What changed, Directive 2014/65/EU

− ### art_1
− Article 1
− | (a) | authorisation and operating conditions for investment firms; |
− | (b) | provision of investment services or activities by third-country firms through the establishment of a branch; |
− | (c) | authorisation and operation of regulated markets; |
− | (d) | authorisation and operation of data reporting services providers; and |
− | (e) | supervision, cooperation and enforcement by competent authorities. |
− | (a) | Article 2(2), Article 9(3) and Articles 14 and 16 to 20, |
− | (b) | Chapter II of Title II excluding second subparagraph of Article 29(2), |
− | (c) | Chapter III of Title II excluding Article 34(2) and (3) and Article 35(2) to (6) and (9), |
− | (d) | Articles 67 to 75 and Articles 80, 85 and 86. |
− | (a) | Article 9(3), Article 14, and Article 16(2), (3) and (6); |
− | (b) | Articles 23 to 26, Article 28 and Article 29, excluding the second subparagraph of paragraph 2 thereof, and Article 30; and |
− | (c) | Articles 67 to 75. |
− ### art_2
− Article 2
− | (a) | insurance undertakings or undertakings carrying out the reinsurance and retrocession activities referred to in Directive 2009/138/EC when carrying out the activities referred to in that Directive; |
− | (b) | persons providing investment services exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings; |
− | (c) | persons providing an investment service where that service is provided in an incidental manner in the course of a professional activity and that activity is regulated by legal or regulatory provisions or a code of ethics governing the profession which do not exclude the provision of that ser…
− | (d) | persons dealing on own account in financial instruments other than commodity derivatives or emission allowances or derivatives thereof and not providing any other investment services or performing any other investment activities in financial instruments other than commodity derivatives or em…
− | (i) | are market makers; |
− | (ii) | are members of or participants in a regulated market or an MTF or have direct electronic access to a trading venue; |
− | (iii) | apply a high-frequency algorithmic trading technique; or |
− | (iv) | deal on own account when executing client orders; |
− | (e) | operators with compliance obligations under Directive 2003/87/EC who, when dealing in emission allowances, do not execute client orders and who do not provide any investment services or perform any investment activities other than dealing on own account, provided that those persons do not ap…
− | (f) | persons providing investment services consisting exclusively in the administration of employee-participation schemes; |
− | (g) | persons providing investment services which only involve both the administration of employee-participation schemes and the provision of investment services exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings; |
− | (h) | the members of the ESCB and other national bodies performing similar functions in the Union, other public bodies charged with or intervening in the management of the public debt in the Union and international financial institutions established by two or more Member States which have the purp…
− | (i) | collective investment undertakings and pension funds whether coordinated at Union level or not and the depositaries and managers of such undertakings; |
− | (j) | persons:(i)dealing on own account, including market makers, in commodity derivatives or emission allowances or derivatives thereof, excluding persons who deal on own account when executing client orders; or(ii)providing investment services, other than dealing on own account, in commodity der…
+ ## TITLE I / **SCOPE AND DEFINITIONS**
+ ### Article 1 — Scope
+ (a) authorisation and operating conditions for investment firms;
+ (b) provision of investment services or activities by third-country firms through the establishment of a branch;
+ (c) authorisation and operation of regulated markets;
+ (d) authorisation and operation of data reporting services providers; and
+ (e) supervision, cooperation and enforcement by competent authorities.
+ (a) Article 2(2), Article 9(3) and Articles 14 and 16 to 20,
+ (b) Chapter II of Title II excluding second subparagraph of Article 29(2),
+ (c) Chapter III of Title II excluding Article 34(2) and (3) and Article 35(2) to (6) and (9),
+ (d) Articles 67 to 75 and Articles 80, 85 and 86.
+ (a) Article 9(3), Article 14, and Article 16(2), (3) and (6);
+ (b) Articles 23 to 26, Article 28 and Article 29, excluding the second subparagraph of paragraph 2 thereof, and Article 30; and
+ (c) Articles 67 to 75.
+ ### Article 2 — Exemptions
+ (a) insurance undertakings or undertakings carrying out the reinsurance and retrocession activities referred to in Directive 2009/138/EC when carrying out the activities referred to in that Directive;
+ (b) persons providing investment services exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings;
+ (c) persons providing an investment service where that service is provided in an incidental manner in the course of a professional activity and that activity is regulated by legal or regulatory provisions or a code of ethics governing the profession which do not exclude the provision of that service…
+ (d) persons dealing on own account in financial instruments other than commodity derivatives or emission allowances or derivatives thereof and not providing any other investment services or performing any other investment activities in financial instruments other than commodity derivatives or emissi…
+ (i) are market makers;
+ (ii) are members of or participants in a regulated market or an MTF or have direct electronic access to a trading venue;
+ (iii) apply a high-frequency algorithmic trading technique; or
+ (iv) deal on own account when executing client orders;
+ Persons exempt under points (a), (i) or (j) are not required to meet the conditions laid down in this point in order to be exempt.
+ (e) operators with compliance obligations under Directive 2003/87/EC who, when dealing in emission allowances, do not execute client orders and who do not provide any investment services or perform any investment activities other than dealing on own account, provided that those persons do not apply …
+ (f) persons providing investment services consisting exclusively in the administration of employee-participation schemes;
+ (g) persons providing investment services which only involve both the administration of employee-participation schemes and the provision of investment services exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings;
+ (h) the members of the ESCB and other national bodies performing similar functions in the Union, other public bodies charged with or intervening in the management of the public debt in the Union and international financial institutions established by two or more Member States which have the purpose …
+ (i) collective investment undertakings and pension funds whether coordinated at Union level or not and the depositaries and managers of such undertakings;
+ (j) persons: