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Version from: 28/03/2024

Level 2 legal acts in relation to MiFID II

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Procedure 2011/0298/COD

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Synchronised with EUR-Lex on 27/07/2024

MiFID II Tool Markets in Financial Instruments Directive (MiFID II)

Markets in Financial Instruments Directive (MiFID II)

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (Text with EEA relevance)

TITLE I - SCOPE AND DEFINITIONS (Article 1-4)Article 1 - Scope DA Article 2 - Exemptions RTSDAQ&A Article 3 - Optional exemptions Q&A Article 4 - Definitions DAQ&AGL

TITLE II - AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS (Article 5-43)

CHAPTER I - Conditions and procedures for authorisation (Article 5-20)Article 5 - Requirement for authorisation Q&A Article 6 - Scope of authorisation Q&A Article 7 - Procedures for granting and refusing requests for authorisation ITSRTSQ&AGL Article 8 - Withdrawal of authorisations Q&A Article 9 - Management body ITSRTSQ&AGL Article 10 - Shareholders and members with qualifying holdings RTS Article 11 - Notification of proposed acquisitions ITSGL Article 12 - Assessment period ITSRTSGL Article 13 - Assessment RTSGL Article 14 - Membership of an authorised investor compensation scheme Article 15 - Initial capital endowment Q&A Article 16 - Organisational requirements DAQ&AGL Article 16a - Exemptions from product governance requirements Q&A Article 17 - Algorithmic trading RTSQ&A Article 18 - Trading process and finalisation of transactions in an MTF and an OTF ITSQ&AGL Article 19 - Specific requirements for MTFs ITSQ&AGL Article 20 - Specific requirements for OTFs Q&A

CHAPTER II - Operating conditions for investment firms (Article 21-33)

Section 1 - General provisions (Article 21-23)Article 21 - Regular review of conditions for initial authorisation Q&A Article 22 - General obligation in respect of on-going supervision Article 23 - Conflicts of interest DAQ&AGL

Section 2 - Provisions to ensure investor protection (Article 24-30)Article 24 - General principles and information to clients DAQ&AGL Article 25 - Assessment of suitability and appropriateness and reporting to clients DAIAQ&AGL Article 26 - Provision of services through the medium of another investment firm Article 27 - Obligation to execute orders on terms most favourable to the client RTSDAQ&A Article 28 - Client order handling rules DA Article 29 - Obligations of investment firms when appointing tied agents Article 29a - Services provided to professional clients Article 30 - Transactions executed with eligible counterparties DA

Section 3 - Market transparency and integrity (Article 31-32)Article 31 - Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations DA Article 32 - Suspension and removal of financial instruments from trading on an MTF or an OTF ITSRTSDA

Section 4 - SME growth markets (Article 33)Article 33 - SME growth markets DAQ&A

CHAPTER III - Rights of investment firms (Article 34-38)Article 34 - Freedom to provide investment services and activities ITSRTSQ&A Article 35 - Establishment of a branch ITSRTSQ&A Article 36 - Access to regulated markets Article 37 - Access to CCP, clearing and settlement facilities and right to designate settlement system 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 (Article 39-43)

Section 1 - Provision of services or performance of activities through the establishment of a branch (Article 39-42)Article 39 - Establishment of a branch Article 40 - Obligation to provide information Article 41 - Granting of the authorisation ITSQ&A Article 42 - Provision of services at the exclusive initiative of the client Q&A

Section 2 - Withdrawal of authorisations (Article 43)Article 43 - Withdrawal of authorisations

TITLE III - REGULATED MARKETS (Article 44-56)Article 44 - Authorisation and applicable law Q&A Article 45 - Requirements for the management body of a market operator GL Article 46 - Requirements relating to persons exercising significant influence over the management of the regulated market Article 47 - Organisational requirements Q&AGL Article 48 - Systems resilience, circuit breakers and electronic trading RTSQ&AGL Article 49 - Tick sizes RTSQ&A Article 50 - Synchronisation of business clocks [repealed] RTSGL Article 51 - Admission of financial instruments to trading RTS Article 52 - Suspension and removal of financial instruments from trading on a regulated market ITSRTSDA Article 53 - Access to a regulated market Q&A Article 54 - Monitoring of compliance with the rules of the regulated market and with other legal obligations DA Article 55 - Provisions regarding CCP and clearing and settlement arrangements Article 56 - List of regulated markets

TITLE IV - POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING (Article 57-58)Article 57 - Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances RTSQ&A Article 58 - Position reporting by categories of position holders ITSDAQ&A

TITLE V - DATA REPORTING SERVICES (Article 59-66)

Section 1 - Authorisation procedures for data reporting services providers (Article 59-63)Article 59 - Requirement for authorisation [repealed] Q&A Article 60 - Scope of authorisation [repealed] Q&A Article 61 - Procedures for granting and refusing requests for authorisation [repealed] ITSRTSQ&A Article 62 - Withdrawal of authorisations [repealed] Q&A Article 63 - Requirements for the management body of a data reporting services provider [repealed] ITSRTSGL

Section 2 - Conditions for APAs (Article 64)Article 64 - Organisational requirements [repealed] RTSDAQ&AGL

Section 3 - Conditions for CTPs (Article 65)Article 65 - Organisational requirements [repealed] RTSDAQ&AGL

Section 4 - Conditions for ARMs (Article 66)Article 66 - Organisational requirements [repealed] RTSGL

TITLE VI - COMPETENT AUTHORITIES (Article 67-88)

CHAPTER I - Designation, powers and redress procedures (Article 67-78)Article 67 - Designation of competent authorities Article 68 - Cooperation between authorities in the same Member State Article 69 - Supervisory powers Article 70 - Sanctions for infringements Article 71 - Publication of decisions ITS Article 72 - Exercise of supervisory powers and powers to impose sanctions Article 73 - Reporting of infringements Article 74 - Right of appeal Article 75 - Extra-judicial mechanism for consumers complaints Article 76 - Professional secrecy Article 77 - Relations with auditors Article 78 - Data protection

CHAPTER II - Cooperation between the competent authorities of the Member States and with ESMA (Article 79-87a)Article 79 - Obligation to cooperate ITSDA Article 80 - Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations ITSRTS Article 81 - Exchange of information ITS Article 82 - Binding mediation Article 83 - Refusal to cooperate Article 84 - Consultation prior to authorisation ITS Article 85 - Powers for host Member States Article 86 - Precautionary measures to be taken by host Member States Article 87 - Cooperation and exchange of information with ESMA Article 87a - Accessibility of information on the European single access point

CHAPTER III - Cooperation with third countries (Article 88)Article 88 - Exchange of information with third countries

TITLE VII - DELEGATED ACTS (Article 89-89a)Article 89 - Exercise of the delegation Article 89a - Committee procedure

FINAL PROVISIONS (Article 90-97)Article 90 - Reports and review Article 91 - Amendments to Directive 2002/92/EC Article 92 - Amendments to Directive 2011/61/EU Q&A Article 93 - Transposition Article 94 - Repeal Article 95 - Transitional provisions 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 Article 96 - Entry into force Article 97 - Addressees

ANNEX I RTSDAQ&A ANNEX II Q&A ANNEX III ANNEX IV

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