> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/mica.wtf/mifir/title-i-subject-matter-scope-and-definitions-art.-1-2/1.md). # Art. 1 — Subject matter and scope **1.**This Regulation establishes uniform requirements in relation to the following: > **(a)**disclosure of trade data to the public; > > **(b)**reporting of transactions to the competent authorities; > > **(c)**trading of derivatives on organised venues; > > **(d)**non-discriminatory access to clearing and non-discriminatory access to trading in benchmarks; > > **(e)**product intervention powers of competent authorities, ESMA and EBA and powers of ESMA on position management controls and position limits; > > **(f)**provision of investment services or activities by third-country firms following an applicable equivalence decision by the Commission with or without a branch; > > **(g)**the authorisation and supervision of data reporting services providers. **2.**This Regulation applies to investment firms, authorised under Directive 2014/65/EU and credit institutions authorised under Directive 2013/36/EU of the European Parliament and of the Council when providing investment services and/or performing investment activities and to market operators including any trading venues they operate. **3.**Title V of this Regulation also applies to all financial counterparties and non-financial counterparties that are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012. **4.**Title VI of this Regulation also applies to CCPs and persons with proprietary rights to benchmarks. **4a.**Chapter 1 of Title VII of this Regulation also applies to third‐country firms providing investment services or performing investment activities within the Union. **5.**Title VIII of this Regulation applies to third-country firms providing investment services or activities within the Union following an applicable equivalence decision by the Commission with or without a branch. **5a.**Title II and Title III of this Regulation shall not apply to securities financing transactions as defined in point (11) of Article 3 of Regulation (EU) 2015/2365 of the European Parliament and of the Council. **5b.**All multilateral systems shall operate either in accordance with the provisions of Title II of Directive 2014/65/EU concerning MTFs or OTFs or in accordance with the provisions of Title III of that Directive concerning regulated markets. Systematic internalisers shall operate in accordance with Title III of this Regulation. Without prejudice to [Articles 23](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/23.md) and [28](/mica.wtf/mifir/title-v-derivatives-art.-28-34/28.md), all investment firms concluding transactions in financial instruments which are not concluded on multilateral systems or on systematic internalisers shall comply with [Articles 20](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/20.md) and [21](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/21.md). **6.**[Articles 8](/mica.wtf/mifir/title-ii-transparency-for-trading-venues-art.-3-13/8.md), [8a](/mica.wtf/mifir/title-ii-transparency-for-trading-venues-art.-3-13/8a.md), [8b](/mica.wtf/mifir/title-ii-transparency-for-trading-venues-art.-3-13/8b.md), [10](/mica.wtf/mifir/title-ii-transparency-for-trading-venues-art.-3-13/10.md) and [21](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/21.md) shall not apply to regulated markets, market operators and investment firms in respect of a transaction entered into by a member of the European System of Central Banks (ESCB), where that member has given prior notification to its counterparty that the transaction is exempt, and where one of the following applies: > **(a)**the member of the ESCB is a member of the Eurosystem acting under Chapter IV of Protocol No 4 on the Statute of the European System of Central Banks and of the European Central Bank, annexed to the Treaty on European Union and to the TFEU, with the exception of [Article 24](/mica.wtf/mifir/title-iv-transaction-reporting-art.-24-27/24.md) of that Statute; > > **(b)**the member of the ESCB is not a member of the Eurosystem and the transaction is entered into in performance of monetary or foreign exchange policy, including operations carried out to hold or manage official foreign reserves, which that member of the ESCB is legally empowered to pursue; or > > **(c)**the transaction is entered into in performance of financial stability policy which that member of the ESCB is legally empowered to pursue. **7.**Paragraph 6 shall not apply in respect of transactions entered into by a member of the ESCB which is not a member of the Eurosystem, in performance of their investment operations. **8.**ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards to specify the monetary, foreign exchange and financial stability policy operations and the types of transactions to which paragraphs 6 and 7 apply with regard to members of the ESCB which are not members of the Eurosystem. ESMA shall submit those draft regulatory technical standards to the Commission by 29 March 2026. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010. **9.**The Commission shall be empowered to adopt delegated acts in accordance with [Article 50](/mica.wtf/mifir/title-ix-delegated-and-implementing-acts-art.-50-51/50.md) to extend the scope of paragraph 6 to other central banks. > **(a)**identify provisions applicable in the relevant third countries regarding the regulatory disclosure of central bank transactions, including transactions undertaken by members of the ESCB in those third countries, and > > **(b)**assess the potential impact that regulatory disclosure requirements in the Union may have on third-country central bank transactions. To that end, the Commission shall, by 1 June 2015, submit a report to the European Parliament and to the Council assessing the treatment of transactions by third-country central banks which for the purposes of this paragraph includes the Bank for International Settlements. The report shall include an analysis of their statutory tasks and their trading volumes in the Union. The report shall: If the report concludes that the exemption provided for in paragraph 6 is necessary in respect of transactions where the counterparty is a third-country central bank carrying out monetary policy, foreign exchange and financial stability operations, the Commission shall provide that that exemption applies to that third-country central bank. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://www.mica.wtf/mica.wtf/mifir/title-i-subject-matter-scope-and-definitions-art.-1-2/1.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.