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MiFID II

Directive 2014/65/EU on markets in financial instruments
32014L0065 · official text on EUR-Lex

Articles

• Article 1 — Scope
• Article 2 — Exemptions
• Article 3 — Optional exemptions
• Article 4 — Definitions

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

Section 1 General provisions

• Article 21 — Regular review of conditions for initial authorisation
• Article 22 — General obligation in respect of on-going supervision
• Article 23 — Conflicts of interest

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 30 — Transactions executed with eligible counterparties

Section 3 Market transparency and integrity

• 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

Section 4 SME growth markets

• 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

Section 1 Provision of services or performance of activities through the establishment of a branch

• 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

Section 2 Withdrawal of authorisations

• Article 43 — Withdrawal of authorisations
• 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
• Article 57 — Position limits and position management controls in commodity derivatives
• Article 58 — Position reporting by categories of position holders

Section 1 Authorisation procedures for data reporting services providers

• 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

Section 2 Conditions for APAs

• Article 64 — Organisational requirements

Section 3 Conditions for CTPs

• Article 65 — Organisational requirements

Section 4 Conditions for ARMs

• Article 66 — Organisational requirements

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
• Article 89 — Exercise of the delegation
• 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