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Directive 2004/39/EC - Markets in Financial Instruments Directive (MiFID)RecitalsTitle I Definitions and Scope (arts. 1-4)Article 1 ScopeArticle 2 ExemptionsArticle 3 Optional exemptionsArticle 4 DefinitionsTitle II Authorisation and Operating Conditions for Investment Firms (arts. 5-35)Chapter I Conditions and Procedures for Authorisation (arts. 5-15)Article 5 Requirement for authorisationArticle 6 Scope of authorisationArticle 7 Procedures for granting and refusing requests for authorisationArticle 8 Withdrawal of authorisationsArticle 9 Persons who effectively direct the businessArticle 10 Shareholders and members with qualifying holdingsArticle 10a Assessment periodArticle 10b AssessmentArticle 11 Membership of an authorised Investor Compensation SchemeArticle 12 Initial capital endowmentArticle 13 Organisational requirementsArticle 14 Trading process and finalisation of transactions in an MTFArticle 15 Relations with third countriesChapter II Operating Conditions for Investment Firms (arts. 16-30)Section 1 General provisions (arts. 16-18)Article 16 Regular review of conditions for initial authorisationArticle 17 General obligation in respect of on-going supervisionArticle 18 Conflicts of interestSection 2 Provisions to ensure investor protection (arts. 19-24)Article 19 Conduct of business obligations when providing investment services to clientsArticle 20 Provision of services through the medium of another investment firmArticle 21 Obligation to execute orders on terms most favourable to the clientArticle 22 Client order handling rulesArticle 23 Obligations of investment firms when appointing tied agentsArticle 24 Transactions executed with eligible counterpartiesSection 3 Market transparency and integrity (arts. 25-30)Article 25 Obligation to uphold integrity of markets, report transactions and maintain recordsArticle 26 Monitoring of compliance with the rules of the MTF and with other legal obligationsArticle 27 Obligation for investment firms to make public firm quotesArticle 28 Post-trade disclosure by investment firmsArticle 29 Pre-trade transparency requirements for MTFsArticle 30 Post-trade transparency requirements for MTFsChapter III Rights of Investments Firms (arts. 31-35)Article 31 Freedom to provide investment services and activitiesArticle 32 Establishment of a branchArticle 33 Access to regulated marketsArticle 34 Access to central counterparty, clearing and settlement facilities and right to designate settlement systemArticle 35 Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFsTitle III Regulated Markets (arts. 36-47)Article 36 Authorisation and applicable lawArticle 37 Requirements for the management of the regulated marketArticle 38 Requirements relating to persons exercising significant influence over the management of the regulated marketArticle 39 Organisational requirementsArticle 40 Admission of financial instruments to tradingArticle 41 Suspension and removal of instruments from tradingArticle 42 Access to the regulated marketArticle 43 Monitoring of compliance with the rules of the regulated market and with other legal obligationsArticle 44 Pre-trade transparency requirements for regulated marketsArticle 45 Post-trade transparency requirements for regulated marketsArticle 46 Provisions regarding central counterparty and clearing and settlement arrangementsArticle 47 List of regulated marketsTitle IV Competent Authorities (arts. 48-63)Chapter I Designation, Powers and Redress Procedures (arts. 48-55)Article 48 Designation of competent authoritiesArticle 49 Cooperation between authorities in the same Member StateArticle 50 Powers to be made available to competent authoritiesArticle 51 Administrative sanctionsArticle 52 Right of appealArticle 53 Extra-judicial mechanism for investors' complaintsArticle 54 Professional secrecyArticle 55 Relations with auditorsChapter II Cooperation Between Competent Authorities of Different Member States and with ESMA (arts. 56-62a)Article 56 Obligation to cooperateArticle 57 Cooperation in supervisory activities, on-the-spot verifications or in investigationsArticle 58 Exchange of informationArticle 58a Binding mediationArticle 59 Refusal to cooperateArticle 60 Inter-authority consultation prior to authorisationArticle 61 Powers for host Member StatesArticle 62 Precautionary measures to be taken by host Member StatesArticle 62a Cooperation and exchange of information with ESMAChapter III Cooperation With Third Countries (art. 63)Article 63 Exchange of information with third countriesTitle V Final Provisions (arts. 64-73)Article 64 Committee procedureArticle 64a Sunset clauseArticle 65 Reports and reviewArticle 66 Amendment of Directive 85/611/EECArticle 67 Amendment of Directive 93/6/EECArticle 68 Amendment of Directive 2000/12/ECArticle 69 Repeal of Directive 93/22/EECArticle 70 TranspositionArticle 71 Transitional provisionsArticle 72 Entry into forceArticle 73 AddresseesAnnex I List of Services and Activities and Financial InstrumentsAnnex II Professional Clients for the Purpose of this DirectiveDone at
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Section 1 General provisions (arts. 16-18)

Article 16 Regular review of conditions for initial authorisation
Article 17 General obligation in respect of on-going supervision
Article 18 Conflicts of interest
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