The text on a date

The publisher's dates this site holds for this act

• Entry into force: 2014-07-02 (the publisher's qualifier, word for word: DATPUB +20 V ART 96)
• Deadline: 2019-01-01 (the publisher's qualifier, word for word: V ART 90.4 ET 32016L1034)
• Deadline: 2019-03-03 (the publisher's qualifier, word for word: B-19.12)
• Deadline: 2019-09-03 (the publisher's qualifier, word for word: V ART 90.2 ET 32016L1034)
• Deadline: 2020-03-03 (the publisher's qualifier, word for word: V ART 90.1 ET 32016L1034)
• Deadline: 2020-07-01 (the publisher's qualifier, word for word: V ART 33.9)
• Deadline: 2021-07-01 (the publisher's qualifier, word for word: V ART 33.9)
• Deadline: 2021-07-31 (the publisher's qualifier, word for word: V ART 2.4 ET 32021L0338)
• Deadline: 2021-09-03 (the publisher's qualifier, word for word: V ART 90.2 ET 32016L1034)
• Deadline: 2021-11-28 (the publisher's qualifier, word for word: V ART 57.8 ET 32021L0338)
• Deadline: 2021-11-28 (the publisher's qualifier, word for word: V ART 57.1 ET 57.3 ET 32021L0338)
• Deadline: 2021-12-31 (the publisher's qualifier, word for word: B-19.12 V ART 90.1a ET 32021L0338)
• Deadline: 2022-02-28 (the publisher's qualifier, word for word: V ART 27.6 ET 32021L0338)
• Deadline: 2023-02-28 (the publisher's qualifier, word for word: V ART 27.3 ET 32021L0338)
• Deadline: 2028-12-05 (the publisher's qualifier, word for word: B-19.12 V ART 90.6 ET 32024L2811)

Not held for this act: application; end of validity. The publisher's dated statements this site holds for it give no such date, which says nothing of whether the act has one.

None of the dates above is used to choose a wording: each wording below carries its own date.

32014L0065, eng, the consolidated wording of 2026-06-06 (the publisher's consolidation date)

This is the latest wording held: it answers every later date, and an amendment the publisher has not yet consolidated is not in it.

3 other publisher works carry this date: 1 with this same text held here, 2 with no text held here.

/eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng

108 articles quoted, 0 held without text.

Page 3 of 4: Article 40 to Article 65.

47. 040 Article 40

    Article 40 Obligation to provide information A third-country firm intending to obtain authorisation for the provision of any investment services or the performance of investment activities with or without any ancillary services in the territory of a Member State through a branch shall provide the competent authority of that Member State with the following: (a) the name of the authority responsible for its supervision in the third country concerned. When more than one authority is responsible for supervision, the details of the respective areas of competence shall be provided; (b) all relevant details of the firm (name, legal form, registered office and address, members of the management body, relevant shareholders) and a programme of operations setting out the investment services and/or activities as well as the ancillary services to be provided and the organisational structure of the branch, including a description of any outsourcing to third parties of essential operating functions; (c) the name of the persons responsible for the management of the branch and the relevant documents to demonstrate compliance with requirements laid down in Article 9(1); (d) information about the initial capital at free disposal of the branch.

    Text digest f5a3522eda4cb767d5cb523f4e02410c7b4c53f36111f10c9302f516c45dbc6f, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/040

48. 041 Article 41

    Article 41 Granting of the authorisation 1. The competent authority of the Member State where the third‐country firm has established or intends to establish its branch shall only grant authorisation where the competent authority is satisfied that: (a) the conditions under Article 39 are fulfilled; and (b) the branch of the third‐country firm will be able to comply with the provisions referred to in paragraphs 2 and 3. The competent authority shall inform the third‐country firm, within six months of submission of a complete application, whether or not the authorisation has been granted. 2. The branch of the third‐country firm authorised in accordance with paragraph 1 shall comply with the obligations laid down in Articles 16 to 20, 23, 24, 25 and 27, Article 28(1), and Articles 30, 31 and 32 of this Directive and in Articles 3 to 26 of Regulation (EU) No 600/2014 and the measures adopted pursuant thereto and shall be subject to the supervision of the competent authority in the Member State where the authorisation was granted. Member States shall not impose any additional requirements on the organisation and operation of the branch in respect of the matters covered by this Directive and shall not treat any branch of third‐country firms more favourably than Union firms. Member States shall ensure that competent authorities notify ESMA on an annual basis of the list of branches of third‐country firms active on their territory. ESMA shall publish on annual basis a list of third‐country branches active in the Union, including the name of the third‐country firm to which the branch belongs. 3. The branch of the third‐country firm that is authorised in accordance with paragraph 1 shall report to the competent authority referred to in paragraph 2 the following information on an annual basis: (a) the scale and scope of the services and activities carried out by the branch in that Member State; (b) for third‐country firms performing the activity listed in point (3) of Section A of Annex I, their monthly minimum, average and maximum exposure to EU counterparties; (c) for third‐country firms providing one or both of the services listed in point (6) of Section A of Annex I, the total value of financial instruments originating from EU counterparties underwritten or placed on a firm commitment basis over the previous 12 months; (d) the turnover and the aggregated value of the assets corresponding to the services and activities referred to in point (a); (e) a detailed description of the investor protection arrangements available to the clients of the branch, including the rights of those clients resulting from the investor‐compensation scheme referred to in point (f) of Article 39(2); (f) their risk management policy and arrangements applied by the branch for the services and activities referred to in point (a); (g) the governance arrangements, including key function holders for the activities of the branch; (h) any other information considered by the competent authority to be necessary to enable comprehensive monitoring of the activities of the branch. 4. Upon request, the competent authorities shall communicate the following information to ESMA: (a) all the authorisations for branches authorised in accordance with paragraph 1 and any subsequent changes to such authorisations; (b) the scale and scope of the services and activities carried out by an authorised branch in the Member State; (c) the turnover and the total assets corresponding to the services and activities referred to in point (b); (d) the name of the third-country group to which an authorised branch belongs. 5. The competent authorities referred to in paragraph 2 of this Article, the competent authorities of entities that are part of the same group to which branches of third‐country firms authorised in accordance with paragraph 1 belong, and ESMA and EBA shall cooperate closely to ensure that all activities of that group in the Union are subject to comprehensive, consistent and effective supervision in accordance with this Directive, Regulation (EU) No 575/2013, Regulation (EU) No 600/2014, Regulation (EU) 2019/2033, Directive 2013/36/EU, and Directive (EU) 2019/2034. 6. ESMA shall develop draft implementing technical standards to specify the format in which the information referred to in paragraphs 3 and 4 is to be reported. ESMA shall submit those draft implementing technical standards to the Commission by 26 September 2020. Power is conferred on the Commission to supplement this Directive by adopting the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

    Text digest 6f5644fe2f4354cec9d3cc37cb16c9d97cd797cbb6c4730899ec2e4358392342, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/041

49. 042 Article 42

    Article 42 Provision of services at the exclusive initiative of the client 1. Member States shall ensure that where a retail client or professional client within the meaning of Section II of Annex II established or situated in the Union initiates at its own exclusive initiative the provision of an investment service or activity by a third‐country firm, the requirement for authorisation under Article 39 shall not apply to the provision of that service or activity by the third‐country firm to that person, including a relationship specifically relating to the provision of that service or activity. Without prejudice to intragroup relations, where a third‐country firm, including through an entity acting on its behalf or having close links with such third‐country firm or any other person acting on behalf of such entity, solicits clients or potential clients in the Union, it shall not be deemed to be a service provided at the own exclusive initiative of the client. 2. An initiative by a client as referred to in paragraph 1 shall not entitle the third‐country firm to market new categories of investment products or investment services to that client otherwise than through the branch, where one is required in accordance with national law.

    Text digest 0a98b6edb9a7df66babf190c9f2db3887d7f5fbff8bd4b304f6d0ab37ca42e79, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/042

50. 043 Article 43

    Article 43 Withdrawal of authorisations The competent authority which granted an authorisation under Articles 41 may withdraw the authorisation issued to a third country firm where such a firm: (a) does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no investment services or performed no investment activity for the preceding six months, unless the Member State concerned has provided for the authorisation to lapse in such cases; (b) has obtained the authorisation by making false statements or by any other irregular means; (c) no longer meets the conditions under which authorisation was granted; (d) has seriously and systematically infringed the provisions adopted pursuant to this Directive governing the operating conditions for investment firms and applicable to third-country firms; (e) falls within any of the cases where national law, in respect of matters outside the scope of this Directive, provides for withdrawal.

