EU legislative process

Useful resources and links to external legislative references produced within the European Union.

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Level 1 texts
Level 2 texts - Final versions published in the Official Journal
  • Delegated acts

    MiFID2

    Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 on organisational requirements and operating conditions for investment firms and defined terms for the purposes of MiFID2

    Commission Delegated Directive (EU) 2017/593 of 07 April 2016 on safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits

    MiFIR

    Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 on definitions, transparency, portfolio compression and supervisory measures on product intervention and positions

    Commission Delegated Regulation (EU) 2017/1799 of 12 June 2017 the exemption of certain third countries central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements

    Regulatory technical standards (RTS)

    Supplementing MiFID2

    Commission Delegated Regulation (EU) 2017/566 of 18 May 2016 on regulatory technical standards for the ratio of unexecuted orders to transactions in order to prevent disorderly trading conditions

    Commission Delegated Regulation (EU) 2017/568 of 24 May 2016 on the admission of financial instruments to trading on regulated markets

    Commission Delegated Regulation (EU) 2017/569 of 24 May 2016 on the suspension and removal of financial instruments from trading

    Commission Delegated Regulation (EU) 2017/570 of 26 May 2016 on the determination of a material market in terms of liquidity in relation to notifications of a temporary halt in trading

    Commission Delegated Regulation (EU) 2017/571 of 02 June 2016 on authorisation, organisational requirements and the publication of transactions for data reporting services providers

    Commission Delegated Regulation (EU) 2017/573 of 06 June 2016on requirements to ensure fair and non-discriminatory co-location services and fee structures

    Commission Delegated Regulation (EU) 2017/574 of 07 June 2016 on the level of accuracy of business clocks 

    Commission Delegated Regulation (EU) 2017/575 of 08 June 2016 on the data to be published by execution venues on the quality of execution of transactions

    Commission Delegated Regulation (EU) 2017/576 of 08 June 2016 on the annual publication by investment firms of information on the identity of execution venues and on the quality of execution

    Commission Delegated Regulation (EU) 2017/578 of 13 June 2016 on specifying the requirements on market making agreements and schemes

    Commission Delegated Regulation (EU) 2017/584 of 14 July 2016 on specifying organisational requirements of trading venues

    Commission Delegated Regulation (EU) 2017/586 of 14 July 2016 on the exchange of information between competent authorities when cooperating in supervisory activities, on-the-spot verifications and investigations

    Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 on the tick size regime for shares, depositary receipts and exchange traded funds

    Commission Delegated Regulation (EU) 2017/589 of 19 July 2016 on specifying the organisational requirements of investment firms engaged in algorithmic trading

    Commission Delegated Regulation (EU) 2017/591 of 01 December 2016 on the application of position limits to commodity derivatives

    Commission Delegated Regulation (EU) 2017/592 of 01 December 2016 on the criteria to establish when an activity is considered to be ancillary to the main business

    Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 on information to be notified by investment firms, market operators and credit institutions

    Commission Delegated Regulation (EU) 2017/1943 of 14 July 2016 on information and requirements for the authorisation of investment firms

    Commission Delegated Regulation (EU) 2017/1946 of 11 July 2017 on an exhaustive list of information to be included by proposed acquirers in the notification of a proposed acquisition of a qualifying holding in an investment firm

    Supplementing MiFIR

    Commission Delegated Regulation (EU) 2016/2020 of 26 May 2016 on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation

    Commission Delegated Regulation (EU) 2016/2021 of 02 June 2016 on access in respect of benchmarks

    Commission Delegated Regulation (EU) 2016/2022 of 14 July 2016 on the information for registration of third country firms and the format of information to be provided to clients

    Commission Delegated Regulation (EU) 2017/572 of 02 June 2016 on the specification of the offering of pre-and post-trade data and the level of disaggregation of data

    Commission Delegated Regulation (EU) 2017/577 of 13 June 2016 on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations

    Commission Delegated Regulation (EU) 2017/579 of 13 June 2016 on the direct, substantial and foreseeable effect of derivative contracts within the Union and the prevention of the evasion of rules and obligations  

    Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 on the maintenance of relevant data relating to orders in financial instruments

    Commission Delegated Regulation (EU) 2017/581 of 24 June 2016 on clearing access in respect of trading venues and central counterparties

    Commission Delegated Regulation (EU) 2017/582 of 29 June 2016 on the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing

    Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives

    Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 on transparency requirements for  the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by ESMA and competent authorities

    Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser

    Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 on the reporting of transactions to competent authorities

    Implementing technical standards

    Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 on the content and format of the description of the functioning of multilateral trading facilities and organised trading facilities and the notification to [ESMA] according to MiFID2

    Commission Implementing Regulation (EU) 2017/980 of 07 June 2017 on standard forms, templates and procedures for cooperation in supervisory activities, for on-site verifications, and investigations and exchange of information between competent authorities in accordance with MiFID2

    Commission Implementing Regulation (EU) 2017/981 of 07 June 2017 on standard forms, templates and procedures for the consultation of other competent authorities prior to granting an authorisation in accordance with MiFID2

    Commission Implementing Regulation (EU) 2017/988 of 06 June 2017 on standard forms, templates and procedures for cooperation arrangements in respect of a trading venue whose operations are of substantial importance in a host Member State

