make-whole clause

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

Definitions over time (1)

1. 28/02/2022 – 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:

   ‘make-whole clause’ means a clause that aims to protect the investor by ensuring that, in the event of early redemption of a bond, the issuer is required to pay to the investor holding the bond an amount equal to the sum of the net present value of the remaining coupon payments expected until maturity and the principal amount of the bond to be redeemed;

Used in (2 places in 2 provisions on 12/11/2026)

Directive 2014/65/EU (MIFID II) (2 in 2)

Article 4 · Article 16a