Title II Authorisation and Operating Conditions for Investment Firms (arts. 5-35)

Comparing proposed amendment...


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

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