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Regulation (EU) No 600/2014

 

I. General Information

Title

Regulation  (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation  (EU) No 648/2012

Abbreviations MiFIR
Status: Existing
Description

The Markets in Financial Instruments Directive ( MiFID), in force since November 2007, is a core pillar in EU financial market integration. Adopted in accordance with the "Lamfalussy" process1, it consists of a framework Directive (Directive  2004/39/EC)2, an implementing Directive (Directive   2006/73/EC)3 and an implementing Regulation (Regulation No 1287/2006)4.  MiFID establishes a regulatory framework for the provision of investment services in financial instruments (such as brokerage, advice, dealing, portfolio management, underwriting etc.) by banks and investment firms and for the operation of regulated markets by market operators. It also establishes the powers and duties of national competent authorities in relation to these activities.
The overarching objective is to further the integration, competitiveness, and efficiency of EU financial markets. In concrete terms, it abolished the possibility for Member States to require all trading in financial instruments to take place on specific exchanges and enabled Europewide competition between traditional exchanges and alternative venues. It also granted banks and investment firms a strengthened "passport" for providing investment services across the EU subject to compliance with both organisational and reporting requirements as well as comprehensive rules designed to ensure investor protection.

Regulation (EU) No 600/2014
Source O.J. EU No L (Legislation), Edition 173, Year 2014, p.84
Adoption 05/15/2014
Promulgation 06/12/2014
Character Lamfalussy Framework Act
Implementation   Regulation (EU) Nr. 2017/2154
  Regulation (EU) Nr. 2017/2417
  Regulation (EU) Nr. 2017/2194
  Regulation (EU) Nr. 2017/1799
  Regulation (EU) Nr. 2017/577
  Regulation (EU) Nr. 2017/583
  Regulation (EU) Nr. 2017/587
  Regulation (EU) Nr. 2017/579
  Regulation (EU) Nr. 2017/572
  Regulation (EU) Nr. 2017/581
  Regulation (EU) Nr. 2017/590
  Regulation (EU) Nr. 2017/585
  Regulation (EU) Nr. 2017/580
  Regulation (EU) Nr. 2017/582
  Regulation (EU) Nr. 2017/567
  Regulation (EU) Nr. 2016/2020
  Regulation (EU) Nr. 2016/2021
  Regulation (EU) Nr. 2016/2022
Legal Basis Art. 114 Abs. 1 AEUV
Legislative Procedure Codecision procedure
 

II. Rahmenrechtsakt (Level 1)

 

1. Versions

  (EU) No 2016/1033
    06/23/2016 (A)
    06/30/2016 (P)
MiFIR (Regulation (EU) Nr. 600/2014) amended by

Regulation extending the application date of MiFIR ( Details)

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  (EU) No 600/2014
    05/15/2014 (A)
    06/12/2014 (P)

Original Text MiFIR:
Regulation  (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation  (EU) No 648/2012

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(A) Adoption | (P) Promulgation
 

2. Reformvorhaben

  Proposal

Amended proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation  (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority); Regulation  (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority); Regulation  (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority); Regulation  (EU) No 345/2013 on European venture capital funds; Regulation  (EU) No 346/2013 on European social entrepreneurship funds; Regulation  (EU) No 600/2014 on markets in financial instruments; Regulation (EU) 2015/760 on European long-term investment funds; Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds; Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and (EU) Directive 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing

Amendment Regulation (EU) Nr. 600/2014
  Proposal

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the prudential requirements of investment firms and amending Regulations  (EU) No 575/2013,  (EU) No 600/2014 and  (EU) No 1093/2010

Amendment Regulation (EU) Nr. 600/2014
(A) Adoption | (P) Promulgation
 

3. Legislative History

05/15/2014 Signature by EP and Council O.J. J/2014 341/31; J/2015 270/4
05/13/2014 Council decision Europäischer Rat, 9692/14 Deutsch
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04/15/2014 Report of the European Parliament - 1st reading O.J. 2017/C 443/781 Deutsch
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10/26/2012 Report of the European Parliament - 1st reading O.J. 2014/CE 72/254 Deutsch
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03/22/2012 Opinion of the European Central Bank O.J. 2012/C 161/3 Deutsch
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02/22/2012 Opinion of the European Economic and Social Committee O.J. 2012/C 143/74 Deutsch
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02/10/2012 Opinion of the European Data Protection Supervisor O.J. 2012/C 147/1 Deutsch
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10/20/2011 Proposal COM(2011) 652 FINAL Deutsch
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4. Comments

11/29/2011 Deutsche Aktieninstitut, Bundesverband der Deutschen Industrie, Verband deutscher Treasurer (DAI, BDI, VDT)
Comment on: Kommissionsvorschlag
PDF-Datei
11/30/2011 Die Deutsche Kreditwirtschaft (DK)
Comment on: Kommissionsvorschlag
PDF-Datei
11/30/2011 Bundesverband Investment und Asset Management e.V. (BVI)
Comment on: Kommissionsvorschlag
PDF-Datei
01/04/2012 Aktienforum
Comment on: Kommissionsvorschlag
PDF-Datei
04/16/2012 Centrum für Europäische Politik (CEP)
Comment on: Kommissionsvorschlag
PDF-Datei
 

5. Legal Impact

Amendment  Regulation (EU) No 648/2012
 

III. Implementing / Legislative Act (Level 2)

 

1. Implementation

  (EU) No 2017/2154
    09/22/2017 (A)
    11/21/2107 (P)

Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements

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  (EU) No 2017/2417
    11/17/2017 (A)
    12/22/2017 (P)

Commission Delegated Regulation (EU) 2017/2417 of 17 November 2017 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the trading obligation for certain derivatives

