Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive ... (32006R1287)
Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive (Text with EEA relevance)
- COMMISSION REGULATION (EC) No 1287/2006
- of 10 August 2006
- implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive
- (Text with EEA relevance)
- CHAPTER I
- GENERAL
- Article 1
- Subject-matter and scope
- Article 2
- Definitions
- Article 3
- Transactions related to an individual share in a portfolio trade and volume weighted average price transactions
- Article 4
- References to trading day
- Article 5
- References to transaction
- Article 6
- First admission to trading of a share on a regulated market
- CHAPTER II
- RECORD-KEEPING: CLIENT ORDERS AND TRANSACTIONS
- Article 7
- (Article 13(6) of Directive 2004/39/EC)
- Record-keeping of client orders and decisions to deal
- Article 8
- (Article 13(6) of Directive 2004/39/EC)
- Record-keeping of transactions
- CHAPTER III
- TRANSACTION REPORTING
- Article 9
- (Second subparagraph of Article 25(3) of Directive 2004/39/EC)
- Determination of the most relevant market in terms of liquidity
- Article 10
- (Second subparagraph of Article 25(3) of Directive 2004/39/EC)
- Alternative determination of most relevant market in terms of liquidity
- Article 11
- (Article 25(3) of Directive 2004/39/EC)
- List of financial instruments
- Article 12
- (Article 25(5) of Directive 2004/39/EC)
- Reporting channels
- Article 13
- (Article 25(3) and (5) of Directive 2004/39/EC)
- Content of the transaction report
- Article 14
- (Article 25(3) and (5) of Directive 2004/39/EC)
- Exchange of information on transactions
- Article 15
- (Article 58(1) of Directive 2004/39/EC)
- Request for cooperation and exchange of information
- Article 16
- (Article 56(2) of Directive 2004/39/EC)
- Determination of the substantial importance of a regulated market's operations in a host Member State
- CHAPTER IV
- MARKET TRANSPARENCY
- SECTION 1
- Pre-trade transparency for regulated markets and MTFs
- Article 17
- (Articles 29 and 44 of Directive 2004/39/EC)
- Pre-trade transparency obligations
- Article 18
- (Articles 29(2) and 44(2) of Directive 2004/39/EC)
- Waivers based on market model and type of order or transaction
- Article 19
- (Articles 29(2) and 44(2) of Directive 2004/39/EC)
- References to negotiated transaction
- Article 20
- (Articles 29(2) and 44(2), and fifth subparagraph of Article 27(1) of Directive 2004/39/EC)
- Waivers in relation to transactions which are large in scale
- SECTION 2
- Pre-trade transparency for systematic internalisers
- Article 21
- (Article 4(1)(7) of Directive 2004/39/EC)
- Criteria for determining whether an investment firm is a systematic internaliser
- Article 22
- (Article 27 of Directive 2004/39/EC)
- Determination of liquid shares
- Article 23
- (Fourth subparagraph of Article 27(1) of Directive 2004/39/EC)
- Standard market size
- Article 24
- (Article 27(1) of Directive 2004/39/EC)
- Quotes reflecting prevailing market conditions
- Article 25
- (Fifth subparagraph of Article 27(3) and Article 27(6) of Directive 2004/39/EC)
- Execution of orders by systematic internalisers
- Article 26
- (Fourth subparagraph Article 27(3) of Directive 2004/39/EC)
- Retail size
- SECTION 3
- Post-trade transparency for regulated markets, MTFs and investment firms
- Article 27
- (Articles 28, 30 and 45 of Directive 2004/39/EC)
- Post-trade transparency obligation
- Article 28
- (Articles 28, 30 and 45 of Directive 2004/39/EC)
- Deferred publication of large transactions
- SECTION 4
- Provisions common to pre- and post-trade transparency
- Article 29
- (Articles 27(3), 28(1), 29(1), 44(1) and 45(1) of Directive 2004/39/EC)
- Publication and availability of pre- and post-trade transparency data
- Article 30
- (Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)
- Public availability of pre- and post-trade information
- Article 31
- (Article 22(2) of Directive 2004/39/EC)
- Disclosure of client limit orders
- Article 32
- (Article 22(2), 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)
- Arrangements for making information public
- Article 33
- (Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)
- Calculations and estimates for shares admitted to trading on a regulated market
- Article 34
- (Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)
- Publication and effect of results of required calculations and estimates
- CHAPTER V
- ADMISSION OF FINANCIAL INSTRUMENTS TO TRADING
- Article 35
- (Article 40(1) of Directive 2004/39/EC)
- Transferable securities
- Article 36
- (Article 40(1) of Directive 2004/39/EC)
- Units in collective investment undertakings
- Article 37
- (Article 40(1) and (2) of Directive 2004/39/EC)
- Derivatives
- CHAPTER VI
- DERIVATIVE FINANCIAL INSTRUMENTS
- Article 38
- (Article 4(1)(2) of Directive 2004/39/EC)
- Characteristics of other derivative financial instruments
- Article 39
- (Article 4(1)(2) of Directive 2004/39/EC)
- Derivatives within Section C(10) of Annex I to Directive 2004/39/EC
- CHAPTER VII
- FINAL PROVISIONS
- Article 40
- Re-examinations
- Article 41
- Entry into force
- ANNEX I
- Table 1
- Table 2
- ANNEX II
- Table 1
- Table 2
- Table 3
- Table 4
- Deferred publication thresholds and delays
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