    Text digest 6df6206caf78c3b03b161482f7c7efe7017efc893554ffaa506f9bff596e0909, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/043

51. 044 Article 44

    Article 44 Authorisation and applicable law 1. Member States shall reserve authorisation as a regulated market to those systems which comply with this Title. Authorisation as a regulated market shall be granted only where the competent authority is satisfied that both the market operator and the systems of the regulated market comply at least with the requirements laid down in this Title. In the case of a regulated market that is a legal person and that is managed or operated by a market operator other than the regulated market itself, Member States shall establish how the different obligations imposed on the market operator under this Directive are to be allocated between the regulated market and the market operator. The market operator shall provide all information, including a programme of operations setting out, inter alia, the types of business envisaged and the organisational structure, necessary to enable the competent authority to satisfy itself that the regulated market has established, at the time of initial authorisation, all the necessary arrangements to meet its obligations under this Title. 2. Member States shall require the market operator to perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority. Member States shall ensure that competent authorities keep under regular review the compliance of regulated markets with this Title. They shall also ensure that competent authorities monitor that regulated markets comply at all times with the conditions for initial authorisation established under this Title. 3. Member States shall ensure that the market operator is responsible for ensuring that the regulated market that it manages complies with the requirements laid down in this Title. Member States shall also ensure that the market operator is entitled to exercise the rights that correspond to the regulated market that it manages by virtue of this Directive. 4. Without prejudice to any relevant provisions of Regulation (EU) No 596/2014 or of Directive 2014/57/EU, the public law governing the trading conducted under the systems of the regulated market shall be that of the home Member State of the regulated market. 5. The competent authority may withdraw the authorisation issued to a regulated market, where it: (a) does not make use of the authorisation within 12 months, expressly renounces the authorisation or has not operated for the preceding six months, unless the Member State concerned has provided for authorisation to lapse in such cases; (b) has obtained the authorisation by making false statements or by any other irregular means; (c) no longer meets the conditions under which authorisation was granted; (d) has seriously and systematically infringed the provisions adopted pursuant to this Directive or Regulation (EU) No 600/2014; (e) falls within any of the cases where national law provides for withdrawal. 6. ESMA shall be notified of any withdrawal of authorisation.

    Text digest 1f506246aba45380554bee716233a4cfd2ca5e625901b59855d6a78e863d9189, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/044

52. 045 Article 45

    Article 45 Requirements for the management body of a market operator 1. Member States shall require that all members of the management body of any market operator shall at all times be of sufficiently good repute, possess sufficient knowledge, skills and experience to perform their duties. The overall composition of the management body shall reflect an adequately broad range of experience. 2. Members of the management body shall, in particular, fulfil the following requirements: (a) All members of the management body shall commit sufficient time to perform their functions in the market operator. The number of directorships a member of the management body can hold, in any legal entity, at the same time shall take into account individual circumstances and the nature, scale and complexity of the market operator’s activities. Unless representing the Member State, members of the management body of market operators that are significant in terms of their size, internal organisation and the nature, the scope and the complexity of their activities shall not at the same time hold positions exceeding more than one of the following combinations: (i) one executive directorship with two non-executive directorships; (ii) four non-executive directorships. Executive or non-executive directorships held within the same group or undertakings where the market operator owns a qualifying holding shall be considered to be one single directorship. Competent authorities may authorise members of the management body to hold one additional non-executive directorship. Competent authorities shall regularly inform ESMA of such authorisations. Directorships in organisations which do not pursue predominantly commercial objectives shall be exempt from the limitation on the number of directorships a member of a management body can hold. (b) The management body shall possess adequate collective knowledge, skills and experience to be able to understand the market operator’s activities, including the main risks. (c) Each member of the management body shall act with honesty, integrity and independence of mind to effectively assess and challenge the decisions of the senior management where necessary and to effectively oversee and monitor decision-making. 3. Market operators shall devote adequate human and financial resources to the induction and training of members of the management body. 4. Member States shall ensure that market operators which are significant in terms of their size, internal organisation and the nature, scope and complexity of their activities establish a nomination committee composed of members of the management body who do not perform any executive function in the market operator concerned. The nomination committee shall carry out the following: (a) identify and recommend, for the approval of the management body or for approval of the general meeting, candidates to fill management body vacancies. In doing so, the nomination committee shall evaluate the balance of knowledge, skills, diversity and experience of the management body. Further, the committee shall prepare a description of the roles and capabilities for a particular appointment, and assess the time commitment expected. Furthermore, the nomination committee shall decide on a target for the representation of the underrepresented gender in the management body and prepare a policy on how to increase the number of the underrepresented gender in the management body in order to meet that target; (b) periodically, and at least annually, assess the structure, size, composition and performance of the management body, and make recommendations to the management body with regard to any changes; (c) periodically, and at least annually, assess the knowledge, skills and experience of individual members of the management body and of the management body collectively, and report to the management body accordingly; (d) periodically review the policy of the management body for selection and appointment of senior management and make recommendations to the management body. In performing its duties, the nomination committee shall, to the extent possible and on an ongoing basis, take account of the need to ensure that the management body’s decision making is not dominated by any one individual or small group of individuals in a manner that is detrimental to the interests of the market operator as a whole. In performing its duties, the nomination committee shall be able to use any forms of resources it deems appropriate, including external advice. Where, under national law, the management body does not have any competence in the process of selection and appointment of any of its members, this paragraph shall not apply. 5. Member States or competent authorities shall require market operators and their respective nomination committees to engage a broad set of qualities and competences when recruiting members to the management body and for that purpose to put in place a policy promoting diversity on the management body. 6. Member States shall ensure that the management body of a market operator defines and oversees the implementation of the governance arrangements that ensure effective and prudent management of an organisation, including the segregation of duties in the organisation and the prevention of conflicts of interest, and in a manner that promotes the integrity of the market. Member States shall ensure that the management body monitors and periodically assesses the effectiveness of the market operator’s governance arrangements and takes appropriate steps to address any deficiencies. Members of the management body shall have adequate access to information and documents which are needed to oversee and monitor management decision-making. 7. The competent authority shall refuse authorisation if it is not satisfied that the members of the management body of the market operator are of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their functions, or if there are objective and demonstrable grounds for believing that the management body of the market operator may pose a threat to its effective, sound and prudent management and to the adequate consideration of the integrity of the market. Member States shall ensure that, in the process of authorisation of a regulated market, the person or persons who effectively direct the business and the operations of an already authorised regulated market in accordance with this Directive are deemed to comply with the requirements laid down in paragraph 1. 8. Member States shall require the market operator to notify the competent authority of the identity of all members of its management body and of any changes to its membership, along with all information needed to assess whether the market operator complies with paragraphs 1 to 5. 9. ESMA shall issue guidelines on the following: (a) the notion of sufficient time commitment of a member of the management body to perform that member’s functions, in relation to the individual circumstances and the nature, scale and complexity of activities of the market operator; (b) the notion of adequate collective knowledge, skills and experience of the management body as referred to in point (b) of paragraph 2; (c) the notions of honesty, integrity and independence of mind of a member of the management body as referred to in point (c) of paragraph 2; (d) the notion of adequate human and financial resources devoted to the induction and training of members of the management body as referred to in paragraph 3; (e) the notion of diversity to be taken into account for the selection of members of the management body as referred to in paragraph 5. ESMA shall issue those guidelines by 3 January 2016.

    Text digest 3231586adbc294590d16ab36465cea91cf2c02fc62cc54584c87463807340303, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/045

53. 046 Article 46

    Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market 1. Member States shall require the persons who are in a position to exercise, directly or indirectly, significant influence over the management of the regulated market to be suitable. 2. Member States shall require the market operator of the regulated market: (a) to provide the competent authority with, and to make public, information regarding the ownership of the regulated market and/or the market operator, and in particular, the identity and scale of interests of any parties in a position to exercise significant influence over the management; (b) to inform the competent authority of and to make public any transfer of ownership which gives rise to a change in the identity of the persons exercising significant influence over the operation of the regulated market. 3. The competent authority shall refuse to approve proposed changes to the controlling interests of the regulated market and/or the market operator where there are objective and demonstrable grounds for believing that they would pose a threat to the sound and prudent management of the regulated market.

