Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014... (32014L0065)
INHALT
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
- 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)
- 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
- 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
- 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
- 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
- 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
- ‘
- CHAPTER IIIA
- Additional customer protection requirements in relation to insurance-Based investment products
- Article 13a
- Scope
- Article 13b
- Prevention of conflicts of interest
- Article 13c
- Conflicts of interests
- Article 13d
- General principles and information to customers
- Article 13e
- Exercise of the delegation
- Article 92
- Amendments to Directive 2011/61/EU
- ‘
- Conditions for managing EU AIFs established in other Member States and for providing services in other Member States
- ’;
- 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
- SECTION A
- Investment services and activities
- SECTION B
- Ancillary services
- SECTION C
- Financial instruments
- SECTION D
- Data reporting services
- ANNEX II
- PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE
- I. CATEGORIES OF CLIENT WHO ARE CONSIDERED TO BE PROFESSIONALS
- II. CLIENTS WHO MAY BE TREATED AS PROFESSIONALS ON REQUEST
- II.1. Identification criteria
- II.2. Procedure
- ANNEX III
- PART A
- Repealed Directive with list of its successive amendments
- (referred to in Article 94)
- PART B
- List of time-limits for transposition into national law
- (referred to in Article 94)
- ANNEX IV
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