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