    Text digest 3aba1242804687dbad40c2bd9c52b7eacbf79fb83665064e3b6f30c19d255f0b, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/046

54. 047 Article 47

    Article 47 Organisational requirements 1. Member States shall require the regulated market: (a) to have arrangements to identify clearly and manage the potential adverse consequences, for the operation of the regulated market or for its members or participants, of any conflict of interest between the interest of the regulated market, its owners or its market operator and the sound functioning of the regulated market, and in particular where such conflicts of interest might prove prejudicial to the accomplishment of any functions delegated to the regulated market by the competent authority; (b) to be adequately equipped to manage the risks to which it is exposed, including to manage ICT risk in accordance with Chapter II of Regulation (EU) 2022/2554, to implement appropriate arrangements and systems for identifying significant risks to its operation, and to put in place effective measures to mitigate those risks; (c) to have arrangements for the sound management of the technical operations of the system, including the establishment of effective contingency arrangements to cope with risks of systems disruptions; (d) to have transparent and non-discretionary rules and procedures that provide for fair and orderly trading and establish objective criteria for the efficient execution of orders; (e) to have effective arrangements to facilitate the efficient and timely finalisation of the transactions executed under its systems; (f) to have available, at the time of authorisation and on an ongoing basis, sufficient financial resources to facilitate its orderly functioning, having regard to the nature and extent of the transactions concluded on the market and the range and degree of the risks to which it is exposed; (g) to have arrangements in place to ensure that it meets data quality standards pursuant to Article 22b of Regulation (EU) No 600/2014; (h) to have at least three materially active members or users, each having the opportunity to interact with all the others in respect of price formation. 2. Member States shall not allow market operators to execute client orders against proprietary capital, or to engage in matched principal trading on any of the regulated markets they operate.

    Text digest 0e1823999a9f871669e7c5399a0f7ec2ffec4b73612740fd00f10c9b6f63b649, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/047

55. 048 Article 48

    Article 48 Systems resilience, circuit breakers and electronic trading 1. Member States shall require a regulated market to establish and maintain its operational resilience in accordance with the requirements laid down in Chapter II of Regulation (EU) 2022/2554 to ensure its trading systems are resilient, have sufficient capacity to deal with peak order and message volumes, are able to ensure orderly trading under conditions of severe market stress, are fully tested to ensure such conditions are met and are subject to effective business continuity arrangements, including ICT business continuity policy and plans and ICT response and recovery plans established in accordance with Article 11 of Regulation (EU) 2022/2554, to ensure continuity of its services if there is any failure of its trading systems. 2. Member States shall require a regulated market to have in place: (a) written agreements with all investment firms pursuing a market making strategy on the regulated market; (b) schemes to ensure that a sufficient number of investment firms participate in such agreements which require them to post firm quotes at competitive prices with the result of providing liquidity to the market on a regular and predictable basis, where such a requirement is appropriate to the nature and scale of the trading on that regulated market. 3. The written agreement referred to in paragraph 2 shall at least specify: (a) the obligations of the investment firm in relation to the provision of liquidity and where applicable any other obligation arising from participation in the scheme referred to in paragraph 2(b); (b) any incentives in terms of rebates or otherwise offered by the regulated market to an investment firm so as to provide liquidity to the market on a regular and predictable basis and, where applicable, any other rights accruing to the investment firm as a result of participation in the scheme referred to in paragraph 2(b). The regulated market shall monitor and enforce compliance by investment firms with the requirements of such binding written agreements. The regulated market shall inform the competent authority about the content of the binding written agreement and shall, upon request, provide all further information to the competent authority necessary to enable the competent authority to satisfy itself of compliance by the regulated market with this paragraph. 4. Member States shall require a regulated market to have in place effective systems, procedures and arrangements to reject orders that exceed pre-determined volume and price thresholds or are clearly erroneous. 5. Member States shall require a regulated market to be able to temporarily halt or constrain trading in emergency situations or in the event of a significant price movement in a financial instrument on that market or a related market during a short period and, in exceptional cases, to be able to cancel, vary or correct any transaction. Member States shall require a regulated market to ensure that the parameters for halting or constraining trading are appropriately calibrated in a way which takes into account the liquidity of different asset classes and sub-classes, the nature of the market model and the types of users, and is sufficient to avoid significant disruptions to the orderliness of trading. Member States shall ensure that a regulated market reports the parameters for halting trading and any material changes to those parameters to the competent authority in a consistent and comparable manner, and that the competent authority shall in turn report them to ESMA. Member States shall require that where a regulated market which is material in terms of liquidity in that financial instrument halts trading, in any Member State, that trading venue has the necessary systems and procedures in place to ensure that it will notify competent authorities in order for them to coordinate a market-wide response and determine whether it is appropriate to halt trading on other venues on which the financial instrument is traded until trading resumes on the original market. Member States shall require a regulated market to disclose publicly on its website information about the circumstances leading to the halting or constraining of trading and on the principles for establishing the main technical parameters used to do so. Member States shall ensure that, where a regulated market does not halt or constrain trading as referred to in the first subparagraph, despite the fact that a significant price movement in a financial instrument or related financial instruments has led to disorderly trading conditions on one or several markets, competent authorities are able to take appropriate measures to re-establish the normal functioning of the markets, including using the supervisory powers referred to in Article 69(2), points (m) to (p). 6. Member States shall require a regulated market to have in place effective systems, procedures and arrangements, including requiring members or participants to carry out appropriate testing of algorithms and providing environments to facilitate such testing in accordance with the requirements laid down in Chapters II and IV of Regulation (EU) 2022/2554, to ensure that algorithmic trading systems cannot create or contribute to disorderly trading conditions on the market and to manage any disorderly trading conditions which do arise from such algorithmic trading systems, including systems to limit the ratio of unexecuted orders to transactions that may be entered into the system by a member or participant, to be able to slow down the flow of orders if there is a risk of its system capacity being reached and to limit and enforce the minimum tick size that may be executed on the market. 7. Member States shall require a regulated market that permits direct electronic access to have in place effective systems procedures and arrangements to ensure that members or participants are only permitted to provide such services if they are investment firms authorised under this Directive or credit institutions authorised under Directive 2013/36/EU, that appropriate criteria are set and applied regarding the suitability of persons to whom such access may be provided and that the member or participant retains responsibility for orders and trades executed using that service in relation to the requirements of this Directive. Member States shall also require that the regulated market set appropriate standards regarding risk controls and thresholds on trading through such access and is able to distinguish and if necessary to stop orders or trading by a person using direct electronic access separately from other orders or trading by the member or participant. The regulated market shall have arrangements in place to suspend or terminate the provision of direct electronic access by a member or participant to a client in the case of non-compliance with this paragraph. 8. Member States shall require a regulated market to ensure that its rules on co-location services are transparent, fair and non-discriminatory. 9. Member States shall require that a regulated market ensure that its fee structures including execution fees, ancillary fees and any rebates are transparent, fair and non-discriminatory and that they do not create incentives to place, modify or cancel orders or to execute transactions in a way which contributes to disorderly trading conditions or market abuse. In particular, Member States shall require a regulated market to impose market making obligations in individual shares or a suitable basket of shares in exchange for any rebates that are granted. Member States shall allow a regulated market to adjust its fees for cancelled orders according to the length of time for which the order was maintained and to calibrate the fees to each financial instrument to which they apply. Member States may allow a regulated market to impose a higher fee for placing an order that is subsequently cancelled than an order which is executed and to impose a higher fee on participants placing a high ratio of cancelled orders to executed orders and on those operating a high-frequency algorithmic trading technique in order to reflect the additional burden on system capacity. 10. Member States shall require a regulated market to be able to identify, by means of flagging from members or participants, orders generated by algorithmic trading, the different algorithms used for the creation of orders and the relevant persons initiating those orders. That information shall be available to competent authorities upon request. 11. Member States shall require that upon request by the competent authority of the home Member State of a regulated market, regulated markets make available to the competent authority data relating to the order book or give the competent authority access to the order book so that it is able to monitor trading. 12. ESMA shall develop draft regulatory technical standards further specifying: (a) the requirements to ensure trading systems of regulated markets are resilient and have adequate capacity, except the requirements related to digital operational resilience; (b) the ratio referred to in paragraph 6, taking into account factors such as the value of unexecuted orders in relation to the value of executed transactions; (c) the controls concerning direct electronic access in such a way as to ensure that the controls applied to sponsored access are at least equivalent to those applied to direct market access; (d) the requirements to ensure that co-location services and fee structures are fair and non-discriminatory and that fee structures do not create incentives for disorderly trading conditions or market abuse; (e) the determination of where a regulated market is material in terms of liquidity in that financial instrument; (f) the requirements to ensure that market making schemes are fair and non-discriminatory and to establish minimum market making obligations that regulated markets must provide for when designing a market making scheme and the conditions under which the requirement to have in place a market making scheme is not appropriate, taking into account the nature and scale of the trading on that regulated market, including whether the regulated market allows for or enables algorithmic trading to take place through its systems; (g) the requirements to ensure appropriate testing of algorithms, other than digital operational resilience testing, so as to ensure that algorithmic trading systems including high-frequency algorithmic trading systems cannot create or contribute to disorderly trading conditions on the market; (h) the principles that regulated markets are to consider when establishing their mechanisms to halt or constrain trading in accordance with paragraph 5, taking into account the liquidity of different asset classes and sub-classes, the nature of the market model and the types of users, and without prejudice to the discretion of regulated markets in setting those mechanisms; (i) the information that regulated markets are to disclose, including the parameters for halting trading that regulated markets are to report to competent authorities, pursuant to paragraph 5. ESMA shall submit those draft regulatory technical standards to the Commission by 29 March 2025. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 13. ESMA shall, by 3 January 2016, develop guidelines on the appropriate calibration of trading halts under paragraph 5, taking into account the factors referred to in that paragraph.

