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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RePEc uses bibliographic data supplied by the respective publishers. The authorisation may cover one or more of the ancillary services set out in Section B of Annex I.

Persons having access to regulated markets or MTFs are referred to as members or participants. In order to give all relevant information to investors, it is appropriate to require investment firms providing investment advice to disclose the cost of the advice, to clarify the basis of the advice they provide, in particular the range of products they consider in providing personal recommendations to clients, whether they provide investment advice on an independent basis and whether they provide the clients with the periodic assessment of the suitability dyrekgywa the financial instruments recommended to them.

The obligation to transpose the provisions which are unchanged arises under the earlier Directives. It is therefore appropriate to allow for trading venues to adjust their fees for cancelled orders according to the length of time for which the order was maintained and to calibrate the fees to each financial instrument to which they apply.

Members of the management body shall have adequate access to information and documents which are needed to oversee and monitor management decision-making. A comprehensive and detailed breakdown of the positions held by all persons should be made available to the competent authority at least daily.

In that respect, ESMA should play an important coordinating role by dyrekfywa appropriate tick sizes in order to ydrektywa orderly markets at Union level. This Directive should therefore provide for a minimum set of supervisory and investigative powers competent authorities of Member States should be entrusted with in accordance with national law.

Due to increasing cross-border activity, competent authorities should provide each other with the relevant information for the exercise of their functions, so as to ensure the effective enforcement of this Directive, including in situations where infringements or suspected infringements may be of concern to authorities in two or more Member States. Such orders should be considered to be equivalent to orders received by telephone.

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It is appropriate that detailed organisational requirements regarding those new forms of trading should be prescribed in more detail in regulatory technical standards. That assessment should be made on an annual basis.

Nor is it intended to require a firm to compare the differences in its own commissions which are attributable to differences in the nature miifd the services that the firm provides to clients.

Investment firms that engage in algorithmic trading pursuing a market making strategy mific have in place appropriate systems and controls for that activity.


Technical standards in financial services should ensure consistent harmonisation and adequate protection of investors, including those investing in structured deposits, and consumers across the Union.

Help Print this page. While it should be confirmed that conduct of business rules should be enforced in respect of those investors most in need of protection, it is appropriate to better calibrate the requirements applicable to different categories of clients. Individual and occupational pension products, having the primary purpose of providing the investor an income in retirement, should be excluded from the scope of this Directive, in consideration of their particularities and objectives.

Eversheds Sutherland is a global provider of legal services operating through various separate and distinct legal entities. 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.

The statement should be provided in a durable medium including in an electronic form. MiFID tackles the issue of conflicts of interest generally by requiring investment firms to: The G20 summit in Pittsburgh on 25 September agreed to improve the regulation, functioning and transparency of financial and mifkd markets to address excessive commodity price volatility.

While the methodology used for calculation of position limits should not create barriers to the development of new commodity derivatives, ESMA should ensure when determining the methodology for calculation that the development of new commodity derivatives cannot be used to circumvent the position limits regime.

Regardless of the manner in which transactions dyrrektywa at present organised in the Member States, it kifid important to abolish the technical and legal restrictions on access mofid regulated markets.

Future Union law regulating the activities of insurance intermediaries mmifid insurance undertakings should thus dyrektyw ensure a consistent regulatory approach concerning the distribution of different financial products which satisfy similar investor needs and therefore raise comparable investor protection challenges.

In accordance with those legislative acts, transmission system operators have specific obligations and responsibilities, are subject to specific certification and are supervised by sector specific competent authorities. Use the Advanced search.

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. An investment firm authorised in its home Member State should be entitled to provide investment services or perform investment activities throughout the Union without the need to seek a separate authorisation from the competent authority in the Member State in which it wishes to provide such services or perform such activities.

In accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve that objective. This Directive shall apply to investment firms, market operators, data reporting services providers, and third-country firms providing investment services or performing investment activities through the establishment of a branch in the Union.

In order to eliminate uncertainty and strengthen investor protection, it is appropriate to provide for the application of this Directive when, in the primary market, investment firms and credit institutions distribute financial instruments issued by them without providing any advice. Since further amendments are to be made, it should be recast in the interests of clarity.


Yet that trading technology also gives rise to a number of potential risks such as an increased risk of the overloading of the systems of trading venues due to large volumes of orders, risks of algorithmic trading generating duplicative or erroneous orders or otherwise malfunctioning in a way that may create a disorderly market.

They can provide benefits to retail clients but can also represent practices where the interest of the client is not adequately considered. While practices of bundling, where two or more financial services are sold together in a package, but each of the services can also be purchased separately, may also distort competition and negatively affect customer mobility and the ability of clients to make informed choices, they at least leave choice to the client and may therefore pose less risk to the compliance of investment firms with their obligations under this Directive.

Risks arising from algorithmic trading should be regulated. In order to detect potential infringements, competent authorities should have the necessary investigatory powers, and should establish effective and reliable mechanisms to encourage reporting of potential or actual infringements, including protection of employees reporting infringements within their own institution.

Technical advances have enabled high-frequency trading and an evolution of business models. 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.

No action taken by any competent authority or ESMA in the performance of their duties should directly or indirectly discriminate against any Member State or group of Member States as a venue for the provision of investment services and activities in any currency. While trading venues are facilities in which multiple third party buying and selling interests interact in the system, a systematic internaliser should not be allowed to bring together third party buying and selling interests in functionally the same way as a trading venue.

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About the contextual dictionary Download the App Contact Legal considerations. Investment firms and credit institutions distributing financial instruments they issue themselves should syrektywa subject to this Directive when they provide investment advice to their clients. Please note that corrections may take a couple of weeks to filter through the various RePEc services.

Przeprowadzono konsultacje z Europejskim Inspektorem Ochrony Danych zgodnie z art. It is necessary to recognise the emergence of a new generation of organised trading systems alongside regulated markets drektywa should be subjected to obligations designed to preserve the efficient and orderly functioning of financial markets and to ensure that such organised trading systems do not benefit from regulatory loopholes.

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