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Regulation 600/2014/EU - MiFIR RegulationRecitalsTitle I Subject matter, scope and definitions (arts. 1-2)Article 1 Subject matter and scopeArticle 2 DefinitionsDraft Title Ia Trading venues (draft arts. 2a-2zg)Draft Chapter 1 Requirements for regulated markets (draft arts. 2a-2o)Draft Article 2a Authorisation of a regulated market and applicable lawDraft Article 2b Procedures for granting and refusing applications for authorisation of regulated marketsDraft Article 2c Withdrawal of authorisationDraft Article 2d Requirements for the management body of a market operatorDraft Article 2e Requirements relating to persons exercising significant influence over the management of the regulated marketDraft Article 2f Organisational requirementsDraft Article 2g Systems resilience, circuit breakers and electronic tradingDraft Article 2h Tick sizesDraft Article 2i Admission of financial instruments to tradingDraft Article 2j Specific conditions for the admission to trading of sharesDraft Article 2k Suspension and removal of financial instruments from trading on a regulated marketDraft Article 2l Access to a regulated marketDraft Article 2m Notification of amendments to the rules of the regulated marketDraft Article 2n Monitoring of compliance with the rules of the regulated market and with other legal obligationsDraft Article 2o Cross-border activity of regulated marketsDraft Chapter 2 Requirements for MTFs and OTFs (draft arts. 2p-2z)Draft Article 2p Requirement for authorisation for MTFs and OTFs operated by a market operatorDraft Article 2q Authorisation, ongoing supervision and withdrawal of authorisation of investment firms to operate MTFs or OTFsDraft Article 2r Extension of authorisation for investment firms that already operate MTFs or OTFsDraft Article 2s Extension of authorisation for investment firms that intend to operate MTFs or OTFsDraft Article 2t Ongoing supervisionDraft Article 2u Compliance with the rules of the MTF or the OTF and with other legal obligationsDraft Article 2v Suspension and removal of financial instruments from trading on an MTF or an OTFDraft Article 2w Cross-border activity of MTFs and OTFsDraft Article 2x Specific requirements for MTFsDraft Article 2y SME growth marketsDraft Article 2z Specific requirements for OTFsDraft Chapter 3 Pan-European Market Operators (draft arts. 2za-2ze)Draft Article 2za Authorisation of Pan-European Market OperatorsDraft Article 2zb Procedures for granting authorisation as PEMODraft Article 2zc Withdrawal of authorisationDraft Article 2zd Requirements for the PEMODraft Article 2ze Operation of trading venues in another Member State and applicable lawDraft Chapter 4 List of trading venues and empowerments (draft arts. 2zf-2zg)Draft Article 2zf List of trading venuesDraft Article 2zg Regulatory technical standards and delegationTitle II Transparency for trading venues (arts. 3-13)Chapter 1 Transparency for equity instruments (arts. 3-7)Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsArticle 4 Waivers for equity instrumentsArticle 5 Volume capArticle 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsArticle 7 Authorisation of deferred publicationChapter 2 Transparency for non-equity instruments (arts. 8-11)Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowancesArticle 8a Pre-trade transparency requirements for trading venues in respect of derivativesArticle 8b Pre-trade transparency requirements for trading venues in respect of package ordersArticle 9 Waivers for bonds, structured finance products, emission allowances, derivatives and package ordersArticle 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivativesArticle 11 Deferred publication in respect of bonds, structured finance products or emission allowancesArticle 11a Deferred publication in respect of derivativesChapter 3 Obligation to offer trade data on a separate and reasonable commercial basis (arts. 12-13)Article 12 Obligation to make pre-trade and post-trade data available separatelyArticle 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basisTitle III Transparency for Systematic Internalisers and Investment Firms Trading OTC and Tick Size Regime for Systematic Internalisers (arts. 14-23a)Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsArticle 15 Execution of client ordersArticle 16 Obligations of competent authoritiesArticle 17 Access to quotesArticle 17a Tick sizesArticle 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivativesArticle 19 Monitoring by ESMAArticle 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsArticle 21 Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivativesArticle 21a Designated publishing entitiesArticle 22 Providing information for the purposes of transparency and other calculationsArticle 22a Transmission of data to the CTPArticle 22b Data qualityArticle 22c Synchronisation of business clocksArticle 23 Trading obligation for investment firmsArticle 23a Accessibility of information on the European single access pointTitle IV Transaction reporting (arts. 24-27)Article 24 Obligation to uphold integrity of marketsArticle 25 Obligation to maintain recordsArticle 26 Obligation to report transactionsArticle 27 Obligation to supply financial instrument reference dataTitle IVa Data reporting services (arts. 27a-27i)Chapter 1 Authorisation of data reporting services providers (arts. 27a-27f)Article 27aArticle 27b Requirement for authorisationArticle 27c Authorisation of data reporting services providersArticle 27d Procedures for granting and refusing applications for authorisation of ARMs and APAsArticle 27da Procedure for the selection of a single CTP for each asset classArticle 27db Procedures for granting and refusing applications for authorisation of CTPsArticle 27e Withdrawal of authorisationArticle 27f Requirements for the management body of a data reporting services providerChapter 2 Conditions