    Text digest 06ac2e3915991b13c243d4ddee03d2e9e6fb16524e3e7350ec385cf95d31e08e, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/048

56. 049 Article 49

    Article 49 Tick sizes 1. Member States shall require regulated markets to adopt tick‐size regimes in shares, depositary receipts, exchange‐traded funds, certificates and other similar financial instruments and in any other financial instrument for which regulatory technical standards are developed in accordance with paragraph 4. The application of tick sizes shall not prevent regulated markets from matching orders large in scale at mid‐point within the current bid and offer prices. 2. The tick size regimes referred to in paragraph 1 shall: (a) be calibrated to reflect the liquidity profile of the financial instrument in different markets and the average bid-ask spread, taking into account the desirability of enabling reasonably stable prices without unduly constraining further narrowing of spreads; (b) adapt the tick size for each financial instrument appropriately. In respect of shares with an International Securities Identification Number (ISIN) issued outside the European Economic Area (EEA), or shares which have an EEA ISIN and which are traded on a third-country venue in the local currency or in a non-EEA currency, as referred to in Article 23(1), point (a), of Regulation (EU) No 600/2014 for which the venue that is the most relevant market in terms of liquidity is in a third country, regulated markets may provide for the same tick size that applies on that venue. 3. ESMA shall develop draft regulatory technical standards to specify minimum tick sizes or tick size regimes for specific shares, depositary receipts, exchange-traded funds, certificates, and other similar financial instruments where necessary to ensure the orderly functioning of markets, in accordance with the factors in paragraph 2 and the price, spreads and depth of liquidity of the financial instruments. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 4. ESMA may develop draft regulatory technical standards to specify minimum tick sizes or tick size regimes for specific financial instruments other than those listed in paragraph 3 where necessary to ensure the orderly functioning of markets, in accordance with the factors in paragraph 2 and the price, spreads and depth of liquidity of the financial instruments. ESMA shall submit any such draft regulatory technical standards to the Commission by 3 January 2016. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Text digest 32c5426ce0bea8a13d47b3339a6bf94881c156906840671892de05c5136a9dde, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/049

57. 050 Article 50

    Article 50 Synchronisation of business clocks 1. Member States shall require that all trading venues and their members or participants synchronise the business clocks they use to record the date and time of any reportable event. 2. ESMA shall develop draft regulatory technical standards to specify the level of accuracy to which clocks are to be synchronised in accordance with international standards. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Text digest e2c17302b50a2bcf67b67b011619ad8830711e7b953f4e91658e30f99fa9a615, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/050

58. 051 Article 51

    Article 51 Admission of financial instruments to trading 1. Member States shall require that regulated markets have clear and transparent rules regarding the admission of financial instruments to trading. Those rules shall ensure that any financial instruments admitted to trading on a regulated market are capable of being traded in a fair, orderly and efficient manner and, in the case of transferable securities, are freely negotiable. 2. In the case of derivatives, the rules referred to in paragraph 1 shall ensure in particular that the design of the derivative contract allows for its orderly pricing as well as for the existence of effective settlement conditions. 3. In addition to the obligations set out in paragraphs 1 and 2, Member States shall require the regulated market to establish and maintain effective arrangements to verify that issuers of transferable securities that are admitted to trading on the regulated market comply with their obligations under Union law in respect of initial, ongoing or ad hoc disclosure obligations. Member States shall ensure that the regulated market establishes arrangements which facilitate its members or participants in obtaining access to information which has been made public under Union law. 4. Member States shall ensure that regulated markets have established the necessary arrangements to review regularly the compliance with the admission requirements of the financial instruments which they admit to trading. 5. A transferable security that has been admitted to trading on a regulated market can subsequently be admitted to trading on other regulated markets, even without the consent of the issuer and in compliance with the relevant provisions of Directive 2003/71/EC. The issuer shall be informed by the regulated market of the fact that its securities are traded on that regulated market. The issuer shall not be subject to any obligation to provide information required under paragraph 3 directly to any regulated market which has admitted the issuer’s securities to trading without its consent. 6. ESMA shall develop draft regulatory technical standards which: (a) specify the characteristics of different classes of financial instruments to be taken into account by the regulated market when assessing whether a financial instrument is issued in a manner consistent with the conditions laid down in the second subparagraph of paragraph 1 for admission to trading on the different market segments which it operates; (b) clarify the arrangements that the regulated market is required to implement so as to be considered to have fulfilled its obligation to verify that the issuer of a transferable security complies with its obligations under Union law in respect of initial, ongoing or ad hoc disclosure obligations; (c) clarify the arrangements that the regulated market has to establish pursuant to paragraph 3 in order to facilitate its members or participants in obtaining access to information which has been made public under the conditions established by Union law. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Text digest ce30d0dea080191e8ee48117b7dc28fcde92c3cad7714a827341dd38ad43f0cd, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/051

59. 051A Article 51a

    Article 51a Specific conditions for the admission of shares to trading 1. Member States shall ensure that regulated markets require that the foreseeable market capitalisation of the company for whose shares admission to trading is sought, or if that cannot be assessed, that company’s capital and reserves, including profit and loss, from the last financial year, shall be at least EUR or an equivalent amount in a national currency other than the euro. 2. Paragraph 1 shall not apply to the admission to trading of shares fungible with shares already admitted to trading. 3. Where, as a result of an adjustment of the equivalent amount in a national currency other than the euro, the market capitalisation expressed in the national currency remains for a period of one year at least 10 % more, or at least 10 % less, than EUR , the Member State shall, within the 12 months following the expiry of that period, adjust its laws, regulations or administrative provisions to comply with paragraph 1. 4. Member States shall ensure that regulated markets require that at least 10 % of the subscribed capital represented by the class of shares concerned by the application for admission to trading is held by the public at the time of admission to trading. 5. By way of derogation from paragraph 4, Member States may require that regulated markets establish, at the time of admission, at least one of the following requirements for an application for admission to trading of shares: (a) a sufficient number of shares is held by the public; (b) the shares are held by a sufficient number of shareholders; (c) the market value of the shares held by the public represents a sufficient level of subscribed capital in the class of shares concerned. 6. Where admission to trading is sought for shares fungible with shares already admitted to trading, regulated markets shall assess, to fulfil the requirement laid down in paragraph 4, whether a sufficient number of shares has been distributed to the public in relation to all shares issued and not only in relation to the shares fungible with shares already admitted to trading. 7. The Commission is empowered to adopt delegated acts in accordance with Article 89 to amend this Directive by modifying the thresholds referred to in paragraphs 1 and 3 of this Article or the threshold referred to in paragraph 4 of this Article, or all of them, when the applicable thresholds impede liquidity on public markets taking into account financial developments.

    Text digest eeaa03215d2e24bc1ac4cc551ccec3d8bf0571ae6d0453f72549c7fa845b38e3, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/051A

60. 052 Article 52

    Article 52 Suspension and removal of financial instruments from trading on a regulated market 1. Without prejudice to the right of the competent authority under Article 69(2) to demand suspension or removal of a financial instrument from trading, a market operator may suspend or remove from trading a financial instrument which no longer complies with the rules of the regulated market unless such suspension or removal would be likely to cause significant damage to the investors’ interests or the orderly functioning of the market. 2. Member States shall require that a market operator that suspends or removes from trading a financial instrument also suspends or removes the derivatives as referred to in points (4) to (10) of Section C of Annex I that relate or are referenced to that financial instrument where necessary to support the objectives of the suspension or removal of the underlying financial instrument. The market operator shall make public its decision on the suspension or removal of the financial instrument and of any related derivative and communicate the relevant decisions to its competent authority. The competent authority, in whose jurisdiction the suspension or removal originated, shall require that other regulated markets, MTFs, OTFs and systematic internalisers, which fall under its jurisdiction and trade the same financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to this Directive that relate or are referenced to that financial instrument, also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014 except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market. Each notified competent authority shall communicate its decision to ESMA and other competent authorities, including an explanation if the decision was not to suspend or remove from trading the financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I that relate or are referenced to that financial instrument. The competent authority shall immediately make public and communicate to ESMA and the competent authorities of the other Member States such a decision. The notified competent authorities of the other Member States shall require that regulated markets, other MTFs, other OTFs and systematic internalisers, which fall under their jurisdiction and trade the same financial instrument or derivatives referred to in points (4) to (10) of Section C of Annex I to this Directive that relate or are referenced to that financial instrument, also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No 596/2014 except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market. This paragraph applies also when the suspension from trading of a financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I that relate or are referenced to that financial instrument is lifted. The notification procedure referred to in this paragraph shall also apply in the case where the decision to suspend or remove from trading a financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I that relate or are referenced to that financial instrument is taken by the competent authority pursuant to points (m) and (n) of Article 69(2). In order to ensure that the obligation to suspend or remove from trading such derivatives is applied proportionately, ESMA shall develop draft regulatory technical standards to further specify the cases in which the connection between a derivative relating or referenced to a financial instrument suspended or removed from trading and the original financial instrument implies that the derivative are also to be suspended or removed from trading, in order to achieve the objective of the suspension or removal of the underlying financial instrument. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 3. ESMA shall develop draft implementing technical standards to determine the format and timing of the communications and publications referred to in paragraph 2. ESMA shall submit those draft implementing technical standards to the Commission by 3 January 2016. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010. 4. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to specify the list of circumstances constituting significant damage to the investors’ interests and the orderly functioning of the market referred to in paragraphs 1 and 2.

