table gives the dates separately for publication in the Official Journal, entry into force, start of application, and other events.

Date What the date is Source
May 15, 2014 The date of the instruments. For both MiFID II and MiFIR, the date as an act of the European Parliament and of the Council Titles of the adopted MiFID II and MiFIR
June 12, 2014 Publication in the Official Journal (OJ L 173) Footnote to the amending provision in the adopted MiFIR
July 2, 2014 Entry into force. Set at 20 days after the date of publication in the Official Journal35 MiFIR Article 55, MiFID II Article 96 (adopted versions)
July 3, 2017 Deadline for Member States to adopt and publish their MiFID II national measures MiFID II Article 93 (ESMA version)
January 3, 2018 Start of application. MiFIR begins to apply, and Member States apply their MiFID II national measures from the same date MiFIR Article 55(2), MiFID II Article 93 (ESMA version)
February 28, 2024 The date of the two amending acts (Regulation (EU) 2024/791 and Directive (EU) 2024/790) Footnote to ESMA's statement
March 28, 2024 Entry into force of Regulation (EU) 2024/791 ESMA's statement, ESMA's page
September 29, 2025 Deadline for transposing Directive (EU) 2024/790 ESMA's page

The text adopted in 2014 gave January 3, 2017, as the start of application of MiFIR, and the same date for the application of the MiFID II national measures. The ESMA version gives January 3, 201836.

In the 2024 amendments, Regulation (EU) 2024/791 amended MiFIR and Directive (EU) 2024/790 amended MiFID II. The title of the regulation lists enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations, and prohibiting receiving payment for order flow37. The main changes relating to derivatives are as follows.

Change Content Applies from
Pre-trade transparency (Article 8a) Limited to exchange-traded derivatives and a subset of OTC derivatives March 28, 2024
Trading obligation (Article 28(5), RTS 5) No longer applies March 28, 2024
Trading obligation (Article 28(2a)) Transactions that are not subject to the clearing obligation, or are exempt from it, are outside the trading obligation Not stated in the sources
SI quoting obligation (Article 18) Obligation for non-equity instruments deleted March 28, 2024
Quantitative test for SI status (MiFID II Article 4) Quantitative criteria removed After transposition into national law
Post-trade transparency (Article 10, Article 21(4) and (4a)) Scope amended From the start of application of the amended RTS 2
Post-trade transparency (rest of Article 21) Scope amended March 28, 2024
Transaction reporting (Article 26) Scope and reported fields amended From the start of application of the amended RTS 22

Until the amended RTS 2 and RTS 22 begin to apply, the pre-amendment provisions continue to apply to the relevant provisions on post-trade transparency and transaction reporting38.

The version on legislation.gov.uk (the contents page) is the text as revised for UK law after the UK's withdrawal from the EU. It refers to "a UK, Gibraltar or EU trading venue", and names the Financial Conduct Authority (FCA) as the body that makes technical standards39.

Practical implications

Financial and non-financial counterparties subject to the clearing obligation must trade a derivative covered by the trading obligation only on a trading venue (including an equivalent third-country trading venue). This applies when the other party is also subject to the clearing obligation. Transactions that are not subject to the clearing obligation, or are exempt from it, are outside the obligation16. Investment firms report details of transactions to the competent authority by the close of the following working day25. A transaction reported to a trade repository under EMIR is treated as meeting this reporting obligation if three conditions are met29. Best execution is an obligation that applies when executing client orders. Suitability is assessed for advice and portfolio management, and appropriateness, in principle, for other services3234.

What this article does not cover

The conditional exemption from the appropriateness assessment for services limited to execution, or to reception and transmission of orders, is not covered on this page. The pre-amendment details, the dates of publication of the two 2024 acts in the Official Journal, the start dates of the amended RTS, and the application date of Article 28(2a) are not covered on this page.

Notes

  1. Recital (4) of the adopted MiFID II. ↩

  2. Recital (1) of the adopted MiFIR. ↩

  3. ESMA Interactive Single Rulebook, last paragraph of MiFIR Article 55 (binding in its entirety, directly applicable). The same source, MiFID II Article 93(1) (adoption, publication and application of national measures). ↩

  4. MiFID II is OJ L 173, 12.6.2014, p. 349, and MiFIR is OJ L 173, 12.6.2014, p. 84. Titles of the adopted versions on legislation.gov.uk and the footnote to the amending provision of MiFIR. ↩

  5. Recital (7) of the adopted MiFID II. ↩

  6. Article 1(1)(a) to (f) of the adopted MiFIR. Article 1(2)(a) to (e) of the adopted MiFID II. ↩

  7. MiFID II Articles 4, 16, 25, 27, and 57 (ESMA version). ↩

  8. MiFIR Article 32(1) (ESMA drafts the RTS, and the European Commission adopts them under the procedure in Articles 10 to 14 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council). ↩

  9. The 2014 adopted versions are on legislation.gov.uk. The versions reflecting the 2024 amendments are in the ESMA Interactive Single Rulebook. ↩

