Document Overview for: Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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1Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)
12 June 2014

Recitals

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Title I Scope and definitions (arts. 1-4)

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Article 1 Scope

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 2 Exemptions

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4Point replaced, see Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)

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1 July 2016
3Point replaced, see Article 71 Amendments to Directive 2014/65/EU Regulation 909/2014/EU - Central Securities Depositories Regulation (CSDR)

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17 September 2014
2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 3 Optional exemptions

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 4 Definitions

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4Text substituted, see Corrigendum to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU

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13 July 2016
3Point added, see Article 71 Amendments to Directive 2014/65/EU Regulation 909/2014/EU - Central Securities Depositories Regulation (CSDR)

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17 September 2014
2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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2 July 2014
1Published
12 June 2014

Title II Authorisation and operating conditions for investment firms (arts. 5-43)

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Chapter I Conditions and procedures for authorisation (arts. 5-20)

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Article 5 Requirement for authorisation

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 6 Scope of authorisation

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 7 Procedures for granting and refusing requests for authorisation

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 8 Withdrawal of authorisations

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 9 Management body

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 10 Shareholders and members with qualifying holdings

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 11 Notification of proposed acquisitions

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 12 Assessment period

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 13 Assessment

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 14 Membership of an authorised investor compensation scheme

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 15 Initial capital endowment

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 16 Organisational requirements

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 17 Algorithmic trading

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 18 Trading process and finalisation of transactions in an MTF and an OTF

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 19 Specific requirements for MTFs

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 20 Specific requirements for OTFs

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2Initial commencement by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Chapter II Operating conditions for investment firms (arts. 21-33)

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1

Section 1 General provisions (arts. 21-23)

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Article 21 Regular review of conditions for initial authorisation

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 22 General obligation in respect of on-going supervision

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 23 Conflicts of interest

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Section 2 Provisions to ensure investor protection (arts. 24-30)

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1

Article 24 General principles and information to clients

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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2 July 2014
1Published
12 June 2014

Article 25 Assessment of suitability and appropriateness and reporting to clients

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3Sub paragraph replaced, see Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)

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1 July 2016
2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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2 July 2014
1Published
12 June 2014

Article 26 Provision of services through the medium of another investment firm

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 27 Obligation to execute orders on terms most favourable to the client

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 28 Client order handling rules

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 29 Obligations of investment firms when appointing tied agents

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 30 Transactions executed with eligible counterparties

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Section 3 Market transparency and integrity (arts. 31-32)

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1

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations

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2 July 2014
1Published
12 June 2014

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Section 4 SME growth markets (art. 33)

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1

Article 33 SME growth markets

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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2 July 2014
1Published
12 June 2014

Chapter III Rights of investment firms (arts. 34-38)

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Article 34 Freedom to provide investment services and activities

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3Text amended by Corrigendum to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU

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10 March 2017
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 35 Establishment of a branch

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3Text amended by Corrigendum to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU

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10 March 2017
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 36 Access to regulated markets

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system

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2Initial commencement by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Chapter IV Provision of investment services and activities by third-country firms (arts. 39-43)

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1

Section 1 Provision of services or performance of activities through the establishment of a branch (arts. 39-42)

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1

Article 39 Establishment of a branch

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2Entered into force

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1Published
12 June 2014

Article 40 Obligation to provide information

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 41 Granting of the authorisation

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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12 June 2014

Article 42 Provision of services at the exclusive initiative of the client

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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2 July 2014
1Published
12 June 2014

Section 2 Withdrawal of authorisations (art. 43)

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1

Article 43 Withdrawal of authorisations

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Title III Regulated Markets (arts. 44-56)

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Article 44 Authorisation and applicable law

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2 July 2014
1Published
12 June 2014

Article 45 Requirements for the management body of a market operator

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 47 Organisational requirements

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 48 Systems resilience, circuit breakers and electronic trading

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12 June 2014

Article 49 Tick sizes

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2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 50 Synchronisation of business clocks

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12 June 2014

Article 51 Admission of financial instruments to trading

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12 June 2014

Article 52 Suspension and removal of financial instruments from trading on a regulated market

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12 June 2014

Article 53 Access to a regulated market

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2 July 2014
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12 June 2014

Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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1Published
12 June 2014

Article 55 Provisions regarding CCP and clearing and settlement arrangements

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 56 List of regulated markets

