{
  "url": "https://openlegislation.uk/eu-regulation-2006-1287",
  "json_url": "https://openlegislation.uk/eu-regulation-2006-1287.json",
  "id": "eur/2006/1287",
  "title": "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)",
  "short_title": "Regulation (EC) No 1287/2006 implementing Directive 2004/39/EC of the European Parliament and of the Council…",
  "long_title": "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)",
  "citation": "EU Regulation No 1287/2006",
  "type": "eur",
  "year": "2006",
  "number": "1287",
  "version": "current",
  "date": "2006-08-10",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/I",
      "kind": "chapter",
      "number": "I",
      "heading": "GENERAL",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": "Subject-matter and scope",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Transactions related to an individual share in a portfolio trade and volume weighted average price transactions",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "References to trading day",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": "References to transaction",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "First admission to trading of a share on a regulated market",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "chapter/II",
      "kind": "chapter",
      "number": "II",
      "heading": "RECORD-KEEPING: CLIENT ORDERS AND TRANSACTIONS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": "(Article 13(6) of Directive 2004/39/EC)Record-keeping of client orders and decisions to deal",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II"
    },
    {
      "path": "article/8",
      "kind": "article",
      "number": "8",
      "heading": "(Article 13(6) of Directive 2004/39/EC)Record-keeping of transactions",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II"
    },
    {
      "path": "chapter/III",
      "kind": "chapter",
      "number": "III",
      "heading": "TRANSACTION REPORTING",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/9",
      "kind": "article",
      "number": "9",
      "heading": "(Second subparagraph of Article 25(3) of Directive 2004/39/EC)Determination of the most relevant market in terms of liquidity",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/10",
      "kind": "article",
      "number": "10",
      "heading": "(Second subparagraph of Article 25(3) of Directive 2004/39/EC)Alternative determination of most relevant market in terms of liquidity",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/11",
      "kind": "article",
      "number": "11",
      "heading": "(Article 25(3) of Directive 2004/39/EC)List of financial instruments",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/12",
      "kind": "article",
      "number": "12",
      "heading": "(Article 25(5) of Directive 2004/39/EC)Reporting channels",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/13",
      "kind": "article",
      "number": "13",
      "heading": "(Article 25(3) and (5) of Directive 2004/39/EC)Content of the transaction report",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/14",
      "kind": "article",
      "number": "14",
      "heading": "(Article 25(3) and (5) of Directive 2004/39/EC)Exchange of information on transactions",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/15",
      "kind": "article",
      "number": "15",
      "heading": "(Article 58(1) of Directive 2004/39/EC)Request for cooperation and exchange of information",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "(Article 56(2) of Directive 2004/39/EC)Determination of the substantial importance of a regulated market's operations in a host Member State",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "chapter/IV",
      "kind": "chapter",
      "number": "IV",
      "heading": "MARKET TRANSPARENCY",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/IV/section/1",
      "kind": "section",
      "number": "1",
      "heading": "Pre-trade transparency for regulated markets and MTFs",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/17",
      "kind": "article",
      "number": "17",
      "heading": "(Articles 29 and 44 of Directive 2004/39/EC)Pre-trade transparency obligations",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/1"
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "(Articles 29(2) and 44(2) of Directive 2004/39/EC)Waivers based on market model and type of order or transaction",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-18",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/1"
    },
    {
      "path": "article/19",
      "kind": "article",
      "number": "19",
      "heading": "(Articles 29(2) and 44(2) of Directive 2004/39/EC)References to negotiated transaction",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/1"
    },
    {
      "path": "article/20",
      "kind": "article",
      "number": "20",
      "heading": "(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",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/1"
    },
    {
      "path": "chapter/IV/section/2",
      "kind": "section",
      "number": "2",
      "heading": "Pre-trade transparency for systematic internalisers",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/21",
      "kind": "article",
      "number": "21",
      "heading": "(Article 4(1)(7) of Directive 2004/39/EC)Criteria for determining whether an investment firm is a systematic internaliser",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-21",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/2"
    },
    {
      "path": "article/22",
      "kind": "article",
      "number": "22",
      "heading": "(Article 27 of Directive 2004/39/EC)Determination of liquid shares",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-22",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/2"
    },
    {
      "path": "article/23",
      "kind": "article",
      "number": "23",
      "heading": "(Fourth subparagraph of Article 27(1) of Directive 2004/39/EC)Standard market size",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-23",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/2"
    },
    {
      "path": "article/24",
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      "number": "24",
      "heading": "(Article 27(1) of Directive 2004/39/EC)Quotes reflecting prevailing market conditions",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-24",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/2"
    },
    {
