MiFID II

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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

TITLE I : SCOPE AND DEFINITIONS
		Article 1 : Scope
		Article 2 : Exemptions
		Article 3 : Optional exemptions
		Article 4 : Definitions
TITLE II : AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
	CHAPTER I : Conditions and procedures for authorisation
		Article 5 : Requirement for authorisation
		Article 6 : Scope of authorisation
		Article 7 : Procedures for granting and refusing requests for authorisation
		Article 8 : Withdrawal of authorisations
		Article 9 : Management body
		Article 10 : Shareholders and members with qualifying holdings
		Article 11 : Notification of proposed acquisitions
		Article 12 : Assessment period
		Article 13 : Assessment
		Article 14 : Membership of an authorised investor compensation scheme
		Article 15 : Initial capital endowment
		Article 16 : Organisational requirements
		Article 17 : Algorithmic trading
		Article 18 : Trading process and finalisation of transactions in an MTF and an OTF
		Article 19 : Specific requirements for MTFs
		Article 20 : Specific requirements for OTFs
CHAPTER II : Operating conditions for investment firms
	S e c t i o n 1 : G e n e r a l p r o v i s i o n s
		Article 21 : Regular review of conditions for initial authorisation
		Article 22 : General obligation in respect of on-going supervision
		Article 23 : Conflicts of interest
	S e c t i o n 2 : P r o v i s i o n s t o e n s u r e i n v e s t o r p r o t e c t i o
		Article 24 : General principles and information to clients
		Article 25 : Assessment of suitability and appropriateness and reporting to clients
		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
		Article 28 : Client order handling rules
		Article 29 : Obligations of investment firms when appointing tied agents
		Article 30 : Transactions executed with eligible counterparties
	S e c t i o n 3 : M a r k e t t r a n s p a r e n c y a n d i n t e g r i t y
		Article 31 : Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations
		Article 32 : Suspension and removal of financial instruments from trading on an MTF or an OTF
	S e c t i o n 4 : S M E g r o w t h m a r k e t s
		Article 33 : SME growth markets
CHAPTER III : Rights of investment firms
		Article 34 : Freedom to provide investment services and activities
		Article 35 : Establishment of a branch
		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
	S e c t i o n 1 : P r o v i s i o n o f s e r v i c e s o r p e r f o r m a n c e o f a c t i v i t i e s t h r o u g h t h e e s t a b l i s h m e n t o f a b r a n c h
		Article 39 : Establishment of a branch
		Article 40 : Obligation to provide information
		Article 41 : Granting of the authorisation
		Article 42 : Provision of services at the exclusive initiative of the client
	S e c t i o n 2 : W i t h d r a w a l o f a u t h o r i s a t i o n s
		Article 43 : Withdrawal of authorisations
TITLE III : REGULATED MARKETS
		Article 44 : Authorisation and applicable law
		Article 45 : Requirements for the management body of a market operator
		Article 46 : Requirements relating to persons exercising significant influence over the management of the regulated market
		Article 47 : Organisational requirements
		Article 48 : Systems resilience, circuit breakers and electronic trading
		Article 49 : Tick sizes
		Article 50 : Synchronisation of business clocks
		Article 51 : Admission of financial instruments to trading
		Article 52 : Suspension and removal of financial instruments from trading on a regulated market
		Article 53 : Access to a regulated market
		Article 54 : Monitoring of compliance with the rules of the regulated market and with other legal obligations
		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 : Position limits and position management controls in commodity derivatives
		Article 58 : Position reporting by categories of position holders
TITLE V : DATA REPORTING SERVICES
	S e c t i o n 1 : A u t h o r i s a t i o n p r o c e d u r e s f o r d a t a r e p o r t i n g s e r v i c e s p r o v i d e r s
		Article 59 : Requirement for authorisation
		Article 60 : Scope of authorisation
		Article 61 : Procedures for granting and refusing requests for authorisation
		Article 62 : Withdrawal of authorisations
		Article 63 : Requirements for the management body of a data reporting services provider
	S e c t i o n 2 : C o n d i t i o n s f o r A P A s
		Article 64 : Organisational requirements
	S e c t i o n 3 : C o n d i t i o n s f o r C T P s
		Article 65 : Organisational requirements
	S e c t i o n 4 : C o n d i t i o n s f o r A R M s
		Article 66 : Organisational requirements
TITLE VI : COMPETENT AUTHORITIES
	CHAPTER I : Designation, powers and redress procedures
		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
		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 : Obligation to cooperate
		Article 80 : Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations
		Article 81 : Exchange of information
		Article 82 : Binding mediation
		Article 83 : Refusal to cooperate
		Article 84 : Consultation prior to authorisation
		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
	CHAPTER III : Cooperation with third countries
		Article 88 : Exchange of information with third countries
TITLE VII : DELEGATED ACTS
		Article 89 : Exercise of the delegation
FINAL PROVISIONS
		Article 90 : Reports and review
		Article 91 : Amendments to Directive 2002/92/EC
		Article 92 : Amendments to Directive 2011/61/EU
		Article 93 : Transposition
		Article 94 : Repeal
		Article 95 : Transitional provisions
		Article 96 : Entry into force
		Article 97 : Addressees
ANNEX I : LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS
ANNEX II : PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE
ANNEX III

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