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New version applies from 01/07/2016 — introduced by Directive (EU) 2016/1034. 202 provisions change. Later versions: 01/10/2018, 31/12/2019, 26/03/2020, 26/06/2021, 10/11/2021, 01/01/2022, 28/02/2022, 23/03/2023, 09/01/2024, 28/03/2024, 17/01/2025, 06/06/2026.

View as of 01/07/2016 What changes

Directive 2014/65/EU (MIFID II)

02/07/2014 → 17/09/2014: 11 inserted · 0 removed · 261 amended · 8 moved · 3 renamed · 8 unchanged

Position-only shifts inside the same heading are not changes. Amended = the printed text changed.

Preamble

amended Preamble

Recitals

Title I - SCOPE AND DEFINITIONS

amended Article 1 - Scope Title I
amended Article 2 - Exemptions Title I
amended Article 3 - Optional exemptions Title I
amended Article 4 - Definitions Title I

Title II - AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS

amended Article 5 - Requirement for authorisation Title II › Chapter I
amended Article 6 - Scope of authorisation Title II › Chapter I
amended Article 7 - Procedures for granting and refusing requests for authorisation Title II › Chapter I
amended Article 8 - Withdrawal of authorisations Title II › Chapter I
amended Article 9 - Management body Title II › Chapter I
amended Article 10 - Shareholders and members with qualifying holdings Title II › Chapter I
amended Article 11 - Notification of proposed acquisitions Title II › Chapter I
amended Article 12 - Assessment period Title II › Chapter I
amended Article 13 - Assessment Title II › Chapter I
amended Article 16 - Organisational requirements Title II › Chapter I
amended Article 17 - Algorithmic trading Title II › Chapter I
amended Article 18 - Trading process and finalisation of transactions in an MTF and an OTF Title II › Chapter I
amended Article 19 - Specific requirements for MTFs Title II › Chapter I
amended Article 20 - Specific requirements for OTFs Title II › Chapter I
amended Article 21 - Regular review of conditions for initial authorisation Title II › Chapter II › Section 1
amended Article 23 - Conflicts of interest Title II › Chapter II › Section 1
amended Article 24 - General principles and information to clients Title II › Chapter II › Section 2
amended Article 25 - Assessment of suitability and appropriateness and reporting to clients Title II › Chapter II › Section 2
amended Article 27 - Obligation to execute orders on terms most favourable to the client Title II › Chapter II › Section 2
amended Article 28 - Client order handling rules Title II › Chapter II › Section 2
amended Article 29 - Obligations of investment firms when appointing tied agents Title II › Chapter II › Section 2
amended Article 30 - Transactions executed with eligible counterparties Title II › Chapter II › Section 2
amended Article 31 - Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Title II › Chapter II › Section 3
amended Article 32 - Suspension and removal of financial instruments from trading on an MTF or an OTF Title II › Chapter II › Section 3
amended Article 33 - SME growth markets Title II › Chapter II › Section 4
amended Article 34 - Freedom to provide investment services and activities Title II › Chapter III
amended Article 35 - Establishment of a branch Title II › Chapter III
amended Article 36 - Access to regulated markets Title II › Chapter III
amended Article 37 - Access to CCP, clearing and settlement facilities and right to designate settlement system Title II › Chapter III
amended Article 38 - Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs Title II › Chapter III
amended Article 39 - Establishment of a branch Title II › Chapter IV › Section 1
amended Article 40 - Obligation to provide information Title II › Chapter IV › Section 1
amended Article 41 - Granting of the authorisation Title II › Chapter IV › Section 1
amended Article 43 - Withdrawal of authorisations Title II › Chapter IV › Section 2

