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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Operators of a regulated market should also be able to operate an MTF or an OTF in accordance with the relevant provisions of this Directive. 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 mifld the national measures transposing the relevant provision.

Stan procesu implementacji pakietu MiFID II

The limitation of the scope concerning commodity derivatives traded on an OTF mjfid physically settled should be limited to avoid a loophole that may lead to regulatory arbitrage. In view of those developments the legal framework of the Union should encompass the full range of investor-oriented activities.

Komisja przyjmuje akty delegowane zgodnie z art. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: 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 are at present organised in mifkd Member States, it is important to abolish the dyrwktywa and legal restrictions on access to regulated markets. 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.

In that respect, ESMA should play an important coordinating role by defining appropriate tick sizes in order to ensure orderly markets at Union level.

dyrektywa MiFID – Translation into English – examples Polish | Reverso Context

The use of such practices should be carefully assessed in order to promote competition and consumer choice. Access to telephone and data traffic records held by a telecommunications operator should not encompass the content of voice communications by telephone. This should also include transactions concluded through the medium of designated market makers appointed by the regulated market which are undertaken under its systems and in accordance with the rules that govern those systems.

The distinction between spot contracts for commodities and commodity derivative contracts should also be clarified.

OJ L In recent years more investors have become active in the financial markets and are offered an even more complex wide-ranging set of services and instruments. They are purely functional for the purpose of setting out rules aiming to achieve a particular outcome irrespective of the national company law applicable to an institution in each Member State.

For that reason, it is appropriate to include in the scope of this Directive structured deposits. For the exercise of those powers, which may amount to serious interferences with the right to respect private and family life, home and communications, Member States should have in place adequate and effective safeguards against any abuse, for instance, where appropriate prior authorisation from the judicial authorities of a Member State concerned.


Zasady te poparto na szczycie grupy G20 w Cannes w dniu 4 listopada r. ESMA should be entrusted with drafting implementing technical standards for submission to the Commission regarding procedures for granting and refusing requests for authorisation of investment firms, regarding the acquisition of a qualifying holding, regarding trading process on finalisation of transactions in MTFs and OTFs, regarding suspension and removal of financial instruments from trading, regarding freedom to provide investment services and activities, regarding establishment of a branch, regarding position reporting by categories of position holders, regarding procedures for granting and refusing requests for authorisation, regarding the procedures and forms for submitting information in relation to the publication of decisions, regarding obligation to cooperate, regarding cooperation among competent authorities, regarding exchange of information and regarding consultation prior to authorisation of an investment firm.

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

Where a third-country firm solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillary services in the Union, it should not be deemed as a service provided at the own exclusive initiative of the client.

The Commission should submit a report to the European Parliament and the Council assessing the functioning of OTFs, the functioning of the regime for SME growth markets, the impact of requirements regarding automated and high-frequency trading, the experience with the mechanism for banning certain products or practices and the impact of the measures regarding commodity derivatives markets.

General contact details of provider: Several measures have been taken to mitigate the impact of such an inclusion on firms trading those products. In order to eliminate obstacles in the cross-border provision of harmonised investment services and to ensure a level playing field between entities providing the same investment services under the same legal requirements, an AIFM authorised to provide those services should be able to provide them on a cross-border basis, subject to appropriate notification requirements, under the authorisation granted by the competent authorities of their home Member State.

It is desirable to ensure that all high-frequency algorithmic trading firms be authorised.

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.

It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. Under the current legal framework, AIFMs authorised to provide those investment services and intending to provide them in Member States other than their home Member State are to comply with additional national requirements, including the establishment of a separate dyrektwya entity.

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.

The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client. In order to ensure that market integrity is maintained in the light of mifir developments in financial markets, Mufid should regularly seek input from national experts on developments relating to trading technology including high-frequency trading and new practices which could constitute market abuse, so as to identify and promote effective strategies mifie preventing and addressing such abuse.


It is appropriate that where the obligation to provide liquidity on a venue is required by regulatory mifi in accordance with Union or national laws, regulations and administrative provisions or by trading venues, the transactions entered into to meet such dyrrektywa obligation should be excluded in the assessment of whether the activity is ancillary.

The competent authority shall mivid grant authorisation unless and until such time as it is fully satisfied that the applicant complies with all requirements under the provisions adopted pursuant to this Directive. 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.

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. Those joint venture companies do not provide any other services and perform exactly the same function as the persons referred to in Recital It is necessary to establish a comprehensive regulatory regime governing the execution of transactions in financial instruments irrespective of the trading methods used to conclude those transactions so as to ensure a high quality of execution of investor transactions and to uphold the integrity and overall efficiency of the financial system.

The competent authority shall refuse authorisation if the laws, regulations or administrative provisions of a third country governing one or more natural or legal persons with which the undertaking has close links, or difficulties involved in their enforcement, prevent the effective exercise of its supervisory functions. That list shall contain information on dyrekktywa services or activities for which each investment firm is authorised and it shall be updated on a regular basis.

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Traktat o funkcjonowaniu Unii Europejskiej Legal basis: Transmission system operators should also benefit from such an exemption where they use other persons acting as service providers on their behalf to carry out their task under those legislative acts or under network codes or guidelines adopted pursuant to those Regulations.

Firms have a duty to take effective steps to identify and prevent or manage conflicts of interest and mitigate the potential impact of those risks as far as possible. It is necessary to exclude from the scope of this Directive central banks and other bodies performing similar functions as well as public bodies charged with or intervening in the management of public debt, which concept covers the investment thereof, with the exception of bodies that are partly or wholly state-owned the role of which is commercial or linked to the acquisition of holdings.