What changed, Directive 2014/65/EU

− **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…
− **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…
− **4.** An investment firm shall take reasonable steps to ensure continuity and regularity in the performance of investment services and activities. To that end the investment firm shall employ appropriate and proportionate systems, resources and procedures.
− An investment firm shall have sound administrative and accounting procedures, internal control mechanisms, effective procedures for risk assessment, and effective control and safeguard arrangements for information processing systems.
− Without prejudice to the ability of competent authorities to require access to communications in accordance with this Directive and Regulation (EU) No 600/2014, an investment firm shall have sound security mechanisms in place to guarantee the security and authentication of the means of transfer of i…
− **1.** An investment firm that engages in algorithmic trading shall have in place effective systems and risk controls suitable to the business it operates to ensure that its trading systems are resilient and have sufficient capacity, are subject to appropriate trading thresholds and limits and preve…
− **7.** ESMA shall develop draft regulatory technical standards to specify the following:(a) the details of organisational requirements laid down in paragraphs 1 to 6 to be imposed on investment firms providing different investment services and/or activities and ancillary services or combinations the…
− **7.** If a credit agreement relating to residential immovable property, which is subject to the provisions concerning creditworthiness assessment of consumers laid down in Directive 2014/17/EU of the European Parliament and the Council (12), has as a prerequisite the provision to that same consumer…
− **1.** Member States shall require the regulated market:(a) to have arrangements to identify clearly and manage the potential adverse consequences, for the operation of the regulated market or for its members or participants, of any conflict of interest between the interest of the regulated market, …
− **1.** Member States shall require a regulated market to have in place effective systems, procedures and arrangements to ensure its trading systems are resilient, have sufficient capacity to deal with peak order and message volumes, are able to ensure orderly trading under conditions of severe marke…
− **5.** ►M11 Member States shall require a regulated market to be able to temporarily halt or constrain trading in emergency situations or in the event of a significant price movement in a financial instrument on that market or a related market during a short period and, in exceptional cases, to be a…
− **6.** Member States shall require a regulated market to have in place effective systems, procedures and arrangements, including requiring members or participants to carry out appropriate testing of algorithms and providing environments to facilitate such testing, to ensure that algorithmic trading …
− **12.** ESMA shall develop draft regulatory technical standards further specifying:(a) the requirements to ensure trading systems of regulated markets are resilient and have adequate capacity;(b) the ratio referred to in paragraph 6, taking into account factors such as the value of unexecuted orders…
− **8.** ►M11 Member States shall ensure that an investment firm or a market operator operating a trading venue which trades in commodity derivatives or derivatives of emission allowances applies position management controls, including powers for the trading venue to:** ◄ **(a) monitor the open intere…
− **1.** ►M11 Member States shall ensure that an investment firm or a market operator operating a trading venue which trades in commodity derivatives or in derivatives of emission allowances:** ◄ **▼M11(a) make public:(i) for trading venues where options are traded, two weekly reports, one of which is…
− **2.** ►M11 Member States shall ensure that investment firms trading in commodity derivatives or in derivatives of emission allowances outside a trading venue provide, on at least a daily basis, the central competent authority referred to in Article 57(6) or – where there is no central competent aut…
− **4.** ►M11 Persons holding positions in a commodity derivative or in a derivative of emission allowance shall be classified by the investment firm or market operator operating that trading venue according to the nature of their main business, taking account of any applicable authorisation, as eithe…
− **3.** Member States shall ensure that at least an infringement of the following provisions of this Directive or of Regulation (EU) No. 600/2014 shall be regarded as an infringement of this Directive or of Regulation (EU) No. 600/2014:(a) with regard to this Directive:(i) point (b) of Article 8;(ii)…
− **1.** ►M6 Member States shall provide, at least, that any person authorised within the meaning of Directive 2006/43/EC of the European Parliament and of the Council (13), performing in an investment firm, in a regulated market, or in an APA or ARM authorised in accordance with Regulation (EU) No 60…
− **1.** From 10 January 2030, Member States shall ensure that, when making public any information referred to in Article 27(3) and (6), Article 33(3), points (c), (d), and (f), and Article 46(2) of this Directive, investment firms, market operators or issuers submit that information at the same time …
− **1.** The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (15). That committee shall be a committee within the meaning of Regulation (EU) No 182/2011 of the European Parliament and of the Council (16).
− **5.** The Commission shall, after consulting ESMA, the EBA and ACER, submit reports to the European Parliament and to the Council containing a comprehensive assessment of the markets for commodity derivatives, for emission allowances and for derivatives of emission allowances. Those reports shall a…
+ **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…
+ **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…
+ **4.** An investment firm shall take reasonable steps to ensure continuity and regularity in the performance of investment services and activities. To that end, the investment firm shall employ appropriate and proportionate systems, including information and communication technology (‘ICT’) systems …
+ An investment firm shall have sound administrative and accounting procedures, internal control mechanisms and effective procedures for risk assessment.
