Directive /65/EU of the European Parliament and of the Council of 15 May on markets in financial instruments and amending Directive /92/EC. Dyrektywa Komisji /73/WE z dnia 10 sierpnia r. wprowadzająca środki wykonawcze do dyrektywy /39/WE Parlamentu Europejskiego i Rady w. Is MiFID II a Desired Regulation? (Zadowolenie klienta indywidualnego z doradztwa inwestycyjnego. Czy Dyrektywa MiFID II to potrzebne rozwiazanie?).
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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. Where this Directive refers to the management body and, pursuant to national law, the managerial and supervisory functions of the management body are assigned to different bodies or different members within one body, the Member State shall identify the bodies or members of the management body responsible in accordance with its national law, unless otherwise specified by this Directive.
Member States shall ensure that the management body of an investment firm defines, oversees and is accountable for the implementation of the governance arrangements that ensure effective and prudent management of the investment firm including the segregation of duties in the investment firm and the prevention of conflicts of interest, and in a manner that promotes the integrity durektywa the market and the interest of clients.
While practices of bundling, where two or more financial services are sold together in a package, but each of the services can also be purchased separately, may also distort competition and dyrektya affect customer mobility and the ability of clients to make informed choices, they at least leave choice to the client and may therefore pose less risk to the compliance of investment firms with their obligations under this Directive.
Cross-selling practices are a common strategy for retail financial service providers throughout the Union.
Legal Alert: Stan procesu implementacji pakietu MiFID II – Eversheds Sutherland
Excessive and imprudent risk taking may lead to the failure of individual financial institutions and systemic problems in Member States and globally. Such authorisation shall be granted by the home Member State competent authority designated in accordance with Article Construction and engineering Consumer Diversified industrials Education Energy and infrastructure Financial institutions Health and life sciences Insurance Public sector Real estate Technology, media and telecoms Timber and agribusiness Transport.
Languages, formats and link to OJ. An investment firm should be considered to be structuring or charging its commissions in a way which discriminates unfairly between execution venues if it charges a different commission or spread to clients for execution on different execution venues and that difference does not reflect actual differences in the cost to the firm of executing on those venues.
Given the importance of liquidity provision to the orderly and efficient functioning of markets, investment firms that engage in algorithmic trading to pursue a market making strategy should have written agreements in place with trading venues clarifying their obligations to provide liquidity to the market.
Nor is it intended to require a firm to compare the differences in its own commissions which are dyrrktywa to differences in the nature of the services that the firm provides to clients. In accordance with those legislative acts, transmission system operators have specific obligations and responsibilities, are subject to specific certification and are supervised by sector specific competent authorities. Those principles were endorsed by the G20 summit in Cannes on 4 November which called for market regulators to have formal position management powers, including the power to set ex ante position limits as appropriate.
Different governance structures are used across Member States.
Stan procesu implementacji pakietu MiFID II
Download full text from publisher File URL: Join Reverso Register Login Facebook connect. A client is likely to require more time to review information given on a complex or unfamiliar product or service, or a product or service a client has no experience with than a client considering a simpler or more familiar product or service, or mifie the client has relevant prior experience.
The G20 summit in Pittsburgh on 25 September agreed to improve the regulation, functioning and transparency of financial and commodity markets to address excessive commodity price volatility.
However, CSDs might, in addition to the core services referred to in other Union law, provide investment services and activities which are regulated under this Directive. Eversheds Sutherland is a global provider of legal services operating through various separate and distinct legal entities.
The responsibility to undertake the suitability assessment and to provide an accurate suitability report to the client lies with the investment firm and appropriate safeguards should be in place to ensure that the client does not incur a loss out as a result of the report presenting in an inaccurate or unfair manner the personal recommendation, including how the recommendation provided is suitable for the client and the disadvantages of the recommended course of action.
In that regard, trading venues should be able to specify parameters governing the system such as minimum latency provided that that is done in an open and transparent manner and does not involve discrimination by the platform operator. Yet that trading technology also gives rise to a number of potential risks such as an increased risk of the overloading of the systems of trading venues due to large volumes of orders, risks of algorithmic trading generating duplicative or erroneous orders or otherwise malfunctioning in a way that may create a disorderly market.
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Competent authorities should not be required to publish measures which are deemed to be of a minor nature where publication would be disproportionate. W imieniu Rady D. Together, both legal instruments should form the legal framework governing the requirements applicable to investment firms, regulated markets, data dyrekytwa services providers and third country firms providing investment services or activities in the Union.
A coherent and risk-sensitive framework for regulating the main types of order-execution arrangement currently active in the European financial marketplace should be provided for. Therefore, it is necessary to limit the number of directorships a member of the management body of an institution may hold at the same time in different entities.
Employee representation in management bodies could also, by adding a key perspective and genuine knowledge of the internal workings of firms, be seen as a positive way of enhancing diversity.
Such authorities should be of a public dyrdktywa guaranteeing their independence from economic actors and avoiding conflicts of interest. All venues which offer trading in commodity derivatives should have in place appropriate position management controls, providing the necessary powers at least to monitor and access information about commodity derivative positions, to require the reduction or termination of such positions and to require that liquidity is provided back on the market to dyrejtywa the effects of a large or dominant position.
An issuer that is an SME should not be obliged to apply to have its financial instruments dyremtywa to trading on an Dygektywa growth market. The use of trading technology has increased the speed, capacity and complexity of how investors trade. Union law on own funds requirements should fix the minimum capital requirements with which regulated markets should comply in order to be authorised, and in so doing should take into account the specific nature of the risks associated with such markets.
Therefore, diversity should be one of the criteria for the composition of management bodies.
Since the objective of this Directive, namely creating an integrated financial market in which investors are effectively protected and the efficiency and integrity of the overall market are safeguarded, requires the establishment of common regulatory requirements relating dyerktywa investment firms dyrektyw they are authorised in the Union and governing the functioning of regulated markets and other trading systems so as to prevent opacity dhrektywa disruption on one market from undermining the efficient operation of the Union financial system as a whole which cannot be sufficiently achieved by the Member States but can rather, by reason of the scale and effects of this Directive, be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.
In order to facilitate the finalisation of cross-border transactions, it is appropriate mufid provide for access to clearing and settlement systems throughout the Union by investment firms, irrespective of whether transactions have been concluded through regulated markets in the Member State concerned.