European Union (Markets in Financial Instruments) (Amendment) Regulations 2025.
This instrument amends Irish MiFID-related regulations and sets a commencement date of 29 September 2025.
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European Union (Markets in Financial Instruments) (Amendment) Regulations 2025.
AI-assisted research summary: This instrument amends Irish MiFID-related regulations and sets a commencement date of 29 September 2025.
S.I. No. 436/2025 - European Union (Markets in Financial Instruments) (Amendment) Regulations 2025 Download PDF Ãoslódáil PDF Notice of the making of this Statutory Instrument was published in “Iris Oifigiúil” of 26 th September, 2025. I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972), and for the purpose of giving further effect to Directive (EU) 2014/65/EU of the European Parliament and of the Council of 15 May 2014 , as amended by Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 , hereby make the following regulations: PART 1 Preliminary and General Citation and Commencement 1. (1) These Regulations may be cited as the European Union (Markets in Financial Instruments) (Amendment) Regulations 2025. (2) These Regulations shall come into operation on 29 September 2025. 2. In these Regulations, “Principal Regulations” means the European Union (Markets in Financial Instruments) Regulations 2017 ( S.I. No. 375 of 2017 ). PART 2 Amendment of Principal Regulations Amendment of Regulation 2 of Principal Regulations 3. The Principal Regulations are amended, in Regulation 2, by the deletion of paragraphs (6), (7) and (8). Amendment of Regulation 3 of Principal Regulations 4. The Principal Regulations are amended, in Regulation 3— (a) by the substitution of the following definition for the definition of “Directive”: “ ‘Directive’ means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 , as amended by— (a) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 (b) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 (c) Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 (d) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 (e) Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 (f) Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 (g) Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 10 (h) Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 11 (i) Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 12 (j) Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 13 (k) Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023, and 14 (l) Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 15 (b) by the substitution of the following definition for the definition of “multilateral system”: “ ‘multilateral system’ means a multilateral system as defined in Article 2(1), point (11), of Regulation (EU) No 600/2014 16 ;”, and (c) by the substitution of the following definition for the definition of “systematic internaliser”: “ ‘systematic internaliser’ means an investment firm which, on an organised, frequent and systematic basis, deals on own account in equity instruments by executing client orders outside a regulated market, an MTF or an OTF, without operating a multilateral system, or which opts in to the status of systematic internaliser;”. Amendment of Regulation 4 of Principal Regulations 5. The Principal Regulations are amended, in Regulation 4, by the substitution of the following subparagraph for subparagraph (c) of paragraph (1): “(c) persons dealing on their own account in financial instruments other than commodity derivatives or emission allowances or derivatives thereof and not providing any other investment services or performing any other investment activities in financial instruments other than commodity derivatives or emission allowances or derivatives thereof, unless the persons— (i) are market makers, (ii) are members of or participants in a regulated market or an MTF, (iii) apply a high-frequency algorithmic trading technique, or (iv) deal on own account when executing client orders, but clause (ii) does not apply to non-financial entities that execute transactions on a trading venue where such transactions are part of liquidity management or are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups;”. Amendment of Regulation 35 of Principal Regulations 6. The Principal Regulations are amended, in Regulation 35— (a) by the deletion of paragraph (4), (b) by the substitution of the following paragraph for paragraph (5): “(5) With regard to financial instruments that are subject to the trading obligations laid down in Articles 23 and 28 of Regulation (EU) No 600/2014 17 , following the execution of an order on behalf of a client, an investment firm shall inform the client of the venue where the order was executed.”, (c) by the deletion of paragraph (5A), and (d) in paragraph (11)— (i) by the deletion of subparagraphs (a) and (b), (ii) by the substitution of the following subparagraph for subparagraph (c): “(c) monitor the effectiveness of their order execution arrangements and execution policy for the purpose of identifying and, where appropriate, correcting any deficiencies,”, (iii) by the substitution of the following subparagraph for subparagraph (d): “(d) assess, on a regular basis, whether the execution venues included in the order execution policy provide for the best possible result for the client or whether they need to make changes to their execution arrangements, and”, (iv) by the substitution of the following subparagraph for subparagraph (e): “(e) notify clients with whom they have an ongoing client relationship of any material changes to their order execution arrangements or execution policy.”. Amendment of Regulation 39 of Principal Regulations 7. The Principal Regulations are amended, in Regulation 39(1)— (a) in subparagraph (d)(iv), by the substitution of “instrument,” for “instrument, and”, (b) in subparagraph (e), by the substitution of “systems, and” for “systems.”, and (c) by the insertion of the following subparagraph after subparagraph (e): “(f) have arrangements in place to ensure that they meet data quality standards pursuant to Article 22b of Regulation (EU) No 600/2014 18 Amendment of Regulation 70 of Principal Regulations 8. The Principal Regulations are amended, in Regulation 70— (a) in paragraph (e), by the substitution of “systems,” for “systems;”, (b) in paragraph (f), by the substitution of “exposed,” for “exposed.”, and (c) by the insertion of the following paragraphs after paragraph (f): “(g) have arrangements in place to ensure that it meets data quality standards pursuant to Article 22b of Regulation (EU) No 600/2014 19 , and (h) have at least three materially active members or users, each having the opportunity to interact with all the other members or users, as the case may be, in respect of price formation.”