+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 Scope
---------+Article 1 1.
---------+Article 1 2.
---------+Article 1 3.
---------+Article 1 4.
---------+Article 1 5.
---------+Article 1 6.
------+Article 2 Exemptions
---------+Article 2 1.
---------+Article 2 2.
---------+Article 2 3.
---------+Article 2 4.
------+Article 3 Optional exemptions
---------+Article 3 1.
---------+Article 3 2.
---------+Article 3 3.
---------+Article 3 4.
---------+Article 3 5.
------+Article 4 Definitions
---------+Article 4 1.
---------+Article 4 2.
---+TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
------+CHAPTER I Conditions and procedures for authorisation
---------+Article 5 Requirement for authorisation
------------+Article 5 1.
------------+Article 5 2.
------------+Article 5 3.
------------+Article 5 4.
---------+Article 6 Scope of authorisation
------------+Article 6 1.
------------+Article 6 2.
------------+Article 6 3.
---------+Article 7 Procedures for granting and refusing requests for authorisation
------------+Article 7 1.
------------+Article 7 2.
------------+Article 7 3.
------------+Article 7 4.
------------+Article 7 5.
---------+Article 8 Withdrawal of authorisations
---------+Article 9 Management body
------------+Article 9 1.
------------+Article 9 2.
------------+Article 9 3.
------------+Article 9 4.
------------+Article 9 5.
------------+Article 9 6.
---------+Article 10 Shareholders and members with qualifying holdings
------------+Article 10 1.
------------+Article 10 2.
------------+Article 10 3.
---------+Article 11 Notification of proposed acquisitions
------------+Article 11 1.
------------+Article 11 2.
------------+Article 11 3.
------------+Article 11 4.
---------+Article 12 Assessment period
------------+Article 12 1.
------------+Article 12 2.
------------+Article 12 3.
------------+Article 12 4.
------------+Article 12 5.
------------+Article 12 6.
------------+Article 12 7.
------------+Article 12 8.
------------+Article 12 9.
---------+Article 13 Assessment
------------+Article 13 1.
------------+Article 13 2.
------------+Article 13 3.
------------+Article 13 4.
------------+Article 13 5.
---------+Article 14 Membership of an authorised investor compensation scheme
---------+Article 15 Initial capital endowment
---------+Article 16 Organisational requirements
------------+Article 16 1.
------------+Article 16 2.
------------+Article 16 3.
------------+Article 16 4.
------------+Article 16 5.
------------+Article 16 6.
------------+Article 16 7.
------------+Article 16 8.
------------+Article 16 9.
------------+Article 16 10.
------------+Article 16 11.
------------+Article 16 12.
---------+Article 16a Exemptions from product governance requirements
---------+Article 17 Algorithmic trading
------------+Article 17 1.
------------+Article 17 2.
------------+Article 17 3.
------------+Article 17 4.
------------+Article 17 5.
------------+Article 17 6.
------------+Article 17 7.
---------+Article 18 Trading process and finalisation of transactions in an MTF and an OTF
------------+Article 18 1.
------------+Article 18 2.
------------+Article 18 3.
------------+Article 18 4.
------------+Article 18 5.
------------+Article 18 6.
------------+Article 18 7.
------------+Article 18 8.
------------+Article 18 9.
------------+Article 18 10.
------------+Article 18 11.
---------+Article 19 Specific requirements for MTFs
------------+Article 19 1.
------------+Article 19 2.
------------+Article 19 3.
------------+Article 19 4.
------------+Article 19 5.
---------+Article 20 Specific requirements for OTFs
------------+Article 20 1.
------------+Article 20 2.
------------+Article 20 3.
------------+Article 20 4.
------------+Article 20 5.
------------+Article 20 6.
------------+Article 20 7.
------------+Article 20 8.
------+CHAPTER II Operating conditions for investment firms
---------+Section 1 General provisions
------------+Article 21 Regular review of conditions for initial authorisation
---------------+Article 21 1.
---------------+Article 21 2.
------------+Article 22 General obligation in respect of on-going supervision
------------+Article 23 Conflicts of interest
---------------+Article 23 1.
---------------+Article 23 2.
---------------+Article 23 3.
---------------+Article 23 4.
---------+Section 2 Provisions to ensure investor protection
------------+Article 24 General principles and information to clients
---------------+Article 24 1.
---------------+Article 24 2.
---------------+Article 24 3.
---------------+Article 24 3a.
---------------+Article 24 3b.
---------------+Article 24 3c.
---------------+Article 24 3d.
---------------+Article 24 3e.
---------------+Article 24 4.
---------------+Article 24 5.
---------------+Article 24 5a.
---------------+Article 24 6.
---------------+Article 24 7.
---------------+Article 24 8.
---------------+Article 24 9.
---------------+Article 24 9a.
---------------+Article 24 10.
---------------+Article 24 11.
---------------+Article 24 12.
---------------+Article 24 13.
---------------+Article 24 14.
------------+Article 25 Assessment of suitability and appropriateness and reporting to clients
---------------+Article 25 1.
---------------+Article 25 2.
---------------+Article 25 3.
---------------+Article 25 4.
---------------+Article 25 5.
---------------+Article 25 6.
---------------+Article 25 7.
---------------+Article 25 8.
---------------+Article 25 9.
---------------+Article 25 10.
---------------+Article 25 11.