+ Without prejudice to the ability of competent authorities to require access to communications in accordance with this Directive and Regulation (EU) No 600/2014, an investment firm shall have sound security mechanisms in place to ensure, in accordance with the requirements laid down in Regulation (EU…
+ **1.** An investment firm that engages in algorithmic trading shall have in place effective systems and risk controls suitable to the business it operates to ensure that its trading systems are resilient and have sufficient capacity in accordance with the requirements laid down in Chapter II of Regu…
+ Such a firm shall also have in place effective systems and risk controls to ensure the trading systems cannot be used for any purpose that is contrary to Regulation (EU) No 596/2014 or to the rules of a trading venue to which it is connected.
+ The investment firm shall have in place effective business continuity arrangements to deal with any failure of its trading systems, including ICT business continuity policy and plans and ICT response and recovery plans established in accordance with Article 11 of Regulation (EU) 2022/2554, and shall…
+ **7.** ESMA shall develop draft regulatory technical standards to specify the following:▼M10(a) the details of organisational requirements laid down in paragraphs 1 to 6, other than those related to ICT risk management, which are to be imposed on investment firms providing different investment servi…
+ **7.** If a credit agreement relating to residential immovable property, which is subject to the provisions concerning creditworthiness assessment of consumers laid down in Directive 2014/17/EU of the European Parliament and the Council (13), has as a prerequisite the provision to that same consumer…
+ **1.** Member States shall require the regulated market:(a) to have arrangements to identify clearly and manage the potential adverse consequences, for the operation of the regulated market or for its members or participants, of any conflict of interest between the interest of the regulated market, …
+ **1.** Member States shall require a regulated market to establish and maintain its operational resilience in accordance with the requirements laid down in Chapter II of Regulation (EU) 2022/2554 to ensure its trading systems are resilient, have sufficient capacity to deal with peak order and messag…
+ **5.** ►M12 Member States shall require a regulated market to be able to temporarily halt or constrain trading in emergency situations or in the event of a significant price movement in a financial instrument on that market or a related market during a short period and, in exceptional cases, to be a…
+ **6.** Member States shall require a regulated market to have in place effective systems, procedures and arrangements, including requiring members or participants to carry out appropriate testing of algorithms and providing environments to facilitate such testing in accordance with the requirements …
+ **12.** ESMA shall develop draft regulatory technical standards further specifying:▼M10(a) the requirements to ensure trading systems of regulated markets are resilient and have adequate capacity, except the requirements related to digital operational resilience;▼B(b) the ratio referred to in paragr…
+ **8.** ►M12 Member States shall ensure that an investment firm or a market operator operating a trading venue which trades in commodity derivatives or derivatives of emission allowances applies position management controls, including powers for the trading venue to:** ◄ **(a) monitor the open intere…
+ **1.** ►M12 Member States shall ensure that an investment firm or a market operator operating a trading venue which trades in commodity derivatives or in derivatives of emission allowances:** ◄ **▼M12(a) make public:(i) for trading venues where options are traded, two weekly reports, one of which is…
+ **2.** ►M12 Member States shall ensure that investment firms trading in commodity derivatives or in derivatives of emission allowances outside a trading venue provide, on at least a daily basis, the central competent authority referred to in Article 57(6) or – where there is no central competent aut…
+ **4.** ►M12 Persons holding positions in a commodity derivative or in a derivative of emission allowance shall be classified by the investment firm or market operator operating that trading venue according to the nature of their main business, taking account of any applicable authorisation, as eithe…
+ **3.** Member States shall ensure that at least an infringement of the following provisions of this Directive or of Regulation (EU) No. 600/2014 shall be regarded as an infringement of this Directive or of Regulation (EU) No. 600/2014:(a) with regard to this Directive:(i) point (b) of Article 8;(ii)…
+ **1.** ►M6 Member States shall provide, at least, that any person authorised within the meaning of Directive 2006/43/EC of the European Parliament and of the Council (14), performing in an investment firm, in a regulated market, or in an APA or ARM authorised in accordance with Regulation (EU) No 60…
+ **1.** From 10 January 2030, Member States shall ensure that, when making public any information referred to in Article 27(3) and (6), Article 33(3), points (c), (d), and (f), and Article 46(2) of this Directive, investment firms, market operators or issuers submit that information at the same time …
+ **1.** The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (16). That committee shall be a committee within the meaning of Regulation (EU) No 182/2011 of the European Parliament and of the Council (17).
+ **5.** The Commission shall, after consulting ESMA, the EBA and ACER, submit reports to the European Parliament and to the Council containing a comprehensive assessment of the markets for commodity derivatives, for emission allowances and for derivatives of emission allowances. Those reports shall a…