TITLE II

AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
CHAPTER I

CONDITIONS AND PROCEDURES FOR AUTHORISATION

Requirement for authorisation
Article 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Scope of authorisation
Article 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Withdrawal of authorisations
Article 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Persons who effectively direct the business
Article 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shareholders and members with qualifying holdings
Article 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessment period
Article 10a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessment
Article 10b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Membership of an authorised Investor Compensation Scheme
Article 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Initial capital endowment
Article 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Organisational requirements
Article 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Relations with third countries
Article 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repealed by Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and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).