------------+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 27 1.
---------------+Article 27 3.
---------------+Article 27 4.
---------------+Article 27 5.
---------------+Article 27 7.
---------------+Article 27 8.
---------------+Article 27 9.
---------------+Article 27 10.
------------+Article 28 Client order handling rules
---------------+Article 28 1.
---------------+Article 28 2.
---------------+Article 28 3.
------------+Article 29 Obligations of investment firms when appointing tied agents
---------------+Article 29 1.
---------------+Article 29 2.
---------------+Article 29 3.
---------------+Article 29 4.
---------------+Article 29 5.
---------------+Article 29 6.
------------+Article 29a Services provided to professional clients
---------------+Article 29a 1.
---------------+Article 29a 2.
---------------+Article 29a 3.
------------+Article 30 Transactions executed with eligible counterparties
---------------+Article 30 1.
---------------+Article 30 2.
---------------+Article 30 3.
---------------+Article 30 4.
---------------+Article 30 5.
---------+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 31 1.
---------------+Article 31 2.
---------------+Article 31 3.
---------------+Article 31 4.
------------+Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF
---------------+Article 32 1.
---------------+Article 32 2.
---------------+Article 32 3.
---------------+Article 32 4.
---------+Section 4 SME growth markets
------------+Article 33 SME growth markets
---------------+Article 33 1.
---------------+Article 33 2.
---------------+Article 33 3.
---------------+Article 33 3a.
---------------+Article 33 4.
---------------+Article 33 5.
---------------+Article 33 6.
---------------+Article 33 7.
---------------+Article 33 8.
---------------+Article 33 9.
------+CHAPTER III Rights of investment firms
---------+Article 34 Freedom to provide investment services and activities
------------+Article 34 1.
------------+Article 34 2.
------------+Article 34 3.
------------+Article 34 4.
------------+Article 34 5.
------------+Article 34 6.
------------+Article 34 7.
------------+Article 34 8.
------------+Article 34 9.
---------+Article 35 Establishment of a branch
------------+Article 35 1.
------------+Article 35 2.
------------+Article 35 3.
------------+Article 35 4.
------------+Article 35 5.
------------+Article 35 6.
------------+Article 35 7.
------------+Article 35 8.
------------+Article 35 9.
------------+Article 35 10.
------------+Article 35 11.
------------+Article 35 12.
---------+Article 36 Access to regulated markets
------------+Article 36 1.
------------+Article 36 2.
---------+Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system
------------+Article 37 1.
------------+Article 37 2.
---------+Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs
------------+Article 38 1.
------------+Article 38 2.
------+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 39 1.
---------------+Article 39 2.
---------------+Article 39 3.
------------+Article 40 Obligation to provide information
------------+Article 41 Granting of the authorisation
---------------+Article 41 1.
---------------+Article 41 2.
---------------+Article 41 3.
---------------+Article 41 4.
---------------+Article 41 5.
---------------+Article 41 6.
------------+Article 42 Provision of services at the exclusive initiative of the client
---------------+Article 42 1.
---------------+Article 42 2.
---------+Section 2 Withdrawal of authorisations
------------+Article 43 Withdrawal of authorisations
---+TITLE III REGULATED MARKETS
------+Article 44 Authorisation and applicable law
---------+Article 44 1.
---------+Article 44 2.
---------+Article 44 3.
---------+Article 44 4.
---------+Article 44 5.
---------+Article 44 6.
------+Article 45 Requirements for the management body of a market operator
---------+Article 45 1.
---------+Article 45 2.
---------+Article 45 3.
---------+Article 45 4.
---------+Article 45 5.
---------+Article 45 6.
---------+Article 45 7.
---------+Article 45 8.
---------+Article 45 9.
------+Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market
---------+Article 46 1.
---------+Article 46 2.
---------+Article 46 3.
------+Article 47 Organisational requirements
---------+Article 47 1.
---------+Article 47 2.
------+Article 48 Systems resilience, circuit breakers and electronic trading
---------+Article 48 1.
---------+Article 48 2.
---------+Article 48 3.
---------+Article 48 4.
---------+Article 48 5.
---------+Article 48 6.
---------+Article 48 7.
---------+Article 48 8.
---------+Article 48 9.
---------+Article 48 10.
---------+Article 48 11.
---------+Article 48 12.
------+Article 49 Tick sizes
---------+Article 49 1.
---------+Article 49 2.
---------+Article 49 3.
---------+Article 49 4.
------+Article 51 Admission of financial instruments to trading
---------+Article 51 1.
---------+Article 51 2.
---------+Article 51 3.
---------+Article 51 4.
---------+Article 51 5.
---------+Article 51 6.
------+Article 51a
---------+Article 51a 1.
---------+Article 51a 2.
---------+Article 51a 3.
---------+Article 51a 4.
---------+Article 51a 5.
---------+Article 51a 6.
---------+Article 51a 7.
------+Article 52 Suspension and removal of financial instruments from trading on a regulated market
---------+Article 52 1.
---------+Article 52 2.
---------+Article 52 3.
---------+Article 52 4.
------+Article 53 Access to a regulated market
---------+Article 53 1.
---------+Article 53 2.
