MiFID IIDirective 2014/65/EU on markets in financial instruments (MiFID II)

TITLE I: SCOPE AND DEFINITIONS

1. Article 1 Scope4 linked
2. Article 2 Exemptions20 linked
3. Article 3 Optional exemptions1 linked
4. Article 4 Definitions40 linked

TITLE II: AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS

CHAPTER I: Conditions and procedures for authorisation

1. Article 5 Requirement for authorisation2 linked
2. Article 6 Scope of authorisation1 linked
3. Article 7 Procedures for granting and refusing requests for authorisation3 linked
4. Article 8 Withdrawal of authorisations1 linked
5. Article 9 Management body1 linked
6. Article 10 Shareholders and members with qualifying holdings
7. Article 11 Notification of proposed acquisitions
8. Article 12 Assessment period2 linked
9. Article 13 Assessment1 linked
10. Article 14 Membership of an authorised investor compensation scheme
11. Article 15 Initial capital endowment1 linked
12. Article 16 Organisational requirements38 linked
13. Article 16a Exemptions from product governance requirements2 linked
14. Article 17 Algorithmic trading24 linked
15. Article 18 Trading process and finalisation of transactions in an MTF and an OTF4 linked
16. Article 19 Specific requirements for MTFs4 linked
17. Article 20 Specific requirements for OTFs16 linked

CHAPTER II: Operating conditions for investment firms

Section 1: General provisions

1. Article 21 Regular review of conditions for initial authorisation1 linked
2. Article 22 General obligation in respect of on-going supervision
3. Article 23 Conflicts of interest6 linked

Section 2: Provisions to ensure investor protection

1. Article 24 General principles and information to clients74 linked
2. Article 25 Assessment of suitability and appropriateness and reporting to clients47 linked
3. Article 26 Provision of services through the medium of another investment firm
4. Article 27 Obligation to execute orders on terms most favourable to the client36 linked
5. Article 28 Client order handling rules1 linked
6. Article 29 Obligations of investment firms when appointing tied agents
7. Article 29a Services provided to professional clients
8. Article 30 Transactions executed with eligible counterparties1 linked

Section 3: Market transparency and integrity

1. Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations1 linked
2. Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF3 linked

Section 4: SME growth markets

1. Article 33 SME growth markets4 linked

CHAPTER III: Rights of investment firms

1. Article 34 Freedom to provide investment services and activities5 linked
2. Article 35 Establishment of a branch5 linked
3. Article 36 Access to regulated markets
4. Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system
5. 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

Section 1: Provision of services or performance of activities through the establishment of a branch

1. Article 39 Establishment of a branch1 linked
2. Article 40 Obligation to provide information
3. Article 41 Granting of the authorisation2 linked
4. Article 42 Provision of services at the exclusive initiative of the client5 linked

Section 2: Withdrawal of authorisations

1. Article 43 Withdrawal of authorisations

TITLE III: REGULATED MARKETS

1. Article 44 Authorisation and applicable law2 linked
2. Article 45 Requirements for the management body of a market operator1 linked
3. Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market
4. Article 47 Organisational requirements3 linked
5. Article 48 Systems resilience, circuit breakers and electronic trading19 linked
6. Article 49 Tick sizes14 linked
7. Article 50 Synchronisation of business clocks (deleted)1 linked
8. Article 51 Admission of financial instruments to trading1 linked
9. Article 51a Specific conditions for the admission of shares to trading
10. Article 52 Suspension and removal of financial instruments from trading on a regulated market3 linked
11. Article 53 Access to a regulated market4 linked
12. Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations3 linked
13. Article 55 Provisions regarding CCP and clearing and settlement arrangements
14. Article 56 List of regulated markets

TITLE IV: POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING

1. Article 57 Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances71 linked
2. Article 58 Position reporting by categories of position holders28 linked

TITLE V: DATA REPORTING SERVICES

Section 1: Authorisation procedures for data reporting services providers

1. Article 59 Requirement for authorisation (deleted)
2. Article 60 Scope of authorisation (deleted)
3. Article 61 Procedures for granting and refusing requests for authorisation (deleted)3 linked
4. Article 62 Withdrawal of authorisations (deleted)
5. Article 63 Requirements for the management body of a data reporting services provider (deleted)

Section 2: Conditions for APAs

1. Article 64 Organisational requirements (deleted)2 linked

Section 3: Conditions for CTPs

1. Article 65 Organisational requirements (deleted)3 linked

Section 4: Conditions for ARMs

1. Article 66 Organisational requirements (deleted)1 linked

TITLE VI: COMPETENT AUTHORITIES

CHAPTER I: Designation, powers and redress procedures

1. Article 67 Designation of competent authorities
2. Article 68 Cooperation between authorities in the same Member State
3. Article 69 Supervisory powers
4. Article 70 Sanctions for infringements
5. Article 71 Publication of decisions1 linked
6. Article 72 Exercise of supervisory powers and powers to impose sanctions
7. Article 73 Reporting of infringements
8. Article 74 Right of appeal
9. Article 75 Extra-judicial mechanism for consumers complaints
10. Article 76 Professional secrecy
11. Article 77 Relations with auditors
12. Article 78 Data protection

CHAPTER II: Cooperation between the competent authorities of the Member States and with ESMA

1. Article 79 Obligation to cooperate2 linked
2. Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations2 linked
3. Article 81 Exchange of information1 linked
4. Article 82 Binding mediation
5. Article 83 Refusal to cooperate1 linked
6. Article 84 Consultation prior to authorisation1 linked
7. Article 85 Powers for host Member States
8. Article 86 Precautionary measures to be taken by host Member States
9. Article 87 Cooperation and exchange of information with ESMA
10. Article 87a Accessibility of information on the European single access point

CHAPTER III: Cooperation with third countries

1. Article 88 Exchange of information with third countries

TITLE VII: DELEGATED ACTS

1. Article 89 Exercise of the delegation
2. Article 89a Committee procedure

FINAL PROVISIONS

1. Article 90 Reports and review
2. Article 91 Amendments to Directive 2002/92/EC (deleted)
3. Article 92 Amendments to Directive 2011/61/EU
4. Article 93 Transposition1 linked
5. Article 94 Repeal
6. Article 95 Transitional provisions
7. Article 95a Transitional provision on the authorisation of credit institution referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013
8. Article 96 Entry into force
9. Article 97 Addressees

1. Annex I LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS6 linked
2. Annex II PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE8 linked
3. Annex III
4. Annex IV Correlation table referred in Article 94