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Markets in
Financial Instruments Directive (MiFID)
DIRECTIVE
2004/39/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 April
2004 on markets in financial instruments amending Council Directives
85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European
Parliament and of the Council and repealing Council Directive
93/22/EEC
Preamble 1 - 20
Preamble 21 – 40
Preamble 41- 60
Preamble 61 – 71
TITLE I:
DEFINITIONS AND SCOPE
MiFID Article 1
Scope
MiFID Article 2
Exemptions
MiFID Article 3
Optional exemptions
MiFID Article 4
Definitions
TITLE II:
AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT
FIRMS
CHAPTER I:
CONDITIONS AND PROCEDURES FOR AUTHORISATION
MiFID Article 5
Requirement for
authorization
MiFID Article 6
Scope of
authorization
MiFID Article 7
Procedures for
granting and refusing requests for authorization
MiFID Article 8
Withdrawal of
authorizations
MiFID Article 9
Persons who
effectively direct the business
MiFID Article 10
Shareholders and
members with qualifying holdings
MiFID Article 11
Membership of an
authorised Investor Compensation
MiFID Article 12
Initial capital
endowment
MiFID Article 13
Organisational
requirements
MiFID Article 14
Trading process and
finalisation of transactions in an MTF
MiFID Article 15
Relations with
third countries
CHAPTER II:
OPERATING CONDITIONS FOR INVESTMENT FIRMS
MiFID Article 16
Regular review of
conditions for initial authorization
MiFID Article 17
General obligation
in respect of on-going supervision
MiFID Article 18
Conflicts of
interest
MiFID Article 19
Conduct of business
obligations when providing investment services to clients
MiFID Article 20
Provision of
services through the medium of another investment firm
MiFID Article 21
Obligation to
execute orders on terms most favourable to the client
MiFID Article 22
Client order
handling rules
MiFID Article 23
Obligations of
investment firms when appointing tied agents
MiFID Article 24
Transactions
executed with eligible counterparties
MiFID Article 25
Obligation to
uphold integrity of markets, report transactions and maintain
records
MiFID Article 26
Monitoring of
compliance with the rules of the MTF and with other legal
obligations
MiFID Article 27
Obligation for
investment firms to make public firm quotes
MiFID Article 28
Post-trade
disclosure by investment firms
MiFID Article 29
Pre-trade
transparency requirements for MTFs
MiFID Article 30
Post-trade
transparency requirements for MTFs
CHAPTER III: RIGHTS
OF INVESTMENT FIRMS
MiFID Article 31
Freedom to provide
investment services and activities
MiFID Article 32
Establishment of a
branch
MiFID Article 33
Access to regulated
markets
MiFID Article 34
Access to central
counterparty, clearing and settlement facilities and right to
designate settlement system
MiFID Article 35
Provisions
regarding central counterparty, clearing and settlement
arrangements in respect of MTFs
TITLE III:
REGULATED MARKETS
MiFID Article 36
Authorisation and
applicable law
MiFID Article 37
Requirements for
the management of the regulated market
MiFID Article 38
Requirements
relating to persons exercising significant influence over the
management of the regulated market
MiFID Article 39
Organisational
requirements
MiFID Article 40
Admission of
financial instruments to trading
MiFID Article 41
Suspension and
removal of instruments from trading
MiFID Article 42
Access to the
regulated market
MiFID Article 43
Monitoring of
compliance with the rules of the regulated market and with other
legal obligations
MiFID Article 44
Pre-trade
transparency requirements for regulated markets
MiFID Article 45
Post-trade
transparency requirements for regulated markets
MiFID Article 46
Provisions
regarding central counterparty and clearing and settlement
arrangements
MiFID Article 47
List of regulated
markets
TITLE IV: COMPETENT
AUTHORITIES
CHAPTER I:
DESIGNATION, POWERS AND REDRESS PROCEDURES
MiFID Article 48
Designation of
competent authorities
MiFID Article 49
Cooperation between
authorities in the same Member State
MiFID Article 50
Powers to be made
available to competent authorities
MiFID Article 51
Administrative
sanctions
MiFID Article 52
Right of appeal
MiFID Article 53
Extra-judicial
mechanism for investors' complaints
MiFID Article 54
Professional
secrecy
MiFID Article 55
Relations with
auditors
CHAPTER II:
COOPERATION BETWEEN COMPETENT AUTHORITIES OF
DIFFERENT MEMBER
STATES
MiFID Article 56
Obligation to
cooperate
MiFID Article 57
Cooperation in
supervisory activities, on-the-spot verifications or in
investigations
MiFID Article 58
Exchange of
information
MiFID Article 59
Refusal to
cooperate
MiFID Article 60
Inter-authority
consultation prior to authorization
MiFID Article 61
Powers for host
Member States
MiFID Article 62
Precautionary
measures to be taken by host Member States
CHAPTER III:
COOPERATION WITH THIRD COUNTRIES
MiFID Article 63
Exchange of
information with third countries
TITLE V: FINAL
PROVISIONS
MiFID Article 64
Committee procedure
MiFID Article 65
Reports and review
MiFID Article 66
Amendment of
Directive 85/611/EEC
MiFID Article 67
Amendment of
Directive 93/6/EEC
MiFID Article 68
Amendment of
Directive 2000/12/EC
MiFID Article 69
Repeal of Directive
93/22/EEC
MiFID Article 70
Transposition
MiFID Article 71
Transitional
provisions
MiFID Article 72
Entry into force
MiFID Article 73
Addressees
MiFID ANNEX I: LIST OF
SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS
MiFID ANNEX II:
PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE
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