    Text digest ae17c54753c4916348117df5ca473735f6a2e15dc708ee6da5643a98c8dd0572, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/052

61. 053 Article 53

    Article 53 Access to a regulated market 1. Member States shall require a regulated market to establish, implement and maintain transparent and non-discriminatory rules, based on objective criteria, governing access to or membership of the regulated market. 2. The rules referred to in paragraph 1 shall specify any obligations for the members or participants arising from: (a) the constitution and administration of the regulated market; (b) rules relating to transactions on the market; (c) professional standards imposed on the staff of the investment firms or credit institutions that are operating on the market; (d) the conditions established, for members or participants other than investment firms and credit institutions, under paragraph 3; (e) the rules and procedures for the clearing and settlement of transactions concluded on the regulated market. 3. Regulated markets may admit as members or participants investment firms, credit institutions authorised under Directive 2013/36/EU and other persons who: (a) are of sufficient good repute; (b) have a sufficient level of trading ability, competence and experience; (c) have, where applicable, adequate organisational arrangements; (d) have sufficient resources for the role they are to perform, taking into account the different financial arrangements that the regulated market may have established in order to guarantee the adequate settlement of transactions. 4. Member States shall ensure that, for the transactions concluded on a regulated market, members and participants are not obliged to apply to each other the obligations laid down in Articles 24, 25, 27 and 28. However, the members or participants of the regulated market shall apply the obligations provided for in Articles 24, 25, 27 and 28 with respect to their clients when they, acting on behalf of their clients, execute their orders on a regulated market. 5. Member States shall ensure that the rules on access to or membership of or participation in the regulated market provide for the direct or remote participation of investment firms and credit institutions. 6. Member States shall, without further legal or administrative requirements, allow regulated markets from other Member States to provide appropriate arrangements on their territory so as to facilitate access to and trading on those markets by remote members or participants established in their territory. The regulated market shall communicate to the competent authority of its home Member State the Member State in which it intends to provide such arrangements. The competent authority of the home Member State shall communicate that information to the Member State in which the regulated market intends to provide such arrangements within 1 month. ESMA may request access to that information in accordance with the procedure and under the conditions set out in Article 35 of Regulation (EU) No 1095/2010. The competent authority of the home Member State of the regulated market shall, on the request of the competent authority of the host Member State and, without undue delay, communicate the identity of the members or participants of the regulated market established in that Member State. 7. Member States shall require the market operator to communicate, on a regular basis, the list of the members or participants of the regulated market to the competent authority of the regulated market.

    Text digest c44824779324baf8ec379ab1ce8933178cebce4593c9e024d5f21e13854ea150, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/053

62. 054 Article 54

    Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations 1. Member States shall require that regulated markets establish and maintain effective arrangements and procedures including the necessary resource for the regular monitoring of the compliance by their members or participants with their rules. Regulated markets shall monitor orders sent including cancellations and the transactions undertaken by their members or participants under their systems in order to identify infringements of those rules, disorderly trading conditions or conduct that may indicate behaviour that is prohibited under Regulation (EU) No 596/2014 or system disruptions in relation to a financial instrument. 2. Member States shall require the market operators of the regulated markets to immediately inform their competent authorities of significant infringements of their rules or disorderly trading conditions or conduct that may indicate behaviour that is prohibited under Regulation (EU) No 596/2014 or system disruptions in relation to a financial instrument. The competent authorities of the regulated markets shall communicate to ESMA and to the competent authorities of the other Member States the information referred to in the first subparagraph. In relation to conduct that may indicate behaviour that is prohibited under Regulation (EU) No 596/2014, a competent authority shall be convinced that such behaviour is being or has been carried out before it notifies the competent authorities of the other Member States and ESMA. 3. Member States shall require the market operator to supply the relevant information without undue delay to the authority competent for the investigation and prosecution of market abuse on the regulated market and to provide full assistance to the latter in investigating and prosecuting market abuse occurring on or through the systems of the regulated market. 4. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to determine circumstances that trigger an information requirement as referred to in paragraph 2 of this Article.

    Text digest 7560e35a1a5c40b87a3a6ab8990dcd8a1c33bfaf44ca44a5620545104e7d8e83, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/054

63. 055 Article 55

    Article 55 Provisions regarding CCP and clearing and settlement arrangements 1. Without prejudice to Titles III, IV or V of Regulation (EU) No 648/2012, Member States shall not prevent regulated markets from entering into appropriate arrangements with a CCP or clearing house and a settlement system of another Member State with a view to providing for the clearing and/or settlement of some or all trades concluded by market participants under their systems. 2. Without prejudice to Titles III, IV or V of Regulation (EU) No 648/2012, the competent authority of a regulated market may not oppose the use of CCP, clearing houses and/or settlement systems in another Member State except where demonstrably necessary in order to maintain the orderly functioning of that regulated market and taking into account the conditions for settlement systems established in Article 37(2) of this Directive. In order to avoid undue duplication of control, the competent authority shall take into account the oversight/supervision of the clearing and settlement system already exercised by the central banks as overseers of clearing and settlement systems or by other supervisory authorities with competence in relation to such systems.

    Text digest 820c8a4e5d2355e904d16e4e77ae7d8c1a52cb76833f1d746258f42fa8a01d39, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/055

64. 056 Article 56

    Article 56 List of regulated markets Each Member State shall draw up a list of the regulated markets for which it is the home Member State and shall forward that list to the other Member States and ESMA. A similar communication shall be effected in respect of each change to that list. ESMA shall publish and keep up-to-date a list of all regulated markets on its website. That list shall contain the unique code established by ESMA in accordance with Article 65(6) identifying the regulated markets for use in reports in accordance with point (g) of Article 65(1) and point (g) of Article 65(2) of this Directive and with Articles 6, 10 and 26 of Regulation (EU) No 600/2014.

    Text digest f1c6cf58433bd276676e9606d577ab38534e0788f55b1ac3e8043bf6bcbc04b2, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/056