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  (EU) No 2017/2194
    08/14/2017 (A)
    11/28/2017 (P)

Commission Delegated Regulation (EU) 2017/2194 of 14 August 2017 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to package orders

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  (EU) No 2017/1799
    06/12/2017 (A)
    10/07/2017 (P)

Commission Delegated Regulation (EU) 2017/1799 of 12 June 2017 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council as regards the exemption of certain third countries central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements

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  (EU) No 2017/577
    06/13/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/577 of 13 June 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations

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  (EU) No 2017/583
    07/14/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives

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  (EU) No 2017/587
    07/14/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser

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  (EU) No 2017/579
    05/15/2014 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/579 of 13 June 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the direct, substantial and foreseeable effect of derivative contracts within the Union and the prevention of the evasion of rules and obligations

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  (EU) No 2017/572
    06/02/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/572 of 2 June 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the offering of pre-and post-trade data and the level of disaggregation of data

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  (EU) No 2017/581
    06/24/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/581 of 24 June 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on clearing access in respect of trading venues and central counterparties

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  (EU) No 2017/590
    07/28/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities

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  (EU) No 2017/585
    07/14/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be  made by the European Securities and Markets Authority and competent authorities

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  (EU) No 2017/580
    06/24/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments

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  (EU) No 2017/582
    06/29/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/582 of 29 June 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing

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  (EU) No 2017/567
    05/18/2016 (A)
    03/31/2017 (P)

Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions

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  (EU) No 2016/2020
    05/26/2016 (A)
    11/19/2016 (P)

Commission Delegated Regulation (EU) 2016/2020 of 26 May 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation

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  (EU) No 2016/2021
    06/02/2016 (A)
    11/19/2016 (P)

Commission Delegated Regulation (EU) 2016/2021 of 2 June 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks

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  (EU) No 2016/2022
    07/14/2016 (A)
    11/19/2016 (P)

Commission Delegated Regulation (EU) 2016/2022 of 14 July 2016 supplementing Regulation  (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards concerning the information for registration of third-country firms and the format of information to be provided to the clients

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IV. CESR / ESMA Announcements (Level 3)

05/2018

Q&A On MiFIR data reporting

ESMA/70-1861941480-56  
 

V. Umsetzung in den Mitgliedstaaten

 

1. Implementation in Germany

04/14/2016 (A)
07/01/2016 (P)

 Erstes Gesetz zur Novellierung von Finanzmarktvorschriften aufgrund europäischer Rechtsakte

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06/23/2017 (A)
06/24/2017 (P)

 Zweites Gesetz zur Novellierung von Finanzmarktvorschriften auf Grund europäischer Rechtsakte

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(A) Adoption | (P) Promulgation
 

VI. Other

 

1. ESMA Final Reports on ITS/RTS

ESMA
09/28/2017

Final Report of Draft RTS on trading obligation for derivatives under  MiFIR

PDF-Datei
ESMA/2016/725
05/26/2016

Final Report: Draft regulatory technical standards on indirect clearing arrangements under  EMIR and  MiFIR

PDF-Datei
ESMA/2015/1464
09/28/2015

Final Report Draft Regulatory and Implementing Technical Standards  MiFID II /  MiFIR

PDF-Datei
ESMA/2015/1464 - Annex
09/28/2015

Final Report Draft Regulatory and Implementing Technical Standards  MiFID II /  MiFIR - Annex I

PDF-Datei
ESMA/2015/1006
06/29/2015

Final Report  MiFID II /  MiFIR draft Technical Standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities

PDF-Datei
 

2. Verwaltungsakte der BaFin

Bundesanstalt für Finanzdienstleistungsaufsicht
01/02/2018

Allgemeinverfügung der BaFin – Nachhandelstransparenz Handelsplätze/Nichteigenkapitalinstrumente

PDF-Datei
Bundesanstalt für Finanzdienstleistungsaufsicht
01/02/2018

Allgemeinverfügung der BaFin – Nachhandelstransparenz OTC-Geschäfte/Nichteigenkapitalinstrumente

PDF-Datei
Bundesanstalt für Finanzdienstleistungsaufsicht
01/02/2018

Allgemeinverfügung der BaFin – Nachhandelstransparenz Handelsplätze, die nicht durch eine Börse betrieben werden/Eigenkapitalinstrumente

PDF-Datei
BaFin
01/02/2018

BaFin befreit systematische Internalisierer von Verpflichtungen bei Kursofferten zu illiquiden Instrumenten

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BaFin
01/02/2018

Eurex Clearing AG: BaFin gibt Antrag auf Übergangsregelung für börsengehandelte Derivate statt (Art. 35  MiFiR)

Externer Link
 

3. Other

ESMA
03/27/2018

ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors

PDF-Datei
Language:
Deutsch Deutsch
English Englisch
Francais Französisch
Chinese Chinesisch

Legende

Hyperlink int./ext. Verlinkung
Externer Link Externer Hyperlink
Status des Rechtsaktes
Aufgehoben Aufgehoben
Vorhaben Vorhaben
Inkraft Inkraft
Unbekannt Unbekannt
Dokumente
Deutsch Deutsche Fassung
Englisch Englische Fassung
Französisch Franz. Fassung
PDF-Datei Sonstige PDF-Datei
Dokument Sonstiges Dokument
Externer Link Externes Dokument

Overview

I. General Information
II. Rahmenrechtsakt (Level 1)
1. Versions
2. Reformvorhaben
3. Legislative History
4. Comments
5. Legal Impact
III. Implementing / Legislative Act (Level 2)
1. Implementation
IV. CESR / ESMA Announcements (Level 3)
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany
VI. Other
1. ESMA Final Reports on ITS/RTS
2. Verwaltungsakte der BaFin
3. Other

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