---------+Article 53 3.
---------+Article 53 4.
---------+Article 53 5.
---------+Article 53 6.
---------+Article 53 7.
------+Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations
---------+Article 54 1.
---------+Article 54 2.
---------+Article 54 3.
---------+Article 54 4.
------+Article 55 Provisions regarding CCP and clearing and settlement arrangements
---------+Article 55 1.
---------+Article 55 2.
------+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 57 1.
---------+Article 57 2.
---------+Article 57 3.
---------+Article 57 4.
---------+Article 57 5.
---------+Article 57 6.
---------+Article 57 7.
---------+Article 57 8.
---------+Article 57 9.
---------+Article 57 10.
---------+Article 57 11.
---------+Article 57 12.
---------+Article 57 13.
---------+Article 57 14.
------+Article 58 Position reporting by categories of position holders
---------+Article 58 1.
---------+Article 58 2.
---------+Article 58 3.
---------+Article 58 4.
---------+Article 58 5.
---------+Article 58 6.
---------+Article 58 7.
---+TITLE VI COMPETENT AUTHORITIES
------+CHAPTER I Designation, powers and redress procedures
---------+Article 67 Designation of competent authorities
------------+Article 67 1.
------------+Article 67 2.
------------+Article 67 3.
---------+Article 68 Cooperation between authorities in the same Member State
---------+Article 69 Supervisory powers
------------+Article 69 1.
------------+Article 69 2.
---------+Article 70 Sanctions for infringements
------------+Article 70 1.
------------+Article 70 2.
------------+Article 70 3.
------------+Article 70 4.
------------+Article 70 5.
------------+Article 70 6.
------------+Article 70 7.
---------+Article 71 Publication of decisions
------------+Article 71 1.
------------+Article 71 2.
------------+Article 71 3.
------------+Article 71 4.
------------+Article 71 5.
------------+Article 71 6.
------------+Article 71 7.
---------+Article 72 Exercise of supervisory powers and powers to impose sanctions
------------+Article 72 1.
------------+Article 72 2.
---------+Article 73 Reporting of infringements
------------+Article 73 1.
------------+Article 73 2.
---------+Article 74 Right of appeal
------------+Article 74 1.
------------+Article 74 2.
---------+Article 75 Extra-judicial mechanism for consumers complaints
------------+Article 75 1.
------------+Article 75 2.
------------+Article 75 3.
---------+Article 76 Professional secrecy
------------+Article 76 1.
------------+Article 76 2.
------------+Article 76 3.
------------+Article 76 4.
------------+Article 76 5.
---------+Article 77 Relations with auditors
------------+Article 77 1.
------------+Article 77 2.
---------+Article 78 Data protection
------+CHAPTER II Cooperation between the competent authorities of the Member States and with ESMA
---------+Article 79 Obligation to cooperate
------------+Article 79 1.
------------+Article 79 2.
------------+Article 79 3.
------------+Article 79 4.
------------+Article 79 5.
------------+Article 79 6.
------------+Article 79 7.
------------+Article 79 8.
------------+Article 79 9.
---------+Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations
------------+Article 80 1.
------------+Article 80 2.
------------+Article 80 3.
------------+Article 80 4.
---------+Article 81 Exchange of information
------------+Article 81 1.
------------+Article 81 2.
------------+Article 81 3.
------------+Article 81 4.
------------+Article 81 5.
---------+Article 82 Binding mediation
------------+Article 82 1.
------------+Article 82 2.
---------+Article 83 Refusal to cooperate
---------+Article 84 Consultation prior to authorisation
------------+Article 84 1.
------------+Article 84 2.
------------+Article 84 3.
------------+Article 84 4.
---------+Article 85 Powers for host Member States
------------+Article 85 1.
------------+Article 85 2.
---------+Article 86 Precautionary measures to be taken by host Member States
------------+Article 86 1.
------------+Article 86 2.
------------+Article 86 3.
------------+Article 86 4.
---------+Article 87 Cooperation and exchange of information with ESMA
------------+Article 87 1.
------------+Article 87 2.
---------+Article 87a Accessibility of information on the European single access point
------------+Article 87a 1.
------------+Article 87a 2.
------------+Article 87a 3.
------------+Article 87a 4.
------------+Article 87a 5.
------------+Article 87a 6.
------------+Article 87a 7.
------------+Article 87a 8.
------+CHAPTER III Cooperation with third countries
---------+Article 88 Exchange of information with third countries
------------+Article 88 1.
------------+Article 88 2.
---+TITLE VII DELEGATED ACTS
------+Article 89 Exercise of the delegation
---------+Article 89 1.
---------+Article 89 2.
---------+Article 89 3.
---------+Article 89 4.
---------+Article 89 5.
------+Article 89a Committee procedure
---------+Article 89a 1.
---------+Article 89a 2.
---+Article 90 Reports and review
------+Article 90 1.
------+Article 90 1a.
------+Article 90 4.
------+Article 90 5.
------+Article 90 6.
---+Article 92 Amendments to Directive 2011/61/EU
---+Article 93 Transposition
------+Article 93 1.
------+Article 93 2.
------+Article 93 3.
------+Article 93 3a.
---+Article 94 Repeal
---+Article 95 Transitional provisions
------+Article 95 1.
------+Article 95 2.
---+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
---+ANNEX II
---+ANNEX III
---+ANNEX IV
 English - European Union - Financial Industry - Capital Markets -

