close links

Definitions over time (1)

02/07/2014 – 17/09/2014 Article 4, Directive 2014/65/EU (MIFID II) Scope: Whole act

1. 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;

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No text uses this concept on 10/11/2026.