65. 057 Article 57

    Article 57 Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances 1. Member States shall ensure that competent authorities, in line with the calculation methodology determined by ESMA in the regulatory technical standards adopted in accordance with paragraph 3, set and apply limits on the size of a net position which a person can hold at all times in agricultural commodity derivatives and critical or significant commodity derivatives that are traded on trading venues, and in economically equivalent OTC contracts. Commodity derivatives shall be considered to be critical or significant where the sum of all net positions of end position holders constitutes the size of their open interest and is at a minimum of lots on average over a one-year period. The limits shall be set based on all positions held by a person and those held on his or her behalf at an aggregate group level in order to: (a) prevent market abuse; (b) support orderly pricing and settlement conditions, including preventing market distorting positions, and ensuring, in particular, convergence between prices of derivatives in the delivery month and spot prices for the underlying commodity, without prejudice to price discovery on the market for the underlying commodity. The position limits referred to in paragraph 1 shall not apply to: (a) positions held by, or on behalf of, a non-financial entity, and which are objectively measurable as reducing risks directly relating to the commercial activity of that non-financial entity; (b) positions held by, or on behalf of, a financial entity that is part of a predominantly commercial group and is acting on behalf of a non-financial entity of the predominantly commercial group, where those positions are objectively measurable as reducing risks directly relating to the commercial activity of that non-financial entity; (c) positions held by financial and non-financial counterparties for positions that are objectively measurable as resulting from transactions entered into to fulfil obligations to provide liquidity on a trading venue as referred to in point (c) of the fourth subparagraph of Article 2(4); (d) any other securities as referred to in point (c) of point (44) of Article 4(1) which relate to a commodity or an underlying as referred to in Section C.10 of Annex I. ESMA shall develop draft regulatory technical standards to determine a procedure by which a financial entity that is part of a predominantly commercial group may apply for a hedging exemption for positions held by that financial entity that are objectively measurable as reducing risks directly relating to the commercial activities of the non-financial entities of the group. ESMA shall develop draft regulatory technical standards to determine a procedure setting out how persons may apply for an exemption for positions resulting from transactions entered into to fulfil obligations to provide liquidity on a trading venue. ESMA shall submit the draft regulatory technical standards referred to in the third and fourth subparagraphs to the Commission by 28 November 2021. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the third and fourth subparagraphs of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 2. Position limits shall specify clear quantitative thresholds for the maximum size of a position in a commodity derivative that persons can hold. 3. ESMA shall draw up a list of critical or significant commodity derivatives referred to in paragraph 1 and develop draft regulatory technical standards to determine the calculation methodology that competent authorities are to apply when establishing the spot month position limits and other months’ position limits for physically settled and cash settled commodity derivatives based on the characteristics of the relevant derivative concerned. When drawing up the list of critical or significant commodity derivatives referred to in paragraph 1, ESMA shall take into account the following factors: (a) the number of market participants; (b) the commodity underlying the derivative concerned. When determining the calculation methodology referred to in the first subparagraph, ESMA shall take into account the following factors: (a) the deliverable supply in the underlying commodity; (b) the overall open interest in that derivative and the overall open interest in other financial instruments with the same underlying commodity; (c) the number and size of the market participants; (d) the characteristics of the underlying commodity market, including patterns of production, consumption and transportation to market; (e) the development of new commodity derivatives; (f) the experience of investment firms or market operators operating a trading venue and of other jurisdictions regarding the position limits. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 28 November 2021. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 4. A competent authority shall set position limits for critical or significant commodity derivatives and agricultural commodity derivatives that are traded on trading venues, based on the calculation methodology laid down in the regulatory technical standards adopted by the Commission pursuant to paragraph 3. Such position limits shall include economically equivalent OTC contracts. A competent authority shall review the position limits referred to in the first subparagraph where there is a significant change on the market, including a significant change in deliverable supply or open interest, based on its determination of deliverable supply and open interest, and reset those position limits in accordance with the calculation methodology laid down in the regulatory technical standards adopted by the Commission pursuant to paragraph 3. 5. Competent authorities shall notify ESMA of the exact position limits they intend to set in accordance with the methodology for calculation established by ESMA under paragraph 3. Within two months following receipt of the notification, ESMA shall issue an opinion to the competent authority concerned assessing the compatibility of position limits with the objectives of paragraph 1 and with the methodology for calculation established by ESMA under paragraph 3. ESMA shall publish the opinion on its website. The competent authority concerned shall modify the position limits in accordance with ESMA’s opinion, or provide ESMA with justification why the change is considered to be unnecessary. Where a competent authority imposes limits contrary to an ESMA opinion, it shall immediately publish on its website a notice fully explaining its reasons for doing so. Where ESMA determines that a position limit is not in line with the methodology for calculation in paragraph 3, it shall take action in accordance with its powers under Article 17 of Regulation (EU) No 1095/2010. 6. Where agricultural commodity derivatives based on the same underlying and sharing the same characteristics are traded in significant volumes on trading venues in more than one jurisdiction, or where critical or significant commodity derivatives based on the same underlying and sharing the same characteristics are traded on trading venues in more than one jurisdiction, the competent authority of the trading venue where the largest volume of trading takes place (‘central competent authority’) shall set the single position limit to be applied on all trading in those derivatives. The central competent authority shall consult the competent authorities of other trading venues on which those agricultural commodity derivatives are traded in significant volumes or on which those critical or significant commodity derivatives are traded, on the single position limit to be applied and any revisions to that single position limit. Competent authorities that do not agree with the setting of the single position limit by the central competent authority shall state in writing the full and detailed reasons why they consider that the requirements laid down in paragraph 1 have not been met. ESMA shall settle any dispute arising from a disagreement between competent authorities in accordance with its powers under Article 19 of Regulation (EU) No 1095/2010. The competent authorities of the trading venues where agricultural commodity derivatives that are based on the same underlying and that share the same characteristics are traded in significant volumes or critical or significant commodity derivatives that are based on the same underlying and that share the same characteristics are traded, and the competent authorities of position holders in those derivatives, shall put in place cooperation arrangements, which shall include the exchange of relevant data, in order to enable the monitoring and enforcement of the single position limit. 7. ESMA shall monitor at least once a year the way competent authorities have implemented the position limits set in accordance with the calculation methodology established by ESMA under paragraph 3. In doing so, ESMA shall ensure that a single position limit effectively applies to the agricultural commodity derivatives and critical or significant contracts based on the same underlying and sharing the same characteristics irrespective of where they are traded in line with paragraph 6. 8. Member States shall ensure that an investment firm or a market operator operating a trading venue which trades in commodity derivatives or derivatives of emission allowances applies position management controls, including powers for the trading venue to: (a) monitor the open interest positions of persons; (b) obtain information, including all relevant documentation, from persons about the size and purpose of a position or exposure entered into, information about beneficial or underlying owners, any concert arrangements, and any related assets or liabilities in the underlying market, including, where appropriate, positions held in derivatives of emission allowances or positions held in commodity derivatives that are based on the same underlying and that share the same characteristics on other trading venues and in economically equivalent OTC contracts through members and participants; (c) request a person to terminate or reduce a position, on a temporary or permanent basis, and to unilaterally take action to ensure the termination or reduction of the position where the person does not comply with such request; and (d) require a person to provide, on a temporary basis, liquidity back into the market at an agreed price and volume with the express intent of mitigating the effects of a large or dominant position. ESMA shall develop draft regulatory technical standards to specify the content of position management controls, thereby taking into account the characteristics of the trading venues concerned. ESMA shall submit those draft regulatory technical standards to the Commission by 28 November 2021. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the second subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 9. The position limits and position management controls shall be transparent and non-discriminatory, specifying how they apply to persons and taking account of the nature and composition of market participants and of the use they make of the contracts submitted to trading. 10. The investment firm or market operator operating the trading venue shall inform the competent authority of the details of position management controls. The competent authority shall communicate the same information as well as the details of the position limits it has established to ESMA, which shall publish and maintain on its website a database with summaries of the position limits and position management controls. 11. The position limits of paragraph 1 shall be imposed by competent authorities pursuant to point (p) of Article 69(2). 12. ESMA shall develop draft regulatory technical standards to determine: (a) the criteria and methods for determining whether a position qualifies as reducing risks directly relating to commercial activities; (b) the methods to determine when positions of a person are to be aggregated within a group; (c) the criteria for determining whether a contract is an economically equivalent OTC contract to that traded on a trading venue, referred to in paragraph 1, in a way that facilitates the reporting of positions taken in equivalent OTC contracts to the relevant competent authority as determined in Article 58(2); (d) the definition of what constitutes significant volumes under paragraph 6 of this Article; (e) the methodology for aggregating and netting OTC and on-venue commodity derivatives positions to establish the net position for purposes of assessing compliance with the limits. Such methodologies shall establish criteria to determine which positions may be netted against one another and shall not facilitate the build-up of positions in a manner inconsistent with the objectives set out in paragraph 1 of this Article; (f) the procedure setting out how persons may apply for the exemption under the second subparagraph of paragraph 1 of this Article and how the relevant competent authority will approve such applications; (g) the method for calculation to determine the venue where the largest volume of trading in a commodity derivative takes place and significant volumes under paragraph 6 of this Article. ESMA shall submit those draft regulatory technical standards referred to in the first subparagraph to the Commission by 3 July 2015. Power shall be delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 13. Competent authorities shall not impose limits which are more restrictive than those adopted pursuant to paragraph 1 except in exceptional cases where they are objectively justified and proportionate taking into account the liquidity of the specific market and the orderly functioning of that market. Competent authorities shall publish on their website the details of the more restrictive position limits they decide to impose, which shall be valid for an initial period not exceeding six months from the date of their publication on the website. The more restrictive position limits may be renewed for further periods not exceeding six months at a time if the grounds for the restriction continue to be applicable. If not renewed after that six-month period, they shall automatically expire. Where competent authorities decide to impose more restrictive position limits, they shall notify ESMA. The notification shall include a justification for the more restrictive position limits. ESMA shall, within 24 hours, issue an opinion on whether it considers that the more restrictive position limits are necessary to address the exceptional case. The opinion shall be published on ESMA’s website. Where a competent authority imposes limits contrary to an ESMA opinion, it shall immediately publish on its website a notice fully explaining its reasons for doing so. 14. Member States shall provide that competent authorities can apply their powers to impose sanctions under this Directive for the infringements of position limits set in accordance with this Article to: (a) positions held by persons situated or operating in its territory or abroad which exceed the limits on commodity derivative contracts the competent authority has set in relation to contracts on trading venues situated or operating in its territory or economically equivalent OTC contracts; (b) positions held by persons situated or operating in its territory which exceed the limits on commodity derivative contracts set by competent authorities in other Member States.