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)

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)

1. Pregled

,
TITLE I SCOPE AND DEFINITIONS TITLE I SCOPE AND DEFINITIONS
TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
TITLE III REGULATED MARKETS TITLE III REGULATED MARKETS
TITLE IV POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING TITLE IV POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING
TITLE VI COMPETENT AUTHORITIES TITLE VI COMPETENT AUTHORITIES
TITLE VII DELEGATED ACTS TITLE VII DELEGATED ACTS
Article 90 Reports and review
Article 92 Amendments to Directive 2011/61/EU

Article 92

Amendments to Directive 2011/61/EU

Directive 2011/61/EU is amended as follows:

(1) 

in point (r) of Article 4(1), the following point is added:

‘(vii) 

a Member State, other than the home Member State, in which an EU AIFM provides the services referred to in Article 6(4);’;

(2) 

Article 33 is amended as follows:

(a) 

the title is replaced by the following:

‘Conditions for managing EU AIFs established in other Member States and for providing services in other Member States’;

(b) 

paragraphs 1 and 2 are replaced by the following:

‘1.  

Member States shall ensure that an authorised EU AIFM may, directly or by establishing a branch:

(a) 

manage EU AIFs established in another Member State, provided that the AIFM is authorised to manage that type of AIF;

(b) 

provide in another Member State the services referred to in Article 6(4) for which it has been authorised.

2.  

An AIFM intending to provide the activities and services referred to in paragraph 1 for the first time shall communicate the following information to the competent authorities of its home Member State:

(a) 

the Member State in which it intends to manage AIFs directly or to establish a branch, and/or to provide the services referred to in Article 6(4);

(b) 

a programme of operations stating in particular the services which it intends to perform and/or identifying the AIFs that it intends to manage.’.
Article 93 Transposition
Article 94 Repeal

Article 94

Repeal

Directive 2004/39/EC, as amended by the acts listed in Annex III, Part A of this Directive, is repealed with effect from ►M3  3 January 2018 ◄ , without prejudice to the obligations of the Member States relating to the time-limits for transposition into national law of the Directives set out in Annex III, Part B of this Directive.

References to Directive 2004/39/EC or to Directive 93/22/EEC shall be construed as references to this Directive or to Regulation (EU) No 600/2014 and shall be read in accordance with the correlation table set out in Annex IV of this Directive.

References to terms defined in, or Articles of, Directive 2004/39/EC or Directive 93/22/EEC shall be construed as references to the equivalent term defined in, or Article of, this Directive.
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 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

Competent authorities shall inform the competent authority referred to in Article 8 of Directive 2013/36/EU where the envisaged total assets of an undertaking which has applied for authorisation pursuant to Title II of this Directive before 25 December 2019 in order to carry out the activities referred to in points (3) and (6) of Section A of Annex I are equal to or exceed EUR 30 billion, and notify the applicant thereof.
Article 96 Entry into force

Article 96

Entry into force

This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Article 97 Addressees

Article 97

Addressees

This Directive is addressed to the Member States.
ANNEX I



ANNEX I

LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS

SECTION A

Investment services and activities

(1) 

Reception and transmission of orders in relation to one or more financial instruments;

(2) 

Execution of orders on behalf of clients;

(3) 

Dealing on own account;

(4) 

Portfolio management;

(5) 

Investment advice;

(6) 

Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis;

(7) 

Placing of financial instruments without a firm commitment basis;

(8) 

Operation of an MTF;

(9) 

Operation of an OTF.

SECTION B

Ancillary services

▼M1

(1) 

Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management and excluding providing and maintaining securities accounts at the top tier level (‘central maintenance service’) referred to in point (2) of Section A of the Annex to the Regulation (EU) No 909/2014;

▼B

(2) 

Granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction;

(3) 

Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings;

(4) 

Foreign exchange services where these are connected to the provision of investment services;

(5) 

Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments;

(6) 

Services related to underwriting.

(7) 

Investment services and activities as well as ancillary services of the type included under Section A or B of Annex 1 related to the underlying of the derivatives included under points (5), (6), (7) and (10) of Section C where these are connected to the provision of investment or ancillary services.

SECTION C

Financial instruments

(1) 

Transferable securities;

(2) 

Money-market instruments;

(3) 

Units in collective investment undertakings;

(4) 

Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;

(5) 

Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;

(6) 

Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market, a MTF, or an OTF, except for wholesale energy products traded on an OTF that must be physically settled;

(7) 

Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point 6 of this Section and not being for commercial purposes, which have the characteristics of other derivative financial instruments;

(8) 

Derivative instruments for the transfer of credit risk;

(9) 

Financial contracts for differences;

(10) 

Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market, OTF, or an MTF;

(11) 

Emission allowances consisting of any units recognised for compliance with the requirements of Directive 2003/87/EC (Emissions Trading Scheme).

