close links

Defined in Article 4, Directive 2014/65/EU (MIFID II)

Definitions over time (2)

1. 31/12/2019 – today applies on 12/11/2026 Article 4, Directive 2014/65/EU (MIFID II) Scope: Whole act

   For the purposes of this Directive, the following definitions apply:

   ‘close links’ means a situation in which two or more natural or legal persons are linked by: participation in the form of ownership, direct or by way of control, of 20 % or more of the voting rights or capital of an undertaking; ‘control’ which means the relationship between a parent undertaking and a subsidiary, in all the cases referred to in Article 22(1) and (2) of Directive 2013/34/EU, or a similar relationship between any natural or legal person and an undertaking, any subsidiary undertaking of a subsidiary undertaking also being considered to be a subsidiary of the parent undertaking which is at the head of those undertakings; a permanent link of both or all of them to the same person by a control relationship;

2. 17/09/2014 – 01/07/2016 Article 4, Directive 2014/65/EU (MIFID II) Scope: Whole act

   For the purposes of this Directive, the following definitions apply:

   ‘close links’ means a situation in which two or more natural or legal persons are linked by: participation in the form of ownership, direct or by way of control, of 20 % or more of the voting rights or capital of an undertaking; ‘control’ which means the relationship between a parent undertaking and a subsidiary, in all the cases referred to in Article 22(1) and (2) of Directive 2013/34/EU, or a similar relationship between any natural or legal person and an undertaking, any subsidiary undertaking of a subsidiary undertaking also being considered to be a subsidiary of the parent undertaking which is at the head of those undertakings; a permanent link of both or all of them to the same person by a control relationship;

Used in (9 places in 7 provisions on 12/11/2026)

Directive 2014/65/EU (MIFID II) (9 in 7)

Recital 73 · Article 4 · Article 10² · Article 20 · Article 24² · Article 42 · Article 77