What changed, Directive (EU) 2019/2034

+ **1.** For the purposes of this Directive, the following definitions apply:(1) ‘ancillary services undertaking’ means an undertaking, the principal activity of which consists of owning or managing property, managing data‐processing services, or a similar activity which is ancillary to the principal …
− **1.** For the purposes of this Directive, the following definitions apply:(1) ‘ancillary services undertaking’ means an undertaking, the principal activity of which consists of owning or managing property, managing data‐processing services, or a similar activity which is ancillary to the principal …
+ **2.** Member States shall ensure that:(a) competent authorities, as parties to the ESFS, cooperate with trust and full mutual respect, in particular when ensuring the exchange of appropriate, reliable and exhaustive information between them and other parties to the ESFS;(b) competent authorities pa…
− **2.** Member States shall ensure that:(a) competent authorities, as parties to the ESFS, cooperate with trust and full mutual respect, in particular when ensuring the exchange of appropriate, reliable and exhaustive information between them and other parties to the ESFS;(b) competent authorities pa…
+ (a) the supervision of financial institutions and financial markets, including the supervision of financial entities licensed to operate as central counterparties, where central counterparties have been recognised under Article 25 of Regulation (EU) No 648/2012 of the European Parliament and of the …
− (a) the supervision of financial institutions and financial markets, including the supervision of financial entities licensed to operate as central counterparties, where central counterparties have been recognised under Article 25 of Regulation (EU) No 648/2012 of the European Parliament and of the …
+ Member States shall provide that any person who is authorised in accordance with Directive 2006/43/EC of the European Parliament and of the Council (9) and who performs in an investment firm the tasks described in Article 73 of Directive 2009/65/EC or in Article 34 of Directive 2013/34/EU, or any ot…
− Member States shall provide that any person who is authorised in accordance with Directive 2006/43/EC of the European Parliament and of the Council (8) and who performs in an investment firm the tasks described in Article 73 of Directive 2009/65/EC or in Article 34 of Directive 2013/34/EU, or any ot…
+ **1.** Without prejudice to the supervisory powers referred to in Section 4 of Chapter 2 of Title IV of this Directive, including investigatory powers and powers of competent authorities to impose remedies, and the right of Member States to provide for and impose criminal sanctions, Member States sh…
− **1.** Without prejudice to the supervisory powers referred to in Section 4 of Chapter 2 of Title IV of this Directive, including investigatory powers and powers of competent authorities to impose remedies, and the right of Member States to provide for and impose criminal sanctions, Member States sh…
+ **1.** Member States shall ensure that investment firms have robust governance arrangements, including all of the following:(a) a clear organisational structure with well‐defined, transparent and consistent lines of responsibility;▼M2(b) effective processes to identify, manage, monitor and report th…
− **1.** Member States shall ensure that investment firms have robust governance arrangements, including all of the following:(a) a clear organisational structure with well‐defined, transparent and consistent lines of responsibility;(b) effective processes to identify, manage, monitor and report the r…
+ **1.** Competent authorities shall ensure that investment firms have robust strategies, policies, processes and systems for the identification, measurement, management and monitoring of the following:(a) material sources and effects of risk to clients and any material impact on own funds;(b) materia…
− **1.** Competent authorities shall ensure that investment firms have robust strategies, policies, processes and systems for the identification, measurement, management and monitoring of the following:(a) material sources and effects of risk to clients and any material impact on own funds;(b) materia…
+ For the purpose of the first subparagraph, point (e), Member States shall ensure that the management body develops specific plans and quantifiable targets in accordance with the requirements laid down in Article 7a of Regulation (EU) No 648/2012 to monitor and address the concentration risk arising …
+ 
+ **4.** EBA, in consultation with ESMA, shall develop draft regulatory technical standards to specify appropriate criteria to identify the categories of staff whose professional activities have a material impact on the risk profile of the investment firm as referred to in paragraph 1 of this Article.…
− **4.** EBA, in consultation with ESMA, shall develop draft regulatory technical standards to specify appropriate criteria to identify the categories of staff whose professional activities have a material impact on the risk profile of the investment firm as referred to in paragraph 1 of this Article.…
+ For the purpose of the first subparagraph, point (a), competent authorities shall assess and monitor developments in the practices of investment firms concerning the management of their concentration risk arising from exposures towards central counterparties, including the plans developed in accorda…
+ 
+ **2.** ►M2 For the purposes of Article 29, Article 36, Article 37(3) and Article 38 of this Directive and of the application of Regulation (EU) 2019/2033, competent authorities shall have at least the following powers:** ◄ **(a) to require investment firms to have own funds in excess of the requirem…
− **2.** For the purposes of Article 36, Article 37(3) and Article 38 and of the application of Regulation (EU) 2019/2033, competent authorities shall have the following powers:(a) to require investment firms to have own funds in excess of the requirements set out in Article 11 of Regulation (EU) 2019…
+ **1.** From 10 January 2030, Member States shall ensure that, when making public any information referred to in Article 44 of this Directive, investment firms or parent undertakings submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article fo…
− **1.** From 10 January 2030, Member States shall ensure that, when making public any information referred to in Article 44 of this Directive, investment firms or parent undertakings submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article fo…