▼M6 —————

▼B

ANNEX II



ANNEX II

PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE

Professional client is a client who possesses the experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs. In order to be considered to be professional client, the client must comply with the following criteria:

I.   CATEGORIES OF CLIENT WHO ARE CONSIDERED TO BE PROFESSIONALS

The following shall all be regarded as professionals in all investment services and activities and financial instruments for the purposes of the Directive.

(1) 

Entities which are required to be authorised or regulated to operate in the financial markets. The list below shall be understood as including all authorised entities carrying out the characteristic activities of the entities mentioned: entities authorised by a Member State under a Directive, entities authorised or regulated by a Member State without reference to a Directive, and entities authorised or regulated by a third country:

(a) 

Credit institutions;

(b) 

Investment firms;

(c) 

Other authorised or regulated financial institutions;

(d) 

Insurance companies;

(e) 

Collective investment schemes and management companies of such schemes;

(f) 

Pension funds and management companies of such funds;

(g) 

Commodity and commodity derivatives dealers;

(h) 

Locals;

(i) 

Other institutional investors;

(2) 

Large undertakings meeting two of the following size requirements on a company basis:

—

balance sheet total : EUR 20 000 000

—

net turnover : EUR 40 000 000

—

own funds : EUR 2 000 000

(3) 

National and regional governments, including public bodies that manage public debt at national or regional level, Central Banks, international and supranational institutions such as the World Bank, the IMF, the ECB, the EIB and other similar international organisations.

(4) 

Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitisation of assets or other financing transactions.

The entities referred to above are considered to be professionals. They must however be allowed to request non-professional treatment and investment firms may agree to provide a higher level of protection. Where the client of an investment firm is an undertaking referred to above, the investment firm must inform it prior to any provision of services that, on the basis of the information available to the investment firm, the client is deemed to be a professional client, and will be treated as such unless the investment firm and the client agree otherwise. The investment firm must also inform the customer that he can request a variation of the terms of the agreement in order to secure a higher degree of protection.

It is the responsibility of the client, considered to be a professional client, to ask for a higher level of protection when it deems it is unable to properly assess or manage the risks involved.

This higher level of protection will be provided when a client who is considered to be a professional enters into a written agreement with the investment firm to the effect that it shall not be treated as a professional for the purposes of the applicable conduct of business regime. Such agreement shall specify whether this applies to one or more particular services or transactions, or to one or more types of product or transaction.

II.   CLIENTS WHO MAY BE TREATED AS PROFESSIONALS ON REQUEST

II.1.   Identification criteria

Clients other than those mentioned in section I, including public sector bodies, local public authorities, municipalities and private individual investors, may also be allowed to waive some of the protections afforded by the conduct of business rules.

Investment firms shall therefore be allowed to treat any of those clients as professionals provided the relevant criteria and procedure mentioned below are fulfilled. Those clients shall not, however, be presumed to possess market knowledge and experience comparable to that of the categories listed in Section I.

Any such waiver of the protection afforded by the standard conduct of business regime shall be considered to be valid only if an adequate assessment of the expertise, experience and knowledge of the client, undertaken by the investment firm, gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the client is capable of making investment decisions and understanding the risks involved.

The fitness test applied to managers and directors of entities licensed under Directives in the financial field could be regarded as an example of the assessment of expertise and knowledge. In the case of small entities, the person subject to that assessment shall be the person authorised to carry out transactions on behalf of the entity.

In the course of that assessment, as a minimum, two of the following criteria shall be satisfied:

— 
the client has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters,
— 
the size of the client’s financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500 000 ,
— 
the client works or has worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.

Member States may adopt specific criteria for the assessment of the expertise and knowledge of municipalities and local public authorities requesting to be treated as professional clients. Those criteria can be alternative or additional to those listed in the fifth paragraph.

II.2.   Procedure

Those clients may waive the benefit of the detailed rules of conduct only where the following procedure is followed:

— 
they must state in writing to the investment firm that they wish to be treated as a professional client, either generally or in respect of a particular investment service or transaction, or type of transaction or product,
— 
the investment firm must give them a clear written warning of the protections and investor compensation rights they may lose,
— 
they must state in writing, in a separate document from the contract, that they are aware of the consequences of losing such protections.

Before deciding to accept any request for waiver, investment firms must be required to take all reasonable steps to ensure that the client requesting to be treated as a professional client meets the relevant requirements stated in Section II.1.

However, if clients have already been categorised as professionals under parameters and procedures similar to those referred to above, it is not intended that their relationships with investment firms shall be affected by any new rules adopted pursuant to this Annex.

Firms must implement appropriate written internal policies and procedures to categorise clients. Professional clients are responsible for keeping the investment firm informed about any change, which could affect their current categorisation. Should the investment firm become aware however that the client no longer fulfils the initial conditions, which made him eligible for a professional treatment, the investment firm shall take appropriate action.
ANNEX III



ANNEX III

PART A

Repealed Directive with list of its successive amendments

(referred to in Article 94)

Directive 2004/39/EC of the European Parliament and of the Council (OJ L 145, 30.4.2004, p. 1).

Directive 2006/31/EC of the European Parliament and of the Council (OJ L 114, 27.4.2006, p. 60).

Directive 2007/44/EC of the European Parliament and of the Council (OJ L 247, 21.9.2007, p. 1).

