This Regulation establishes uniform requirements on public disclosure of trade data; reporting of transactions to competent authorities; trading of derivatives on organised venues; non‑discriminatory access to clearing and to trading in benchmarks; product intervention powers of competent authorities, ESMA and EBA and ESMA’s powers on position management controls and position limits; provision of investment services by third‑country firms following a Commission equivalence decision (with or without a branch); and authorisation and supervision of data‑reporting service providers. It applies to investment firms authorised under Directive 2014/65/EU, credit institutions under Directive 2013/36/EU when providing investment services or activities, market operators and trading venues; Title V applies to counterparties subject to the clearing obligation under Regulation (EU) No 648/2012; Title VI to CCPs and persons with proprietary rights to benchmarks; Titles VII and VIII address third‑country firms as specified.

Titles II and III do not apply to securities financing transactions as defined in Regulation (EU) 2015/2365. All multilateral systems must operate under MTF/OTF or regulated‑market provisions; systematic internalisers operate under Title III; firms concluding transactions off multilateral systems must comply with Articles 20 and 21. Articles 8, 8a, 8b, 10 and 21 are disapplied for transactions where an ESCB member notifies its counterparty and the transaction is in performance of specified monetary, foreign‑exchange or financial‑stability policy operations. ESMA, in close cooperation with the ESCB, must develop draft regulatory technical standards by 29 March 2026 to specify such operations for non‑Eurosystem ESCB members; the Commission may adopt those standards and may adopt delegated acts to extend the exemption to other central banks subject to a report by 1 June 2015 assessing third‑country central banks and their transactions.