Art. 34 of MiFID II Art. 35 of MiFID II
Should competent authorities in a host Member State be obliged to accept new passport notifications concerning firms authorised in a Member State that has not transposed MiFID II at the date of 3 January 2018?
Answer 4
No. In ESMA’s view, a stricter approach is warranted in this situation taking into account that a firm is not already offering the relevant services in the host Member State.
Therefore, if a Member State fails to transpose MiFID II by 3 January 2018, competent authorities in a host Member State should not be obliged to accept new passport notifications by firms authorised in the late transposing Member State and wishing to provide services in that host jurisdiction for the first time after 3 January 2018 (or wishing to extend their existing passport notifications to new investment services and activities or to new financial instruments).