Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance)

Changes over time for: Article 9

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Regulation (EU) No 600/2014 of the European Parliament and of the Council, Article 9 is up to date with all changes known to be in force on or before 16 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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Changes and effects yet to be applied to Article 9:

Art. 8-11 substituted by 2023 c. 29 Sch. 2 para. 7

Changes and effects yet to be applied to the whole legislation item and associated provisions

Title IVa addition by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
Title VIa addition by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
Sch. 3 para. 31 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
Sch. 3 para. 32 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
Art. 2.1(12)(12A) substituted by 2023 c. 29 Sch. 2 para. 8
Art. 2.1(17) words omitted by 2023 c. 29 Sch. 2 para. 19(a)
Art. 3(4)(5) inserted by 2023 c. 29 Sch. 2 para. 2
Art. 18-18b substituted for Art. 18 by 2023 c. 29 Sch. 2 para. 10
Art. 28a inserted by 2023 c. 29 Sch. 2 para. 17
Art. 46(2A) inserted by S.I. 2018/1403, reg. 33(1)(ba) (as inserted) by S.I. 2019/710 reg. 16(15)(a)(ii) (This amendment not applied to legislation.gov.uk. Reg. 16(15)(a) omitted (30.9.2020) by virtue of S.I. 2020/1055, regs. 1(2), 13)
Art. 46(2A) omitted by 2021 c. 22 Sch. 10 para. 5(4)
Art. 50C(2) words inserted by 2023 c. 29 Sch. 2 para. 26(2)
Art. 50C(3) words inserted by 2023 c. 29 Sch. 2 para. 26(3)
Art. 50C(4) words inserted by 2023 c. 29 Sch. 2 para. 26(4)
Art. 50D(1) words substituted by 2023 c. 29 Sch. 2 para. 27(2)(a)
Art. 50D(1) words substituted by 2023 c. 29 Sch. 2 para. 27(2)(b)
Art. 50D(2A) inserted by 2023 c. 29 Sch. 2 para. 27(4)
Art. 50D(3) words substituted by 2023 c. 29 Sch. 2 para. 27(5)
Art. 54a addition by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
Art. 54b addition by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)

Article 9U.K.Waivers for non-equity instruments

1.[F1 The FCA] 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) for:

(a)orders that are large in scale compared with normal market size and orders held in an order management facility of the trading venue pending disclosure;

(b)actionable indications of interest in request-for-quote and voice trading systems that are above a size specific to the financial instrument, which would expose liquidity providers to undue risk and takes into account whether the relevant market participants are retail or wholesale investors;

(c)derivatives which are not subject to the trading obligation specified in Article 28 and other financial instruments for which there is not a liquid market[F2;]

[F3(d)orders for the purpose of executing an exchange for physical;

(e)package orders that meet one of the following conditions:

(i)

at least one of its components is a financial instrument for which there is not a liquid market, unless there is a liquid market for the package order as a whole;

(ii)

at least one of its components is large in scale compared with the normal market size, unless there is a liquid market for the package order as a whole;

(iii)

all of its components are executed on a request-for-quote or voice system and are above the size specific to the instrument.]

F42.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F32a.[F5The FCA] shall be able to waive the obligation referred to in Article 8(1) for each individual component of a package order.]

[F63.The FCA may withdraw a waiver granted under paragraph 1 if it observes that the waiver is being used in a way that deviates from its original purpose or if it considers that the waiver is being used to circumvent the requirements established in this Article.]

4.[F7As] 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 [F8the FCA may], where the liquidity of that class of financial instrument falls below a specified threshold [F9or if paragraph 4A applies], temporarily suspend the obligations referred to in Article 8. The specified threshold shall be defined on the basis of objective criteria specific to the market for the financial instrument concerned. Notification of such temporary suspension shall be published on the website of the [F10FCA].

