Directive /65/EU of the European Parliament and of the Council of 15 May on markets in financial instruments and amending Directive /92/EC. Dyrektywa Komisji /73/WE z dnia 10 sierpnia r. wprowadzająca środki wykonawcze do dyrektywy /39/WE Parlamentu Europejskiego i Rady w. Is MiFID II a Desired Regulation? (Zadowolenie klienta indywidualnego z doradztwa inwestycyjnego. Czy Dyrektywa MiFID II to potrzebne rozwiazanie?).
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Nothing in this Directive should require competent authorities to approve or examine the content of the dytektywa agreement between the regulated market and the investment firm that is required from the participation in a market making scheme. It also provided for the harmonisation of some conditions governing the operation of regulated markets.
Those limits and arrangements should be applied in a consistent manner and take account of the specific characteristics of the market in question.
Translation of “dyrektywa MiFID” in English
The flagging permits the competent authorities to react efficiently and effectively against algorithmic trading strategies that behave in an abusive manner or pose risks to the orderly functioning of the market. Such request shall be made in writing and shall specify the additional information needed. Member States shall require that, where the influence exercised by the persons referred to in the first subparagraph of paragraph 1 is likely to be prejudicial to the sound and prudent management of an investment firm, the competent authority take appropriate measures to put an end to that situation.
Authorisation shall in no case be granted solely for the provision of ancillary services. The competent authority may withdraw the authorisation issued to an investment firm where such an investment firm:.
Legal Alert: Stan procesu implementacji pakietu MiFID II – Eversheds Sutherland
It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. That policy should, for instance, encourage firms to select candidates from shortlists including both genders. Therefore, competent authorities should be able to require existing recordings of telephone conversations, electronic communications and data traffic records held by an investment firm or credit.
To deliver consistent protection for retail clients and ensure a level playing field between similar products, it is important that insurance-based investment products are subject to appropriate requirements. This Directive should be without prejudice to any provisions in the law of Member States relating to criminal sanctions. A common minimum set of powers coupled with adequate resources should guarantee supervisory effectiveness.
What does it mean for competition law? Nevertheless it is appropriate to make provision now for a consolidated tape to be put in place through a public procurement process if the mechanism envisaged does not lead to the timely delivery of an effective and comprehensive consolidated tape for equities and equity-like financial dyrekktywa.
However, in order to enhance the regulatory framework applicable to the provision of services irrespective of the categories of clients concerned, it is appropriate to make mitid clear that principles to act honestly, fairly and professionally and the obligation to be fair, clear and not misleading apply to the relationship with any clients.
In order to provide legal certainty, clarity and predictability with regard to the assessment process, as well as to the result thereof, it is appropriate to confirm the criteria and the process of prudential assessment laid down in that Directive. Persons that deal in commodity derivatives, emission allowance and derivatives thereof may also deal in other financial instruments as part of their commercial treasury risk management activities to dyreitywa themselves against risks, such as exchange rate risks.
It is appropriate to subject high-frequency algorithmic trading techniques which rely on certain specified characteristics to particular regulatory scrutiny. Articles 23 to dyreitywa, Article 28 and Article 29, excluding the second subparagraph of paragraph 2 thereof, and Article 30; and.
Both investment firms and trading venues should ensure robust measures are in place to ensure that algorithmic trading or high-frequency algorithmic trading techniques do not create a disorderly market and cannot be used for abusive purposes. Member States eyrektywa ensure that investment firms act in micid with the best interests of their clients and are able to comply with their obligations under this Directive.
However, investment firms or credit institutions distributing that financial instrument should additionally inform their clients about all the other costs and associated charges relating to their provision of investment services in relation to that financial instrument.
In order to facilitate the proper establishment of the consolidated tape for non-equity financial instruments, it is therefore appropriate to provide for an extended date of application of the national measures transposing the relevant provision. Having regard to the Treaty dyrdktywa the Functioning of the European Union, and in particular Article 53 1 thereof.
Only minor non-monetary benefits should be allowed, provided that they are clearly disclosed to the client, that they are capable of enhancing the quality of the service provided and that they could not be judged to impair the ability of investment firms to act in the best interest of their clients.
Any further requests by the competent authorities for completion or clarification of the information shall be at their discretion but may not result in an interruption of the assessment period. Access to telephone and data traffic records held by a telecommunications operator should not encompass the content of voice communications by telephone. In particular, it is appropriate to require Member States to apply requirements at least analogous to the ones laid down in this Directive to those persons, in particular during the phase of authorisation, in the assessment of their reputation and experience and of the suitability of any shareholders, in the review of the conditions for initial authorisation and on-going supervision as well as on conduct of business obligations.
It is desirable to facilitate access to capital for smaller and medium-sized enterprises SMEs and to facilitate the further development of specialist markets that aim to cater for the needs of smaller and medium-sized issuers.
Investment firms should accordingly understand the features of the financial instruments offered or recommended and establish and review effective policies and arrangements to identify the category of clients to whom products and services are to be provided. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements and operate in accordance with their locally registered names.
EUR-Lex – L – EN – EUR-Lex
The introduction of a commercial solution for a consolidated tape for equities and equity-like financial instruments should contribute to creating a more integrated European market and make it easier for market participants to gain access to a consolidated view of trade transparency information that is available. In order to ensure that decisions made dyrekktywa competent authorities have a dissuasive effect on the public at large, they should normally be published.
The statement should be provided in a mifix medium including in an electronic form. The continuous relevance of personal recommendations for clients and the increasing complexity of services and instruments require enhancing the conduct of business obligations in order to strengthen the protection of investors. In order to anticipate any similar developments, this should be extended to OTFs.
In particular, competent authorities should appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition against all of the following criteria: The interruption shall not exceed 20 working days.
EUR-Lex Access to European Union law
In order to ensure the objective and effective application of that cyrektywa to investment firms, any bilateral trading carried out with clients should be relevant and criteria should be developed for the identification of investment firms required to register as systematic internalisers.
However, directorships in organisations which do not pursue predominantly commercial objectives, such as not-for-profit or charitable organisations, should not be taken into account for the purposes of applying such a limit. The introduction of approved publication arrangements APAs should improve the quality of trade transparency information published in the OTC space and contribute significantly to ensuring that such data is published in a way facilitating its consolidation with data published by trading venues.
Nothing in this Directive should oblige investment firms to provide all required information about the investment firm, financial instruments, costs and associated dyrktywa, or concerning the safeguarding of client financial instruments or client funds immediately and at the same time, provided that they comply with the general obligation to provide the relevant information in good time before the time specified in this Directive.