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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Published date: 30 April 2004

Directive 2004/39/EC - Markets in Financial Instruments Directive (MiFID)

Comparing proposed amendment...
Recitals
Title I Definitions and Scope (arts. 1-4)
Revoked
Article 1 Scope
Revoked
Article 2 Exemptions
Revoked
Article 3 Optional exemptions
Revoked
Article 4 Definitions
Title II Authorisation and Operating Conditions for Investment Firms (arts. 5-35)
Chapter I Conditions and Procedures for Authorisation (arts. 5-15)
Revoked
Article 5 Requirement for authorisation
Revoked
Article 6 Scope of authorisation
Revoked
Article 7 Procedures for granting and refusing requests for authorisation
Revoked
Article 8 Withdrawal of authorisations
Revoked
Article 9 Persons who effectively direct the business
Revoked
Article 10 Shareholders and members with qualifying holdings
Revoked
Article 10a Assessment period
Revoked
Article 10b Assessment
Revoked
Article 11 Membership of an authorised Investor Compensation Scheme
Revoked
Article 12 Initial capital endowment
Revoked
Article 13 Organisational requirements
Revoked
Article 14 Trading process and finalisation of transactions in an MTF
Revoked
Article 15 Relations with third countries
Chapter II Operating Conditions for Investment Firms (arts. 16-30)
Section 1 General provisions (arts. 16-18)
Revoked
Article 16 Regular review of conditions for initial authorisation
Revoked
Article 17 General obligation in respect of on-going supervision
Revoked
Article 18 Conflicts of interest
Section 2 Provisions to ensure investor protection (arts. 19-24)
Revoked
Article 19 Conduct of business obligations when providing investment services to clients
Revoked
Article 20 Provision of services through the medium of another investment firm
Revoked
Article 21 Obligation to execute orders on terms most favourable to the client
Revoked
Article 22 Client order handling rules
Revoked
Article 23 Obligations of investment firms when appointing tied agents
Revoked
Article 24 Transactions executed with eligible counterparties
Section 3 Market transparency and integrity (arts. 25-30)
Revoked
Article 25 Obligation to uphold integrity of markets, report transactions and maintain records
Revoked
Article 26 Monitoring of compliance with the rules of the MTF and with other legal obligations
Revoked
Article 27 Obligation for investment firms to make public firm quotes
Revoked
Article 28 Post-trade disclosure by investment firms
Revoked
Article 29 Pre-trade transparency requirements for MTFs
Revoked
Article 30 Post-trade transparency requirements for MTFs
Chapter III Rights of Investments Firms (arts. 31-35)
Revoked
Article 31 Freedom to provide investment services and activities
Revoked
Article 32 Establishment of a branch
Revoked
Article 33 Access to regulated markets
Revoked
Article 34 Access to central counterparty, clearing and settlement facilities and right to designate settlement system
Revoked
Article 35 Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs
Title III Regulated Markets (arts. 36-47)
Revoked
Article 36 Authorisation and applicable law
Revoked
Article 37 Requirements for the management of the regulated market
Revoked
Article 38 Requirements relating to persons exercising significant influence over the management of the regulated market
Revoked
Article 39 Organisational requirements
Revoked
Article 40 Admission of financial instruments to trading
Revoked
Article 41 Suspension and removal of instruments from trading
Revoked
Article 42 Access to the regulated market
Revoked
Article 43 Monitoring of compliance with the rules of the regulated market and with other legal obligations
Revoked
Article 44 Pre-trade transparency requirements for regulated markets
Revoked
Article 45 Post-trade transparency requirements for regulated markets
Revoked
Article 46 Provisions regarding central counterparty and clearing and settlement arrangements
Revoked
Article 47 List of regulated markets
Title IV Competent Authorities (arts. 48-63)
Chapter I Designation, Powers and Redress Procedures (arts. 48-55)
Revoked
Article 48 Designation of competent authorities
Revoked
Article 49 Cooperation between authorities in the same Member State
Revoked
Article 50 Powers to be made available to competent authorities
Revoked
Article 51 Administrative sanctions
Revoked
Article 52 Right of appeal
Revoked
Article 53 Extra-judicial mechanism for investors' complaints
Revoked
Article 54 Professional secrecy
Revoked
Article 55 Relations with auditors
Chapter II Cooperation Between Competent Authorities of Different Member States and with ESMA (arts. 56-62a)
Revoked
Article 56 Obligation to cooperate
Revoked
Article 57 Cooperation in supervisory activities, on-the-spot verifications or in investigations
Revoked
Article 58 Exchange of information
Revoked
Article 58a Binding mediation
Revoked
Article 59 Refusal to cooperate
Revoked
Article 60 Inter-authority consultation prior to authorisation
Revoked
Article 61 Powers for host Member States
Revoked
Article 62 Precautionary measures to be taken by host Member States
Revoked
Article 62a Cooperation and exchange of information with ESMA
Chapter III Cooperation With Third Countries (art. 63)
Revoked
Article 63 Exchange of information with third countries
Title V Final Provisions (arts. 64-73)
Revoked
Article 64 Committee procedure
Revoked
Article 64a Sunset clause
Revoked
Article 65 Reports and review
Repealed
Article 66 Amendment of Directive 85/611/EEC
Repealed
Article 67 Amendment of Directive 93/6/EEC
Revoked
Article 68 Amendment of Directive 2000/12/EC
Revoked
Article 69 Repeal of Directive 93/22/EEC
Revoked
Article 70 Transposition
Revoked
Article 71 Transitional provisions
Revoked
Article 72 Entry into force
Revoked
Article 73 Addressees
Revoked
Annex I List of Services and Activities and Financial Instruments
Revoked
Annex II Professional Clients for the Purpose of this Directive
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