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EU · MiFIR · TITLE VIII PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH

Article 46 MiFIRGeneral provisions

In force
Read the official text on EUR-Lex(opens in a new tab)
AI-generated What this provision does

Lets third-country firms serve EU eligible counterparties and per se professional clients without a branch once registered by ESMA, which requires a Commission equivalence decision, home authorisation and effective supervision, cooperation arrangements and reporting arrangements. It sets ESMA's application timelines, bars Member States from adding requirements while allowing national regimes absent equivalence, and requires firms to tell clients their limits and to offer EU dispute resolution, with annual reporting to ESMA.

Amendments and application dates

Amending actChangeApplies from
Regulation (EU) 2019/2033Text amended; Text insertedby 26 Jun 2021

Level 2: delegated and implementing acts

Level 3: ESMA Q&As, guidelines and opinions

  • Q&AAnsweredExplicit reference · 90%
    ESMA · 12 Jul 2018 · the ESMA website

    AI summaryFor reverse solicitation under Article 42 MiFID II and Article 46 MiFIR, ESMA lists pairs of products that are not in the same category, such as complex versus non-complex debt, listed versus unlisted securities, subordinated versus senior debt, shares versus ETFs, UCITS versus AIFs and PRIIPs with different risk indicators; instruments in different Annex I Section C categories are always different products.

  • Q&AAnsweredExplicit reference · 90%
    ESMA · 25 May 2018 · the ESMA website

    AI summaryFor reverse solicitation under Article 42 MiFID II and Article 46 MiFIR, a third-country firm provides a new investment service if it adds it after 3 January 2018, and may not market new categories of products, judged case by case by type, complexity and riskiness, granularly enough to prevent circumvention of national regimes.

  • Q&ALegacy Q&A documentESMA rulebook

    AI summaryESMA's consolidated legacy Q&A document (ESMA35-43-349, final version 15 December 2023) on MiFID II investor protection topics, including best execution, suitability, call recording, inducements and research, costs and charges, client categorisation, third-country firms and product governance. It is no longer updated; Q&As from 2024 are in ESMA's Q&A tool.

Commentary

No law-firm commentary is linked to this provision yet.

219 more documents relate to MiFIR as a whole without naming an article.

UK counterpart

  • Article 46 UK MiFIR · General provisions
    UK MiFIR

    Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.

    DivergedExplicit reference

    EU changes after exit: Regulation (EU) 2019/2033 (by 26 Jun 2021). UK changes after onshoring: Financial Services Act 2021 (from 1 Jul 2021). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.

Version history

  1. From 26 Jun 2021
  2. From 2 Jul 2014 to 26 Jun 2021

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.