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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Under the current legal framework, AIFMs authorised to provide those investment services and intending to provide them cyrektywa Member States other than their home Member State are to comply with additional national requirements, including the establishment of a separate legal entity. 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.
Informacje publikowane przez APA zgodnie z ust. Such measures may include applications for judicial orders or the imposition of sanctions against directors and those responsible for mufid, or suspension of the exercise of the voting rights attaching eyrektywa the shares held by the shareholders or members in question.
dyrektywa MiFID – Translation into English – examples Polish | Reverso Context
In accordance with national law, Member States are not obliged to impose both administrative and criminal sanctions for the same offence, but they should be able to do so if their national law so permits.
In order to eliminate uncertainty and strengthen investor protection, it is appropriate to provide for the dyrektwya of this Directive when, in the primary market, investment firms and credit institutions distribute financial instruments issued by them without providing any advice. The activities referred to in this paragraph shall be considered at a group level. Since dyrektywx main objective and subject-matter of this Directive is to harmonise national provisions concerning the dyrektywwa referred to, it should be based on Article 53 1 of the Treaty on the Functioning of the European Union TFEU.
Competent authorities shall regularly inform ESMA of such authorisations.
For example, the exemption in point j dhrektywa Article 2 1 can be used in conjunction with the exemption in point d of Article 2 1. For the purposes of this Directive eligible counterparties should be considered to be acting as clients. The use of trading technology mjfid evolved significantly in the past decade and is now extensively used by market participants. In order to better define the classification of municipalities and local public authorities, it is appropriate to clearly exclude them from the list of eligible counterparties and of clients who are considered to be professionals while still allowing those clients to ask for treatment as professional clients on request.
If such publication 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 dyrektysa basis in a manner which complies with national law or delay the publication. However, entities which are authorised and supervised under Union law regulating the financial sector and are exempt from this Directive, but which engage in algorithmic trading or high-frequency algorithmic trading techniques, should not be required to obtain an authorisation under this Directive and should only be subject to the measures and controls aiming to tackle the specific risk arising from those types of trading.
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Legal Alert: Stan procesu implementacji pakietu MiFID II – Eversheds Sutherland
It is appropriate to include in the list of financial instruments commodity derivatives and others which are constituted and traded in such a manner as to give rise to regulatory issues comparable to traditional financial instruments.
In addition to measures relating to algorithmic and high-frequency algorithmic trading techniques it is appropriate to ban the provision of direct electronic access to markets by investment firms for their clients where such access is not subject to proper systems and controls. Investment firms that offer or recommend to clients financial instruments not manufactured by them should also have dyrektyww arrangements in place to obtain and understand the mofid information concerning the product approval process, including the identified target market and the characteristics of the product they offer or recommend.
Expand all Collapse all. Incorrect conduct of firms providing services to clients may lead to investor detriment and loss of investor confidence.
That obligation should apply without prejudice to any assessment of appropriateness or suitability to be subsequently carried out by the investment firm in the provision of investment services to each client, on the basis of their personal needs, characteristics and objectives.
Position limits should be set for each individual commodity derivative contract. Such deposits should therefore be excluded from the scope of this Dyrwktywa. In order to ensure orderly and fair trading conditions, it is essential to require trading venues to provide such co-location services on a non-discriminatory, fair and transparent basis.
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In order to ensure the objective and effective application of that definition 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.
The form of a Directive is appropriate in order to enable the implementing provisions in the areas covered by this Directive, when necessary, to be adjusted to any existing specificities of the particular market and legal system in each Member State. Individual and occupational pension products, having the primary purpose of providing the investor an income in retirement, should be excluded from the scope dyrrektywa this Directive, in consideration of their particularities and objectives.
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. It is appropriate to provide a mechanism for reporting unpublished sanctions to ESMA so that competent authorities can take them into account in their ongoing supervision.
Where a third-country firm provides services at the own exclusive initiative of a person established in the Union, dyrektyww services should dyrektyqa be deemed as provided in the territory of the Union. An investment firm seeking authorisation to extend its business to additional investment services or activities or ancillary services not foreseen at the time of initial authorisation shall submit a request for extension of its authorisation.
L z Cross-selling practices are a common strategy for vyrektywa financial service ddyrektywa throughout the Union.
Competent authorities should have the option not to publish sanctions where anonymous or delayed publication is considered to be insufficient to ensure that the stability of financial markets will not be jeopardised.
Those limits and arrangements should be applied in a consistent manner and take cyrektywa of the specific characteristics of the market in question.