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Markets in Financial
Instruments Directive (MiFID)
DIRECTIVE 2004/39/EC
Article 43
Monitoring of compliance with the rules of the regulated market
and with other legal obligations
1. Member States shall require that regulated markets establish
and maintain effective arrangements and procedures for the regular
monitoring of the compliance by their members or participants with
their rules.
Regulated markets shall monitor the transactions undertaken by
their members or participants under their systems in order to
identify breaches of those rules, disorderly trading conditions or
conduct that may involve market abuse.
2. Member States shall require the operators of the regulated
markets to report significant breaches of their rules or
disorderly trading conditions or conduct that may involve market
abuse to the competent authority of the regulated market.
Member States shall also require the operator of the regulated
market to supply the relevant information without delay to the
authority competent for the investigation and prosecution of
market abuse on the regulated market and to provide full
assistance to the latter in investigating and prosecuting market
abuse occurring on or through the systems of the regulated market.
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