What changed, Directive 2014/65/EU

− 1. This Directive shall apply to investment firms, market operators, data reporting services providers, and third-country firms providing investment services or performing investment activities through the establishment of a branch in the Union.
− 2. This Directive establishes requirements in relation to the following:
− (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.
− 3. The following provisions shall also apply to credit institutions authorised under Directive 2013/36/EU, when providing one or more investment services and/or performing investment activities:
− (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.
− 4. The following provisions shall also apply to investment firms and to credit institutions authorised under Directive 2013/36/EU when selling or advising clients in relation to structured deposits:
− (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.
− 5. Article 17(1) to (6) shall also apply to members or participants of regulated markets and MTFs who are not required to be authorised under this Directive pursuant to points (a), (e), (i) and (j) of Article 2(1).
− 6. Articles 57 and 58 shall also apply to persons exempt under Article 2.
− 7. All multilateral systems in financial instruments shall operate either in accordance with the provisions of Title II concerning MTFs or OTFs or the provisions of Title III concerning regulated markets.
− 1. This Directive shall not apply to:
− (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…
− (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: (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…
+ **1.** This Directive shall apply to investment firms, market operators, data reporting services providers, and third-country firms providing investment services or performing investment activities through the establishment of a branch in the Union.
+ **2.** This Directive establishes requirements in relation to the following:(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 mar…
+ **3.** The following provisions shall also apply to credit institutions authorised under Directive 2013/36/EU, when providing one or more investment services and/or performing investment activities:(a) Article 2(2), Article 9(3) and Articles 14 and 16 to 20,(b) Chapter II of Title II excluding secon…
+ **4.** The following provisions shall also apply to investment firms and to credit institutions authorised under Directive 2013/36/EU when selling or advising clients in relation to structured deposits:(a) Article 9(3), Article 14, and Article 16(2), (3) and (6);(b) Articles 23 to 26, Article 28 and…
+ **5.** Article 17(1) to (6) shall also apply to members or participants of regulated markets and MTFs who are not required to be authorised under this Directive pursuant to points (a), (e), (i) and (j) of Article 2(1).
+ **6.** Articles 57 and 58 shall also apply to persons exempt under Article 2.
+ **7.** All multilateral systems in financial instruments shall operate either in accordance with the provisions of Title II concerning MTFs or OTFs or the provisions of Title III concerning regulated markets.
+ **1.** This Directive shall not apply to:(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 t…
+ **2.** The rights conferred by this Directive shall not extend to the provision of services as counterparty in transactions carried out by public bodies dealing with public debt or by members of the ESCB performing their tasks as provided for by the TFEU and by Protocol No 4 on the Statute of the Eu…
+ **3.** The Commission shall adopt delegated acts in accordance with Article 89 to clarify for the purposes of point (c) of paragraph 1 when an activity is provided in an incidental manner.
+ **4.** ESMA shall develop draft regulatory technical standards to specify, for the purposes of point (j) of paragraph 1, the criteria for establishing when an activity is to be considered to be ancillary to the main business at a group level.
+ **1.** Member States may choose not to apply this Directive to any persons for which they are the home Member State, provided that the activities of those persons are authorised and regulated at national level and those persons:(a) are not allowed to hold client funds or client securities and which …
+ **2.** Member States’ regimes shall submit the persons referred to in paragraph 1 to requirements which are at least analogous to the following requirements under this Directive:(a) conditions and procedures for authorisation and on-going supervision as established in Article 5(1) and (3), Articles …
+ **3.** Persons exempt from this Directive pursuant to paragraph 1 shall not benefit from the freedom to provide services or to perform activities or to establish branches as provided for in Articles 34 and 35 respectively.
+ **4.** Member States shall notify the Commission and ESMA of the exercise of the option under this Article and shall ensure that each authorisation granted in accordance with paragraph 1 mentions that it is granted in accordance with this Article.
+ **5.** Member States shall communicate to ESMA the provisions of national law analogous to the requirements of this Directive listed in paragraph 2.
+ **1.** For the purposes of this Directive, the following definitions apply:(1) ‘investment firm’ means any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professio…
+ **2.** The Commission shall be empowered to adopt delegated acts in accordance with Article 89 to specify some technical elements of the definitions laid down in paragraph 1, to adjust them to market developments, technological developments and experience of behaviour that is prohibited under Regula…
+ **1.** Each Member State shall require that the provision of investment services and/or the performance of investment activities as a regular occupation or business on a professional basis be subject to prior authorisation in accordance with this Chapter. Such authorisation shall be granted by the h…
+ **2.** By way of derogation from paragraph 1, Member States shall authorise any market operator to operate an MTF or an OTF, subject to the prior verification of their compliance with this Chapter.
+ **3.** Member States shall register all investment firms. The register shall be publicly accessible and shall contain information on the services or activities for which the investment firm is authorised. It shall be updated on a regular basis. Every authorisation shall be notified to ESMA.
+ **4.** Each Member State shall require that:(a) any investment firm which is a legal person have its head office in the same Member State as its registered office;(b) any investment firm which is not a legal person or any investment firm which is a legal person but under its national law has no regi…
+ **1.** The home Member State shall ensure that the authorisation specifies the investment services or activities which the investment firm is authorised to provide. The authorisation may cover one or more of the ancillary services set out in Section B of Annex I. Authorisation shall in no case be gr…
+ **2.** 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.
+ **3.** The authorisation shall be valid for the entire Union and shall allow an investment firm to provide the services or perform the activities, for which it has been authorised, throughout the Union, either through the right of establishment, including through a branch, or through the freedom to …
+ **1.** The competent authority shall not 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.
+ **2.** The investment firm shall provide all information, including a programme of operations setting out, inter alia, the types of business envisaged and the organisational structure, necessary to enable the competent authority to satisfy itself that the investment firm has established, at the time…
+ **3.** An applicant shall be informed, within six months of the submission of a complete application, whether or not authorisation has been granted.
+ **4.** ESMA shall develop draft regulatory technical standards to specify:(a) the information to be provided to the competent authorities under paragraph 2 of this Article including the programme of operations;(b) the requirements applicable to the management of investment firms under Article 9(6) a…
+ **5.** 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).