Council of the European Union and European Parliament 15 May 2014, 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 Also known as
Directive 2014/65/EU aims to regulate markets in financial instruments, enhancing investor protection and ensuring a harmonized framework for investment services across the EU. Key provisions include the establishment of operating conditions for investment firms, the definition of various trading venues, and the introduction of regulatory standards for systematic internalisers and commodity derivatives. The Directive applies to entities providing investment services on a professional basis, with specific exemptions for certain financial activities and institutions, ensuring comprehensive oversight and transparency in financial markets.AI
European Union ·
Table of Contents FINAL PROVISIONS. 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 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 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 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 Section 1. Authorisation procedures for data reporting services providers 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 Section 2. Conditions for APAs Article 64. Organisational requirements Section 3. Conditions for CTPs Article 65. Organisational requirements Section 4. Conditions for ARMs 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 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 12.6.2014
EN
Official Journal of the European Union
L 173/349
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)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the
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