TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-2)Article 1 - Subject matter and scope RTSDAQ&AArticle 2 - Definitions DAQ&A
TITLE II - TRANSPARENCY FOR TRADING VENUES (Article 3-13)CHAPTER 1 - Transparency for equity instruments (Article 3-7)Article 3 - Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments RTSQ&AArticle 4 - Waivers for equity instruments RTSQ&AArticle 5 - Volume Cap Mechanism RTSQ&AArticle 6 - Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments RTSQ&AArticle 7 - Authorisation of deferred publication RTSQ&ACHAPTER 2 - Transparency for non-equity instruments (Article 8-11)Article 8 - Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives RTSQ&AArticle 9 - Waivers for non-equity instruments RTSDAQ&AArticle 10 - Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives RTSQ&AArticle 11 - Authorisation of deferred publication RTSQ&ACHAPTER 3 - Obligation to offer trade data on a separate and reasonable commercial basis (Article 12-13)Article 12 - Obligation to make pre-trade and post-trade data available separately RTSQ&AArticle 13 - Obligation to make pre-trade and post-trade data available on a reasonable commercial basis DAQ&AGL
CHAPTER 1 - Transparency for equity instruments (Article 3-7)Article 3 - Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments RTSQ&AArticle 4 - Waivers for equity instruments RTSQ&AArticle 5 - Volume Cap Mechanism RTSQ&AArticle 6 - Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments RTSQ&AArticle 7 - Authorisation of deferred publication RTSQ&A
CHAPTER 2 - Transparency for non-equity instruments (Article 8-11)Article 8 - Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives RTSQ&AArticle 9 - Waivers for non-equity instruments RTSDAQ&AArticle 10 - Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives RTSQ&AArticle 11 - Authorisation of deferred publication RTSQ&A
CHAPTER 3 - Obligation to offer trade data on a separate and reasonable commercial basis (Article 12-13)Article 12 - Obligation to make pre-trade and post-trade data available separately RTSQ&AArticle 13 - Obligation to make pre-trade and post-trade data available on a reasonable commercial basis DAQ&AGL
TITLE III - TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS (Article 14-23)Article 14 - Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments RTSQ&AArticle 15 - Execution of client orders DAQ&AGLArticle 16 - Obligations of competent authorities Q&AArticle 17 - Access to quotes DAQ&AArticle 17a - Tick sizes Q&AArticle 18 - Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives DAQ&AGLArticle 19 - Monitoring by ESMA DAQ&AArticle 20 - Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments RTSQ&AArticle 21 - Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives RTSQ&AArticle 22 - Providing information for the purposes of transparency and other calculations RTSQ&AArticle 23 - Trading obligation for investment firms RTSIAQ&A
TITLE IV - TRANSACTION REPORTING (Article 24-27)Article 24 - Obligation to uphold integrity of marketsArticle 25 - Obligation to maintain records RTSQ&AGLArticle 26 - Obligation to report transactions RTSQ&AGLArticle 27 - Obligation to supply financial instrument reference data RTSQ&A
TITLE IVa - DATA REPORTING SERVICES (Article 27a-27i)CHAPTER 1 - Authorisation of data reporting services providers (Article 27a-27f)Article 27aArticle 27b - Requirement for authorisationArticle 27c - Authorisation of data reporting services providersArticle 27d - Procedures for granting and refusing applications for authorisationArticle 27e - Withdrawal of authorisationArticle 27f - Requirements for the management body of a data reporting services provider RTSGLCHAPTER 2 - Conditions for APAs, CTPs and ARMs (Article 27g-27i)Article 27g - Organisational requirements for APAs GLArticle 27h - Organisational requirements for CTPs GLArticle 27i - Organisational requirements for ARMs GL
CHAPTER 1 - Authorisation of data reporting services providers (Article 27a-27f)Article 27aArticle 27b - Requirement for authorisationArticle 27c - Authorisation of data reporting services providersArticle 27d - Procedures for granting and refusing applications for authorisationArticle 27e - Withdrawal of authorisationArticle 27f - Requirements for the management body of a data reporting services provider RTSGL
