2014L0065 - Summary
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)
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🇫🇷 French Version: 2014L0065_FR.0. Open the PDF. Direct link to EUR-LEX.
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 16a - Exemptions from product governance 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
Section 1 - General provisions
Article 21 - Regular review of conditions for initial authorisation
Article 22 - General obligation in respect of on-going supervision
Article 23 - Conflicts of interest
Section 2 - Provisions to ensure investor protection
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 29a - Services provided to professional clients
Article 30 - Transactions executed with eligible counterparties
Section 3 - Market transparency and integrity
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
Section 4 - SME growth markets
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
Section 1 - Provision of services or performance of activities through the establishment of a branch
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
Section 2 - Withdrawal of authorisations
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 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 in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances
Article 58 - Position reporting by categories of position holders
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
Article 87a - Accessibility of information on the European single access point
CHAPTER III - Cooperation with third countries
Article 88 - Exchange of information with third countries
TITLE VII - DELEGATED ACTS
Article 89 - Exercise of the delegation
Article 89a - Committee procedure
FINAL PROVISIONS
Article 90 - Reports and review
Article 92 - Amendments to Directive 2011/61/EU
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 - LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS
Annex II - PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE
Annex III - Repealed Directive with list of its successive amendments
Annex IIII - Correlation table referred in Article 94