for APAs, CTPs and ARMs (arts. 27g-27i)Article 27g Organisational requirements for APAsArticle 27h Organisational requirements for CTPsArticle 27ha Reporting obligations for CTPsArticle 27i Organisational requirements for ARMsTitle V Derivatives (arts. 28-draft art. 34C)Article 28 Obligation to trade on regulated markets, MTFs or OTFsArticle 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearingArticle 30 Indirect clearing arrangementsArticle 31 Post-trade risk reduction servicesArticle 32 Trading obligation procedureArticle 32a Stand-alone suspension of the trading obligationArticle 33 Mechanism to avoid duplicative or conflicting rulesArticle 34 Register of derivatives subject to the trading obligationDraft Article 34a Position management controls in commodity derivatives and derivatives of emission allowancesDraft Article 34b Position reporting by trading venues by categories of position holdersDraft Article 34c Right to designate a CSDTitle VI Non-discriminatory clearing access for financial instruments (arts. 35-38)Article 35 Non-discriminatory access to a CCPArticle 36 Non-discriminatory access to a trading venueArticle 37 Non-discriminatory access to and obligation to licence benchmarksArticle 38 Access for third-country CCPs and trading venuesTitle VIa ESMA powers and competences (arts. 38a-38o)Chapter 1 Competences and procedures (arts. 38a-38g)Article 38a Exercise of ESMA's powersArticle 38b Request for informationArticle 38c General investigationsArticle 38d On-site inspectionsArticle 38e Exchange of informationArticle 38f Professional secrecyDraft Article 38fa Scope of ESMA supervision for significant trading venues and PEMOsDraft Article 38fb Methodology, transitional plans and list of significant trading venuesDraft Article 38fc General investigations and supervisory powersDraft Article 38fd Central databaseArticle 38g Supervisory measures by ESMAChapter 2 Administrative sanctions and other administrative measures (arts. 38h-38o)Article 38h FinesArticle 38i Periodic penalty paymentsArticle 38j Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 38k Procedural rules for taking supervisory measures and imposing finesArticle 38l Hearing of the persons concernedArticle 38m Review by the Court of JusticeArticle 38n Authorisation and supervisory feesArticle 38o Delegation of tasks by ESMA to competent authoritiesTitle VII Supervisory measures on product intervention and positions (arts. 39-45)Chapter 1 Product monitoring and intervention (arts. 39-43)Article 39 Market monitoringArticle 39a Prohibition of receiving payment for order flowArticle 40 ESMA temporary intervention powersArticle 41 EBA temporary intervention powersArticle 42 Product intervention by competent authoritiesArticle 43 Coordination by ESMA and EBAChapter 2 Positions (arts. 44-45)Article 44 Coordination of national position management measures and position limits by ESMAArticle 45 Position management powers of ESMATitle VIII Provision of sevices and performance of activities by third-country firms following an equivalence decision with or without a branch (arts. 46-49)Article 46 General provisionsArticle 47 Equivalence decisionArticle 48 RegisterArticle 49 Withdrawal of registrationTitle IX Delegated and implementing acts (arts. 50-51)Chapter 1 Delegated acts (art. 50)Article 50 Exercise of the delegationChapter 2 Implementing acts (art. 51)Article 51 Committee procedureTitle X Final provisions (arts. 52-55)Article 52 Reports and reviewArticle 53 Amendment of regulation (EU) No 648/2012Article 54 Transitional provisionsArticle 54a Transitional measures related to ESMADraft Article 54ab Transitional provisions on delegated and implementing regulationsArticle 54b Relations with auditorsArticle 55 Entry into force and applicationDraft Annex - Correlation table referred in Article 3, point (43)Done at
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AI Summary of Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

This article outlines the obligations of investment firms acting as systematic internalisers in relation to public quotes for shares, depositary receipts, ETFs, and similar financial instruments. Firms must publish firm quotes for instruments where a liquid market exists, while they must disclose quotes upon request in less liquid markets. Compliance with thresholds defined in regulatory technical standards is essential, ensuring quotes reflect prevailing market conditions.

Authority for determining market classifications rests with the competent authority based on execution values, with ESMA tasked to develop standards that enhance transparency and ensure best execution for clients. These standards will address publication arrangements, thresholds, minimum quote sizes, and the definition of market conditions.

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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 28 March 2024 - onwards
Version 4 of 4

Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

DRAFT Paragraph replaced Article 3 Amendments to Regulation (EU) No 600/2014 of the Proposal for a Regulation of the European parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union (COM(2025) 943 final / 2025/0383 (COD))
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1. Investment firms shall make public firm quotes in respect of those shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue for which they are systematic internalisers and for which there is a liquid market.

Where there is not a liquid market for the financial instruments referred to in the first subparagraph, systematic internalisers shall disclose quotes to their - upon request.

2.This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes of up to and including the threshold determined in the regulatory technical standards adopted pursuant to paragraph 7, point (b), of this Article.

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