The temporary suspension shall be valid for an initial period not exceeding three months from the date of its publication on the website of the [F11FCA]. Such a suspension may be renewed for further periods not exceeding three months at a time if the grounds for the temporary suspension continue to be applicable. Where the temporary suspension is not renewed after that three-month period, it shall automatically lapse.

F12...

[F134A.During the transitional period referred to in Article [F1414(6D)], the FCA may suspend the obligations referred to in Article 8 in relation to a financial instrument or class of financial instrument for a specified period if the FCA considers that it is necessary to do so to advance the FCA's integrity objective under section 1D of FSMA.

4B.In deciding whether to suspend those obligations—

(a)the FCA must also take into account—

(i)its consumer protection objective and competition objective under sections 1C and 1E of FSMA; and

(ii)the most recent specified threshold published before IP completion day on the basis of calculations under Article 16 of Commission Delegated Regulation (EU) 2017/583 supplementing Regulation (EU) No 600/2014 on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives;

(b)the FCA may also take into account any other relevant information available in relation to liquidity in the relevant class of financial instrument concerned, whether in the United Kingdom or in any other country.]

5.[F15The FCA may make] 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 [F16the FCA] to calculate the threshold shall be set in such a way that when the threshold is reached, it represents a significant decline in liquidity across all venues within [F17the relevant area] for the financial instrument concerned based on the criteria used under Article 2(1)(17);

(b)the range of bid and offer prices or quotes and the depth of trading interests at those prices, or indicative pre-trade bid and offer prices which are close to the price of the trading interest, to be made public for each class of financial instrument concerned in accordance with Article 8(1) and (4), taking into account the necessary calibration for different types of trading systems as referred to in Article 8(2);

(c)the size of orders that are large in scale and the type and the minimum size of orders held in an order management facility pending disclosure for which pre-trade disclosure may be waived under paragraph 1 for each class of financial instrument concerned;

(d)the size specific to the financial instrument referred to in paragraph 1(b) and the definition of request-for-quote and voice trading systems for which pre-trade disclosure may be waived under paragraph 1;

When determining the size specific to the financial instrument that would expose liquidity providers to undue risk and takes into account whether the relevant market participants are retail or wholesale investors, in accordance with paragraph 1(b), [F18the FCA must] take the following factors into account:

(i)

whether, at such sizes, liquidity providers would be able to hedge their risks;

(ii)

where a market in the financial instrument, or a class of financial instruments, consists in part of retail investors, the average value of transactions undertaken by those investors;

(e)the financial instruments or the classes of financial instruments for which there is not a liquid market where pre-trade disclosure may be waived under paragraph 1.

F19...

[F205A.For the purposes of this Article, “the relevant area” consists of the United Kingdom and those countries or regions specified by the FCA by direction in accordance with Article 50B.

5B.The FCA may only give a direction under paragraph 5A specifying that a country or region is within the relevant area in relation to one or more financial instruments for the purposes of this Article if the FCA is able to obtain sufficient reliable trading data to enable it to assess the volume of trading in the financial instruments concerned in that country or region.]

[F36.In order to ensure the consistent application of points (i) and (ii) of paragraph (1)(e), [F21the FCA may make] technical standards to establish a methodology for determining those package orders for which there is a liquid market. When developing such methodology for determining whether there is a liquid market for a package order as a whole, [F22the FCA must] assess whether packages are standardised and frequently traded.

F23...

F23...]

Textual Amendments

F1Words in Art. 9(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 27(4)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2Substituted by Regulation (EU) 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (Text with EEA relevance).

F3Inserted by Regulation (EU) 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (Text with EEA relevance).

F4Art. 9(2) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 27(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5Words in Art. 9(2a) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 27(4)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6Art. 9(3) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 27(4)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F7Word in Art. 9(4) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 27(4)(e)(i)(aa) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F8Words in Art. 9(4) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 27(4)(e)(i)(bb) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F9Words in Art. 9(4) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 27(4)(e)(i)(cc) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)