    Text digest 28bfc32a92a8a59aa1f16d6078704b0a31f2d4b5466191cf44951e2277656c52, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/057

66. 058 Article 58

    Article 58 Position reporting by categories of position holders 1. Member States shall ensure that an investment firm or a market operator operating a trading venue which trades in commodity derivatives or in derivatives of emission allowances: (a) make public: (i) for trading venues where options are traded, two weekly reports, one of which is to exclude options, with the aggregate positions held by the different categories of persons for the different commodity derivatives or derivatives of emission allowances traded on their trading venue, specifying the number of long and short positions by such categories, changes thereto since the previous report, the percentage of the total open interest represented by each category, and the number of persons holding a position in each category in accordance with paragraph 4; (ii) for trading venues where options are not traded, a weekly report on the elements set out in point (i); (b) provide the competent authority with a complete breakdown of the positions held by all persons, including the members or participants and the clients thereof, on that trading venue, at least on a daily basis. The obligation laid down in point (a) shall only apply when both the number of persons and their open positions exceed minimum thresholds. Position reporting shall not be applicable to any other securities as referred to in point (c) of point (44) of Article 4(1) that relate to a commodity or an underlying as referred to in Section C.10 of Annex I. Member States shall ensure that an investment firm or a market operator operating a trading venue which trades in commodity derivatives or in derivatives of emission allowances communicates the reports referred to in point (a) of the first subparagraph to the competent authority and to ESMA. ESMA shall proceed with a centralised publication of the information included in those reports. 2. Member States shall ensure that investment firms trading in commodity derivatives or in derivatives of emission allowances outside a trading venue provide, on at least a daily basis, the central competent authority referred to in Article 57(6) or – where there is no central competent authority – the competent authority of the trading venue where the commodity derivatives or the derivatives of emission allowances are traded, with a complete breakdown of their positions taken in economically equivalent OTC contracts as well as of those of their clients and the clients of those clients until the end client is reached, in accordance with Article 26 of Regulation (EU) No 600/2014 and, where applicable, of Article 8 of Regulation (EU) No 1227/2011. 3. In order to enable monitoring of compliance with Article 57(1), Member States shall require members or participants of regulated markets, MTFs and clients of OTFs to report to the investment firm or market operator operating that trading venue the details of their own positions held through contracts traded on that trading venue at least on a daily basis, as well as those of their clients and the clients of those clients until the end client is reached. 4. Persons holding positions in a commodity derivative or in a derivative of emission allowance shall be classified by the investment firm or market operator operating that trading venue according to the nature of their main business, taking account of any applicable authorisation, as either: (a) investment firms or credit institutions; (b) investment funds, either an undertaking for collective investments in transferable securities (UCITS) as defined in Directive 2009/65/EC, or an alternative investment fund manager as defined in Directive 2011/61/EC; (c) other financial institutions, including insurance undertakings and reinsurance undertakings as defined in Directive 2009/138/EC, and institutions for occupational retirement provision as defined in Directive 2003/41/EC; (d) commercial undertakings; (e) in the case of derivatives of emission allowances, operators with compliance obligations under Directive 2003/87/EC. The reports referred to in point (a) of paragraph 1 shall specify the number of long and short positions by category of persons, any changes thereto since the previous report, percent of total open interest represented by each category, and the number of persons in each category. The reports referred to in point (a) of paragraph 1 and the breakdowns referred to in paragraph 2 shall differentiate between: (a) positions identified as positions which in an objectively measurable way reduce risks directly relating to commercial activities; and (b) other positions. 5. ESMA shall develop draft implementing technical standards to determine the format of the reports referred to in point (a) of paragraph 1 and of the breakdowns referred to in paragraph 2. ESMA shall submit those draft implementing technical standards to the Commission by 3 January 2016. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010. In the case of derivatives of emission allowances, the reporting shall not prejudice the compliance obligations under Directive 2003/87/EC. 6. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to specify the thresholds referred to in the second subparagraph of paragraph 1 of this Article, having regard to the total number of open positions and their size and the total number of persons holding a position. 7. ESMA shall develop draft implementing technical standards to specify the measures to require all reports referred to in point (a) of paragraph 1 to be sent to ESMA at a specified weekly time, for their centralised publication by the latter. ESMA shall submit those draft implementing technical standards to the Commission by 3 January 2016. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

    Text digest 83e597e840c316c16af6c4dbed915ec8ac0884e96c3d9f2fc5302fcb49ddc2bb, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/058

67. 059 Article 59

    Article 59 Requirement for authorisation 1. Member States shall require that the provision of data reporting services described in Annex I, Section D as a regular occupation or business be subject to prior authorisation in accordance with this Section. Such authorisation shall be granted by the home Member State competent authority designated in accordance with Article 67. 2. By way of derogation from paragraph 1, Member States shall allow an investment firm or a market operator operating a trading venue to operate the data reporting services of an APA, a CTP and an ARM, subject to the prior verification of their compliance with this Title. Such a service shall be included in their authorisation. 3. Member States shall register all data reporting services providers. The register shall be publicly accessible and shall contain information on the services for which the data reporting services provider is authorised. It shall be updated on a regular basis. Every authorisation shall be notified to ESMA. ESMA shall establish a list of all data reporting services providers in the Union. The list shall contain information on the services for which the data reporting services provider is authorised and it shall be updated on a regular basis. ESMA shall publish and keep up-to-date that list on its website. Where a competent authority has withdrawn an authorisation in accordance with Article 62, that withdrawal shall be published on the list for a period of 5 years. 4. Member States shall require data reporting services providers to provide their services under the supervision of the competent authority. Member States shall ensure that competent authorities keep under regular review the compliance of data reporting services providers with this Title. They shall also ensure that competent authorities monitor that data reporting services providers comply at all times with the conditions for initial authorisation established under this Title.

    Text digest 7becf0165450051107e6f7de9785242c539f4a52771e0f9fdb8b920adbe22868, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/059

68. 060 Article 60

    Article 60 Scope of authorisation 1. The home Member State shall ensure that the authorisation specifies the data reporting service which the data reporting services provider is authorised to provide. A data reporting services provider seeking to extend its business to additional data reporting services shall submit a request for extension of its authorisation. 2. The authorisation shall be valid for the entire Union and shall allow a data reporting services provider to provide the services, for which it has been authorised, throughout the Union.

    Text digest 73dc0fab18a1fe3981f4f688f16786142e37f82c4233ac61b58a49f794a78839, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/060

69. 061 Article 61

    Article 61 Procedures for granting and refusing requests for authorisation 1. The competent authority shall not grant authorisation unless and until such time as it is fully satisfied that the applicant complies with all requirements under the provisions adopted pursuant to this Directive. 2. The data reporting services provider shall provide all information, including a programme of operations setting out, inter alia, the types of services envisaged and the organisational structure, necessary to enable the competent authority to satisfy itself that the data reporting services provider has established, at the time of initial authorisation, all the necessary arrangements to meet its obligations under the provisions of this Title. 3. An applicant shall be informed, within six months of the submission of a complete application, whether or not authorisation has been granted. 4. ESMA shall develop draft regulatory technical standards to determine: (a) the information to be provided to the competent authorities under paragraph 2, including the programme of operations; (b) the information included in the notifications under Article 63(3). ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 5. ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the notification or provision of information provided for in paragraph 2 of this Article and in Article 63(3). ESMA shall submit those draft implementing technical standards to the Commission by 3 January 2016. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

    Text digest 1adbea0cfcdc8f84a9310bea1ea6c4563b25cb12e56c93fef3384cd97d597427, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/061

70. 062 Article 62

    Article 62 Withdrawal of authorisations The competent authority may withdraw the authorisation issued to a data reporting services provider where the provider: (a) does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no data reporting services for the preceding six months, unless the Member State concerned has provided for authorisation to lapse in such cases; (b) has obtained the authorisation by making false statements or by any other irregular means; (c) no longer meets the conditions under which authorisation was granted; (d) has seriously and systematically infringed the provisions of this Directive or of Regulation (EU) No 600/2014.

