| TITLE I : SUBJECT MATTER, SCOPE AND DEFINITIONS |
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Article 1 : Subject matter and scope
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Article 2 : Definitions
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TITLE II : TRANSPARENCY FOR TRADING VENUES
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CHAPTER 1 : Transparency for equity instruments
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Article 3 : Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments |
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Article 4 : Waivers for equity instruments |
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Article 5 : Volume Cap Mechanism |
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Article 6 : Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments |
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Article 7 : Authorisation of deferred publication |
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CHAPTER 2 : Transparency for non-equity instruments
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Article 8 : Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives |
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Article 9 : Waivers for non-equity instruments |
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Article 10 : Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives |
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Article 11 : Authorisation of deferred publication |
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CHAPTER 3 : Obligation to offer trade data on a separate and reasonable commercial basis
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Article 12 : Obligation to make pre-trade and post-trade data available separately |
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Article 13 : Obligation to make pre-trade and post-trade data available on a reasonable commercial basis |
| TITLE III : TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC |
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Article 14 : Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments |
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Article 15 : Execution of client orders |
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Article 16 : Obligations of competent authorities |
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Article 17 : Access to quotes |
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Article 18 : Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives |
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Article 19 : Monitoring by ESMA |
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Article 20 : Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments |
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Article 21 : Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives |
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Article 22 : Providing information for the purposes of transparency and other calculation |
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Article 23 : Trading obligation for investment firms |
| TITLE IV : TRANSACTION REPORTING |
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Article 24 : Obligation to uphold integrity of market |
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Article 25 : Obligation to maintain records |
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Article 26 : Obligation to report transactions |
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Article 27 : Obligation to supply financial instrument reference data |
| TITLE V : DERIVATIVE |
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Article 28 : Obligation to trade on regulated markets, MTFs or OTFs |
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Article 29 : Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing |
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Article 30 : Indirect Clearing Arrangement |
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Article 31 : Portfolio Compression |
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Article 32 : Trading obligation procedure |
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Article 33 : Mechanism to avoid duplicative or conflicting rules |
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Article 34 : Register of derivatives subject to the trading obligation |
| TITLE VI : NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS |
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Article 35 : Non-discriminatory access to a CCP |
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Article 36 : Non-discriminatory access to a trading venue |
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Article 37 : Non-discriminatory access to and obligation to licence benchmarks |
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Article 38 : Access for third-country CCPs and trading venues |
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TITLE VII : SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS
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CHAPTER 1 : Product monitoring and intervention
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Article 39 : Market monitoring |
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Article 40 : ESMA temporary intervention powers |
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Article 41 : EBA temporary intervention powers |
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Article 42 : Product intervention by competent authorities |
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Article 43 : Coordination by ESMA and EBA |
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CHAPTER 2 : Positions |
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Article 44 : Coordination of national position management measures and position limits by ESMA |
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Article 45 : Position management powers of ESMA |
| TITLE VIII : PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANC |
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Article 46 : General provisions |
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Article 47 : Equivalence decision |
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Article 48 : Register |
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Article 49 : Withdrawal of registration |
| TITLE IX : DELEGATED AND IMPLEMENTING ACTS |
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CHAPTER 1 : Delegated acts |
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Article 50 : Exercise of the delegation |
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CHAPTER 2 : Implementing act |
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Article 51 : Committee procedure |
| TITLE X : FINAL PROVISIONS |
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Article 52 : Reports and review |
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Article 53 : Amendment of Regulation (EU) No 648/2012
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Article 54 : Transitional provisions |
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Article 55 : Entry into force and application |
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