2. THE COMMISSION’S READING OF ARTICLE 54(3) MiFIR

The MiFIR review will enter into force on 28 March and apply as of that date. Several provisions in the MiFIR review need to be supplemented by Commission delegated regulations to become fully operational. For the transitional period, Article 54(3) MiFIR provides that ‘[t]he provisions of the delegated acts adopted pursuant to Regulation (EU) No 600/2014 [i.e. MiFIR] as applicable before 28 March 2024 shall continue to apply until the date of application of the delegated acts adopted pursuant to Regulation (EU) No 600/2014 [i.e. MiFIR as amended by the MiFIR review] as applicable from that date’. Article 54(3) MiFIR aims to ensure continuity for market participants while the new Commission delegated regulations are being prepared. Pursuant to Article 54(3) MiFIR, the existing Commission delegated regulations continue to apply. In some cases, the new MiFIR provisions are to be supplemented by new or amended Commission delegated regulations to become fully operational and cannot be supplemented adequately by the existing Commission delegated regulations, due to the differences between the new MiFIR provisions and the MiFIR provisions that the existing Commission delegated regulations supplement, as applicable before 28 March 2024. In those cases, it follows from Article 54(3) MiFIR that the existing delegated regulations continue to apply together with the MiFIR provisions that they supplement, as applicable before 28 March 2024. For the areas identified below this means the following:

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Source: EUR-Lex (Cellar) · retrieved 2026-09-07 · Text as adopted (Official Journal); later amendments are not incorporated in this text.