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Recitals |
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Title I Scope and definitions (arts. 1-4) |
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Entered into force
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Article 1 Scope |
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Amended
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Article 2 Exemptions |
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Entered into force
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Article 3 Optional exemptions |
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Amended
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Article 4 Definitions |
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Title II Authorisation and operating conditions for investment firms (arts. 5-43) |
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Chapter I Conditions and procedures for authorisation (arts. 5-20) |
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Entered into force
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Article 5 Requirement for authorisation |
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Entered into force
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Article 6 Scope of authorisation |
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Entered into force
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Article 7 Procedures for granting and refusing requests for authorisation |
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Entered into force
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Article 8 Withdrawal of authorisations |
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Entered into force
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Article 9 Management body |
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Entered into force
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Article 10 Shareholders and members with qualifying holdings |
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Entered into force
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Article 11 Notification of proposed acquisitions |
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Entered into force
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Article 12 Assessment period |
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Entered into force
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Article 13 Assessment |
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Entered into force
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Article 14 Membership of an authorised investor compensation scheme |
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Entered into force
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Article 15 Initial capital endowment |
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Entered into force
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Article 16 Organisational requirements |
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Entered into force
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Article 17 Algorithmic trading |
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Entered into force
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Article 18 Trading process and finalisation of transactions in an MTF and an OTF |
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Entered into force
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Article 19 Specific requirements for MTFs |
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Entered into force
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Article 20 Specific requirements for OTFs |
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Chapter II Operating conditions for investment firms (arts. 21-33) |
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Section 1 General provisions (arts. 21-23) |
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Entered into force
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Article 21 Regular review of conditions for initial authorisation |
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Entered into force
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Article 22 General obligation in respect of on-going supervision |
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Entered into force
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Article 23 Conflicts of interest |
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Section 2 Provisions to ensure investor protection (arts. 24-30) |
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Entered into force
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Article 24 General principles and information to clients |
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Amended
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Article 25 Assessment of suitability and appropriateness and reporting to clients |
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Entered into force
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Article 26 Provision of services through the medium of another investment firm |
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Entered into force
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Article 27 Obligation to execute orders on terms most favourable to the client |
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Entered into force
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Article 28 Client order handling rules |
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Entered into force
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Article 29 Obligations of investment firms when appointing tied agents |
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Entered into force
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Article 30 Transactions executed with eligible counterparties |
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Section 3 Market transparency and integrity (arts. 31-32) |
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Entered into force
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Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations |
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Entered into force
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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 (art. 33) |
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Entered into force
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Article 33 SME growth markets |
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Chapter III Rights of investment firms (arts. 34-38) |
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Amended
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Article 34 Freedom to provide investment services and activities |
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Amended
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Article 35 Establishment of a branch |
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Entered into force
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Article 36 Access to regulated markets |
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Entered into force
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Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system |
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Entered into force
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Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs |
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Chapter IV Provision of investment services and activities by third-country firms (arts. 39-43) |
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Section 1 Provision of services or performance of activities through the establishment of a branch (arts. 39-42) |
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Entered into force
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Article 39 Establishment of a branch |
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Entered into force
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Article 40 Obligation to provide information |
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Entered into force
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Article 41 Granting of the authorisation |
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Entered into force
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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 (art. 43) |
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Entered into force
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Article 43 Withdrawal of authorisations |
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Title III Regulated Markets (arts. 44-56) |
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Entered into force
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Article 44 Authorisation and applicable law |
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Entered into force
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Article 45 Requirements for the management body of a market operator |
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Entered into force
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Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market |
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Entered into force
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Article 47 Organisational requirements |
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Entered into force
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Article 48 Systems resilience, circuit breakers and electronic trading |
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Entered into force
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Article 49 Tick sizes |
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Entered into force
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Article 50 Synchronisation of business clocks |
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Entered into force
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Article 51 Admission of financial instruments to trading |
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Entered into force
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Article 52 Suspension and removal of financial instruments from trading on a regulated market |
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Entered into force
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Article 53 Access to a regulated market |
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Entered into force
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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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Entered into force
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Article 55 Provisions regarding CCP and clearing and settlement arrangements |
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Entered into force
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Article 56 List of regulated markets |
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Title IV Position limits and position management controls in commodity derivatives and reporting (arts. 57-58) |
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Entered into force
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Article 57 Position limits and position management controls in commodity derivatives |
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Entered into force
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Article 58 Position reporting by categories of position holders |
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Title V Data reporting services (arts. 59-66) |
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Section 1 Authorisation procedures for data reporting services providers (arts. 59-63) |
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Entered into force
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Article 59 Requirement for authorisation |
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Entered into force
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Article 60 Scope of authorisation |
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Amended
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Article 61 Procedures for granting and refusing requests for authorisation |
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Entered into force
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Article 62 Withdrawal of authorisations |
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Entered into force
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Article 63 Requirements for the management body of a data reporting services provider |
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Section 2 Conditions for APAs (art. 64) |
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Entered into force
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Article 64 Organisational requirements |
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Section 3 Conditions for CTPs (art. 65) |
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Entered into force
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Article 65 Organisational requirements |
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Section 4 Conditions for ARMs (art. 66) |
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Entered into force
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Article 66 Organisational requirements |
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Title VI Competent authorities (arts. 67-88) |
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Chapter I Designation, powers and redress procedures (arts. 67-78) |
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Entered into force
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Article 67 Designation of competent authorities |
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Entered into force
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Article 68 Cooperation between authorities in the same Member State |
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Amended
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Article 69 Supervisory powers |
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Amended
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Article 70 Sanctions for infringements |
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Entered into force
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Article 71 Publication of decisions |
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Entered into force
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Article 72 Exercise of supervisory powers and powers to impose sanctions |
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Entered into force
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Article 73 Reporting of infringements |
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Entered into force
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Article 74 Right of appeal |
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Entered into force
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Article 75 Extra-judicial mechanism for consumers complaints |
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Entered into force
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Article 76 Professional secrecy |
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Entered into force
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Article 77 Relations with auditors |
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Entered into force
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Article 78 Data protection |
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Chapter II Cooperation between the competent authorities of the Member States and with ESMA (arts. 79-87) |
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Entered into force
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Article 79 Obligation to cooperate |
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Entered into force
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Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations |
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Entered into force
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Article 81 Exchange of information |
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Entered into force
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Article 82 Binding mediation |
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Entered into force
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Article 83 Refusal to cooperate |
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Entered into force
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Article 84 Consultation prior to authorisation |
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Entered into force
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Article 85 Powers for host Member States |
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Entered into force
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Article 86 Precautionary measures to be taken by host Member States |
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Entered into force
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Article 87 Cooperation and exchange of information with ESMA |
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Chapter III Cooperation with third countries (art. 88) |
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Entered into force
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Article 88 Exchange of information with third countries |
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Title VII Delegated acts (arts. 89-97) |
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Entered into force
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Article 89 Exercise of the delegation |
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Inserted
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Article 89a Committee procedure |
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Final provisions (arts. 90-97) |
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Amended
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Article 90 Reports and review |
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Repealed
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Article 91 Amendments to Directive 2002/92/EC |
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Entered into force
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Article 92 Amendments to Directive 2011/61/EU |
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Amended
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Article 93 Transposition |
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Amended
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Article 94 Repeal |
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Amended
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Article 95 Transitional provisions |
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Entered into force
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Article 96 Entry into force |
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Entered into force
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Article 97 Addressees |
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Amended
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Annex I Lists of services and activities and financial instruments |
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Entered into force
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Annex II Professional clients for the purpose of this Directive |
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Annex III |
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Entered into force
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Annex III, Part A Repealed Directive with list of its successive amendments |
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Entered into force
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Annex III, Part B List of time-limits for transposition into national law |
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Entered into force
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Annex IV Correlation table referred in Article 94 |
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Done at |
