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Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014
On markets in financial instruments
and amending Directive 2002/92/EC and Directive 2011/61/EU (Text with EEA relevance)Markets in Financial Instruments Directive II – MiFID II
- Recitals
TITLE I — SCOPE AND DEFINITIONS- 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 — Management body
- Article 10 — Shareholders and members with qualifying holdings
- Article 11 — Notification of proposed acquisitions
- Article 12 — Assessment period
- Article 13 — Assessment
- Article 14 — Membership of an authorised investor compensation scheme
- Article 15 — Initial capital endowment
- Article 16 — Organisational requirements
- Article 16a — Exemptions from product governance requirements
- Article 17 — Algorithmic trading
- Article 18 — Trading process and finalisation of transactions in an MTF and an OTF
- Article 19 — Specific requirements for MTFs
- Article 20 — Specific requirements for OTFs
- CHAPTER II — Operating conditions for investment firms
- Section 1 — General provisions
- Section 2 — Provisions to ensure investor protection
- Article 24 — General principles and information to clients
- Article 25 — Assessment of suitability and appropriateness and reporting to clients
- Article 26 — Provision of services through the medium of another investment firm
- Article 27 — Obligation to execute orders on terms most favourable to the client
- Article 28 — Client order handling rules
- Article 29 — Obligations of investment firms when appointing tied agents
- Article 29a — Services provided to professional clients
- Article 30 — Transactions executed with eligible counterparties
- Section 3 — Market transparency and integrity
- Section 4 — SME growth markets
- CHAPTER III — Rights of investment firms
- Article 34 — Freedom to provide investment services and activities
- Article 35 — Establishment of a branch
- Article 36 — Access to regulated markets
- Article 37 — Access to CCP, clearing and settlement facilities and right to designate settlement system
- Article 38 — Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs
- CHAPTER IV — Provision of investment services and activities by third country firms
- TITLE III — REGULATED MARKETS
- Article 44 — Authorisation and applicable law
- Article 45 — Requirements for the management body of a market operator
- Article 46 — Requirements relating to persons exercising significant influence over the management of the regulated market
- Article 47 — Organisational requirements
- Article 48 — Systems resilience, circuit breakers and electronic trading
- Article 49 — Tick sizes
- Article 50 — Synchronisation of business clocks
- Article 51 — Admission of financial instruments to trading
- Article 52 — Suspension and removal of financial instruments from trading on a regulated market
- Article 53 — Access to a regulated market
- Article 54 — Monitoring of compliance with the rules of the regulated market and with other legal obligations
- Article 55 — Provisions regarding CCP and clearing and settlement arrangements
- Article 56 — List of regulated markets
- TITLE IV — POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING
- TITLE VI — COMPETENT AUTHORITIES
- CHAPTER I — Designation, powers and redress procedures
- Article 67 — Designation of competent authorities
- Article 68 — Cooperation between authorities in the same Member State
- Article 69 — Supervisory powers
- Article 70 — Sanctions for infringements
- Article 71 — Publication of decisions
- Article 72 — Exercise of supervisory powers and powers to impose sanctions
- Article 73 — Reporting of infringements
- Article 74 — Right of appeal
- Article 75 — Extra-judicial mechanism for consumers complaints
- Article 76 — Professional secrecy
- Article 77 — Relations with auditors
- Article 78 — Data protection
- CHAPTER II — Cooperation between the competent authorities of the Member States and with ESMA
- Article 79 — Obligation to cooperate
- Article 80 — Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations
- Article 81 — Exchange of information
- Article 82 — Binding mediation
- Article 83 — Refusal to cooperate
- Article 84 — Consultation prior to authorisation
- Article 85 — Powers for host Member States
- Article 86 — Precautionary measures to be taken by host Member States
- Article 87 — Cooperation and exchange of information with ESMA
- CHAPTER III — Cooperation with third countries
- TITLE VII — DELEGATED ACTS
- FINAL PROVISIONS
- Article 90 — Reports and review
- Article 92 — Amendments to Directive 2011/61/EU
- Article 93 — Transposition
- Article 94 — Repeal
- Article 95 — Transitional provisions
- Article 95a — Transitional provision on the authorisation of credit institution referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013
- Article 96 — Entry into force
- Article 97 — Addressees
- ANNEX I — LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS
- ANNEX II — PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE
- ANNEX III — PART A
- ANNEX IV — Correlation table referred in Article 94