Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

Version status: Entered into force | Document consolidation status: Updated to reflect all known changes

Published date: 12 June 2014

Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

	Recitals
	Title I Scope and definitions (arts. 1-4)
	⚠ Article 1 Scope
	Article 2 Exemptions
	⚠ Article 3 Optional exemptions
	⚠ Article 4 Definitions
	Title II Authorisation and operating conditions for investment firms (arts. 5-43)
	Chapter I Conditions and procedures for authorisation (arts. 5-20)
	Article 5 Requirement for authorisation
	⚠ Draft Article 5a Procedure to address unauthorised activities offered through digital means
	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
	⚠ Draft Article 16-a Product governance requirements
	⚠ Article 16a Exemptions from product governance 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 (arts. 21-33)
	Section 1 General provisions (arts. 21-23)
	⚠ 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 (arts. 24-30)
	⚠ Article 24 General principles and information to clients
	⚠ Draft Article 24a Inducements
	⚠ Draft Article 24b Information on costs, associated charges and third-party payments
	⚠ Draft Article 24c Marketing Communications and Practices
	⚠ Draft Article 24d Professional requirements
	⚠ 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 29a Services provided to professional clients
	⚠ Article 30 Transactions executed with eligible counterparties
	Section 3 Market transparency and integrity (arts. 31-32)
	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 (art. 33)
	Article 33 SME growth markets
	Chapter III Rights of investment firms (arts. 34-38)
	Article 34 Freedom to provide investment services and activities
	Article 35 Establishment of a branch
	⚠ Draft Article 35a Reporting of cross-border activities
	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 (arts. 39-43)
	Section 1 Provision of services or performance of activities through the establishment of a branch (arts. 39-42)
	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 (art. 43)
	Article 43 Withdrawal of authorisations
	Title III Regulated Markets (arts. 44-56)
	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 51a Specific conditions for the admission of shares 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 (arts. 57-58)
	Article 57 Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances
	Article 58 Position reporting by categories of position holders
	Title V Data reporting services (arts. 59-66)
	Section 1 Authorisation procedures for data reporting services providers (arts. 59-63)
	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 (art. 64)
	Article 64 Organisational requirements
	Section 3 Conditions for CTPs (art. 65)
	Article 65 Organisational requirements
	Section 4 Conditions for ARMs (art. 66)
	Article 66 Organisational requirements
	Title VI Competent authorities (arts. 67-88)
	Chapter I Designation, powers and redress procedures (arts. 67-78)
	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 (arts. 79-87a and draft art. 87a)
	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
	Article 87a Accessibility of information on the European single access point
	⚠ Draft Article 87a Collaboration platforms
	Chapter III Cooperation with third countries (art. 88)
	Article 88 Exchange of information with third countries
	⚠ Draft Title VIA Financial Education (draft arts. 88a-88b)
	⚠ Draft Article 88a Financial education of retail clients and prospective retail clients
	⚠ Draft Article 88b Financial education and marketing communication
	Title VII Delegated acts (arts. 89-97)
	⚠ Article 89 Exercise of the delegation
	Article 89a Committee procedure
	Final provisions (arts. 90-97)
	Article 90 Reports and review
	Article 91 Amendments to Directive 2002/92/EC
	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 Lists of services and activities and financial instruments
	⚠ Annex II Professional clients for the purpose of this Directive
	Annex III
	Annex III, Part A Repealed Directive with list of its successive amendments
	Annex III, Part B List of time-limits for transposition into national law
	Annex IV Correlation table referred in Article 94
	⚠ Draft Annex V Minimum professional knowledge and competence requirements (as referred to in Article 24d(2))
	Done at