Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive…

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)

regulation · European Union · 32006R1287

286 provisions in 810 nodes · 7 provisions hand work to national law

Defined terms · All instruments · branch · competition · confidentiality · consumer · consumer · consumption · contract · contract terms

Article 1 Subject-matter and scope

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Article 2 Definitions

Article 3 Transactions related to an individual share in a portfolio trade and volume weighted average price transactions

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Article 4 References to trading day

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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

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Article 11 (Article 25(3) of Directive 2004/39/EC) List of financial instruments

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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

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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

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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

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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

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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

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Article 26 (Fourth subparagraph Article 27(3) of Directive 2004/39/EC) Retail size

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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

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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

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Article 41 Entry into force

Table 4 Deferred publication thresholds and delays

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Table

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