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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The Commission shall adopt delegated acts in accordance with Article 89 measures specifying:. In accordance with those legislative acts, transmission system operators have specific obligations and responsibilities, are subject to specific dyrdktywa and are supervised by sector specific competent authorities. The financial crisis has shown limits in the ability of non-retail clients to appreciate the risk of their investments.

In order to eliminate uncertainty and strengthen investor protection, it is appropriate to provide for the application of dyrekrywa Directive when, in the primary market, investment firms and credit institutions distribute financial instruments issued by them without providing any advice.

Legal Alert: Stan procesu implementacji pakietu MiFID II – Eversheds Sutherland

Member States may include in the definition of investment firms undertakings which are not legal persons, provided that:. If the competent authorities do not oppose dyrektyaw proposed acquisition within the assessment period in writing, it shall be deemed to be approved. The competent authorities may extend the interruption referred to in the second subparagraph of paragraph 2 up to 30 working days if the proposed acquirer is one of the following:.

High-frequency algorithmic trading is typically done by the traders using their own capital to trade and rather than being a strategy in itself is kifid the use of sophisticated technology to implement more traditional trading strategies such as market making or arbitrage. In addition to the introduction in this Directive of a common regime for the recording of telephone conversations or electronic communications involving client orders, it is appropriate to reduce the possibility of competent authorities to delegate supervisory tasks in certain cases, to limit discretions in the requirements applicable to tied agents and to the reporting from branches.

Those criteria should ensure that non-financial firms dealing in financial instruments in a disproportionate manner compared with the level of investment in the main business are covered by the scope of this Directive. It is necessary to strengthen the role of management bodies of investment firms, regulated markets and data reporting services providers in ensuring sound and prudent management of the firms, the promotion of the integrity of the market and the interest of investors.

If such dyrekktywa causes disproportionate damage to the persons involved, jeopardises the stability of financial markets or an ongoing investigation the competent authority should publish the sanctions and measures on an anonymous basis in a manner dyrektysa complies with national law or delay the publication. A client is likely to require more time to review information given on a complex or unfamiliar product or service, or a product or service a client has no experience with than a client considering a simpler or more familiar product or service, or where the client has relevant prior experience.

Investment firms should allow their staff sufficient time and resources to achieve that knowledge and competence and to apply it in providing services to clients.

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To that end, that Directive aimed to harmonise the initial authorisation and operating requirements for investment firms including conduct of business rules.

In order to avoid circumvention of the position limits regime through the ongoing development of new commodity derivative contracts, ESMA should ensure that the methodology for calculation prevents any circumvention by taking into account the overall open interest in other commodity derivatives with the same underlying commodity.


In order to ensure effective supervision and in dyreitywa to enable the competent authorities dyrsktywa take appropriate measures against defective or rogue algorithmic strategies in due time it is necessary to flag all orders generated by algorithmic trading. The provision of services by third country firms in the Union is subject to national regimes and requirements. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global LLP.

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. The G20 summit in Pittsburgh on 25 September agreed to improve the regulation, functioning and transparency of financial and commodity markets to address excessive commodity price volatility.

In determining the extent to which ancillary activities constitute a minority of activities at a group level ESMA may determine that the capital employed for carrying out the ancillary activity relative to the capital employed for carrying out the main business is to be considered.

In addition, there is the risk of algorithmic trading systems overreacting to other market events which can exacerbate volatility if there is a pre-existing market problem.

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ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the notification or provision of information provided for in paragraph 2 of this Article and in Article 9 5. Provided that the information is communicated to the client in good time before mirid provision of the service, nothing in this Directive obliges firms to provide it either separately or by incorporating the information in a mifidd agreement.

With respect to the assessment to determine whether an issuer is an SME enterprise, it should be made based on the market capitalisation of the previous three calendar years.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. Nor is it intended to require a firm to compare the differences in its own commissions which are attributable to differences in the nature of the services that the firm provides to clients. The authorisation shall be valid for the entire Union and shall allow an investment firm to provide the services or perform the activities, for which it has been authorised, throughout the Union, either through the right of establishment, including through a branch, or through the freedom to provide services.

The register shall be publicly accessible and shall contain information on the services or activities for which the investment firm is authorised.

The frequent and systematic basis shall be measured by the number of OTC trades in the financial instrument carried out by the investment firm on own account when executing client orders. The creation within the MTF category of a new sub category of SME growth market and the registration of those markets should raise their visibility and profile and aid the development of common regulatory standards in the Union for those markets.

That list shall contain information on the services or activities for which each investment firm is authorised and it shall be updated on a regular basis. This Directive provides for conditions and procedures for Member States to comply with when planning to impose additional requirements.

In order to address potential risks to the interests of investors it is necessary to formalise and further coordinate the processes on the consequences for trading on other trading venues if an investment firm or a market operator operating a trading venue decides to suspend or remove a financial instrument from trading.


In respect of transactions executed between eligible counterparties, the obligation to disclose client limit orders should only apply where the counterparty is explicitly sending a limit order to an investment firm for its execution.

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 that regard, the competent authorities shall communicate to each other upon request all relevant information and shall communicate on their own initiative all essential information. Those terms do not include mifidd who only access the trading venues via direct electronic access. Where a competent authority has withdrawn an authorisation in accordance with points bc and d of Article 8, that withdrawal shall be published on the list for a period of five years.

It is therefore dyrfktywa to provide for rules to ensure that such conflicts do not adversely affect the interests of their clients. Such records should ensure that there is evidence to prove the terms of any orders given by clients and eyrektywa correspondence with transactions executed by the investment firms, as well as to detect any behaviour that may have relevance in terms of market abuse, including when firms deal on own account.

That policy should, for instance, encourage firms to select candidates from shortlists including both genders. Therefore, explicit powers should be granted to competent authorities to establish limits, on the basis mifix a methodology determined by ESMA, on the positions any person xyrektywa hold, at an aggregate group level, in a derivative contract in relation to a commodity at all times in order to prevent market abuse, including cornering mitid market, and to support orderly pricing and settlement conditions including the prevention of market distorting positions.

The authorisation may cover one or more of the ancillary services set out in Section B of Miifid I. To that end, the definition of the service of execution of orders on behalf of clients should be extended.

Given the importance of liquidity provision to the orderly and efficient functioning of markets, investment firms that engage in algorithmic trading to pursue a market making strategy should have written agreements in place with trading venues clarifying their obligations to provide liquidity to the market.

Since the objective of this Directive, namely creating an integrated financial market in which investors are effectively protected and the efficiency and integrity of the overall market are safeguarded, requires the establishment of common regulatory requirements relating to investment firms wherever they are authorised in the Union and governing the functioning of regulated markets and other trading systems so as to prevent opacity or disruption on one market from undermining the efficient operation of the Union financial system as a whole which cannot be sufficiently achieved by the Member States but can rather, by reason of the scale and effects of this Directive, be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.

It is proposed that more details about SME growth market requirements such as those relating to criteria for admission to trading on such a market would be further prescribed in delegated acts or technical standards.