    Text digest 71f24e9b546cfdc26aef2e2680e5ec42a6097bc69dc1422cb4fc7e98c8f51e29, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/062

71. 063 Article 63

    Article 63 Requirements for the management body of a data reporting services provider 1. Member States shall require that all members of the management body of a data reporting services provider shall at all times be of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their duties. The management body shall possess adequate collective knowledge, skills and experience to be able to understand the activities of the data reporting services provider. Each member of the management body shall act with honesty, integrity and independence of mind to effectively challenge the decisions of the senior management where necessary and to effectively oversee and monitor management decision-making where necessary. Where a market operator seeks authorisation to operate an APA, a CTP or an ARM and the members of the management body of the APA, the CTP or the ARM are the same as the members of the management body of the regulated market, those persons are deemed to comply with the requirement laid down in the first subparagraph. 2. ESMA shall, by 3 January 2016, develop guidelines for the assessment of the suitability of the members of the management body described in paragraph 1, taking into account different roles and functions carried out by them and the need to avoid conflicts of interest between members of the management body and users of the APA, CTP or ARM. 3. Member States shall require the data reporting services provider to notify the competent authority of all members of its management body and of any changes to its membership, along with all information needed to assess whether the entity complies with paragraph 1. 4. Member States shall ensure that the management body of a data reporting services provider defines and oversees the implementation of the governance arrangements that ensure effective and prudent management of an organisation including the segregation of duties in the organisation and the prevention of conflicts of interest, and in a manner that promotes the integrity of the market and the interest of its clients. 5. The competent authority shall refuse authorisation if it is not satisfied that the person or the persons who shall effectively direct the business of the data reporting services provider are of sufficiently good repute, or if there are objective and demonstrable grounds for believing that proposed changes to the management of the provider pose a threat to its sound and prudent management and to the adequate consideration of the interest of its clients and the integrity of the market.

    Text digest 48c8e1786ea284018b025e4c726e3cb33199ccbc869c03eaad8a3c2b0ad51fca, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/063

72. 064 Article 64

    Article 64 Organisational requirements 1. The home Member State shall require an APA to have adequate policies and arrangements in place to make public the information required under Articles 20 and 21 of Regulation (EU) No 600/2014 as close to real time as is technically possible, on a reasonable commercial basis. The information shall be made available free of charge 15 minutes after the APA has published it. The home Member State shall require the APA to be able to efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis and in a format that facilitates the consolidation of the information with similar data from other sources. 2. The information made public by an APA in accordance with paragraph 1 shall include, at least, the following details: (a) the identifier of the financial instrument; (b) the price at which the transaction was concluded; (c) the volume of the transaction; (d) the time of the transaction; (e) the time the transaction was reported; (f) the price notation of the transaction; (g) the code for the trading venue the transaction was executed on, or where the transaction was executed via a systematic internaliser the code ‘SI’ or otherwise the code ‘OTC’; (h) if applicable, an indicator that the transaction was subject to specific conditions. 3. The home Member State shall require the APA to operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an APA who is also a market operator or investment firm shall treat all information collected in a non-discriminatory fashion and shall operate and maintain appropriate arrangements to separate different business functions. 4. The home Member State shall require the APA to have sound security mechanisms in place designed to guarantee the security of the means of transfer of information, minimise the risk of data corruption and unauthorised access and to prevent information leakage before publication. The APA shall maintain adequate resources and have back-up facilities in place in order to offer and maintain its services at all times. 5. The home Member State shall require the APA to have systems in place that can effectively check trade reports for completeness, identify omissions and obvious errors and request re-transmission of any such erroneous reports. 6. ESMA shall develop draft regulatory technical standards to determine common formats, data standards and technical arrangements facilitating the consolidation of information as referred to in paragraph 1. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 7. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 clarifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1 of this Article. 8. ESMA shall develop draft regulatory technical standards specifying: (a) the means by which an APA may comply with the information obligation referred to in paragraph 1; (b) the content of the information published under paragraph 1, including at least the information referred to in paragraph 2 in such a way as to enable the publication of information required under Article 64; (c) the concrete organisational requirements laid down in paragraphs 3, 4 and 5. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Text digest c60138abe491b9c89c0f6c47b5308a82ec4161cc0b94084f11856b1ba858e91f, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/064

73. 065 Article 65

    Article 65 Organisational requirements 1. The home Member State shall require a CTP to have adequate policies and arrangements in place to collect the information made public in accordance with Articles 6 and 20 of Regulation (EU) No 600/2014, consolidate it into a continuous electronic data stream and make the information available to the public as close to real time as is technically possible, on a reasonable commercial basis. That information shall include, at least, the following details: (a) the identifier of the financial instrument; (b) the price at which the transaction was concluded; (c) the volume of the transaction; (d) the time of the transaction; (e) the time the transaction was reported; (f) the price notation of the transaction; (g) the code for the trading venue the transaction was executed on, or where the transaction was executed via a systematic internaliser the code ‘SI’ or otherwise the code ‘OTC’; (h) where applicable, the fact that a computer algorithm within the investment firm was responsible for the investment decision and the execution of the transaction; (i) if applicable, an indicator that the transaction was subject to specific conditions; (j) if the obligation to make public the information referred to in Article 3(1) of Regulation (EU) No 600/2014 was waived in accordance with point (a) or (b) of Article 4(1) of that Regulation, a flag to indicate which of those waivers the transaction was subject to. The information shall be made available free of charge 15 minutes after the CTP has published it. The home Member State shall require the CTP to be able to efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis and in formats that are easily accessible and utilisable for market participants. 2. The home Member State shall require a CTP to have adequate policies and arrangements in place to collect the information made public in accordance with Articles 10 and 21 of Regulation (EU) No 600/2014, consolidate it into a continuous electronic data stream and make following information available to the public as close to real time as is technically possible, on a reasonable commercial basis including, at least, the following details: (a) the identifier or identifying features of the financial instrument; (b) the price at which the transaction was concluded; (c) the volume of the transaction; (d) the time of the transaction; (e) the time the transaction was reported; (f) the price notation of the transaction; (g) the code for the trading venue the transaction was executed on, or where the transaction was executed via a systematic internaliser the code ‘SI’ or otherwise the code ‘OTC’; (h) if applicable, an indicator that the transaction was subject to specific conditions. The information shall be made available free of charge 15 minutes after the CTP has published it. The home Member State shall require the CTP to be able to efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis and in generally accepted formats that are interoperable and easily accessible and utilisable for market participants. 3. The home Member State shall require the CTP to ensure that the data provided is consolidated from all the regulated markets, MTFs, OTFs and APAs and for the financial instruments specified by regulatory technical standards under point (c) of paragraph 8. 4. The home Member State shall require the CTP to operate and maintain effective administrative arrangements designed to prevent conflicts of interest. In particular, a market operator or an APA, who also operate a consolidated tape, shall treat all information collected in a non-discriminatory fashion and shall operate and maintain appropriate arrangements to separate different business functions. 5. The home Member State shall require the CTP to have sound security mechanisms in place designed to guarantee the security of the means of transfer of information and to minimise the risk of data corruption and unauthorised access. The home Member State shall require the CTP to maintain adequate resources and have back-up facilities in place in order to offer and maintain its services at all times. 6. ESMA shall develop draft regulatory technical standards to determine data standards and formats for the information to be published in accordance with Articles 6, 10, 20 and 21 of Regulation (EU) No 600/2014, including financial instrument identifier, price, quantity, time, price notation, venue identifier and indicators for specific conditions the transactions was subject to as well as technical arrangements promoting an efficient and consistent dissemination of information in a way ensuring for it to be easily accessible and utilisable for market participants as referred to in paragraphs 1 and 2, including identifying additional services the CTP could perform which increase the efficiency of the market. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 3 July 2015 in respect of information published in accordance with Articles 6 and 20 of Regulation (EU) No 600/2014 and by 3 July 2015 in respect of information published in accordance with Articles 10 and 21 of Regulation (EU) No 600/2014. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 7. The Commission shall adopt delegated acts in accordance with Article 89 clarifying what constitutes a reasonable commercial basis to provide access to data streams as referred to in paragraphs 1 and 2 of this Article. 8. ESMA shall develop draft regulatory technical standards specifying: (a) the means by which the CTP may comply with the information obligation referred to in paragraphs 1 and 2; (b) the content of the information published under paragraphs 1 and 2; (c) the financial instruments data of which must be provided in the data stream and for non-equity instruments the trading venues and APAs which need to be included; (d) other means to ensure that the data published by different CTPs is consistent and allows for comprehensive mapping and cross-referencing against similar data from other sources, and is capable of being aggregated at Union level; (e) the concrete organisational requirements laid down in paragraphs 4 and 5. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Text digest d78559abaf8cbdaa9d188ba27e2a26857104165533c8eee161da0c708eb1a0b9, body digest 34dcb50027069dd9c63573a240afaf3cb863b79eb137f4cc65553925676bbf6e, official source https://publications.europa.eu/resource/cellar/bcfbf409-0d96-11f1-8870-01aa75ed71a1.0001.01, /eu-eurlex/32014L0065/2026-06-06--1d7348d1657e939a7ec48872512769376a144f8996a5984a32c3ba7abe8f1c7c/eng/065