What changed, Directive 2004/39/EC

+ 2a. None of the implementing measures enacted may change the essential provisions of this Directive.
+ 
+ 3. Without prejudice to the implementing measures already adopted, on 1 April 2008 at the latest, the application of this Directive's provisions requiring the adoption of technical rules, amendments and decisions in accordance with paragraph 2 shall be suspended. Acting on a proposal from the Commis…
+ 
+ ### Article 65
− 3. Without prejudice to the implementing measures already adopted, on the expiry of a four-year period following the entry into force of this Directive, the application of its provisions requiring the adoption of technical rules and decisions in accordance with paragraph 2 shall be suspended. On a p…
+ Reports and review
− ### Article 65 — Reports and review
+ 1. By 31 October 2007, the Commission shall, on the basis of public consultation and in the light of discussions with competent authorities, report to the European Parliament and to the Council on the possible extension of the scope of the provisions of this Directive concerning pre and post-trade t…
− 1. Before►C1 30 April 2006** ◄ **►C1 (27)** ◄ **, the Commission shall, on the basis of public consultation and in the light of discussions with competent authorities, report to the European Parliament and Council on the possible extension of the scope of the provisions of the Directive concerning p…
+ 2. By 31 October 2008, the Commission shall present the European Parliament and the Council with a report on the application of Article 27.
− 2. Before►C1 30 April 2007** ◄ **►C1 (28)** ◄ **, the Commission shall present a report to the European Parliament and to the Council on the application of Article 27.
+ 3. By 30 April 2008, the Commission shall, on the basis of public consultations and in the light of discussions with competent authorities, report to the European Parliament and to the Council on:
− 3. Before►C1 30 October 2006** ◄ **►C1 (29)** ◄ **, the Commission shall, on the basis of public consultations and in the light of discussions with competent authorities, report to the European Parliament and Council on:
+ (a) the continued appropriateness of the exemption provided for in Article 2(1)(k) for undertakings whose main business is dealing on own account in commodity derivatives;
− (a) the continued appropriateness of the exemption under Article 2(1)(k) for undertakings whose main business is dealing on own account in commodity derivatives;
+ (c) the appropriateness of rules concerning the appointment of tied agents in performing investment services and/or activities, in particular with respect to the supervision of them;
− (c) the appropriateness of rules concerning the appointment of tied agents in performing investment services and/or activities, in particular with respect to the supervision on them;
+ (d) the continued appropriateness of the exemption provided for in Article 2(1)(i).
− (d) the continued appropriateness of the exemption under of Article 2(1)(i).
+ 4. By 30 April 2008, the Commission shall present the European Parliament and the Council with a report on the state of the removal of the obstacles which may prevent the consolidation at European level of the information that trading venues are required to publish.
− 4. Before►C1 30 October 2006** ◄ **►C1 (30)** ◄ **, the Commission shall present a report to the European Parliament and the Council on the state of the removal of the obstacles which may prevent the consolidation at the European level of the information that trading venues are required to publish.
+ 6. By 31 October 2006, the Commission shall, in the light of discussions with competent authorities, report to the European Parliament and to the Council on the continued appropriateness of the requirements for professional indemnity insurance imposed on intermediaries under Community law.
− 6. Before►C1 30 April 2005** ◄ **►C1 (31)** ◄ **, the Commission shall, in the light of discussions with competent authorities, report to the European Parliament and Council on the continued appropriateness of the requirements for professional indemnity insurance imposed on intermediaries under Comm…
+ ‘4. Articles 2(2), 12, 13 and 19 of ►C1 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments ** ◄ ** (27), shall apply to the provision of the services referred to in paragraph 3 of this Article by management companies
− ‘4. Articles 2(2), 12, 13 and 19 of ►C1 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments ** ◄ ** (32), shall apply to the provision of the services referred to in paragraph 3 of this Article by management companies
+ ‘2. Investment firms shall mean all institutions that satisfy the definition in Article 4(1) of ►C1 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments ** ◄ ** (28), which are subject to the requirements imposed by the same Directiv…
− ‘2. Investment firms shall mean all institutions that satisfy the definition in Article 4(1) of ►C1 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments ** ◄ ** (33), which are subject to the requirements imposed by the same Directiv…
+ The amounts referred to in this paragraph shall be periodically reviewed by the Commission in order to take account of changes in the European Index of Consumer Prices as published by Eurostat, in line with and at the same time as the adjustments made under Article 4(7) of Directive 2002/92/EC of th…
− The amounts referred to in this paragraph shall be periodically reviewed by the Commission in order to take account of changes in the European Index of Consumer Prices as published by Eurostat, in line with and at the same time as the adjustments made under Article 4(7) of Directive 2002/92/EC of th…
+ 
+ ‘The services and activities provided for in Section A and B of Annex I of ►C1 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments ** ◄ ** (30) when referring to the financial instruments provided for in Section C of Annex I of that…
+ ### Article 69
− ‘The services and activities provided for in Section A and B of Annex I of ►C1 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments ** ◄ ** (35) when referring to the financial instruments provided for in Section C of Annex I of that…
+ Repeal of Directive 93/22/EEC
− ### Article 69 — Repeal of Directive 93/22/EEC
+ Directive 93/22/EEC shall be repealed with effect from 1 November 2007. References to Directive 93/22/EEC shall be construed as references to this Directive. References to terms defined in, or Articles of, Directive 93/22/EEC shall be construed as references to the equivalent term defined in, or Art…
− Directive 93/22/EEC shall be repealed with effect from►C1 30 April 2006** ◄ **►C1 (36)** ◄ **. References to Directive 93/22/EEC shall be construed as references to this Directive. References to terms defined in, or Articles of, Directive 93/22/EEC shall be construed as references to the equivalent …
+ 
+ Member States shall adopt the laws, regulations and administrative provisions necessary to comply with this Directive by 31 January 2007. They shall forthwith inform the Commission thereof.
