EU · MiFID II · TITLE I SCOPE AND DEFINITIONS
Article 3 MiFID IIOptional exemptions
Lets Member States exempt from MiFID II nationally regulated firms that do not hold client assets and only receive and transmit orders in transferable securities and fund units or advise on them (passing orders to authorised firms or funds), and certain firms hedging commodity or emission allowance risks for local energy undertakings or ETS operators. Exempt firms must meet analogous national rules on authorisation, conduct and organisation, belong to an investor compensation scheme (or hold equivalent insurance), and cannot passport.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryTied agents are relevant persons, so the requirement in Article 27(4) of the MiFID II Delegated Regulation to balance fixed and variable remuneration applies to them, though Recital 41 allows a larger variable share given their special status; Member States using the Article 3 exemption must apply at least analogous remuneration rules.
Commentary
No law-firm commentary is linked to this provision yet.
393 more documents relate to MiFID II as a whole without naming an article.
UK counterpart
UK transposition not traced in the FCA Handbook. It may sit in FSMA, the Regulated Activities Order or SI 2017/701, which are not yet mapped.
Version history
- From 17 Sept 2014
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.