EU · MiFID II · TITLE III REGULATED MARKETS
Article 44 MiFID IIAuthorisation and applicable law
Reserves authorisation as a regulated market to systems meeting Title III, granted only once the market operator and systems comply, with ongoing supervision of the operator's responsibility for compliance. The public law of the home Member State governs trading on the regulated market, and authorisation may be withdrawn if unused or inactive, obtained irregularly, no longer meeting its conditions or after serious, systematic breaches, with notice to ESMA.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredInferred · 80%ESMA_QA_1666: Application of MiFID II after 3 January 2018, including issues of ‘late transposition’
AI summaryRegulated market (and market operator MTF) authorisations granted under MiFID I remained valid after MiFID II applied on 3 January 2018, with competent authorities still required to monitor ongoing compliance with the authorisation conditions.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
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.