What changed, Regulation (EU) No 600/2014

− **1.** For the purposes of this Regulation, the following definitions apply:(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 2…
− **1.** Competent authorities shall be able to waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 3(1) for:(a) systems matching orders based on a trading methodology by which the price of the financial instrum…
− **6.** ESMA shall develop draft regulatory technical standards to specify the following:▼M7(a) the details of pre-trade data, the range of bid and offer prices or designated market-maker quotes, and the depth of trading interest at those prices, to be made public for each class of financial instrume…
− **1.** ►M7 Competent authorities shall be able to waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1), Article 8a(1) and (2) and Article 8b(1) for:** ◄ **(a) orders that are large in scale compared with n…
− **3.** ►M7 Competent authorities may, either on their own initiative or upon request by other competent authorities or by ESMA, withdraw a waiver granted pursuant to paragraph 1 if they observe that the waiver is being used in a way that deviates from its original purpose or if they consider that th…
− **4.** ►M7 The competent authority responsible for supervising one or more trading venues on which a class of bond, structured finance product, emission allowance or derivative is traded may, where the liquidity of that class of financial instrument falls below a specified threshold, temporarily sus…
− **5.** ESMA shall develop draft regulatory technical standards to specify the following:(a) the parameters and methods for calculating the threshold of liquidity referred to in paragraph 4 in relation to the financial instrument. The parameters and methods for Member States to calculate the threshol…
− **3.** ESMA shall develop draft regulatory technical standards to specify the following:(a) identifiers for the different types of transactions published under this Article, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those de…
− **5.** ►M7 ESMA shall develop draft regulatory technical standards in such a way as to enable the publication of information required pursuant to Article 27g to specify the following:** ◄ **(a) the identifiers for the different types of transactions published in accordance with this Article, disting…
− **1.** ►M7 In order to carry out calculations for determining the requirements for the pre- and post-trade transparency and the trading obligation regimes referred to in Articles 3 to 11a, 14 to 21 and 32 which are applicable to financial instruments, and in order to prepare reports to the Commissio…
− **8.** ►M7 An investment firm shall report transactions executed wholly or partly through its branch to the competent authority of the home Member State of the investment firm. The branch of a third country firm shall submit its transaction reports to the competent authority which authorised the bra…
− **9.** ESMA shall develop draft regulatory technical standards to specify:(a) data standards and formats for the information to be reported in accordance with paragraphs 1 and 3, including the methods and arrangements for reporting financial transactions and the form and content of such reports;(b) …
− **1.** ►M7 With regard to financial instruments admitted to trading or traded on a trading venue or where the issuer has approved trading of the issued instrument or where a request for admission to trading has been made, trading venues shall provide ESMA with identifying reference data for the purp…
− **3.** ESMA shall develop draft regulatory technical standards to specify:(a) data standards and formats for the financial instrument reference data in accordance with paragraph 1, including the methods and arrangements for supplying the data and any update thereto to ESMA and transmitting it to com…
− **4.** ESMA shall develop draft regulatory technical standards to determine:(a) the information to be provided under paragraph 1, including the programme of operations;▼M7(b) the information to be included in the notifications referred to in Article 27f(2) as regards APAs and ARMs.▼M3
− **5.** ►M7 ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the information to be provided pursuant to paragraph 1 of this Article and the information to be included in the notifications referred to in Article 27f(2) as regards APAs …
− **4.** An APA shall 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 ha…
− **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 …
− **3.** The ARM shall have sound security mechanisms in place designed to guarantee the security and authentication of the means of transfer of information, minimise the risk of data corruption and unauthorised access and to prevent information leakage, maintaining the confidentiality of the data at …
− **5.** ESMA shall develop draft regulatory technical standards specifying:(a) the means by which the ARM may comply with the information obligation referred to in paragraph 1; and(b) the concrete organisational requirements laid down in paragraphs 2, 3 and 4.
