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| Markets in Financial Instruments Directive (MiFID) DIRECTIVE 2004/39/EC Article 50 Powers to be made available to competent authorities 1. Competent authorities shall be given all supervisory and investigatory powers that are necessary for the exercise of their functions. Within the limits provided for in their national legal frameworks they shall exercise such powers: (a) directly; or (b) in collaboration with other authorities; or (c) under their responsibility by delegation to entities to which tasks have been delegated according to Article 48(2); or (d) by application to the competent judicial authorities. 2. The powers referred to in paragraph 1 shall be exercised in conformity with national law and shall include, at least, the rights to: (a) have access to any document in any form whatsoever and to receive a copy of it; (b) demand information from any person and if necessary to summon and question a person with a view to obtaining information; (c) carry out on-site inspections; (d) require existing telephone and existing data traffic records; (e) require the cessation of any practice that is contrary to the provisions adopted in the implementation of this Directive; (f) request the freezing and/or the sequestration of assets; (g) request temporary prohibition of professional activity; (h) require authorised investment firms and regulated markets' auditors to provide information; (i) adopt any type of measure to ensure that investment firms and regulated markets continue to comply with legal requirements; (j) require the suspension of trading in a financial instrument; (k) require the removal of a financial instrument from trading, whether on a regulated market or under other trading arrangements; (l) refer matters for criminal prosecution; (m) allow auditors or experts to carry out verifications or investigations. More about MiFID Training at www.mifid-training.net |
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