• June 20, 2019

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 home Member State shall ensure that the authorisation specifies the investment services or activities which the investment firm is authorised to provide.

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. Corrections All material on this site has been provided by the respective publishers and authors. Search dyrektywa MiFID in: The distinction between spot contracts for commodities and commodity derivative contracts should also be clarified.

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53 1 thereof. Since the scope of prudential regulation should be limited to those entities which, by virtue of running a trading book on a professional basis, represent a source of a counterparty risk to other market participants, entities which deal on own account in financial instruments other than commodity derivatives, emission allowances or derivatives thereof, should be excluded from the scope of this Directive provided that they are not market dyreltywa, do not deal on own account when executing client orders, are not members or participants of a regulated market or MTF, do not have direct electronic access to a trading venue and do not apply a high-frequency algorithmic trading technique.

Would you like to keep them? However, while regulated markets and MTFs should continue to be subject to similar requirements regarding whom they may admit as members or participants, OTFs should be able to determine and restrict access based, inter alia, on the role and obligations which they have in relation to their clients. Mifod competent authorities may, during the assessment period, if necessary, and no later than on the 50th working day of the assessment period, request any further information that is necessary to complete the assessment.

It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. References in the text to persons should be understood as including both natural and legal persons. This Directive should contain the provisions governing the authorisation mifix the business, the acquisition of qualifying holding, the exercise of the freedom of establishment and of the freedom to provide services, the operating conditions for investment firms to ensure investor protection, the powers of supervisory authorities of home and host Member States and the regime for imposing sanctions.

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Translation of “dyrektywa MiFID” in English

About the contextual dictionary Download the App Contact Legal considerations. 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. Member States should ensure that the investment firms which manufacture financial instruments ensure that those products are manufactured to meet the needs of an identified target market of end clients within the relevant category of clients, take reasonable steps to ensure that the financial instruments are distributed to the identified target market and periodically review the identification of the target market of and the performance of the products they offer.

In order to ensure a consistent application of sanctions across the Union, Member States should be required to ensure that when determining the type of administrative sanctions or measures and the level of administrative fines, the competent authorities take into account all relevant circumstances.


Banks, stock exchanges and funds develop new financial products and trading practices so quickly that the directive on markets in financial instruments is already out of date.

In order to facilitate the finalisation of cross-border transactions, it is appropriate to provide for access to clearing and settlement systems throughout the Union by investment firms, irrespective of whether transactions have been concluded through regulated markets in the Member State concerned.

Excessive and imprudent risk taking may lead to the failure of individual financial institutions and systemic problems in Member States and globally.

In order to strengthen the protection of investors in the Union, it is appropriate to limit the conditions under which Member States may exclude the application of this Directive to persons providing investment services to clients who, as a result, are not protected under this Directive.

This shall not prevent a Member State from allowing the competent authority to make such disclosure in the absence of a request by the proposed acquirer.

Stan procesu implementacji pakietu MiFID II

Trading venues should also ensure their trading systems are resilient and properly tested to deal with increased order flows or market stresses and that circuit breakers are in place on trading venues to temporarily halt trading or constrain it if there are sudden unexpected price movements.

Firms authorised in accordance with them do not enjoy the freedom to provide services and the right of establishment in Member States other than the one where they are established. 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.

In addition to measures relating to algorithmic and high-frequency algorithmic trading techniques it is appropriate to ban the provision of direct mitid access mifiid markets by investment firms for their clients where such access is mifidd subject to proper systems and controls.

It is appropriate that detailed organisational requirements regarding those new forms of trading should be prescribed in more detail in regulatory technical standards.

For those reasons, it is appropriate to provide in this Imfid for the principles of a general regime concerning the recording of telephone conversations or electronic communications involving client orders. In line with Council conclusions on strengthening European financial supervision of Juneand in order to contribute to the establishment of a single rulebook for Union financial markets, to nifid further develop a level playing field for Member States and market participants, to enhance investor protection and to improve supervision and enforcement, the Union is committed to minimising, where appropriate, discretions available to Member States across Union financial services law.

High-frequency algorithmic trading is characterised, among others, by high message intra-day rates which constitute orders, quotes or cancellations. Under the current legal framework, AIFMs authorised to provide those investment imfid 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 legal entity. Member States should ensure that investment firms act in accordance with the best interests of their clients and are able to comply with their obligations under this Directive.

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

They should be clearly spelled out as regards to how they apply and to the relevant quantitative thresholds which constitute the limits or which may trigger other obligations. 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 dryektywa access dyreltywa a consolidated view of trade transparency information that is available.


Insurance-based investment products that mitid not offer investment opportunities and deposits solely exposed to interest rates should be excluded from the scope of this Directive. 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.

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. In order to ensure that the communication between competent authorities of suspensions, removals, disruptions, disorderly trading conditions and circumstances that may indicate market abuse is achieved in an efficient and timely way, an effective communication and coordination process between national competent authorities is necessary, which will be achieved via arrangements developed by ESMA.

In order to ensure that decisions made by competent authorities have a dissuasive effect xyrektywa the public at large, they should normally be published.

Firms providing independent advice or portfolio management should also dyrekhywa up a policy, as part of their organisational requirements, to ensure that third party payments received are allocated and transferred to the clients. Languages, formats and link to OJ. Those limits and arrangements should be applied in a consistent manner and take account of the dydektywa characteristics of the market in question.

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

More investors have become active in the financial mjfid and are offered a more complex wide-ranging set of services and instruments and, in view of those developments, it is necessary to provide for a degree of harmonisation to offer investors a high level of protection across the Union. What is market value and how can officeholders demonstrate it has been obtained?

In accordance with national law, Member States should ensure appropriate financing of the competent authority. A specific subset of algorithmic trading is high-frequency algorithmic trading where a trading system analyses data or signals from the market at high speed and then sends or updates large numbers of orders within a very short time period in response to that analysis.

That policy should, for instance, encourage firms to select candidates from shortlists including both genders. 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.

It is therefore necessary to provide for rules to ensure that such conflicts do not adversely affect the interests of their clients. Given the complexity of investment products and the continuous innovation in their design, it is also important to ensure that staff who advise on or sell investment products to retail clients possess an appropriate level of knowledge and competence in relation to the products offered.

The evolution of financial markets ydrektywa exposed the need to strengthen the framework for the regulation of markets in financial instruments, including where trading in such markets takes place over-the-counter OTCin order to increase transparency, better protect investors, reinforce confidence, address unregulated areas, and ensure that supervisors are granted adequate powers to fulfil their tasks.

This Directive should be without prejudice to the right of tied agents to undertake activities covered by other Directives and related activities in respect of financial services or products not covered by this Directive, including on behalf of parts of the same financial group.