What changed, Regulation (EU) No 600/2014

− ### art_1
− Article 1
− | (a) | disclosure of trade data to the public; |
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− | (b) | reporting of transactions to the competent authorities; |
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− | (c) | trading of derivatives on organised venues; |
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− | (d) | non-discriminatory access to clearing and non-discriminatory access to trading in benchmarks; |
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− | (e) | product intervention powers of competent authorities, ESMA and EBA and powers of ESMA on position management controls and position limits; |
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− | (f) | provision of investment services or activities by third-country firms following an applicable equivalence decision by the Commission with or without a branch. |
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− | (a) | identify provisions applicable in the relevant third countries regarding the regulatory disclosure of central bank transactions, including transactions undertaken by members of the ESCB in those third countries, and |
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− | (b) | assess the potential impact that regulatory disclosure requirements in the Union may have on third-country central bank transactions. |
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− ### art_2
− Article 2
− | (1) | ‘investment firm’ means an investment firm as defined in Article 4(1)(1) of Directive 2014/65/EU; |
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− | (2) | ‘investment services and activities’ means investment services and activities defined in Article 4(1)(2) of Directive 2014/65/EU; |
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− | (3) | ‘ancillary services’ means ancillary services as defined in Article 4(1)(3) of Directive 2014/65/EU; |
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− | (4) | ‘execution of orders on behalf of clients’ means execution on behalf of clients as defined in Article 4(1)(5) of Directive 2014/65/EU; |
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− | (5) | ‘dealing on own account’ means dealing on own account as defined in Article 4(1)(6) of Directive 2014/65/EU; |
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+ ## TITLE I / **SUBJECT MATTER, SCOPE AND DEFINITIONS**
+ ### Article 1 — Subject matter and scope
+ (a) disclosure of trade data to the public;
+ (b) reporting of transactions to the competent authorities;
+ (c) trading of derivatives on organised venues;
+ (d) non-discriminatory access to clearing and non-discriminatory access to trading in benchmarks;
+ (e) product intervention powers of competent authorities, ESMA and EBA and powers of ESMA on position management controls and position limits;
+ (f) provision of investment services or activities by third-country firms following an applicable equivalence decision by the Commission with or without a branch.
+ (a) identify provisions applicable in the relevant third countries regarding the regulatory disclosure of central bank transactions, including transactions undertaken by members of the ESCB in those third countries, and
+ (b) assess the potential impact that regulatory disclosure requirements in the Union may have on third-country central bank transactions.
+ ### Article 2 — Definitions
+ (1) ‘investment firm’ means an investment firm as defined in Article 4(1)(1) of Directive 2014/65/EU;
+ (2) ‘investment services and activities’ means investment services and activities defined in Article 4(1)(2) of Directive 2014/65/EU;
+ (3) ‘ancillary services’ means ancillary services as defined in Article 4(1)(3) of Directive 2014/65/EU;
+ (4) ‘execution of orders on behalf of clients’ means execution on behalf of clients as defined in Article 4(1)(5) of Directive 2014/65/EU;
+ (5) ‘dealing on own account’ means dealing on own account as defined in Article 4(1)(6) of Directive 2014/65/EU;
+ (6) ‘market maker’ means a market maker as defined in Article 4(1)(7) of Directive 2014/65/EU;
+ (7) ‘client’ means a client as defined in Article 4(1)(9) of Directive 2014/65/EU;
+ (8) ‘professional client’ means a professional client as defined in Article 4(1)(10) of Directive 2014/65/EU;
+ (9) ‘financial instrument’ means a financial instrument as defined in Article 4(1)(15) of Directive 2014/65/EU;
+ (10) ‘market operator’ means a market operator as defined in Article 4(1)(18) of Directive 2014/65/EU;
+ (11) ‘multilateral system’ means a multilateral system as defined in Article 4(1)(19) of Directive 2014/65/EU;
+ (12) ‘systematic internaliser’ means a systematic internaliser as defined in Article 4(1)(20) of Directive 2014/65/EU;
+ (13) ‘regulated market’ means a regulated market as defined in Article 4(1)(21) of Directive 2014/65/EU;
+ (14) ‘multilateral trading facility’ or ‘MTF’ means a multilateral trading facility as defined in Article 4(1)(22) of Directive 2014/65/EU;
+ (15) ‘organised trading facility’ or ‘OTF’ means an organised trading facility as defined in Article 4(1)(23) of Directive 2014/65/EU;
+ (16) ‘trading venue’ means a trading venue as defined in Article 4(1)(24) of Directive 2014/65/EU;
+ (17) ‘liquid market’ means:
+ (a) for the purposes of Articles 9, 11, and 18, a market for a financial instrument or a class of financial instruments, where there are ready and willing buyers and sellers on a continuous basis, and where the market is assessed in accordance with the following criteria, taking into consideration t…
+ (i) the average frequency and size of transactions over a range of market conditions, having regard to the nature and life cycle of products within the class of financial instrument;