. Amendment of Regulation 72 of Principal Regulations 9. The Principal Regulations are amended in Regulation 72— (a) by the substitution of the following paragraph for paragraph (6): “(6) A regulated market shall be able to temporarily halt or constrain trading in emergency situations or in the event of a significant price movement in a financial instrument on that market or a related market during a short period and, in exceptional cases, to be able to cancel, vary or correct any transaction.”, (b) by the substitution of the following paragraph for paragraph (7): “(7) A regulated market shall ensure that the parameters for halting or constraining trading are appropriately calibrated in a way which— (a) takes into account the liquidity of different asset classes and sub-classes, the nature of the market model and the types of users, and (b) is sufficient to avoid significant disruptions to the orderliness of trading.”, and (c) by the insertion of the following paragraphs after paragraph (17): “(18) A regulated market shall disclose publicly on its website information about the circumstances leading to the halting or constraining of trading and on the principles for establishing the main technical parameters for halting or constraining trading. (19) Where a regulated market does not halt or constrain trading as referred to in subsection (6) of this Regulation, despite the fact that a significant price movement in a financial instrument or related financial instruments has led to disorderly trading conditions on one or several markets, the Bank may exercise its powers under these Regulations (including using the supervisory powers referred to in subparagraphs (m) to (p) of Regulation 92(4)to re-establish the normal functioning of the markets.”. Amendment of Regulation 73 of Principal Regulations 10. The Principal Regulations are amended, in Regulation 73, by the insertion of the following paragraph after paragraph (3): 20 for which the venue that is the most relevant market in terms of liquidity is in a third country, regulated markets may provide for the same tick size that applies on that venue.”. Amendment of Regulation 74 of Principal Regulations 11. The Principal Regulations are amended by the deletion of Regulation 74. Amendment of Regulation 81 of Principal Regulations 12. The Principal Regulations are amended, in Regulation 81— (a) by the substitution of the following paragraph for paragraph (15): “(15) An investment firm or a market operator operating a trading venue which trades in commodity derivatives or derivatives of emission allowances shall apply position management controls.”, and (b) by the substitution of the following subparagraph for subparagraph (b) of paragraph (16): Amendment of Regulation 82 of Principal Regulations 13. The Principal Regulations are amended, in Regulation 82— (a) by the substitution of the following paragraph for paragraph (1): “(1) An investment firm or a market operator operating a trading venue which trades in commodity derivatives or in derivatives of emission allowances shall— (a) make public— (i) for trading venues where options are traded, two weekly reports, one of which is to exclude options, with the aggregate positions held by the different categories of persons for the different commodity derivatives or derivatives of emission allowances traded on their trading venue, specifying the number of long and short positions by such categories, changes thereto since the previous report, the percentage of the total open interest represented by each category, and the number of persons holding a position in each category in accordance with paragraph (5), and (ii) for trading venues where options are not traded, a weekly report on the elements set out in clause (i); and communicate those reports to the Bank and to ESMA, and (b) provide the Bank with a complete breakdown of the positions held by all persons, including the members or participants and their clients, on that trading venue, on a daily basis.”, (b) by the substitution of the following paragraph for paragraph (3): “(3) Where an investment firm trades in commodity derivatives or derivatives of emission allowances outside a trading venue, it shall at least daily provide to— (a) the central competent authority referred to in Article 57(6) of the Directive, or 21 and, where applicable, Article 8 of Regulation (EU) No 1227/2011 22 .”, and (c) by the substitution of the following paragraph for paragraph (5): “(5) Persons holding positions in a commodity derivative or in a derivative of an emission allowance shall be classified by the investment firm or market operator operating that trading venue according to the nature of their main business, taking account of any applicable authorisation, as either— (a) investment firms or credit institutions, (b) investment funds (whether an undertaking for collective investments in transferable securities as defined in Directive 2009/65/EC 23 or an alternative investment fund manager as defined in Directive 2011/61/EC 24 (c) other financial institutions, including insurance undertakings and reinsurance undertakings as defined in Directive 2009/138/EC 25 and institutions for occupational retirement provision as defined in Directive 2003/41/EC 26 (d) commercial undertakings, or (e) in the case of derivatives of emission allowances, operators with compliance obligations under Directive 2003/87/EC 27 Amendment of Regulation 119 of Principal Regulations 14. The Principal Regulations are amended, in Regulation 119(5)— (a) by the deletion of subparagraph (a)(xxix), and (b) by the substitution of the following subparagraph for subparagraph (b): “(b) a contravention of any of the following provisions of Regulation (EU) No 600/2014 28 (i) Article 3(1) and (3); (ii) Article 4(3), first subparagraph; (iii) Article 5; (iv) Article 6; (v) Article 7(1), third subparagraph, first sentence; (vi) Article 8(1); (vii) Article 8a(1) and (2); (viii) Article 8b; (ix) Article 10; (x) Article 11(1), second subparagraph, first sentence, Article 11(1a), second subparagraph, Article 11(1b) and Article 11(3), fourth subparagraph; (xi) Article 11a(1), second subparagraph, first sentence, and Article 11a(1), fourth subparagraph; (xii) Article 12(1); (xiii) Article 13(1) and (2); (xiv) Article 14(1), (2) and (3); (xv) Article 15(1), first subparagraph, second subparagraph, first sentence, and third subparagraph, Article 15(2) and Article 15(4), second sentence; (xvi) Article 17(1), second sentence; (xvii) Article 20(1) and (1a) and Article 20(2), first sentence; (xviii) Article 21(1), (2) and (3); (xix) Article 22(2); (xx) Article 22a(1) and (5) to (8); (xxi) Article 22b(1); (xxii) Article 22c(1); (xxiii) Article 23(1) and (2); (xxiv) Article 25(1) and (2); (xxv) Article 26(1), first subparagraph, Article 26(2) to (5), Article 26(6), first subparagraph, Article 26(7), first to fifth and eighth subparagraph; (xxvi) Article 27(1); (xxvii) Article 27f(1), (2) and (3), Article 27g(1) to (5) and Article 27i(1) to (4), where an APA or ARM has a derogation in accordance with Article 2(3); (xxviii) Article 28(1); (xxix) Article 29(1) and (2); (xxx) Article 30(1); (xxxi) Article 31(3); (xxxii) Article 35(1), (2) and (3); (xxxiii) Article 36(1), (2) and (3); (xxxiv) Article 37(1) and (3); (xxxv) Article 39a; (xxxvi) Articles 40, 41 and 42.”. PART 3 Consequential amendments Amendment of section 2(1) of Central Bank Act 1971 15. The Central Bank Act 1971 (No. 24 of 1971) is amended, in section 2(1), by the substitution of the following definition for the definition of “Markets in Financial Instruments Directive”: “ ‘Markets in Financial Instruments Directive’ means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 29 , as amended by— (a) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 30 (b) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 31 (c) Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 32 (d) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 33 (e) Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 34 (f) Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 35 (g) Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 36 (h) Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 37 (i) Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 38 (j) Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 39 (k) Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 40 , and (l) Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 41 Amendment of section 2(1) of Investment Intermediaries Act 1995 16. The Investment Intermediaries Act 1995 (No. 11 of 1995) is amended, in section 2(1), by the substitution of the following definition for the definition of “Directive 2014/65/EU”: “ ‘Directive 2014/65/EU’ means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014, as amended by— (a) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 42 (b) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 43 (c) Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 44 (d) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 45 (e) Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 46 (f) Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 47 (g) Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 48 (h) Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 49 (i) Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 50 (j) Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 51 (k) Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 52 , and (l) Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 53 Amendment of section 81D(1) of Taxes Consolidation Act 1997 17. The Taxes Consolidation Act 1997 (No. 39 of 1997) is amended, in section 81D(1), by the substitution of the following definition for the definition of “Directive”: “ ‘Directive’ means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014, as amended by— (a) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 54 (b) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 55 (c) Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 56 (d) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 57 (e) Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 58 (f) Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 59 (g) Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 60 (h) Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 61 (i) Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 62 (j) Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 63 (k) Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 64 , and (l) Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 65 Amendment of section 75(1) of Stamp Duties Consolidation Act 1999 18. The Stamp Duties Consolidation Act 1999 (No. 31 of 1999) is amended, in section 75(1), by the substitution of the following definition for the definition of “Directive”: “ ‘Directive’ means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014, as amended by— (a) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 66 (b) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 67 (c) Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 68 (d) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 69 (e) Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 70 (f) Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 71 (g) Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 72 (h) Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 73 (i) Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 74 (j) Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 75 (k) Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 76 , and (l) Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 77 Amendment of Regulation 2 of Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017 19. The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017 ( S.I. No. 391 of 2017 ) are amended, in Regulation 2, by the substitution of the following definition for the definition of “MiFID II”: “‘MiFID II’ means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 as amended by— (a) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 78 (b) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 79 (c) Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 80 (d) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 81 (e) Regulation (EU) 2019/2115 of the European Parliament and of the Council of 27 November 2019 82 (f) Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 83 (g) Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 84 (h) Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 85 (i) Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 86 (j) Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 87 (k) Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 88 , and (l) Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 89 GIVEN under my Official Seal, 25 September, 2025. 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