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 47 MiFIREquivalence decision

In force

Read the official text on EUR-Lex(opens in a new tab)

AI-generated What this provision does

Lets the Commission adopt equivalence decisions finding that a third country's prudential, organisational and conduct rules for investment firms have equivalent effect to the EU's (including IFR and IFD), with effective supervision and reciprocal recognition; where third-country firms' EU activity may be systemically important, a detailed assessment applies and operational conditions may be attached. ESMA must establish cooperation arrangements with the third-country authorities, and decisions can be reviewed or withdrawn.

Amendments and application dates

Amending act	Change	Applies from
Regulation (EU) 2019/2033	Text inserted; Text amended	by 26 Jun 2021

Level 3: ESMA Q&As, guidelines and opinions

Q&AAnsweredInferred · 70%
ESMA_QA_1497: Multilateral and bilateral systems - Systematic internalisers
ESMA · 1 Apr 2019 · the ESMA website
AI summaryAn EU branch of a third-country firm may operate as a systematic internaliser if it meets the SI rules (Articles 14 to 27 MiFIR) and the criteria on centralised risk management, but without a Commission equivalence decision it may act as an SI only in the Member State where it is authorised and serve clients there.

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 47 UK MiFIR · Equivalence determination
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), Financial Services and Markets Act 2023 (from 1 Dec 2024), S.I. 2025/82 (from 27 Feb 2025). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.

Version history

From 26 Jun 2021
From 1 Jul 2016 to 26 Jun 2021
From 2 Jul 2014 to 1 Jul 2016

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.