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Investment Firms Directive In force since 27 November 2019

Directive (EU) 2019/2034 on the prudential supervision of investment firms
32019L2034 · official text on EUR-Lex

Articles

• Article 1 — Subject matter
• Article 2 — Scope
• Article 3 — Definitions
• Article 4 — Designation and powers of the competent authorities
• Article 5 — Discretion of competent authorities to subject certain investment firms to the requirements of Regulation (EU) No 575/2013
• Article 6 — Cooperation within a Member State
• Article 7 — Cooperation within the European System of Financial Supervision
• Article 8 — Union dimension of supervision
• Article 9 — Initial capital
• Article 10 — References to initial capital in Directive 2013/36/EU
• Article 11 — Composition of initial capital

Chapter 1 Principles of prudential supervision

Section 1 Competences and duties of home and host Member States

• Article 12 — Competence of the competent authorities of the home and host Member State
• Article 13 — Cooperation between competent authorities of different Member States
• Article 14 — On‐the‐spot checking and inspection of branches established in another Member State

Section 2 Professional secrecy and duty to report

• Article 15 — Professional secrecy and exchange of confidential information
• Article 16 — Cooperation arrangements with third countries for the exchange of information
• Article 17 — Duties of persons responsible for the control of annual and consolidated accounts

Section 3 Sanctions, investigatory powers and right of appeal

• Article 18 — Administrative sanctions and other administrative measures
• Article 19 — Investigatory powers
• Article 20 — Publication of administrative sanctions and other administrative measures
• Article 21 — Reporting sanctions to EBA
• Article 22 — Reporting of breaches
• Article 23 — Right of appeal

Chapter 2 Review process

Section 1 Internal capital adequacy assessment process and internal risk ‐ assessment process

• Article 24 — Internal capital and liquid assets

Section 2 Internal governance, transparency, treatment of risks and remuneration

• Article 25 — Scope of application of this Section
• Article 26 — Internal governance
• Article 27 — Country‐by‐country reporting
• Article 28 — Role of the management body in risk management
• Article 29 — Treatment of risks
• Article 30 — Remuneration policies
• Article 31 — Investment firms that benefit from extraordinary public financial support
• Article 32 — Variable remuneration
• Article 33 — Remuneration committee
• Article 34 — Oversight of remuneration policies
• Article 35 — EBA report on environmental, social, and governance risks

Section 3 Supervisory review and evaluation process

• Article 36 — Supervisory review and evaluation
• Article 37 — Ongoing review of the permission to use internal models

Section 4 Supervisory measures and powers

• Article 38 — Supervisory measures
• Article 39 — Supervisory powers
• Article 40 — Additional own funds requirement
• Article 41 — Guidance on additional own funds
• Article 42 — Specific liquidity requirements
• Article 43 — Cooperation with resolution authorities
• Article 44 — Publication requirements
• Article 45 — Obligation to inform EBA

Chapter 3 Supervision of investment firm groups

Section 1 Supervision of investment firm groups on a consolidated basis and supervision of compliance with the group capital test

• Article 46 — Determination of the group supervisor
• Article 47 — Information requirements in emergency situations
• Article 48 — Colleges of supervisors
• Article 49 — Cooperation requirements
• Article 50 — Verification of information concerning entities located in other Member States

Section 2 Investment holding companies, mixed financial holding companies and mixed ‐ activity holding companies

• Article 51 — Inclusion of holding companies in supervision of compliance with the group capital test
• Article 52 — Qualifications of directors
• Article 53 — Mixed‐activity holding companies
• Article 54 — Sanctions
• Article 55 — Assessment of third‐country supervision and other supervisory techniques
• Article 56 — Cooperation with third‐country supervisory authorities
• Article 57 — Publication requirements
• Article 58 — Exercise of the delegation
• Article 59 — Amendment to Directive 2002/87/EC
• Article 60 — Amendment to Directive 2009/65/EC
• Article 61 — Amendment to Directive 2011/61/EU
• Article 62 — Amendments to Directive 2013/36/EU
• Article 63 — Amendments to Directive 2014/59/EU
• Article 64 — Amendments to Directive 2014/65/EU
• Article 65 — References to Directive 2013/36/EU in other Union legal acts
• Article 66 — Review
• Article 67 — Transposition
• Article 68 — Entry into force
• Article 69 — Addressees