EU · MiFIR · TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS
Article 2 MiFIRDefinitions
MiFIR definitions, mostly cross-referring to MiFID II, plus MiFIR-specific terms such as multilateral system, designated publishing entity, liquid market (assessed by issuance size for bonds and by market capitalisation, trades and turnover for equity), certificates, structured finance products, derivatives, APA, ARM, consolidated tape provider, core market data and regulatory data, as revised by the 2024 review.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2016/1033 | Text inserted | 1 Jul 2016 |
| Regulation (EU) 2019/2175 | Text amended; Text inserted | by 1 Jan 2022 |
| Regulation (EU) 2024/791 | Text amended; Text inserted | 28 Mar 2024 |
Level 2: delegated and implementing acts
- Delegated actIn forceLegal basis
AI summaryAmends Delegated Regulation 2017/567 following the 2024 MiFIR review: replaces the free float criterion for liquid shares with a market capitalisation threshold of EUR 100 million, clarifies how average daily turnover and transactions are calculated, treats other similar equity instruments as illiquid, and updates the rules on market data on a reasonable commercial basis, SI instrument size and post-trade risk reduction services. Parts apply from 23 August 2026.
- Delegated actIn forceLegal basis
AI summarySpecifies when APAs and ARMs are of limited relevance to the internal market and so stay under national rather than ESMA supervision, based on the share of clients in other Member States and their share of all transactions reported or published in the EU, with an annual assessment and transitional provisions.
- Delegated actIn forceLegal basis
AI summaryMiFIR delegated regulation covering the criteria for a liquid market in shares, depositary receipts, ETFs and certificates, market data on a reasonable commercial basis, systematic internalisers' quoting and execution obligations, portfolio compression, and the conditions for ESMA, EBA and competent authorities' product intervention and position management powers. Amended by Delegated Regulation 2026/482 after the 2024 MiFIR review.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAwaiting answerExplicit reference · 90%
AI summaryAsks a set of questions on package orders under MiFIR transparency, including the 'meaningful economic risk' test, equity components, systematic internaliser obligations, APA publication, non-traded components and primary market switches. The question has been published but not yet answered.
- OpinionPublishedESMA rulebook
AI summaryESMA opinion (ESMA70-156-322) that, for packages including a derivative subject to the MiFIR trading obligation, authorities should expect execution on a trading venue only for packages whose components are all subject to the trading obligation, or the trading and clearing obligations, or an interest rate swap subject to the trading obligation paired with government bonds in the same currency (spread-overs); ESMA may revisit this.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-36, last updated 23 September 2022) on commodity derivatives under MiFID II and MiFIR, covering position limits, the ancillary activity exemption, position reporting, position management controls and third-country issues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document on MiFID II and MiFIR transparency (final version 27 October 2023, printed with the reference ESMA70-1562901-35), covering equity and non-equity transparency, pre-trade waivers, the double volume cap, the systematic internaliser regime, data reporting services providers and third-country issues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 2 UK MiFIR · Definitions
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2019/2175 (by 1 Jan 2022), Regulation (EU) 2024/791 (from 28 Mar 2024). UK changes after onshoring: Financial Services and Markets Act 2023, Financial Services Act 2021 (from 1 Jul 2021), S.I. 2024/107 (from 5 Apr 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
Version history
- From 28 Mar 2024
- From 1 Jan 2022 to 28 Mar 2024
- From 1 Jul 2016 to 1 Jan 2022
- From 2 Jul 2014 to 1 Jul 2016
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.