MiFID II

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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
TITLE I : SCOPE AND DEFINITIONS
    Article 1 : Scope
    Article 2 : Exemptions
    Article 3 : Optional exemptions
    Article 4 : 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 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
  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
    Article 21 : Regular review of conditions for initial authorisation
    Article 22 : General obligation in respect of on-going supervision
    Article 23 : Conflicts of interest
  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
    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 30 : Transactions executed with eligible counterparties
  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
    Article 31 : Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations
    Article 32 : Suspension and removal of financial instruments from trading on an MTF or an OTF
  S e c t i o n 4 : S M E g r o w t h m a r k e t s
    Article 33 : 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
  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
    Article 39 : Establishment of a branch
    Article 40 : Obligation to provide information
    Article 41 : Granting of the authorisation
    Article 42 : Provision of services at the exclusive initiative of the client
  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
    Article 43 : Withdrawal of authorisations
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
    Article 57 : Position limits and position management controls in commodity derivatives
    Article 58 : Position reporting by categories of position holders
TITLE V : DATA REPORTING SERVICES
  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
    Article 59 : Requirement for authorisation
    Article 60 : Scope of authorisation
    Article 61 : Procedures for granting and refusing requests for authorisation
    Article 62 : Withdrawal of authorisations
    Article 63 : Requirements for the management body of a data reporting services provider
  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
    Article 64 : Organisational requirements
  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
    Article 65 : Organisational requirements
  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
    Article 66 : Organisational requirements
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
    Article 88 : Exchange of information with third countries
TITLE VII : DELEGATED ACTS
    Article 89 : Exercise of the delegation
FINAL PROVISIONS
    Article 90 : Reports and review
    Article 91 : Amendments to Directive 2002/92/EC
    Article 92 : Amendments to Directive 2011/61/EU
    Article 93 : Transposition
    Article 94 : Repeal
    Article 95 : Transitional provisions
    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

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