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Directive 2014/65/EU of the European Parliament and of the CouncilShow full title

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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After exit day there will be three versions of this legislation to consult for different purposes. The legislation.gov.uk version is the version that applies in the UK. The EU Version currently on EUR-lex is the version that currently applies in the EU i.e you may need this if you operate a business in the EU.

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EU Directives are being published on this site to aid cross referencing from UK legislation. After IP completion day (31 December 2020 11pm) no further amendments will be applied to this version.

  1. Introductory Text

  2. TITLE I SCOPE AND DEFINITIONS

    1. Article 1.Scope

    2. Article 2.Exemptions

    3. Article 3.Optional exemptions

    4. Article 4.Definitions

  3. TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS

    1. CHAPTER I Conditions and procedures for authorisation

      1. Article 5.Requirement for authorisation

      2. Article 6.Scope of authorisation

      3. Article 7.Procedures for granting and refusing requests for authorisation

      4. Article 8.Withdrawal of authorisations

      5. Article 9.Management body

      6. Article 10.Shareholders and members with qualifying holdings

      7. Article 11.Notification of proposed acquisitions

      8. Article 12.Assessment period

      9. Article 13.Assessment

      10. Article 14.Membership of an authorised investor compensation scheme

      11. Article 15.Initial capital endowment

      12. Article 16.Organisational requirements

      13. Article 17.Algorithmic trading

      14. Article 18.Trading process and finalisation of transactions in an MTF and an OTF

      15. Article 19.Specific requirements for MTFs

      16. Article 20.Specific requirements for OTFs

    2. CHAPTER II Operating conditions for investment firms

      1. Section 1 General provisions

        1. Article 21.Regular review of conditions for initial authorisation

        2. Article 22.General obligation in respect of on-going supervision

        3. Article 23.Conflicts of interest

      2. Section 2 Provisions to ensure investor protection

        1. Article 24.General principles and information to clients

        2. Article 25.Assessment of suitability and appropriateness and reporting to clients

        3. Article 26.Provision of services through the medium of another investment firm

        4. Article 27.Obligation to execute orders on terms most favourable to the client

        5. Article 28.Client order handling rules

        6. Article 29.Obligations of investment firms when appointing tied agents

        7. Article 30.Transactions executed with eligible counterparties

      3. Section 3 Market transparency and integrity

        1. Article 31.Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations

        2. Article 32.Suspension and removal of financial instruments from trading on an MTF or an OTF

      4. Section 4 SME growth markets

        1. Article 33.SME growth markets

    3. CHAPTER III Rights of investment firms

      1. Article 34.Freedom to provide investment services and activities

      2. Article 35.Establishment of a branch

      3. Article 36.Access to regulated markets

      4. Article 37.Access to CCP, clearing and settlement facilities and right to designate settlement system

      5. Article 38.Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs

    4. CHAPTER IV Provision of investment services and activities by third country firms

      1. Section 1 Provision of services or performance of activities through the establishment of a branch

        1. Article 39.Establishment of a branch

        2. Article 40.Obligation to provide information

        3. Article 41.Granting of the authorisation

        4. Article 42.Provision of services at the exclusive initiative of the client

      2. Section 2 Withdrawal of authorisations

        1. Article 43.Withdrawal of authorisations

  4. TITLE III REGULATED MARKETS

    1. Article 44.Authorisation and applicable law

    2. Article 45.Requirements for the management body of a market operator

    3. Article 46.Requirements relating to persons exercising significant influence over the management of the regulated market

    4. Article 47.Organisational requirements

    5. Article 48.Systems resilience, circuit breakers and electronic trading

    6. Article 49.Tick sizes

    7. Article 50.Synchronisation of business clocks

    8. Article 51.Admission of financial instruments to trading

    9. Article 52.Suspension and removal of financial instruments from trading on a regulated market

    10. Article 53.Access to a regulated market

    11. Article 54.Monitoring of compliance with the rules of the regulated market and with other legal obligations

    12. Article 55.Provisions regarding CCP and clearing and settlement arrangements

    13. Article 56.List of regulated markets

  5. TITLE IV POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING

    1. Article 57.Position limits and position management controls in commodity derivatives

    2. Article 58.Position reporting by categories of position holders

  6. TITLE V DATA REPORTING SERVICES

    1. Section 1 Authorisation procedures for data reporting services providers

      1. Article 59.Requirement for authorisation

      2. Article 60.Scope of authorisation

      3. Article 61.Procedures for granting and refusing requests for authorisation

      4. Article 62.Withdrawal of authorisations

      5. Article 63.Requirements for the management body of a data reporting services provider

    2. Section 2 Conditions for APAs

      1. Article 64.Organisational requirements

    3. Section 3 Conditions for CTPs

      1. Article 65.Organisational requirements

    4. Section 4 Conditions for ARMs

      1. Article 66.Organisational requirements

  7. TITLE VI COMPETENT AUTHORITIES

    1. CHAPTER I Designation, powers and redress procedures

      1. Article 67.Designation of competent authorities

      2. Article 68.Cooperation between authorities in the same Member State

      3. Article 69.Supervisory powers

      4. Article 70.Sanctions for infringements

      5. Article 71.Publication of decisions

      6. Article 72.Exercise of supervisory powers and powers to impose sanctions

      7. Article 73.Reporting of infringements

      8. Article 74.Right of appeal

      9. Article 75.Extra-judicial mechanism for consumers complaints

      10. Article 76.Professional secrecy

      11. Article 77.Relations with auditors

      12. Article 78.Data protection

    2. CHAPTER II Cooperation between the competent authorities of the Member States and with ESMA

      1. Article 79.Obligation to cooperate

      2. Article 80.Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations

      3. Article 81.Exchange of information

      4. Article 82.Binding mediation

      5. Article 83.Refusal to cooperate

      6. Article 84.Consultation prior to authorisation

      7. Article 85.Powers for host Member States

      8. Article 86.Precautionary measures to be taken by host Member States

      9. Article 87.Cooperation and exchange of information with ESMA

    3. CHAPTER III Cooperation with third countries

      1. Article 88.Exchange of information with third countries

  8. TITLE VII DELEGATED ACTS

    1. Article 89.Exercise of the delegation

    2. Article 89a. Committee procedure

  9. FINAL PROVISIONS

    1. Article 90.Reports and review

    2. Article 91. Amendments to Directive 2002/92/EC

    3. Article 92.Amendments to Directive 2011/61/EU

    4. Article 93.Transposition

    5. Article 94.Repeal

    6. Article 95.Transitional provisions

    7. Article 96.Entry into force

    8. Article 97.Addressees

    1. ANNEX I

      LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS

      1. SECTION A Investment services and activities

      2. SECTION B Ancillary services

      3. SECTION C Financial instruments

      4. SECTION D Data reporting services

    2. ANNEX II

      PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE

      1. Professional client is a client who possesses the experience, knowledge...

      2. I. CATEGORIES OF CLIENT WHO ARE CONSIDERED TO BE PROFESSIONALS

      3. II. CLIENTS WHO MAY BE TREATED AS PROFESSIONALS ON REQUEST

        1. II.1. Identification criteria

        2. II.2. Procedure

    3. ANNEX III

      1. PART A Repealed Directive with list of its successive amendments

      2. PART B List of time-limits for transposition into national law

    4. ANNEX IV

      Correlation table referred in Article 94

      1. Directive 2004/39/EC Directive 2014/65/EU Regulation (EU) No 600/2014 Article 1(1)...

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