− **1.** ►M7 Financial counterparties and non-financial counterparties that are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012 shall conclude transactions with other such financial counterparties or other such non-financial counterparties in derivatives pertaining to …
− **2.** ►M7 —————** ◄ **
− **2.** ESMA shall develop draft regulatory technical standards to specify the types of indirect clearing service arrangements, where established, that meet the conditions referred to in paragraph 1, ensuring consistency with provisions established for OTC derivatives under Chapter II of Commission D…
− **2.** In order for the trading obligation to take effect:▼M7(a) the class of derivative pursuant to paragraph 1, point (a), of this Article or a relevant subset thereof must be traded on at least one trading venue as referred to in Article 28(1); and▼B(b) there must be sufficient third-party buying…
− **4.** ►M7 ESMA shall, on its own initiative, in accordance with the criteria laid down in paragraph 2 and after conducting a public consultation, identify and notify to the Commission the classes of derivative or individual derivative contracts that should be subject to the obligation to trade on t…
− **1.** ►M7 Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and fees relating to access, regardless of the trading venue on which a transaction …
− **4.** ►M7 The competent authority of the CCP or that of the trading venue shall grant a trading venue access to a CCP provided that such access would not threaten the smooth and orderly functioning of the markets, in particular due to liquidity fragmentation, or would not adversely affect systemic …
− **1.** ►M7 Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards fees relating to access, to any CCP authorised or recognised pursuant to that Regulation that wishes …
− **4.** ►M7 The competent authority of the trading venue or that of the CCP shall grant a CCP access to a trading venue provided that such access would not threaten the smooth and orderly functioning of the markets, in particular due to liquidity fragmentation, and provided that the trading venue has…
− **6.** ESMA shall develop draft regulatory technical standards to specify:(a) the specific conditions under which an access request may be denied by a trading venue, including conditions based on the anticipated volume of transactions, the number of users, arrangements for managing operational risk …
+ **1.** For the purposes of this Regulation, the following definitions apply:(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 2…
+ **1.** Competent authorities shall be able to waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 3(1) for:(a) systems matching orders based on a trading methodology by which the price of the financial instrum…
+ **6.** ESMA shall develop draft regulatory technical standards to specify the following:▼M8(a) the details of pre-trade data, the range of bid and offer prices or designated market-maker quotes, and the depth of trading interest at those prices, to be made public for each class of financial instrume…
+ **1.** ►M8 Competent authorities shall be able to waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1), Article 8a(1) and (2) and Article 8b(1) for:** ◄ **(a) orders that are large in scale compared with n…
+ **3.** ►M8 Competent authorities may, either on their own initiative or upon request by other competent authorities or by ESMA, withdraw a waiver granted pursuant to paragraph 1 if they observe that the waiver is being used in a way that deviates from its original purpose or if they consider that th…
+ **4.** ►M8 The competent authority responsible for supervising one or more trading venues on which a class of bond, structured finance product, emission allowance or derivative is traded may, where the liquidity of that class of financial instrument falls below a specified threshold, temporarily sus…
+ **5.** ESMA shall develop draft regulatory technical standards to specify the following:(a) the parameters and methods for calculating the threshold of liquidity referred to in paragraph 4 in relation to the financial instrument. The parameters and methods for Member States to calculate the threshol…
+ **3.** ESMA shall develop draft regulatory technical standards to specify the following:(a) identifiers for the different types of transactions published under this Article, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those de…
+ **5.** ►M8 ESMA shall develop draft regulatory technical standards in such a way as to enable the publication of information required pursuant to Article 27g to specify the following:** ◄ **(a) the identifiers for the different types of transactions published in accordance with this Article, disting…
+ **1.** ►M8 In order to carry out calculations for determining the requirements for the pre- and post-trade transparency and the trading obligation regimes referred to in Articles 3 to 11a, 14 to 21 and 32 which are applicable to financial instruments, and in order to prepare reports to the Commissio…