      "path": "article/25",
      "kind": "article",
      "number": "25",
      "heading": "(Fifth subparagraph of Article 27(3) and Article 27(6) of Directive 2004/39/EC)Execution of orders by systematic internalisers",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-25",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/2"
    },
    {
      "path": "article/26",
      "kind": "article",
      "number": "26",
      "heading": "(Fourth subparagraph Article 27(3) of Directive 2004/39/EC)Retail size",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-26",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/2"
    },
    {
      "path": "chapter/IV/section/3",
      "kind": "section",
      "number": "3",
      "heading": "Post-trade transparency for regulated markets, MTFs and investment firms",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/27",
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      "number": "27",
      "heading": "(Articles 28, 30 and 45 of Directive 2004/39/EC)Post-trade transparency obligation",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-27",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
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    {
      "path": "article/28",
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      "heading": "(Articles 28, 30 and 45 of Directive 2004/39/EC)Deferred publication of large transactions",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-28",
      "extent": "E+W+S+N.I.",
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      "parent": "chapter/IV/section/3"
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    {
      "path": "chapter/IV/section/4",
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      "heading": "Provisions common to pre- and post-trade transparency",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
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    {
      "path": "article/29",
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      "number": "29",
      "heading": "(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",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-29",
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      "path": "article/30",
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      "heading": "(Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)Public availability of pre- and post-trade information",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-30",
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    },
    {
      "path": "article/31",
      "kind": "article",
      "number": "31",
      "heading": "(Article 22(2) of Directive 2004/39/EC)Disclosure of client limit orders",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-31",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/4"
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    {
      "path": "article/32",
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      "number": "32",
      "heading": "(Article 22(2), 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)Arrangements for making information public",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-32",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/4"
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    {
      "path": "article/33",
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      "heading": "(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",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-33",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/4"
    },
    {
      "path": "article/34",
      "kind": "article",
      "number": "34",
      "heading": "(Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)Publication and effect of results of required calculations and estimates",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-34",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/4"
    },
    {
      "path": "chapter/V",
      "kind": "chapter",
      "number": "V",
      "heading": "ADMISSION OF FINANCIAL INSTRUMENTS TO TRADING",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/35",
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      "number": "35",
      "heading": "(Article 40(1) of Directive 2004/39/EC)Transferable securities",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-35",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
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    {
      "path": "article/36",
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      "heading": "(Article 40(1) of Directive 2004/39/EC)Units in collective investment undertakings",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-36",
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      "status": null,
      "parent": "chapter/V"
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      "path": "article/37",
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      "heading": "(Article 40(1) and (2) of Directive 2004/39/EC)Derivatives",
      "url": "https://openlegislation.uk/eu-regulation-2006-1287/article-37",
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      "path": "chapter/VI",
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      "number": "VI",
      "heading": "DERIVATIVE FINANCIAL INSTRUMENTS",
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      "status": null,
      "parent": null
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    {
      "path": "article/38",
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      "heading": "(Article 4(1)(2) of Directive 2004/39/EC)Characteristics of other derivative financial instruments",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VI"
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      "path": "chapter/VII",
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      "heading": "FINAL PROVISIONS",
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      "heading": "Re-examinations",
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      "heading": "Entry into force",
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      "status": null,
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    {
      "path": "signature",
      "kind": "signature",
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      "heading": "Signature",
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      "path": "annex/I",
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      "heading": "Table 1",
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