Chwilio Deddfwriaeth

Chwiliad Uwch

Directive 2004/39/EC of the European Parliament and of the Council (repealed)Dangos y teitl llawn

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and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (repealed)

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EU Directives are published on this site to aid cross referencing from UK legislation. Since IP completion day (31 December 2020 11.00 p.m.) no amendments have been applied to this version.

  1. Introductory Text

  2. TITLE I DEFINITIONS AND SCOPE

    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.Persons who effectively direct the business

      6. Article 10.Shareholders and members with qualifying holdings

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

      8. Article 12.Initial capital endowment

      9. Article 13.Organisational requirements

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

      11. Article 15.Relations with third countries

    2. CHAPTER II OPERATING CONDITIONS FOR INVESTMENT FIRMS

      1. Section 1 General provisions

        1. Article 16.Regular review of conditions for initial authorisation

        2. Article 17.General obligation in respect of on-going supervision

        3. Article 18.Conflicts of interest

      2. Section 2 Provisions to ensure investor protection

        1. Article 19.Conduct of business obligations when providing investment services to clients

        2. Article 20.Provision of services through the medium of another investment firm

        3. Article 21.Obligation to execute orders on terms most favourable to the client

        4. Article 22.Client order handling rules

        5. Article 23.Obligations of investment firms when appointing tied agents

        6. Article 24.Transactions executed with eligible counterparties

      3. Section 3 Market transparency and integrity

        1. Article 25.Obligation to uphold integrity of markets, report transactions and maintain records

        2. Article 26.Monitoring of compliance with the rules of the MTF and with other legal obligations

        3. Article 27.Obligation for investment firms to make public firm quotes

        4. Article 28.Post-trade disclosure by investment firms

        5. Article 29.Pre-trade transparency requirements for MTFs

        6. Article 30.Post-trade transparency requirements for MTFs

    3. CHAPTER III RIGHTS OF INVESTMENT FIRMS

      1. Article 31.Freedom to provide investment services and activities

      2. Article 32.Establishment of a branch

      3. Article 33.Access to regulated markets

      4. Article 34.Access to central counterparty, clearing and settlement facilities and right to designate settlement system

      5. Article 35.Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs

  4. TITLE III REGULATED MARKETS

    1. Article 36.Authorisation and applicable law

    2. Article 37.Requirements for the management of the regulated market

    3. Article 38.Requirements relating to persons exercising significant influence over the management of the regulated market

    4. Article 39.Organisational requirements

    5. Article 40.Admission of financial instruments to trading

    6. Article 41.Suspension and removal of instruments from trading

    7. Article 42.Access to the regulated market

    8. Article 43.Monitoring of compliance with the rules of the regulated market and with other legal obligations

    9. Article 44.Pre-trade transparency requirements for regulated markets

    10. Article 45.Post-trade transparency requirements for regulated markets

    11. Article 46.Provisions regarding central counterparty and clearing and settlement arrangements

    12. Article 47.List of regulated markets

  5. TITLE IV COMPETENT AUTHORITIES

    1. CHAPTER I DESIGNATION, POWERS AND REDRESS PROCEDURES

      1. Article 48.Designation of competent authorities

      2. Article 49.Cooperation between authorities in the same Member State

      3. Article 50.Powers to be made available to competent authorities

      4. Article 51.Administrative sanctions

      5. Article 52.Right of appeal

      6. Article 53.Extra-judicial mechanism for investors' complaints

      7. Article 54.Professional secrecy

      8. Article 55.Relations with auditors

    2. CHAPTER II COOPERATION BETWEEN COMPETENT AUTHORITIES OF DIFFERENT MEMBER STATES

      1. Article 56.Obligation to cooperate

      2. Article 57.Cooperation in supervisory activities, on-the-spot verifications or in investigations

      3. Article 58.Exchange of information

      4. Article 59.Refusal to cooperate

      5. Article 60.Inter-authority consultation prior to authorisation

      6. Article 61.Powers for host Member States

      7. Article 62.Precautionary measures to be taken by host Member States

    3. CHAPTER III COOPERATION WITH THIRD COUNTRIES

      1. Article 63.Exchange of information with third countries

  6. TITLE V FINAL PROVISIONS

    1. Article 64.Committee procedure

    2. Article 65.Reports and review

    3. Article 66.Amendment of Directive 85/611/EEC

    4. Article 67.Amendment of Directive 93/6/EEC

    5. Article 68.Amendment of Directive 2000/12/EC

    6. Article 69.Repeal of Directive 93/22/EEC

    7. Article 70.Transposition

    8. Article 71.Transitional provisions

    9. Article 72.Entry into force

    10. Article 73.Addressees

    1. ANNEX I

      LIST OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS

      1. Section A Investment services and activities

        1. (1) Reception and transmission of orders in relation to one or...

        2. (2) Execution of orders on behalf of clients.

        3. (3) Dealing on own account.

        4. (4) Portfolio management.

        5. (5) Investment advice.

        6. (6) Underwriting of financial instruments and/or placing of financial instruments on...

        7. (7) Placing of financial instruments without a firm commitment basis

        8. (8) Operation of Multilateral Trading Facilities.

      2. Section B Ancillary services

        1. (1) Safekeeping and administration of financial instruments for the account of...

        2. (2) Granting credits or loans to an investor to allow him...

        3. (3) Advice to undertakings on capital structure, industrial strategy and related...

        4. (4) Foreign exchange services where these are connected to the provision...

        5. (5) Investment research and financial analysis or other forms of general...

        6. (6) Services related to underwriting.

        7. (7) Investment services and activities as well as ancillary services of...

      3. Section C Financial Instruments

        1. (1) Transferable securities;

        2. (2) Money-market instruments;

        3. (3) Units in collective investment undertakings;

        4. (4) Options, futures, swaps, forward rate agreements and any other derivative...

        5. (5) Options, futures, swaps, forward rate agreements and any other derivative...

        6. (6) Options, futures, swaps, and any other derivative contract relating to...

        7. (7) Options, futures, swaps, forwards and any other derivative contracts relating...

        8. (8) Derivative instruments for the transfer of credit risk;

        9. (9) Financial contracts for differences.

        10. (10) Options, futures, swaps, forward rate agreements and any other derivative...

    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

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