+ **8.** ►M8 An investment firm shall report transactions executed wholly or partly through its branch to the competent authority of the home Member State of the investment firm. The branch of a third country firm shall submit its transaction reports to the competent authority which authorised the bra…
+ **9.** ESMA shall develop draft regulatory technical standards to specify:(a) data standards and formats for the information to be reported in accordance with paragraphs 1 and 3, including the methods and arrangements for reporting financial transactions and the form and content of such reports;(b) …
+ **1.** ►M8 With regard to financial instruments admitted to trading or traded on a trading venue or where the issuer has approved trading of the issued instrument or where a request for admission to trading has been made, trading venues shall provide ESMA with identifying reference data for the purp…
+ **3.** ESMA shall develop draft regulatory technical standards to specify:(a) data standards and formats for the financial instrument reference data in accordance with paragraph 1, including the methods and arrangements for supplying the data and any update thereto to ESMA and transmitting it to com…
+ **4.** ESMA shall develop draft regulatory technical standards to determine:(a) the information to be provided under paragraph 1, including the programme of operations;▼M8(b) the information to be included in the notifications referred to in Article 27f(2) as regards APAs and ARMs.▼M3
+ **5.** ►M8 ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the information to be provided pursuant to paragraph 1 of this Article and the information to be included in the notifications referred to in Article 27f(2) as regards APAs …
+ **4.** An APA shall comply with the requirements concerning the security of network and information systems set out in Regulation (EU) 2022/2554 of the European Parliament and of the Council (12).
+ **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 …
+ **3.** An ARM shall comply with the requirements concerning the security of network and information systems set out in Regulation (EU) 2022/2554.
+ **5.** ESMA shall develop draft regulatory technical standards specifying:(a) the means by which the ARM may comply with the information obligation referred to in paragraph 1; and▼M6(b) the concrete organisational requirements laid down in paragraphs 2 and 4.▼M3
+ **1.** ►M8 Financial counterparties and non-financial counterparties that are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012 shall conclude transactions with other such financial counterparties or other such non-financial counterparties in derivatives pertaining to …
+ **2.** ►M8 —————** ◄ **
+ **2.** ESMA shall develop draft regulatory technical standards to specify the types of indirect clearing service arrangements, where established, that meet the conditions referred to in paragraph 1, ensuring consistency with provisions established for OTC derivatives under Chapter II of Commission D…
+ **2.** In order for the trading obligation to take effect:▼M8(a) the class of derivative pursuant to paragraph 1, point (a), of this Article or a relevant subset thereof must be traded on at least one trading venue as referred to in Article 28(1); and▼B(b) there must be sufficient third-party buying…
+ **4.** ►M8 ESMA shall, on its own initiative, in accordance with the criteria laid down in paragraph 2 and after conducting a public consultation, identify and notify to the Commission the classes of derivative or individual derivative contracts that should be subject to the obligation to trade on t…
+ **1.** ►M8 Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and fees relating to access, regardless of the trading venue on which a transaction …
+ **4.** ►M8 The competent authority of the CCP or that of the trading venue shall grant a trading venue access to a CCP provided that such access would not threaten the smooth and orderly functioning of the markets, in particular due to liquidity fragmentation, or would not adversely affect systemic …
+ **1.** ►M8 Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards fees relating to access, to any CCP authorised or recognised pursuant to that Regulation that wishes …
+ **4.** ►M8 The competent authority of the trading venue or that of the CCP shall grant a CCP access to a trading venue provided that such access would not threaten the smooth and orderly functioning of the markets, in particular due to liquidity fragmentation, and provided that the trading venue has…
+ **6.** ESMA shall develop draft regulatory technical standards to specify:(a) the specific conditions under which an access request may be denied by a trading venue, including conditions based on the anticipated volume of transactions, the number of users, arrangements for managing operational risk …