Directive 2008/10/EC of the European Parliament and of the Council (OJ L 76, 19.3.2008, p. 33).

Directive 2010/78/EC of the European Parliament and of the Council (OJ L 331, 15.12.2010, p. 120).

PART B

List of time-limits for transposition into national law

(referred to in Article 94)

Directive 2004/39/EC



Transposition period

31 January 2007

Implementation period

1 November 2007

Directive 2006/31/EC



Transposition period

31 January 2007

Implementation period

1 November 2007

Directive 2007/44/EC



Transposition period

21 March 2009

Directive 2010/78/EC



Transposition period

31 December 2011
ANNEX IV



ANNEX IV

Correlation table referred in Article 94



Directive 2004/39/EC

Directive 2014/65/EU

Regulation (EU) No 600/2014

Article 1(1)

Article 1(1)

 

Article 1(2)

Article 1(3)

 

Article 2(1)(a)

Article 2(1)(a)

 

Article 2(1)(b)

Article 2(1)(b)

 

Article 2(1)(c)

Article 2(1)(c)

 

Article 2(1)(d)

Article 2(1)(d)

 

Article 2(1)(e)

Article 2(1)(f)

 

Article 2(1)(f)

Article 2(1)(g)

 

Article 2(1)(g)

Article 2(1)(h)

 

Article 2(1)(h)

Article 2(1)(i)

 

Article 2(1)(i)

Article 2(1)(j)

 

Article 2(1)(j)

Article 2(1)(k)

 

Article 2(1)(k)

Article 2(1)(i)

 

Article 2(1)(l)

—

 

Article 2(1)(m)

Article 2(1)(l)

 

Article 2(1)(n)

Article 2(1)(m)

 

Article 2(2)

Article 2(2)

 

Article 2(3)

Article 2(4)

 

Article 3(1)

Article 3(1)

 

Article 3(2)

Article 3(3)

 

Article 4(1)(1)

Article 4(1)(1)

 

Article 4(1)(2)

Article 4(1)(2)

 

Article 4(1)(3)

Article 4(1)(3)

 

Article 4(1)(4)

Article 4(1)(4)

 

Article 4(1)(5)

Article 4(1)(5)

 

Article 4(1)(6)

Article 4(1)(6)

 

Article 4(1)(7)

Article 4(1)(20)

 

Article 4(1)(8)

Article 4(1)(7)

 

Article 4(1)(9)

Article 4(1)(8)

 

Article 4(1)(10)

Article 4(1)(9)

 

Article 4(1)(11)

Article 4(1)(10)

 

Article 4(1)(12)

Article 4(1)(11)

 

Article 4(1)(13)

Article 4(1)(18)

 

Article 4(1)(14)

Article 4(1)(21)

 

Article 4(1)(15)

Article 4(1)(22)

 

Article 4(1)(16)

Article 4(1)(14)

 

Article 4(1)(17)

Article 4(1)(15)

 

Article 4(1)(18)

Article 4(1)(44)

 

Article 4(1)(19)

Article 4(1)(17)

 

Article 4(1)(20)

Article 4(1)(55)

 

Article 4(1)(21)

Article 4(1)(56)

 

Article 4(1)(22)

Article 4(1)(26)

 

Article 4(1)(23)

Article 4(1)(27)

 

Article 4(1)(24)

Article 4(1)(28)

 

Article 4(1)(25)

Article 4(1)(29)

 

Article 4(1)(26)

Article 4(1)(30)

 

Article 4(1)(27)

Article 4(1)(31)

 

Article 4(1)(28)

Article 4(1)(32)

 

Article 4(1)(29)

Article 4(1)(33)

 

Article 4(1)(30)

Article 4(1)(35)(b)

 

Article 4(1)(31)

Article 4(1)(35)

 

Article 4(2)

Article 4(2)

 

Article 5(1)

Article 5(1)

 

Article 5(2)

Article 5(2)

 

Article 5(3)

Article 5(3)

 

Article 5(4)

Article 5(4)

 

Article 5(5)

—

 

Article 6(1)

Article 6(1)

 

Article 6(2)

Article 6(2)

 

Article 6(3)

Article 6(3)

 

Article 7(1)

Article 7(1)

 

Article 7(2)

Article 7(2)

 

Article 7(3)

Article 7(3)

 

Article 7(4)

Article 7(4) and (5)

 

Article 8(a)

Article 8(a)

 

Article 8(b)

Article 8(b)

 

Article 8(c)

Article 8(c)

 

Article 8(d)

Article 8(d)

 

Article 8(e)

Article 8(e)

 

Article 9(1)

Article 9(1) and (3)

 

Article 9(2)

Article 9(5)

 

Article 9(3)

Article 9(4)

 

Article 9(4)

Article 9(6)

 

Article 10(1)

Article 10(1)

 

Article 10(2)

Article 10(2)

 

Article 10(3)

Article 11(1)

 

Article 10(4)

Article 11(2)

 

Article 10(5)

Article 11(3)

 

Article 10(6)

Article 10(3), 11(4)

 

Article 10a(1)

Article 12(1)

 

Article 10a(2)

Article 12(2)

 

Article 10a(3)

Article 12(3)

 