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Title IV Position limits and position management controls in commodity derivatives and reporting (arts. 57-58)

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Article 57 Position limits and position management controls in commodity derivatives

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2 July 2014
1Published
12 June 2014

Article 58 Position reporting by categories of position holders

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Title V Data reporting services (arts. 59-66)

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Section 1 Authorisation procedures for data reporting services providers (arts. 59-63)

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1

Article 59 Requirement for authorisation

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 60 Scope of authorisation

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 61 Procedures for granting and refusing requests for authorisation

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3Subarticle substituted by Corrigendum to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU

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8 October 2016
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 62 Withdrawal of authorisations

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12 June 2014

Article 63 Requirements for the management body of a data reporting services provider

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2 July 2014
1Published
12 June 2014

Section 2 Conditions for APAs (art. 64)

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Article 64 Organisational requirements

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Section 3 Conditions for CTPs (art. 65)

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Article 65 Organisational requirements

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Section 4 Conditions for ARMs (art. 66)

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Article 66 Organisational requirements

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Title VI Competent authorities (arts. 67-88)

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Chapter I Designation, powers and redress procedures (arts. 67-78)

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Article 67 Designation of competent authorities

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 68 Cooperation between authorities in the same Member State

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 69 Supervisory powers

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3Text replaced by Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)

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1 July 2016
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 70 Sanctions for infringements

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3Text replaced by Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)

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1 July 2016
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
1Published
12 June 2014

Article 71 Publication of decisions

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 72 Exercise of supervisory powers and powers to impose sanctions

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12 June 2014

Article 73 Reporting of infringements

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 74 Right of appeal

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 75 Extra-judicial mechanism for consumers complaints

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 76 Professional secrecy

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 77 Relations with auditors

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 78 Data protection

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Chapter II Cooperation between the competent authorities of the Member States and with ESMA (arts. 79-87)

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Article 79 Obligation to cooperate

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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2 July 2014
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12 June 2014

Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 81 Exchange of information

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 82 Binding mediation

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 83 Refusal to cooperate

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 84 Consultation prior to authorisation

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 85 Powers for host Member States

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 86 Precautionary measures to be taken by host Member States

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 87 Cooperation and exchange of information with ESMA

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Chapter III Cooperation with third countries (art. 88)

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1

Article 88 Exchange of information with third countries

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Title VII Delegated acts (arts. 89-97)

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1

Article 89 Exercise of the delegation

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 89a Committee procedure

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1Inserted by Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)
1 July 2016

Final provisions (arts. 90-97)

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1

Article 90 Reports and review

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3Text replaced, see Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)

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1 July 2016
2Entered into force, see Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II (MiFID II)

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Article 91 Amendments to Directive 2002/92/EC

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3Repealed by Article 44 Repeal Directive 2016/97/EU - Insurance Distribution Directive (IDD)

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23 February 2018

Repealed by virtue of art. 44 and Ann. II, Pt A to Directive 2016/97/EU with effect from 23 February 2018, without prejudice to the obligations of the Member States relating to the time limits for the transposition into national law of the Directives set out in Pt B of Ann. II to Directive 2016/97/EU.

2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 92 Amendments to Directive 2011/61/EU

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 93 Transposition

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3Text replaced by Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)

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1 July 2016
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 94 Repeal

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3Text replaced by Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)

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1 July 2016
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 95 Transitional provisions

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3Text replaced by Article 1 Directive (EU) 2016/1034 of the European Parliament and of the Council of 23 June 2016 amending Directive 2014/65/EU on markets in financial instruments (Text with EEA relevance)

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1 July 2016
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Article 96 Entry into force

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Article 97 Addressees

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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12 June 2014

Annex I Lists of services and activities and financial instruments

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3Point replaced by Article 71 Amendments to Directive 2014/65/EU Regulation 909/2014/EU - Central Securities Depositories Regulation (CSDR)

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17 September 2014
2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Annex II Professional clients for the purpose of this Directive

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Annex III

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1

Annex III, Part A Repealed Directive with list of its successive amendments

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Annex III, Part B List of time-limits for transposition into national law

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Annex IV Correlation table referred in Article 94

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2Entered into force by Article 96 Entry into force Directive 2014/65/EU - Markets in Financial Instruments Directive II - MiFID II

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Done at

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1