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Markets in Financial Instruments Directive II (MiFID II)
Article 44

Article 44 — Authorisation and applicable law

  1. Member States shall reserve authorisation as a regulated market to those systems which comply with this Title.

    Authorisation as a regulated market shall be granted only where the competent authority is satisfied that both the market operator and the systems of the regulated market comply at least with the requirements laid down in this Title.

    In the case of a regulated market that is a legal person and that is managed or operated by a market operator other than the regulated market itself, Member States shall establish how the different obligations imposed on the market operator under this Directive are to be allocated between the regulated market and the market operator.

    The market operator shall provide all information, including a programme of operations setting out, inter alia, the types of business envisaged and the organisational structure, necessary to enable the competent authority to satisfy itself that the regulated market has established, at the time of initial authorisation, all the necessary arrangements to meet its obligations under this Title.

  2. Member States shall require the market operator to perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority. Member States shall ensure that competent authorities keep under regular review the compliance of regulated markets with this Title. They shall also ensure that competent authorities monitor that regulated markets comply at all times with the conditions for initial authorisation established under this Title.
  3. Member States shall ensure that the market operator is responsible for ensuring that the regulated market that it manages complies with the requirements laid down in this Title.

    Member States shall also ensure that the market operator is entitled to exercise the rights that correspond to the regulated market that it manages by virtue of this Directive.

  4. Without prejudice to any relevant provisions of Regulation (EU) No 596/2014 or of Directive 2014/57/EU, the public law governing the trading conducted under the systems of the regulated market shall be that of the home Member State of the regulated market.
  5. The competent authority may withdraw the authorisation issued to a regulated market, where it:
    1. does not make use of the authorisation within 12 months, expressly renounces the authorisation or has not operated for the preceding six months, unless the Member State concerned has provided for authorisation to lapse in such cases;
    2. has obtained the authorisation by making false statements or by any other irregular means;
    3. no longer meets the conditions under which authorisation was granted;
    4. has seriously and systematically infringed the provisions adopted pursuant to this Directive or Regulation (EU) No 600/2014;
    5. falls within any of the cases where national law provides for withdrawal.
  6. ESMA shall be notified of any withdrawal of authorisation.