CHAPTER 2 - Conditions for APAs, CTPs and ARMs (Article 27g-27i)Article 27g - Organisational requirements for APAs GLArticle 27h - Organisational requirements for CTPs GLArticle 27i - Organisational requirements for ARMs GL
TITLE V - DERIVATIVES (Article 28-34)Article 28 - Obligation to trade on regulated markets, MTFs or OTFs RTSIAQ&AArticle 29 - Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing RTSQ&AArticle 30 - Indirect Clearing Arrangements RTSArticle 31 - Portfolio Compression DAArticle 32 - Trading obligation procedure RTSArticle 33 - Mechanism to avoid duplicative or conflicting rulesArticle 34 - Register of derivatives subject to the trading obligation
TITLE VI - NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS (Article 35-38)Article 35 - Non-discriminatory access to a CCP RTSQ&AGLArticle 36 - Non-discriminatory access to a trading venue RTSQ&AGLArticle 37 - Non-discriminatory access to and obligation to licence benchmarks RTSArticle 38 - Access for third-country CCPs and trading venues Q&A
TITLE VIa - ESMA POWERS AND COMPETENCES (Article 38a-38o)CHAPTER 1 - Competences and procedures (Article 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 secrecyArticle 38g - Supervisory measures by ESMA DACHAPTER 2 - Administrative sanctions and other administrative measures (Article 38h-38o)Article 38h - FinesArticle 38i - Periodic penalty payments DAArticle 38j - Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 38k - Procedural rules for taking supervisory measures and imposing fines DAArticle 38l - Hearing of the persons concerned DAArticle 38m - Review by the Court of JusticeArticle 38n - Authorisation and supervisory fees DAArticle 38o - Delegation of tasks by ESMA to competent authorities
CHAPTER 1 - Competences and procedures (Article 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 secrecyArticle 38g - Supervisory measures by ESMA DA
CHAPTER 2 - Administrative sanctions and other administrative measures (Article 38h-38o)Article 38h - FinesArticle 38i - Periodic penalty payments DAArticle 38j - Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 38k - Procedural rules for taking supervisory measures and imposing fines DAArticle 38l - Hearing of the persons concerned DAArticle 38m - Review by the Court of JusticeArticle 38n - Authorisation and supervisory fees DAArticle 38o - Delegation of tasks by ESMA to competent authorities
TITLE VII - SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS (Article 39-45)CHAPTER 1 - Product monitoring and intervention (Article 39-43)Article 39 - Market monitoringArticle 40 - ESMA temporary intervention powers DAQ&AArticle 41 - EBA temporary intervention powers DAArticle 42 - Product intervention by competent authorities DAQ&AArticle 43 - Coordination by ESMA and EBA CHAPTER 2 - Positions (Article 44-45)Article 44 - Coordination of national position management measures and position limits by ESMAArticle 45 - Position management powers of ESMA DA
CHAPTER 1 - Product monitoring and intervention (Article 39-43)Article 39 - Market monitoringArticle 40 - ESMA temporary intervention powers DAQ&AArticle 41 - EBA temporary intervention powers DAArticle 42 - Product intervention by competent authorities DAQ&AArticle 43 - Coordination by ESMA and EBA
CHAPTER 2 - Positions (Article 44-45)Article 44 - Coordination of national position management measures and position limits by ESMAArticle 45 - Position management powers of ESMA DA
TITLE VIII - PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH (Article 46-49)Article 46 - General provisions RTSQ&AArticle 47 - Equivalence decisionArticle 48 - RegisterArticle 49 - Measures to be taken by ESMA
TITLE IX - DELEGATED AND IMPLEMENTING ACTS (Article 50-51)CHAPTER 1 - Delegated acts (Article 50)Article 50 - Exercise of the delegationCHAPTER 2 - Implementing acts (Article 51)Article 51 - Committee procedure
TITLE X - FINAL PROVISIONS (Article 52-55)Article 52 - Reports and reviewArticle 53 - Amendment of Regulation (EU) No 648/2012Article 54 - Transitional provisions Q&AArticle 54a - Transitional measures related to ESMAArticle 54b - Relations with auditorsArticle 55 - Entry into force and application