Regulation 2014/600 - Markets in financial instruments - Main contents
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official title
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| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2014/600 |
| Original proposal | COM(2011)652  |
| CELEX number i | 32014R0600 |
| Document | 15-05-2014 |
|---|---|
| Publication in Official Journal | 12-06-2014; OJ L 173 p. 84-148 |
| Effect | 02-07-2014; Entry into force Date pub. +20 See Art 55 02-07-2014; Application Partial application See Art 55 03-01-2018; Application See Art 55 03-01-2019; Application Partial application See Art 55 L 4 03-01-2020; Application Partial application See Art 55 L 4 |
| Deadline | 03-03-2019; Review 03-03-2020; Review See Art 52.1 And 52.4 And 52.5 And 52.6 03-07-2020; Review See Art 52.7 And 52.8 And 52.9 L 1 And 52.10 L 1 And 52.11 11-02-2021; See Art 54.2 03-07-2021; See Art 54.2 01-10-2021; See Art 54a.2 01-01-2022; See Art 54a.1 And 54a.3 03-07-2022; Review See Art 52.9 L 2 |
| End of validity | 31-12-9999 |
12.6.2014 |
EN |
Official Journal of the European Union |
L 173/84 |
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)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
The financial crisis has exposed weaknesses in the transparency of financial markets which can contribute to harmful socioeconomic effects. Strengthening transparency is one of the shared principles to strengthen the financial system as confirmed by the G20 Leaders’ statement in London on 2 April 2009. In order to strengthen the transparency and improve the functioning of the internal market for financial instruments, a new framework establishing uniform requirements for the transparency of transactions in markets for financial instruments should be put in place. The framework should establish comprehensive rules for a broad range of financial instruments. It should complement requirements for the transparency of orders and transactions in respect of shares established in Directive 2004/39/EC of the European Parliament and of the Council (4). |
(2) |
The High-Level Group on Financial Supervision in the EU chaired by Jacques de Larosière invited the Union to develop a more harmonised set of financial regulations. In the context of the future European supervision architecture, the European Council of 18 and 19 June 2009 stressed the need to establish a European single rule book applicable to all financial institutions in the internal market. |
(3) |
The new legislation should as a consequence consist of two different legal instruments, a Directive and this Regulation. Together, both legal instruments should form the legal framework governing the requirements applicable to investment firms, regulated markets and data reporting services providers. This Regulation should therefore be read together with the Directive. The need to establish a single set of rules for all institutions in respect of certain requirements and to avoid potential regulatory arbitrage as well as to provide more legal certainty and less regulatory complexity for market participants warrants the use of a legal basis allowing for the creation of a Regulation. In order to remove the remaining obstacles to trade and significant distortions of competition resulting from divergences between national laws and to prevent any further likely obstacles to trade and significant distortions of competition from arising, it is therefore necessary to adopt a Regulation establishing uniform rules applicable in all Member States. This directly applicable legal act aims at contributing in a determining manner to the smooth functioning of the internal market and should, consequently, be based on Article 114 of the Treaty on the Functioning of the European Union (TFEU), as interpreted in accordance with the consistent case-law of the Court of Justice of the European Union. |
(4) |
Directive 2004/39/EC established rules for making the trading in shares admitted to trading on a regulated market pre-trade and post-trade transparent and for reporting transactions in financial instruments admitted to trading on a regulated market to competent authorities. The directive needs to be recast in order to appropriately reflect developments in financial markets and to address weaknesses and... |
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