EU · MiFIR · TITLE VII SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS · CHAPTER 2 Positions

Article 45 MiFIRPosition management powers of ESMA

In force

Read the official text on EUR-Lex(opens in a new tab)

AI-generated What this provision does

Lets ESMA, where national authorities have not adequately addressed a threat to orderly markets (including commodity derivative and physical delivery markets) or financial stability, request information on derivative positions, require positions to be reduced or eliminated, or as a last resort limit persons from entering into commodity derivatives, subject to proportionality, no regulatory arbitrage, consultation with ACER where relevant, and periodic review.

Level 2: delegated and implementing acts

Delegated actIn forceLegal basis
Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryMiFIR delegated regulation covering the criteria for a liquid market in shares, depositary receipts, ETFs and certificates, market data on a reasonable commercial basis, systematic internalisers' quoting and execution obligations, portfolio compression, and the conditions for ESMA, EBA and competent authorities' product intervention and position management powers. Amended by Delegated Regulation 2026/482 after the 2024 MiFIR review.

Commentary

No law-firm commentary is linked to this provision yet.

219 more documents relate to MiFIR as a whole without naming an article.

UK counterpart

Article 45 UK MiFIR · Position management powers of ESMA
UK MiFIR
Revoked from 31 Dec 2020 by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018.
No UK counterpartExplicit reference
Omitted from the UK version at onshoring by S.I. 2018/1403.

Version history

From 2 Jul 2014

Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.