MiFID II

• MiFID II
  • Recital

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  • TITLE I SCOPE AND DEFINITIONS
    • Article 1 Scope

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    • Article 2 Exemptions

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    • Article 3 Optional exemptions
    • Article 4 Definitions

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  • TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
    • CHAPTER I Conditions and procedures for authorisation
      • 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
      • Article 11 Notification of proposed acquisitions
      • Article 12 Assessment period

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      • Article 13 Assessment
      • Article 14 Membership of an authorised investor compensation scheme
      • Article 15 Initial capital endowment

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      • Article 16 Organisational requirements

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      • Article 16a Exemptions from product governance 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

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    • CHAPTER II Operating conditions for investment firms
      • Section 1 General provisions
      • Article 21 Regular review of conditions for initial authorisation

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      • Article 22 General obligation in respect of on-going supervision
      • Article 23 Conflicts of interest

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      • Section 2 Provisions to ensure investor protection
      • 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
      • 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
      • Article 29a Services provided to professional clients
      • Article 30 Transactions executed with eligible counterparties

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      • 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

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      • Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF

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      • Section 4 SME growth markets
    • Article 33 SME growth markets

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      • CHAPTER III Rights of investment firms
      • 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
      • 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

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        • Article 42 Provision of services at the exclusive initiative of the client

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        • Section 2 Withdrawal of authorisations
        • Article 43 Withdrawal of authorisations
      • TITLE III REGULATED MARKETS
        • 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
        • 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
        • 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

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    • Article 58 Position reporting by categories of position holders

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  • 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

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      • 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

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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
      • Article 83 Refusal to cooperate
      • Article 84 Consultation prior to authorisation

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      • 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

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    • Article 89a Committee procedure
      • FINAL PROVISIONS
    • Article 90 Reports and review
    • Article 92 Amendments to Directive 2011/61/EU
    • Article 93 Transposition
    • Article 94 Repeal
    • Article 95 Transitional provisions
    • Article 95a Transitional provision on the authorisation of credit institution referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013
    • Article 96 Entry into force
    • Article 97 Addressees
  • ANNEX I

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  • ANNEX II

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  • ANNEX III
  • ANNEX IV