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| Markets in Financial Instruments Directive (MiFID) DIRECTIVE 2004/39/EC CHAPTER II: OPERATING CONDITIONS FOR INVESTMENT FIRMS Section 1: General provisions Article 16 Regular review of conditions for initial authorisation 1. Member States shall require that an investment firm authorised in their territory comply at all times with the conditions for initial authorisation established in Chapter I of this Title. 2. Member States shall require competent authorities to establish the appropriate methods to monitor that investment firms comply with their obligation under paragraph 1. They shall require investment firms to notify the competent authorities of any material changes to the conditions for initial authorisation. 3. In the case of investment firms which provide only investment advice, Member States may allow the competent authority to delegate administrative, preparatory or ancillary tasks related to the review of the conditions for initial authorisation, in accordance with the conditions laid down in Article 48(2). |
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