Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Published date: 12 June 2014
    Version 1 of 1    

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

Recitals
Title I Scope and definitions (arts. 1-4)
Entered into force
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
Entered into force
Article 6 Scope of authorisation
Entered into force
Article 7 Procedures for granting and refusing requests for authorisation
Entered into force
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
Entered into force
Article 15 Initial capital endowment
Entered into force
Article 16 Organisational requirements
Entered into force
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
Entered into force
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)
Entered into force
Article 24 General principles and information to clients
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
Entered into force
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
Entered into force
Article 30 Transactions executed with eligible counterparties
Section 3 Market transparency and integrity (arts. 31-32)
Entered into force
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)
Entered into force
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
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
Entered into force
Article 41 Granting of the authorisation
Entered into force
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
Entered into force
Article 47 Organisational requirements
Entered into force
Article 48 Systems resilience, circuit breakers and electronic trading
Entered into force
Article 49 Tick sizes
Entered into force
Article 50 Synchronisation of business clocks
Entered into force
Article 51 Admission of financial instruments 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)
Entered into force
Article 57 Position limits and position management controls in commodity derivatives
Entered into force
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)
Entered into force
Article 59 Requirement for authorisation
Entered into force
Article 60 Scope of authorisation
Amended
Article 61 Procedures for granting and refusing requests for authorisation
Entered into force
Article 62 Withdrawal of authorisations
Entered into force
Article 63 Requirements for the management body of a data reporting services provider
Section 2 Conditions for APAs (art. 64)
Entered into force
Article 64 Organisational requirements
Section 3 Conditions for CTPs (art. 65)
Entered into force
Article 65 Organisational requirements
Section 4 Conditions for ARMs (art. 66)
Entered into force
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
Entered into force
Article 71 Publication of decisions
Entered into force
Article 72 Exercise of supervisory powers and powers to impose sanctions
Entered into force
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
Entered into force
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. 79-87)
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
Entered into force
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
Chapter III Cooperation with third countries (art. 88)
Entered into force
Article 88 Exchange of information with third countries
Title VII Delegated acts (arts. 89-97)
Entered into force
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
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
Done at