TITLE I : SCOPE AND DEFINITIONS
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Article 1 : Scope |
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Article 2 : Exemptions |
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Article 3 : Optional exemptions |
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Article 4 : Definitions |
TITLE II : AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
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CHAPTER I : Conditions and procedures for authorisation
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Article 5 : Requirement for authorisation |
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Article 6 : Scope of authorisation |
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Article 7 : Procedures for granting and refusing requests for authorisation |
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Article 8 : Withdrawal of authorisations |
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Article 9 : Management body |
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Article 10 : Shareholders and members with qualifying holdings |
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Article 11 : Notification of proposed acquisitions |
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Article 12 : Assessment period |
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Article 13 : Assessment |
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Article 14 : Membership of an authorised investor compensation scheme |
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Article 15 : Initial capital endowment |
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Article 16 : Organisational requirements |
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Article 17 : Algorithmic trading |
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Article 18 : Trading process and finalisation of transactions in an MTF and an OTF |
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Article 19 : Specific requirements for MTFs |
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Article 20 : Specific requirements for OTFs |
CHAPTER II : Operating conditions for investment firms
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S e c t i o n 1 : G e n e r a l p r o v i s i o n s
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Article 21 : Regular review of conditions for initial authorisation |
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Article 22 : General obligation in respect of on-going supervision |
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Article 23 : Conflicts of interest |
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S e c t i o n 2 : P r o v i s i o n s t o e n s u r e i n v e s t o r p r o t e c t i o
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Article 24 : General principles and information to clients |
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Article 25 : Assessment of suitability and appropriateness and reporting to clients |
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Article 26 : Provision of services through the medium of another investment firm |
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Article 27 : Obligation to execute orders on terms most favourable to the client |
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Article 28 : Client order handling rules |
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Article 29 : Obligations of investment firms when appointing tied agents |
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Article 30 : Transactions executed with eligible counterparties |
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S e c t i o n 3 : M a r k e t t r a n s p a r e n c y a n d i n t e g r i t y
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Article 31 : Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations |
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Article 32 : Suspension and removal of financial instruments from trading on an MTF or an OTF |
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S e c t i o n 4 : S M E g r o w t h m a r k e t s
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Article 33 : SME growth markets |
CHAPTER III : Rights of investment firms
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Article 34 : Freedom to provide investment services and activities |
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Article 35 : Establishment of a branch |
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Article 36 : Access to regulated markets |
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Article 37 : Access to CCP, clearing and settlement facilities and right to designate settlement system |
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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
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S e c t i o n 1 : P r o v i s i o n o f s e r v i c e s o r p e r f o r m a n c e o f a c t i v i t i e s t h r o u g h t h e e s t a b l i s h m e n t o f a b r a n c h
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Article 39 : Establishment of a branch |
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Article 40 : Obligation to provide information |
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Article 41 : Granting of the authorisation |
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Article 42 : Provision of services at the exclusive initiative of the client |
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S e c t i o n 2 : W i t h d r a w a l o f a u t h o r i s a t i o n s
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Article 43 : Withdrawal of authorisations |
TITLE III : REGULATED MARKETS
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Article 44 : Authorisation and applicable law |
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Article 45 : Requirements for the management body of a market operator |
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Article 46 : Requirements relating to persons exercising significant influence over the management of the regulated market |
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Article 47 : Organisational requirements |
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Article 48 : Systems resilience, circuit breakers and electronic trading |
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Article 49 : Tick sizes |
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Article 50 : Synchronisation of business clocks |
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Article 51 : Admission of financial instruments to trading |
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Article 52 : Suspension and removal of financial instruments from trading on a regulated market |
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Article 53 : Access to a regulated market |
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Article 54 : Monitoring of compliance with the rules of the regulated market and with other legal obligations |
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Article 55 : Provisions regarding CCP and clearing and settlement arrangements |
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Article 56 : List of regulated markets |
TITLE IV : POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING
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Article 57 : Position limits and position management controls in commodity derivatives |
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Article 58 : Position reporting by categories of position holders |
TITLE V : DATA REPORTING SERVICES
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S e c t i o n 1 : A u t h o r i s a t i o n p r o c e d u r e s f o r d a t a r e p o r t i n g s e r v i c e s p r o v i d e r s
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Article 59 : Requirement for authorisation |
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Article 60 : Scope of authorisation |
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Article 61 : Procedures for granting and refusing requests for authorisation |
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Article 62 : Withdrawal of authorisations |
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Article 63 : Requirements for the management body of a data reporting services provider |
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S e c t i o n 2 : C o n d i t i o n s f o r A P A s
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Article 64 : Organisational requirements |
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S e c t i o n 3 : C o n d i t i o n s f o r C T P s
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Article 65 : Organisational requirements |
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S e c t i o n 4 : C o n d i t i o n s f o r A R M s
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Article 66 : Organisational requirements |
TITLE VI : COMPETENT AUTHORITIES
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CHAPTER I : Designation, powers and redress procedures
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Article 67 : Designation of competent authorities |
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Article 68 : Cooperation between authorities in the same Member State |
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Article 69 : Supervisory powers |
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Article 70 : Sanctions for infringements |
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Article 71 : Publication of decisions |
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Article 72 : Exercise of supervisory powers and powers to impose sanctions |
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Article 73 : Reporting of infringements |
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Article 74 : Right of appeal |
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Article 75 : Extra-judicial mechanism for consumers complaints |
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Article 76 : Professional secrecy |
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Article 77 : Relations with auditors |
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Article 78 : Data protection |
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CHAPTER II : Cooperation between the competent authorities of the Member States and with ESMA
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Article 79 : Obligation to cooperate |
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Article 80 : Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations |
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Article 81 : Exchange of information |
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Article 82 : Binding mediation |
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Article 83 : Refusal to cooperate |
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Article 84 : Consultation prior to authorisation |
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Article 85 : Powers for host Member States |
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Article 86 : Precautionary measures to be taken by host Member States |
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Article 87 : Cooperation and exchange of information with ESMA |
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CHAPTER III : Cooperation with third countries
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Article 88 : Exchange of information with third countries |
TITLE VII : DELEGATED ACTS
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Article 89 : Exercise of the delegation |
FINAL PROVISIONS
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Article 90 : Reports and review |
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Article 91 : Amendments to Directive 2002/92/EC |
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Article 92 : Amendments to Directive 2011/61/EU |
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Article 93 : Transposition |
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Article 94 : Repeal |
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Article 95 : Transitional provisions |
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Article 96 : Entry into force |
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Article 97 : Addressees |
ANNEX I : LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS
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ANNEX II : PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE
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ANNEX III
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