Title II · 5 unchanged

Article 14 · Article 15 · Article 22 · Article 26 · Article 42

Title III - REGULATED MARKETS

amended Article 44 - Authorisation and applicable law Title III
amended Article 45 - Requirements for the management body of a market operator Title III
amended Article 46 - Requirements relating to persons exercising significant influence over the management of the regulated market Title III
amended Article 47 - Organisational requirements Title III
amended Article 48 - Systems resilience, circuit breakers and electronic trading Title III
amended Article 49 - Tick sizes Title III
amended Article 50 - Synchronisation of business clocks Title III
amended Article 51 - Admission of financial instruments to trading Title III
amended Article 52 - Suspension and removal of financial instruments from trading on a regulated market Title III
amended Article 53 - Access to a regulated market Title III
amended Article 54 - Monitoring of compliance with the rules of the regulated market and with other legal obligations Title III
amended Article 55 - Provisions regarding CCP and clearing and settlement arrangements Title III

Title III · 1 unchanged

Title IV - POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING

amended Article 57 - Position limits and position management controls in commodity derivatives Title IV
amended Article 58 - Position reporting by categories of position holders Title IV

Title V - DATA REPORTING SERVICES

amended Article 59 - Requirement for authorisation Title V › Section 1
amended Article 60 - Scope of authorisation Title V › Section 1
amended Article 61 - Procedures for granting and refusing requests for authorisation Title V › Section 1
amended Article 62 - Withdrawal of authorisations Title V › Section 1
amended Article 63 - Requirements for the management body of a data reporting services provider Title V › Section 1
amended Article 64 - Organisational requirements Title V › Section 2
amended Article 65 - Organisational requirements Title V › Section 3
amended Article 66 - Organisational requirements Title V › Section 4

Title VI - COMPETENT AUTHORITIES

amended Article 67 - Designation of competent authorities Title VI › Chapter I
amended Article 69 - Supervisory powers Title VI › Chapter I
amended Article 70 - Sanctions for infringements Title VI › Chapter I
amended Article 71 - Publication of decisions Title VI › Chapter I
amended Article 72 - Exercise of supervisory powers and powers to impose sanctions Title VI › Chapter I
amended Article 73 - Reporting of infringements Title VI › Chapter I
amended Article 74 - Right of appeal Title VI › Chapter I
amended Article 75 - Extra-judicial mechanism for consumers complaints Title VI › Chapter I
amended Article 76 - Professional secrecy Title VI › Chapter I
amended Article 77 - Relations with auditors Title VI › Chapter I
amended Article 79 - Obligation to cooperate Title VI › Chapter II
amended Article 80 - Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations Title VI › Chapter II
amended Article 81 - Exchange of information Title VI › Chapter II
amended Article 82 - Binding mediation Title VI › Chapter II
amended Article 83 - Refusal to cooperate Title VI › Chapter II
amended Article 84 - Consultation prior to authorisation Title VI › Chapter II
amended Article 85 - Powers for host Member States Title VI › Chapter II
amended Article 86 - Precautionary measures to be taken by host Member States Title VI › Chapter II
amended Article 87 - Cooperation and exchange of information with ESMA Title VI › Chapter II
amended Article 88 - Exchange of information with third countries Title VI › Chapter III

Title VI · 2 unchanged

Article 68 · Article 78

Title VII - DELEGATED ACTS

amended Article 89 - Exercise of the delegation Title VII
amendedmoved Article 90 - Reports and review Title VII from top level
amendedmoved Article 91 - Amendments to Directive 2002/92/EC Title VII from top level
amendedmoved Article 92 - Amendments to Directive 2011/61/EU Title VII from top level
amendedmoved Article 93 - Transposition Title VII from top level
moved Article 94 - Repeal Title VII from top level
amendedmoved Article 95 - Transitional provisions Title VII from top level
moved Article 96 - Entry into force Title VII from top level
moved Article 97 - Addressees Title VII from top level

Annexes

amendedrenamed Annex I - LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS was “Annex I”
amendedrenamed Annex II - PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE was “Annex II”
amendedrenamed Annex III - PART A was “Annex III”
amended Annex IV

Official text · consolidated version 17/09/2014 (no longer in force)