+ They shall apply these measures from 1 November 2007.
− Member States shall adopt the laws, regulations and administrative provisions necessary to comply with this Directive by►C1 30 April 2006** ◄ **►C1 (37)** ◄ ** at the latest. They shall forthwith inform the Commission thereof.
+ 1. Investment firms already authorised in their home Member State to provide investment services before 1 November 2007 shall be deemed to be so authorised for the purposes of this Directive if the laws of that Member State provide that to take up such activities they must comply with conditions com…
− 1. Investment firms already authorised in their home Member State to provide investment services before the►C1 30 April 2006** ◄ **►C1 (38)** ◄ **, shall be deemed to be so authorised for the purpose of this Directive, if the laws of those Member States provide that to take up such activities they m…
+ 2. A regulated market or a market operator already authorised in its home Member State before 1 November 2007 shall be deemed to be so authorised for the purposes of this Directive if the laws of that Member State provide that the regulated market or market operator, as the case may be, must comply …
− 2. A regulated market or a market operator already authorised in its home Member State before the►C1 30 April 2006** ◄ **►C1 (39)** ◄ **, shall be deemed to be so authorised for the purposes of this Directive, if the laws of such Member State provide that the regulated market or market operator (as …
+ 3. Tied agents already entered in a public register before 1 November 2007 shall be deemed to be so registered for the purposes of this Directive if the laws of Member States concerned provide that tied agents must comply with conditions comparable to those provided for in Article 23.
− 3. Tied agents already entered in a public register before the►C1 30 April 2006** ◄ **►C1 (40)** ◄ **, shall be deemed to be so registered for the purposes of this Directive, if the laws of those Member States provide that tied agents must comply with conditions comparable to those imposed in Articl…
+ 4. Information communicated before 1 November 2007 for the purposes of Articles 17, 18 or 30 of Directive 93/22/EEC shall be deemed to have been communicated for the purposes of Articles 31 and 32 of this Directive.
− 4. Information communicated before the►C1 30 April 2006** ◄ **►C1 (41)** ◄ **, for the purposes of Articles 17, 18 or 30 of Directive 93/22/EEC shall be deemed to have been communicated for the purposes of Articles 31 and 32 of this Directive.
+ 5. Any existing system falling under the definition of an MTF operated by a market operator of a regulated market shall, at the request of the market operator of the regulated market, be authorised as an MTF, provided that it complies with rules equivalent to those required by this Directive for the…
− 5. Any existing system falling under the definition of an MTF operated by a market operator of a regulated market, shall be authorised as an MTF at the request of the market operator of the regulated market provided it complies with rules equivalent to those required by this Directive for the author…
+ (27) ►C1 OJ L 145, 30.4.2004, p. 1.** ◄ **’
− (27) 2 years after the entry into force of this Directive.
+ (28) ►C1 OJ L 145, 30.4.2004, p. 1.** ◄ **’
− (28) 3 years after the entry into force of this Directive.
+ (29) OJ L 9, 15.1.2003, p. 3.’
− (29) 30 months after the entry into force of this Directive.
− 
− (31) 1 year after the entry into force of this Directive.
+ (30) ►C1 OJ L 145, 30.4.2004, p. 1.** ◄ **’
− (32) ►C1 OJ L 145, 30.4.2004, p. 1.** ◄ **’
− 
− (33) ►C1 OJ L 145, 30.4.2004, p. 1.** ◄ **’
− 
− (34) OJ L 9, 15.1.2003, p. 3.’
− 
− (35) ►C1 OJ L 145, 30.4.2004, p. 1.** ◄ **’
− 
− (36) 24 months after the entry into force of this Directive.
− 
− (37) 24 months after the entry into force of this Directive.