Article 10a(4)

Article 12(4)

 

Article 10a(5)

Article 12(5)

 

Article 10a(6)

Article 12(6)

 

Article 10a(7)

Article 12(7)

 

Article 10a(8)

Article 12(8) and (9)

 

Article 10b(1)

Article 13(1)

 

Article 10b(2)

Article 13(2)

 

Article 10b(3)

Article 13(3)

 

Article 10b(4)

Article 13(4)

 

Article 10b(5)

Article 13(5)

 

Article 11

Article 14

 

Article 12

Article 15

 

Article 13(1)

Article 16(1)

 

Article 13(2)

Article 16(2)

 

Article 13(3)

Article 16(3)

 

Article 13(4)

Article 16(4)

 

Article 13(5)

Article 16(5)

 

Article 13(6)

Article 16(6)

 

Article 13(7)

Article 16(8)

 

Article 13(8)

Article 16(9)

 

Article 13(9)

Article 16(11)

 

Article 13(10)

Article 16(12)

 

Article 14(1)

Article 18(1), Article 19(1)

 

Article 14(2)

Article 18(2)

 

Article 14(3)

Article 19(4)

 

Article 14(4)

Article 18(3), Article 19(2)

 

Article 14(5)

Article 18(6), Article 19(3)

 

Article 14(6)

Article 18(8)

 

Article 14(7)

Article 18(9)

 

Article 15

—

 

Article 16(1)

Article 21(1)

 

Article 16(2)

Article 21(2)

 

Article 16(3)

—

 

Article 17(1)

Article 22

 

Article 17(2)

—

 

Article 18(1)

Article 23(1)

 

Article 18(2)

Article 23(2)

 

Article 18(3)

Article 23(4)

 

Article 19(1)

Article 24(1)

 

Article 19(2)

Article 24(3)

 

Article 19(3)

Article 24(4)

 

Article 19(4)

Article 25(2)

 

Article 19(5)

Article 25(3)

 

Article 19(6)

Article 25(4)

 

Article 19(7)

Article 25(5)

 

Article 19(8)

Article 25(6)

 

Article 19(9)

Article 24(6), Article 25(7)

 

Article 19(10)

Article 24(13), Article 24(14), Article 25(8)

 

Article 20

Article 26

 

Article 21(1)

Article 27(1)

 

Article 21(2)

Article 27(4)

 

Article 21(3)

Article 27(5)

 

Article 21(4)

Article 27(7)

 

Article 21(5)

Article 27(8)

 

Article 21(6)

Article 27(9)

 

Article 22(1)

Article 28(1)

 

Article 22(2)

Article 28(2)

 

Article 22(3)

Article 28(3)

 

Article 23(1)

Article 29(1)

 

Article 23(2)

Article 29(2)

 

Article 23(3)

Article 29(3)

 

Article 23(4)

Article 29(4)

 

Article 23(5)

Article 29(5)

 

Article 23(6)

Article 29(6)

 

Article 24(1)

Article 30(1)

 

Article 24(2)

Article 30(2)

 

Article 24(3)

Article 30(3)

 

Article 24(4)

Article 30(4)

 

Article 24(5)

Article 30(5)

 

Article 25(1)

 

Article 24

Article 25(2)

 

Article 25(1)

Article 25(3)

 

Article 26(1) and (2)

Article 25(4)

 

Article 26(3)

Article 25(5)

 

Article 26(7)

Article 25(6)

 

Article 26(8)

Article 25(7)

 

Article 26(9)

Article 26(1)

Article 31(1)

 

Article 26(2)

Article 31(2) and (3)

 

Article 27(1)

 

Article 14(1) to (5)

Article 27(2)

 

Article 14(6)

Article 27(3)

 

Article 15(1) to (4)

Article 27(4)

 

Article 16

Article 27(5)

 

Article 17(1)

Article 27(6)

 

Article 17(2)

Article 27(7)

 

Article 17(3)

Article 28(1)

 

Article 20(1)

Article 28(2)

 

Article 20(2)

Article 28(3)

 

Article 20(3)

Article 29(1)

 

Article 3(1), (2) and (3)

Article 29(2)

 

Article 4(1), (2) and (3)

Article 29(3)

 

Article 4(6)

Article 30(1)

 

Article 6(1) and (2)

Article 30(2)

 

Article 7(1)

Article 30(3)

 

Article 7(2)

Article 31(1)

Article 34(1)

 

Article 31(2)

Article 34(2)

 

Article 31(3)

Article 34(3)

 

Article 31(4)

Article 34(4)

 

Article 31(5)

Article 34(6)

 

Article 31(6)

Article 34(7)

 

Article 31(7)

Article 34(8) and (9)

 

Article 32(1)

Article 35(1)

 

Article 32(2)

Article 35(2)

 

Article 32(3)

Article 35(3)

 

Article 32(4)

Article 35(4)

 

Article 32(5)

Article 35(5)

 

Article 32(6)

Article 35(6)

 

Article 32(7)

Article 35(8)

 

Article 32(8)

Article 35(9)

 

Article 32(9)

Article 35(10)

 

Article 32(10)

Article 35(11) and (12)

 

Article 33(1)

Article 36(1)

 

Article 33(2)

Article 36(2)

