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New version applies from 03/01/2018 — introduced by Directive 2014/65/EU (MIFID II). 152 provisions change. Article 12 is deleted from 03/01/2018.

Article 12 - Initial capital endowment

Article 12
Initial capital endowment

Member States shall ensure that the competent authorities do not grant authorisation unless the investment firm has sufficient initial capital in accordance with the requirements of Directive 93/6/EEC having regard to the nature of the investment service or activity in question.

Pending the revision of Directive 93/6/EEC, the investment firms provided for in Article 67 shall be subject to the capital requirements laid down in that Article.

Official text · consolidated version 04/01/2011 (no longer in force) Open full page ↗
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