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Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004
On markets in financial instruments
amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EECMarkets in Financial Instruments Directive I – MiFID I
- Recitals
TITLE I — DEFINITIONS AND SCOPE- TITLE II — AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
- CHAPTER I — CONDITIONS AND PROCEDURES FOR AUTHORISATION
- Article 5 — Requirement for authorisation
- Article 6 — Scope of authorisation
- Article 7 — Procedures for granting and refusing requests for authorisation
- Article 8 — Withdrawal of authorisations
- Article 9 — Persons who effectively direct the business
- Article 10 — Shareholders and members with qualifying holdings
- Article 10a — Assessment period
- Article 10b — Assessment
- Article 11 — Membership of an authorised Investor Compensation Scheme
- Article 12 — Initial capital endowment
- Article 13 — Organisational requirements
- Article 14 — Trading process and finalisation of transactions in an MTF
- Article 15 — Relations with third countries
- CHAPTER II — OPERATING CONDITIONS FOR INVESTMENT FIRMS
- Section 1 — General provisions
- Section 2 — Provisions to ensure investor protection
- Article 19 — Conduct of business obligations when providing investment services to clients
- Article 20 — Provision of services through the medium of another investment firm
- Article 21 — Obligation to execute orders on terms most favourable to the client
- Article 22 — Client order handling rules
- Article 23 — Obligations of investment firms when appointing tied agents
- Article 24 — Transactions executed with eligible counterparties
- Section 3 — Market transparency and integrity
- Article 25 — Obligation to uphold integrity of markets, report transactions and maintain records
- Article 26 — Monitoring of compliance with the rules of the MTF and with other legal obligations
- Article 27 — Obligation for investment firms to make public firm quotes
- Article 28 — Post-trade disclosure by investment firms
- Article 29 — Pre-trade transparency requirements for MTFs
- Article 30 — Post-trade transparency requirements for MTFs
- CHAPTER III — RIGHTS OF INVESTMENT FIRMS
- Article 31 — Freedom to provide investment services and activities
- Article 32 — Establishment of a branch
- Article 33 — Access to regulated markets
- Article 34 — Access to central counterparty, clearing and settlement facilities and right to designate settlement system
- Article 35 — Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs
- TITLE III — REGULATED MARKETS
- Article 36 — Authorisation and applicable law
- Article 37 — Requirements for the management of the regulated market
- Article 38 — Requirements relating to persons exercising significant influence over the management of the regulated market
- Article 39 — Organisational requirements
- Article 40 — Admission of financial instruments to trading
- Article 41 — Suspension and removal of instruments from trading
- Article 42 — Access to the regulated market
- Article 43 — Monitoring of compliance with the rules of the regulated market and with other legal obligations
- Article 44 — Pre-trade transparency requirements for regulated markets
- Article 45 — Post-trade transparency requirements for regulated markets
- Article 46 — Provisions regarding central counterparty and clearing and settlement arrangements
- Article 47 — List of regulated markets
- TITLE IV — COMPETENT AUTHORITIES
- CHAPTER I — DESIGNATION, POWERS AND REDRESS PROCEDURES
- Article 48 — Designation of competent authorities
- Article 49 — Cooperation between authorities in the same Member State
- Article 50 — Powers to be made available to competent authorities
- Article 51 — Administrative sanctions
- Article 52 — Right of appeal
- Article 53 — Extra-judicial mechanism for investors' complaints
- Article 54 — Professional secrecy
- Article 55 — Relations with auditors
- CHAPTER II — COOPERATION BETWEEN THE COMPETENT AUTHORITIES OF THE MEMBER STATES AND WITH ESMA
- Article 56 — Obligation to cooperate
- Article 57 — Cooperation in supervisory activities, on-the-spot verifications or in investigations
- Article 58 — Exchange of information
- Article 58a — Binding mediation
- Article 59 — Refusal to cooperate
- Article 60 — Inter-authority consultation prior to authorisation
- Article 61 — Powers for host Member States
- Article 62 — Precautionary measures to be taken by host Member States
- Article 62a — Cooperation and exchange of information with ESMA
- CHAPTER III — COOPERATION WITH THIRD COUNTRIES
- TITLE V — FINAL PROVISIONS
- Article 64 — Committee procedure
- Article 64a — Sunset clause
- Article 65 — Reports and review
- Article 66 — Amendment of Directive 85/611/EEC
- Article 67 — Amendment of Directive 93/6/EEC
- Article 68 — Amendment of Directive 2000/12/EC
- Article 69 — Repeal of Directive 93/22/EEC
- Article 70 — Transposition
- Article 71 — Transitional provisions
- Article 72 — Entry into force
- Article 73 — Addressees
- ANNEX I — LIST OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS
- ANNEX II — PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE