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

Consolidation Status: Updated to reflect all known changes

Comparing proposed amendment...


	Recitals
	Title I Scope and definitions (arts. 1-4)
Amended	Article 1 Scope
Amended	Article 2 Exemptions
Entered into force	Article 3 Optional exemptions
Amended	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)
Entered into force	Article 5 Requirement for authorisation
Draft	Draft Article 5a Procedure to address unauthorised activities offered through digital means
Entered into force	Article 6 Scope of authorisation
Entered into force	Article 7 Procedures for granting and refusing requests for authorisation
Amended	Article 8 Withdrawal of authorisations
Entered into force	Article 9 Management body
Entered into force	Article 10 Shareholders and members with qualifying holdings
Entered into force	Article 11 Notification of proposed acquisitions
Entered into force	Article 12 Assessment period
Entered into force	Article 13 Assessment
Entered into force	Article 14 Membership of an authorised investor compensation scheme
Amended	Article 15 Initial capital endowment
Amended	Article 16 Organisational requirements
Draft	Draft Article 16-a Product governance requirements
Inserted	Article 16a Exemptions from product governance requirements
Amended	Article 17 Algorithmic trading
Entered into force	Article 18 Trading process and finalisation of transactions in an MTF and an OTF
Entered into force	Article 19 Specific requirements for MTFs
Entered into force	Article 20 Specific requirements for OTFs
	Chapter II Operating conditions for investment firms (arts. 21-33)
	Section 1 General provisions (arts. 21-23)
Entered into force	Article 21 Regular review of conditions for initial authorisation
Amended	Article 22 General obligation in respect of on-going supervision
Entered into force	Article 23 Conflicts of interest
	Section 2 Provisions to ensure investor protection (arts. 24-30)
Amended	Article 24 General principles and information to clients
Draft	Draft Article 24a Inducements
Draft	Draft Article 24b Information on costs, associated charges and third-party payments
Draft	Draft Article 24c Marketing Communications and Practices
Draft	Draft Article 24d Professional requirements
Amended	Article 25 Assessment of suitability and appropriateness and reporting to clients
Entered into force	Article 26 Provision of services through the medium of another investment firm
Amended	Article 27 Obligation to execute orders on terms most favourable to the client
Entered into force	Article 28 Client order handling rules
Entered into force	Article 29 Obligations of investment firms when appointing tied agents
Inserted	Article 29a Services provided to professional clients
Amended	Article 30 Transactions executed with eligible counterparties
	Section 3 Market transparency and integrity (arts. 31-32)
Amended	Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations
Entered into force	Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF
	Section 4 SME growth markets (art. 33)
Amended	Article 33 SME growth markets
	Chapter III Rights of investment firms (arts. 34-38)
Amended	Article 34 Freedom to provide investment services and activities
Amended	Article 35 Establishment of a branch
Draft	Draft Article 35a Reporting of cross-border activities
Entered into force	Article 36 Access to regulated markets
Entered into force	Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system
Entered into force	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)
Entered into force	Article 39 Establishment of a branch
Entered into force	Article 40 Obligation to provide information
Amended	Article 41 Granting of the authorisation
Amended	Article 42 Provision of services at the exclusive initiative of the client
	Section 2 Withdrawal of authorisations (art. 43)
Entered into force	Article 43 Withdrawal of authorisations
	Title III Regulated Markets (arts. 44-56)
Entered into force	Article 44 Authorisation and applicable law
Entered into force	Article 45 Requirements for the management body of a market operator
Entered into force	Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market
Amended	Article 47 Organisational requirements
Amended	Article 48 Systems resilience, circuit breakers and electronic trading
Amended	Article 49 Tick sizes
Deleted	Article 50 Synchronisation of business clocks
Entered into force	Article 51 Admission of financial instruments to trading
Not yet in force	Article 51a Specific conditions for the admission of shares to trading
Entered into force	Article 52 Suspension and removal of financial instruments from trading on a regulated market
Entered into force	Article 53 Access to a regulated market
Entered into force	Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations
Entered into force	Article 55 Provisions regarding CCP and clearing and settlement arrangements
Entered into force	Article 56 List of regulated markets
	Title IV Position limits and position management controls in commodity derivatives and reporting (arts. 57-58)
Amended	Article 57 Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances
Amended	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)
Deleted	Article 59 Requirement for authorisation
Deleted	Article 60 Scope of authorisation
Deleted	Article 61 Procedures for granting and refusing requests for authorisation
Deleted	Article 62 Withdrawal of authorisations
Deleted	Article 63 Requirements for the management body of a data reporting services provider
	Section 2 Conditions for APAs (art. 64)
Deleted	Article 64 Organisational requirements
	Section 3 Conditions for CTPs (art. 65)
Deleted	Article 65 Organisational requirements
	Section 4 Conditions for ARMs (art. 66)
Deleted	Article 66 Organisational requirements
	Title VI Competent authorities (arts. 67-88)
	Chapter I Designation, powers and redress procedures (arts. 67-78)
Entered into force	Article 67 Designation of competent authorities
Entered into force	Article 68 Cooperation between authorities in the same Member State
Amended	Article 69 Supervisory powers
Amended	Article 70 Sanctions for infringements
Amended	Article 71 Publication of decisions
Entered into force	Article 72 Exercise of supervisory powers and powers to impose sanctions
Amended	Article 73 Reporting of infringements
Entered into force	Article 74 Right of appeal
Entered into force	Article 75 Extra-judicial mechanism for consumers complaints
Entered into force	Article 76 Professional secrecy
Amended	Article 77 Relations with auditors
Entered into force	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)
Entered into force	Article 79 Obligation to cooperate
Entered into force	Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations
Amended	Article 81 Exchange of information
Entered into force	Article 82 Binding mediation
Entered into force	Article 83 Refusal to cooperate
Entered into force	Article 84 Consultation prior to authorisation
Entered into force	Article 85 Powers for host Member States
Entered into force	Article 86 Precautionary measures to be taken by host Member States
Entered into force	Article 87 Cooperation and exchange of information with ESMA
Inserted	Article 87a Accessibility of information on the European single access point
Draft	Draft Article 87a Collaboration platforms
	Chapter III Cooperation with third countries (art. 88)
Entered into force	Article 88 Exchange of information with third countries
	Draft Title VIA Financial Education (draft arts. 88a-88b)
Draft	Draft Article 88a Financial education of retail clients and prospective retail clients
Draft	Draft Article 88b Financial education and marketing communication
	Title VII Delegated acts (arts. 89-97)
Amended	Article 89 Exercise of the delegation
Inserted	Article 89a Committee procedure
	Final provisions (arts. 90-97)
Amended	Article 90 Reports and review
Repealed	Article 91 Amendments to Directive 2002/92/EC
Entered into force	Article 92 Amendments to Directive 2011/61/EU
Amended	Article 93 Transposition
Amended	Article 94 Repeal
Amended	Article 95 Transitional provisions
Inserted	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
Entered into force	Article 96 Entry into force
Entered into force	Article 97 Addressees
Amended	Annex I Lists of services and activities and financial instruments
Entered into force	Annex II Professional clients for the purpose of this Directive
	Annex III
Entered into force	Annex III, Part A Repealed Directive with list of its successive amendments
Entered into force	Annex III, Part B List of time-limits for transposition into national law
Entered into force	Annex IV Correlation table referred in Article 94
Draft	Draft Annex V Minimum professional knowledge and competence requirements (as referred to in Article 24d(2))
	Done at

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