    Commission Implementing Regulation (EU) 2017/1005 of 15 June 2017 on the format and timing of the communications and the publication of the suspension and removal of financial instruments pursuant to MiFID2

    Commission Implementing Regulation (EU) 2017/1093 of 20 June 2017 on the format of position reports by investment firms and market operators

    Commission Implementing Regulation  (EU) 2017/1110 of 22 June 2017 on the standard forms, templates and procedures for the authorisation of data reporting services providers and related notifications

    Commission Implementing Regulation (EU) 2017/1111 of 22 June 2017 on procedures and forms for submitting information on sanctions and measures

    Commission Implementing Regulation (EU) 2017/1944 of 13 June 2017 on standard forms, templates and procedures for the consultation process between relevant competent authorities in relation to the notification of a proposed acquisition of a qualifying holding in an investment firm in accordance with MiFID1 and MiFID2

    Commission Implementing Regulation (EU) 2017/1945 of 19 June 2017 on notifications by and to applicant and authorised investment firms

Level 2 texts - Consultations, reports, delegated acts, RTS and ITS
Level 3 materials
Work leading to Level 1
  • EU Council Text of proposal for a Markets in Financial Instruments Regulation (MiFIR) (adopted 13 May 2014)

    EU Council Text of proposal for a recast Markets in Financial Instruments Directive (MiFID2) (adopted 13 May 2014)

    EU Parliament Legislative resolution on a proposal for a Markets in Financial Instruments Regulation (MiFIR) (see page 93) (adopted at 15 April 2014 plenary sitting)

    EU Parliament Legislative resolution on a proposal for a recast Markets in Financial Instruments Directive (MiFID2) (adopted at 15 April 2014 plenary sitting)

    EU Commission MiFID2 proposal (October 2011)

    • Proposal for a recast Markets in Financial Instruments Directive (MiFID)
    • Proposal for a Markets in Financial Instruments Regulation (MiFIR)
Background papers
  • Final Report on guidelines on remuneration policies and practices under MiFID (June 2013)

    Call for evidence on transaction reporting (May 2012)

    Report summarising responses to CESR best execution questionnaire (also includes questionnaire itself) (November 2010)

    Feedback statement to consultation on technical advice to the European Commission in the context of the MiFID review - Client categorisation (October 2010)

    Responses to questions 1-14 and 19 of European Commission request for additional information in relation to the review of MiFID (October 2010)

    Technical Advice to the European Commission in the context of the MiFID Review - Equity Markets - Post-trade Transparency Standards (October 2010)

    Technical Advice to the European Commission in the context of the MiFID Review - Standardisation and Organised Platform Trading of OTC Derivatives (October 2010)

    Technical Advice to the European Commission in the context of the MiFID Review - Client categorisation (October 2010)

    Feedback statement to consultation on technical advice to the European Commission in the context of the MiFID review - Non-equity Markets Transparency (October 2010)

    Feedback statement to consultation on technical advice to the European Commission in the context of the MiFID review - Equity Markets (October 2010)

    Feedback statement to consultation on technical advice to the European Commission in the context of the MiFID review - Investor Protection and Intermediaries (September 2010)

    Consultation paper on standardisation and exchange trading of OTC derivatives (July 2010)

    Feedback statement to consultation on technical advice to the European Commission in the context of the MiFID review - Transaction Reporting (July 2010)

    Technical Advice to the European Commission in the context of the MiFID Review - Investor Protection and Intermediaries (July 2010)

    Technical Advice to the European Commission in the context of the MiFID Review - Transaction Reporting (July 2010)

    Technical Advice to the European Commission in the context of the MiFID Review - Equity Markets (July 2010)

    Technical Advice to the European Commission in the context of the MiFID Review - Non equity Markets Transparency (July 2010)

    Responses to questions 15-18 and 20-25 of the European Commission request for additional information in relation to the review of MiFID (July 2010)

    Consultation paper on transaction reporting for OTC derivatives and extension of scope of transaction reporting obligations (July 2010)

    Consultation paper: Technical Advice to the European Commission in the Context of the MiFID Review - Client Categorisation (July 2010)

    Consultation paper: Technical Advice to the European Commission in the Context of the MiFID Review - Non equity markets transparency (May 2010)

    Consultation paper: Technical Advice to the European Commission in the Context of the MiFID Review - Investor Protection and Intermediaries (April 2010)

    Consultation paper: Technical Advice to the European Commission in the Context of the MiFID Review - Equity Markets (April 2010)

    Consultation paper: Technical Advice to the European Commission in the Context of the MiFID Review - Transaction Reporting (April 2010)

    Call for Evidence: Micro structural issues of the European equity markets (April 2010)

    Report on transparency of corporate bond, structured finance product and credit derivatives markets (July 2009)

    Report on impact of MiFID on equity secondary markets functioning (June 2009)

    Consultation on transparency of corporate bond, structured finance product and credit derivatives markets (December 2008)

    Call for Evidence on impact of MiFID on equity secondary markets functioning (November 2008)

    Call for Evidence on review of scope of MiFID transaction reporting obligation (November 2008)

    CESR response to Commission request for advice on non-equity markets transparency (July 2007)

    CESR consultation - non-equity markets transparency (May 2007)

    CESR call for evidence - non-equity markets transparency (February 2007)

    CESR response to Commission request for initial assistance - non-equity markets transparency (November 2006)

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.