{
  "url": "https://openlegislation.uk/eu-regulation-2014-600/article-23",
  "json_url": "https://openlegislation.uk/eu-regulation-2014-600/article-23.json",
  "legislation": "eur/2014/600",
  "legislation_title": "Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2014-600",
  "path": "article/23",
  "kind": "article",
  "number": "23",
  "heading": "Investment firms operating internal matching systems",
  "text": "1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(1A.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n2. An investment firm that operates an internal matching system which executes client orders in shares, depositary receipts, ETFs, certificates and other similar financial instruments on a multilateral basis must ensure it has permission to operate a multilateral trading facility under Part 4A of FSMA and comply with all relevant provisions pertaining to such permissions.\n3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(5.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(6.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Regulation revoked (5.4.2024 for the revocation of Sch. 3 paras. 17, 34-39, 1.12.2025 for the revocation of Art. 18b, 30.3.2026 for the revocation of Arts. 4, 4a) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 1 (with s. 1(4)); S.I. 2023/1382, reg. 4(b); S.I. 2025/1078, regs. 4(b), 6(b)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Art. 23(1) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 13(2) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(i)(cc)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Art. 23(1A) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 13(2) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(i)(cc)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Art. 23(2) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 28(10)(b)(i) (as amended by S.I. 2019/710, regs. 1(2), 16(12)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Art. 23(2) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 28(10)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Art. 23(3) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 13(2) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(i)(cc)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Art. 23(4) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 13(2) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(i)(cc)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Art. 23(5) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 13(2) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(i)(cc)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Art. 23(6) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 13(2) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(i)(cc)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Art. 23 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 13(3) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(i)(cc)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2014/600/article/23",
    "retrieved_at": "2026-11-01T14:47:36.068868+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}