  10. Annex I, Section C, points (4) to (11) of the adopted MiFID II. The exclusion in point (6) is for wholesale energy products traded on an OTF that must be physically settled. Article 4(1)(15) (ESMA version) defines "financial instruments" as the instruments in Section C of Annex I. ↩

  11. MiFID II Article 4(1)(21) to (24) (ESMA version). The scope of the OTF definition is "bonds, structured finance products, emission allowances or derivatives". ↩

  12. Article 4(1)(20) of the adopted MiFID II ("on an organised, frequent systematic and substantial basis"). ↩

  13. MiFID II Article 4(1)(20) (ESMA version; "equity instruments" and the opt-in to SI status). ESMA's statement of March 27, 2024 (ESMA74-2134169708-7163), page 5. ↩

  14. Article 1(2) of the adopted MiFIR (investment firms, credit institutions and market operators) and Article 1(3) (Title V also applies to the financial counterparties in EMIR Article 2(8) and the non-financial counterparties in EMIR Article 10(1)(b)). ↩

  15. MiFIR Article 40(1) (adopted 2014 version) and Article 42(1) (ESMA version). ↩

  16. MiFIR Article 28(1), (2a), (3), and (4) (ESMA version). Paragraph 1 covers financial and non-financial counterparties subject to the clearing obligation, and paragraph 4 the equivalence decision for third-country trading venues. ↩ ↩2 ↩3

  17. MiFIR Article 32(1) to (3) (ESMA version). Paragraph 1(a) covers the RTS that specify the classes, and paragraph 3 the liquidity criteria. ↩

  18. MiFIR Article 32(4a), (4b), and (4d) (suspension at ESMA's request), and Article 32a(1) (suspension for a specific financial counterparty at the request of a competent authority). ESMA version. ↩

  19. MiFIR Article 34 (ESMA version). ↩

  20. ESMA, "Public Register for the Trading Obligation for derivatives under MiFIR" (ESMA70-156-3921, dated September 4, 2023), page 1, and Table 1 and Table 2 on page 3. ↩ ↩2 ↩3

  21. ESMA's statement of March 27, 2024 (ESMA74-2134169708-7163), page 4, "Transparency regime for derivatives". ↩

  22. MiFIR Article 8a(1) and (2)(a) to (c) (ESMA version). The application date is in the note in the ESMA version. ↩

  23. MiFIR Article 10(1) and Article 21(1) (ESMA version). The note to Article 10 covers the period until the amended RTS 2 begins to apply. ↩

  24. MiFIR Article 18. ESMA's statement of March 27, 2024, page 5, "Non-equity". Article 18(1) of the adopted text required SIs to publish firm quotes for derivatives and other instruments. ↩

  25. MiFIR Article 26(1) and (7) (ESMA version). ↩ ↩2

  26. MiFIR Article 26(2)(a) to (d) (ESMA version). ESMA's statement of March 27, 2024, page 6, "Transaction reporting". ↩

  27. MiFIR Article 26(1) and (5) (a trading venue operator reports transactions executed on its venue by members and others that are not subject to MiFIR). ESMA version. ↩

  28. EMIR Article 9(1) (counterparties and CCPs report to a trade repository). ESMA Interactive Single Rulebook. ↩

  29. The latter part of MiFIR Article 26(7) (a trade repository can be approved as an ARM, and the paragraph on transactions reported under EMIR Article 9). ESMA version. ↩ ↩2

  30. MiFID II Article 57(1) (ESMA version; "at a minimum of 300 000 lots on average over a one-year period", and the exclusion of positions of non-financial entities in point (a) of the second subparagraph). ↩

  31. MiFIR Article 45(1) and (2) (ESMA version). Paragraph 1(a) to (c) cover the measures, and paragraph 2 the two conditions. ↩

  32. The opening of MiFID II Article 25(2), (3), and (4) (ESMA version). ↩ ↩2

  33. MiFID II Article 16(3), second subparagraph onward (ESMA version). ↩

  34. MiFID II Article 27(1) (ESMA version). ↩ ↩2

  35. MiFIR Article 55 (ESMA version) and MiFID II Article 96 (adopted version), on entry into force 20 days after publication. ↩

  36. MiFIR Article 55(2) and MiFID II Article 93(1). The dates differ between the adopted version and the ESMA version. ↩

  37. ESMA's statement of March 27, 2024 (ESMA74-2134169708-7163), page 1 text and footnote 1 (title of Regulation (EU) 2024/791). ↩

  38. ESMA's statement of March 27, 2024, pages 1 and 5. ESMA's "MiFID II and MIFIR review" page. Articles 8a and 28 are from the notes in the ESMA version. ↩

  39. legislation.gov.uk, "Regulation (EU) No 600/2014", contents page, Article 26(2) and (9). ↩

  40. MiFID II Article 16(6) and (7) (ESMA version). ↩

  41. MiFIR Article 26(7) (ESMA version). ↩

  42. MiFIR Article 26(3), (4), and (6) (ESMA version). ↩