EU · MiFID II · TITLE III REGULATED MARKETS

Article 54 MiFID IIMonitoring of compliance with the rules of the regulated market and with other legal obligations

In force

Read the official text on EUR-Lex(opens in a new tab)

AI-generated What this provision does

Requires regulated markets to monitor members' compliance with their rules, orders and transactions to detect breaches, disorderly trading, possible market abuse and system disruptions, to report significant cases immediately to their competent authority (which informs ESMA and other authorities) and to assist market abuse investigations.

Level 2: delegated and implementing acts

Delegated actIn forceLegal basis
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.

Level 3: ESMA Q&As, guidelines and opinions

Q&ARejectedExplicit reference
ESMA_QA_2799: Attribution of investment advice in split or system-supported workflows (personal recommendation vs suitability statement)
ESMA · 10 Mar 2026 · the ESMA website
AI summaryAsked how investment advice is attributed in split or system-supported workflows, and what organisational features evidence advice given 'under supervision'. ESMA rejected the question, so there is no answer.
Q&ARejectedExplicit reference
ESMA_QA_2800: Personal recommendation and suitability statement: documentation nature and staff attribution in split/automated processes
ESMA · 10 Mar 2026 · the ESMA website
AI summaryAsked whether investment advice is attributed to whoever communicates the personal recommendation rather than whoever produces the suitability statement, and whether these steps can be split in automated processes. ESMA rejected the question, so there is no answer.

Commentary

No law-firm commentary is linked to this provision yet.

393 more documents relate to MiFID II as a whole without naming an article.

UK counterpart

REC 3.21.1R
REC Recognised Investment Exchanges · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). REC 3.21.1R transposes the article, so the wording differs.
REC 3.25.1R
REC Recognised Investment Exchanges · in force from 30 Apr 2021
DivergedExplicit reference · 90%
UK changes after exit to REC 3.25.1R: FCA 2021/15 (from 30 Apr 2021).

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Version history

From 17 Sept 2014

Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.