Directive 2004/39/EC of the European Parliament and of the Council
of 21 April 2004
on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (repealed)

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Repealed by Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and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 DEFINITIONS AND SCOPE

Article 1 Scope
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Article 2 Exemptions
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Article 3 Optional exemptions
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Article 4 Definitions
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TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS

CHAPTER I CONDITIONS AND PROCEDURES FOR AUTHORISATION

Article 5 Requirement for authorisation
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Article 6 Scope of authorisation
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Article 7 Procedures for granting and refusing requests for authorisation
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Article 8 Withdrawal of authorisations
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Article 9 Persons who effectively direct the business
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Article 10 Shareholders and members with qualifying holdings
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Article 10a Assessment period
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Article 10b Assessment
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Article 11 Membership of an authorised Investor Compensation Scheme
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Article 12 Initial capital endowment
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Article 13 Organisational requirements
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Article 14 Trading process and finalisation of transactions in an MTF
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Article 15 Relations with third countries
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CHAPTER II OPERATING CONDITIONS FOR INVESTMENT FIRMS

Section 1 General provisions

Article 16 Regular review of conditions for initial authorisation
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Article 17 General obligation in respect of on-going supervision
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Article 18 Conflicts of interest
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Section 2 Provisions to ensure investor protection

Article 19 Conduct of business obligations when providing investment services to clients
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Article 20 Provision of services through the medium of another investment firm
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Article 21 Obligation to execute orders on terms most favourable to the client
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Article 22 Client order handling rules
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Article 23 Obligations of investment firms when appointing tied agents
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Article 24 Transactions executed with eligible counterparties
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Section 3 Market transparency and integrity

Article 25 Obligation to uphold integrity of markets, report transactions and maintain records
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Article 26 Monitoring of compliance with the rules of the MTF and with other legal obligations
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Article 27 Obligation for investment firms to make public firm quotes
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Article 28 Post-trade disclosure by investment firms
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Article 29 Pre-trade transparency requirements for MTFs
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Article 30 Post-trade transparency requirements for MTFs
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CHAPTER III RIGHTS OF INVESTMENT FIRMS

Article 31 Freedom to provide investment services and activities
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Article 32 Establishment of a branch
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Article 33 Access to regulated markets
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Article 34 Access to central counterparty, clearing and settlement facilities and right to designate settlement system
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Article 35 Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs
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TITLE III REGULATED MARKETS

Article 36 Authorisation and applicable law
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Article 37 Requirements for the management of the regulated market
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Article 38 Requirements relating to persons exercising significant influence over the management of the regulated market
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Article 39 Organisational requirements
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Article 40 Admission of financial instruments to trading
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Article 41 Suspension and removal of instruments from trading
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Article 42 Access to the regulated market
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Article 43 Monitoring of compliance with the rules of the regulated market and with other legal obligations
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Article 44 Pre-trade transparency requirements for regulated markets
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Article 45 Post-trade transparency requirements for regulated markets
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Article 46 Provisions regarding central counterparty and clearing and settlement arrangements
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Article 47 List of regulated markets
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TITLE IV COMPETENT AUTHORITIES

CHAPTER I DESIGNATION, POWERS AND REDRESS PROCEDURES

Article 48 Designation of competent authorities
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Article 49 Cooperation between authorities in the same Member State
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Article 50 Powers to be made available to competent authorities
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Article 51 Administrative sanctions
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Article 52 Right of appeal
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Article 53 Extra-judicial mechanism for investors' complaints
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Article 54 Professional secrecy
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Article 55 Relations with auditors
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CHAPTER II COOPERATION BETWEEN THE COMPETENT AUTHORITIES OF THE MEMBER STATES AND WITH ESMA

Article 56 Obligation to cooperate
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Article 57 Cooperation in supervisory activities, on-the-spot verifications or in investigations
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Article 58 Exchange of information
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Article 58a Binding mediation
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Article 59 Refusal to cooperate
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Article 60 Inter-authority consultation prior to authorisation
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Article 61 Powers for host Member States
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Article 62 Precautionary measures to be taken by host Member States
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Article 62a Cooperation and exchange of information with ESMA
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CHAPTER III COOPERATION WITH THIRD COUNTRIES

Article 63 Exchange of information with third countries
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TITLE V FINAL PROVISIONS

Article 64 Committee procedure
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Article 64a Sunset clause
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Article 65 Reports and review
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Article 66 Amendment of Directive 85/611/EEC
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Article 67 Amendment of Directive 93/6/EEC
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Article 68 Amendment of Directive 2000/12/EC
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Article 69 Repeal of Directive 93/22/EEC
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Article 70 Transposition
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Article 71 Transitional provisions
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Article 72 Entry into force
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Article 73 Addressees
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ANNEX I LIST OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS

Section A Investment services and activities
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section B Ancillary services
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section C Financial Instruments
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ANNEX II PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE
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I. Categories of client who are considered to be professionals
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II. Clients who may be treated as professionals on request

II.1. Identification criteria
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II.2. Procedure
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