 

Article 34(1)

Article 37(1)

 

Article 34(2)

Article 37(2)

 

Article 34(3)

—

 

Article 35(1)

Article 38(1)

 

Article 35(2)

Article 38(2)

 

Article 36(1)

Article 44(1)

 

Article 36(2)

Article 44(2)

 

Article 36(3)

Article 44(3)

 

Article 36(4)

Article 44(4)

 

Article 36(5)

Article 44(5)

 

Article 36(6)

Article 44(6)

 

Article 37(1)

Article 45(1) and (8)

 

Article 37(2)

Article 45(7) second subparagraph

 

Article 38(1)

Article 46(1)

 

Article 38(2)

Article 46(2)

 

Article 38(3)

Article 46(3)

 

Article 39

Article 47(1)

 

Article 40(1)

Article 51(1)

 

Article 40(2)

Article 51(2)

 

Article 40(3)

Article 51(3)

 

Article 40(4)

Article 51(4)

 

Article 40(5)

Article 51(5)

 

Article 40(6)

Article 51(6)

 

Article 41(1)

Article 52(1)

 

Article 41(2)

Article 52(2)

 

Article 42(1)

Article 53(1)

 

Article 42(2)

Article 53(2)

 

Article 42(3)

Article 53(3)

 

Article 42(4)

Article 53(4)

 

Article 42(5)

Article 53(5)

 

Article 42(6)

Article 53(6)

 

Article 42(7)

Article 53(7)

 

Article 43(1)

Article 54(1)

 

Article 43(2)

Article 54(2) and (3)

 

Article 44(1)

 

Article 3(1), (2) and (3)

Article 44(2)

 

Article 4(1), (2) and (3)

Article 44(3)

 

Article 4(6)

Article 45(1)

 

Article 6(1) and (2)

Article 45(2)

 

Article 7(1)

Article 45(3)

 

Article 7(2)

Article 46(1)

Article 55(1)

 

Article 46(2)

Article 55(2)

 

Article 47

Article 56

 

Article 48(1)

Article 67(1)

 

Article 48(2)

Article 67(2)

 

Article 48(3)

Article 67(3)

 

Article 49

Article 68

 

Article 50(1)

Article 69(1), 72(1)

 

Article 50(2)

Article 69(2)

 

Article 51(1)

Article 70(1) and (2)

 

Article 51(2)

Article 70(5)

 

Article 51(3)

Article 71(1)

 

Article 51(4)

Article 71(4)

 

Article 51(5)

Article 71(5)

 

Article 51(6)

Article 71(6)

 

Article 52(1)

Article 74(1)

 

Article 52(2)

Article 74(2)

 

Article 53(1)

Article 75(1)

 

Article 53(2)

Article 75(2)

 

Article 53(3)

Article 75(3)

 

Article 54(1)

Article 76(1)

 

Article 54(2)

Article 76(2)

 

Article 54(3)

Article 76(3)

 

Article 54(4)

Article 76(4)

 

Article 54(5)

Article 76(5)

 

Article 55(1)

Article 77(1)

 

Article 55(2)

Article 77(2)

 

Article 56(1)

Article 79(1)

 

Article 56(2)

Article 79(2)

 

Article 56(3)

Article 79(3)

 

Article 56(4)

Article 79(4)

 

Article 56(5)

Article 79(8)

 

Article 56(6)

Article 79(9)

 

Article 57(1)

Article 80(1)

 

Article 57(2)

Article 80(2)

 

Article 57(3)

Article 80(3) and (4)

 

Article 58(1)

Article 81(1)

 

Article 58(2)

Article 81(2)

 

Article 58(3)

Article 81(3)

 

Article 58(4)

Article 81(4)

 

Article 58(5)

Article 81(5)

 

Article 58a

Article 82

 

Article 59

Article 83

 

Article 60(1)

Article 84(1)

 

Article 60(2)

Article 84(2)

 

Article 60(3)

Article 84(3)

 

Article 60(4)

Article 84(4)

 

Article 61(1)

Article 85(1)

 

Article 61(2)

Article 85(2)

 

Article 62(1)

Article 86(1)

 

Article 62(2)

Article 86(2)

 

Article 62(3)

Article 86(3)

 

Article 62(4)

Article 86(4)

 

Article 62a(1)

Article 87(1)

 

Article 62a(2)

Article 87(2)

 

Article 63(1)

Article 88(1)

 

Article 63(2)

Article 88(2)

 

Article 64

—

—

Article 64a

—

—

Article 65

—

—

Article 66

—

—

Article 67

—

—

Article 68

—

—

Article 69

—

—

Article 70

—

—

Article 71

—

—

Article 72

—

—

Article 73

—

—

Annex I

Annex I

 

Annex II

Annex II

 

1.1 Sklici

1.2 Ugotovljene zahteve

1.3 Povezani standardi

2. Ugotovljene zahteve

Zahteve

3. Povezani standardi

Standardi

Povezane zadeve

Povezave
is related to Imported: Markets in Financial Instruments Directive (MiFID II) (CELEX:02014L0065-20260606)
is related to Assignments added: Markets in Financial Instruments Directive (MiFID II) (CELEX:02014L0065-20260606) – 1 assignments