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Chapter I Conditions and Procedures for Authorisation (arts. 5-15) |
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Article 5 Requirement for authorisation |
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Article 6 Scope of authorisation |
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Article 7 Procedures for granting and refusing requests for authorisation |
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Article 8 Withdrawal of authorisations |
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Article 9 Persons who effectively direct the business |
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Article 10 Shareholders and members with qualifying holdings |
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Article 10a Assessment period |
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Article 10b Assessment |
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Article 11 Membership of an authorised Investor Compensation Scheme |
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Article 12 Initial capital endowment |
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Article 13 Organisational requirements |
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Article 14 Trading process and finalisation of transactions in an MTF |
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Article 15 Relations with third countries |
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Chapter II Operating Conditions for Investment Firms (arts. 16-30) |
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Section 1 General provisions (arts. 16-18) |
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Article 16 Regular review of conditions for initial authorisation |
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Article 17 General obligation in respect of on-going supervision |
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Article 18 Conflicts of interest |
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Section 2 Provisions to ensure investor protection (arts. 19-24) |
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Article 19 Conduct of business obligations when providing investment services to clients |
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Article 20 Provision of services through the medium of another investment firm |
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Article 21 Obligation to execute orders on terms most favourable to the client |
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Article 22 Client order handling rules |
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Article 23 Obligations of investment firms when appointing tied agents |
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Article 24 Transactions executed with eligible counterparties |
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Section 3 Market transparency and integrity (arts. 25-30) |
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Article 25 Obligation to uphold integrity of markets, report transactions and maintain records |
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Article 26 Monitoring of compliance with the rules of the MTF and with other legal obligations |
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Article 27 Obligation for investment firms to make public firm quotes |
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Article 28 Post-trade disclosure by investment firms |
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Article 29 Pre-trade transparency requirements for MTFs |
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Article 30 Post-trade transparency requirements for MTFs |
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Chapter III Rights of Investments Firms (arts. 31-35) |
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Article 31 Freedom to provide investment services and activities |
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Article 32 Establishment of a branch |
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Article 33 Access to regulated markets |
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Article 34 Access to central counterparty, clearing and settlement facilities and right to designate settlement system |
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Article 35 Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs |
