Art. 5 of MiFID II Art. 21 of MiFID II
Should authorisations to perform investment services or activities granted under MiFID I still be valid after 3 January 2018?
Answer 1
The authorisation granted under MiFID I should continue to be valid after 3 January 2018. However, ESMA notes that, as set out in Article 21 o f MiFID II (and, already, Article 16 of MiFID I) license holders need to comply at all times with the conditions for initial authorisation and may therefore be subject to review by their competent authority.