MiFID II
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 (recast) (Text with EEA relevance)
- Note about MiFID I/CESR legacy
- RecitalQ&A
- TITLE I : SCOPE AND DEFINITIONS
- TITLE II : AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
- CHAPTER I : Conditions and procedures for authorisation
- Article 5 - Requirement for authorisationQ&A
- Article 6 - Scope of authorisationQ&A
- Article 7 - Procedures for granting and refusing requests for authorisationRTSITSQ&A
- Article 8 - Withdrawal of authorisationsQ&A
- Article 9 - Management bodyGL
- 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 endowmentQ&A
- Article 16 - Organisational requirementsGLQ&ADA
- Article 17 - Algorithmic tradingRTSQ&A
- Article 18 - Trading process and finalisation of transactions in an MTF and an OTFQ&AITS
- Article 19 - Specific requirements for MTFsQ&A
- Article 20 - Specific requirements for OTFsQ&A
- CHAPTER II : Operating conditions for investment firms
- Section 1 : General provisions
- Section 2 : Provisions to ensure investor protection
- Article 24 - General principles and information to clientsDAGLQ&A
- Article 25 - Assessment of suitability and appropriateness and reporting to clientsGLQ&ADA
- Article 26 - Provision of services through the medium of another investment firm
- Article 27 - Obligation to execute orders on terms most favourable to the clientRTSQ&A
- Article 28 - Client order handling rulesRTS
- Article 29 - Obligations of investment firms when appointing tied agents
- Article 30 - Transactions executed with eligible counterpartiesDA
- Section 3 : Market transparency and integrity
- Section 4 : SME growth markets
- CHAPTER III : Rights of investment firms
- Article 34 - Freedom to provide investment services and activitiesRTSITSQ&A
- Article 35 - Establishment of a branchITSRTSQ&A
- 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
- Opinion to support supervisory convergence in the area of investment firms in the context of the United Kingdom withdrawing from the European UnionOP
- Section 1 : Provision of services or performance of activities through the establishment of a branch
- Section 2 : Withdrawal of authorisations
- TITLE III : REGULATED MARKETS
- Article 44 - Authorisation and applicable lawQ&A
- Article 45 - Requirements for the management body of a market operatorGL
- 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 tradingQ&AGLRTS
- Article 49 - Tick sizesRTSQ&A
- Article 50 - Synchronisation of business clocksRTSGL
- Article 51 - Admission of financial instruments to tradingRTS
- Article 52 - Suspension and removal of financial instruments from trading on a regulated marketRTSITSDA
- Article 53 - Access to a regulated marketQ&A
- Article 54 - Monitoring of compliance with the rules of the regulated market and with other legal obligationsDA
- 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
- TITLE V : DATA REPORTING SERVICES
- Section 1 : Authorisation procedures for data reporting services providers
- Article 59 - Requirement for authorisationQ&A
- Article 60 - Scope of authorisationQ&A
- Article 61 - Procedures for granting and refusing requests for authorisationITSRTSQ&A
- Article 62 - Withdrawal of authorisationsQ&A
- Article 63 - Requirements for the management body of a data reporting services providerGL
- Section 2 : Conditions for APAs
- Section 3 : Conditions for CTPs
- Section 4 : Conditions for ARMs
- 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 decisionsITS
- 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 cooperateDAITS
- Article 80 - Cooperation between competent authorities in supervisory activities, for on-site verifications or investigationsRTSITS
- Article 81 - Exchange of informationITS
- Article 82 - Binding mediation
- Article 83 - Refusal to cooperate
- Article 84 - Consultation prior to authorisationITS
- 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
- TITLE VII : DELEGATED ACTS
- Article 89 - Exercise of the delegation
- Article 89a - Committee procedure
- FINAL PROVISIONS :
- Article 90 - Reports and review
- Article 91 - Amendments to Directive 2002/92/EC
- ‘CHAPTER IIIA : Additional customer protection requirements in relation to insurance-Based investment products
- 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 IQ&A
- ANNEX IIQ&A
- ANNEX III
- ANNEX IV