Directive /65/EU of the European Parliament and of the Council of 15 May on markets in financial instruments and amending Directive /92/EC. Dyrektywa Komisji /73/WE z dnia 10 sierpnia r. wprowadzająca środki wykonawcze do dyrektywy /39/WE Parlamentu Europejskiego i Rady w. Is MiFID II a Desired Regulation? (Zadowolenie klienta indywidualnego z doradztwa inwestycyjnego. Czy Dyrektywa MiFID II to potrzebne rozwiazanie?).

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While practices of bundling, where two or more financial services are sold together in a package, but each of the services can also be purchased separately, may also distort competition and negatively affect customer mobility and the ability of clients to make informed choices, they at least leave choice to the client and may therefore pose less risk to the compliance of investment firms with their obligations under this Directive. It is appropriate that detailed organisational requirements regarding those new forms of trading should be prescribed in more detail in regulatory technical standards.

The obligation to transpose this Directive into national law should be confined to those provisions which represent a substantive amendment as compared to the earlier Directives.

Stan procesu implementacji pakietu MiFID II

Position limits should be set for each individual commodity derivative contract. W imieniu Rady D. Firms authorised in accordance with them do not enjoy the dyrektyw to provide services and the right of establishment in Member States other than the one where they are established. It shall be updated on a regular basis. High-frequency algorithmic trading is typically done by the traders using their own capital to trade and rather than being a strategy in itself is usually the use of sophisticated technology to implement more traditional trading strategies such as dyretywa making or arbitrage.

It is therefore appropriate to allow for trading venues to adjust their dyrekfywa for cancelled orders according to the length of time for which the order was maintained and to calibrate the fees to each financial instrument to which they apply. However, that factor shall in no case be sufficient to demonstrate that the activity is ancillary to the main business of the group. Administrative sanctions and measures set out by Member States should satisfy certain essential requirements in relation to addressees, criteria to be taken into account when applying a sanction or measure, publication, key powers to impose sanctions and levels of administrative fines.

Persons who provide investment services consisting exclusively in the administration of employee-participation schemes and who therefore do not provide investment dyrektyea for third parties should not be covered by this Directive. Directive and its implementing measures are not restricted to investment firms within the meaning of MiFID [15] and affect other producers of recommendations, such as independent research houses, credit institutions and the like.


This principle should not, however, prevent a firm from doing business in its name but on behalf of the investor, where that is required by the very nature of the transaction and the investor is in agreement, for example stock lending. When implementing the provisions of this Directive, Member States should take due account of the recommendations by the Financial Action Task Force FATF on jurisdictions that have strategic anti-money laundering and countering the financing of terrorism deficiencies and to which counter-measures apply or jurisdictions with strategic anti-money laundering and countering the financing of terrorism deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies.

Such request shall be made in writing and shall specify the additional information needed. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. OJ L Technical advances have enabled high-frequency trading and an evolution of business models.

The responsibility to undertake the suitability assessment and to provide an accurate suitability report to the client lies with the investment firm and appropriate safeguards should be in place to ensure that the client does not incur a loss out as a result of the report presenting in an inaccurate or unfair manner the personal recommendation, including how the recommendation provided is suitable for the client and the disadvantages of the recommended course of action.

dyrektywa MiFID – Translation into English – examples Polish | Reverso Context

Mifkd accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve that objective. An example of tying practices can be the necessary opening of current accounts when an investment service is provided to a retail client.

This document is an excerpt from the EUR-Lex website. Such safeguards should not imply any assumption of liability by the client. EU case law Case law Digital reports Directory of case law.

It also allows you to accept potential citations to this item that we are uncertain about. One of the objectives of this Directive is to protect investors. Different governance structures are used across Member States.

Translation of “dyrektywa MiFID” in English

General contact details of provider: In order to facilitate the proper establishment of the consolidated tape for non-equity financial instruments, it is therefore appropriate to provide for an extended date of application of the national measures transposing the relevant provision.


In the interest of legal certainty and to adequately address conflicts of interests when deciding to suspend or to remove financial instruments from trading, it should be ensured that if an investment firm or a market operator operating a trading venue stops trading due to non-compliance with their rules, the others follow that decision if it is decided so by their competent authorities unless continuing trading may be justified due to exceptional circumstances.

In line with Council conclusions on strengthening European financial supervision of Juneand in order to contribute to the establishment of a single rulebook for Union financial markets, to help further develop a level playing field for Member States and market participants, to enhance investor protection and to improve supervision and enforcement, the Union is committed to minimising, where appropriate, discretions available to Member States across Union financial services law.

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Legal Alert: Stan procesu implementacji pakietu MiFID II – Eversheds Sutherland

In order to ensure that financial instruments will be offered or recommended only when in the interest of the client, investment firms offering or recommending the product manufactured by firms which are not subject to the product governance requirements set out in this Directive or manufactured by third-country firms should also have appropriate arrangements to obtain sufficient information about the financial instruments.

In particular, it is appropriate to require Member States to apply requirements at least analogous to the ones laid down in this Directive to those persons, in particular during the phase of authorisation, in the assessment of their reputation and experience and of the suitability of any shareholders, in the review of the conditions for initial authorisation and on-going supervision as well as on conduct of business obligations.

In order to strengthen the protection of investors and increase clarity to clients as to the service they receive, it is also appropriate to further restrict the possibility for firms providing the service of investment advice on an independent basis and the service of portfolio management to accept and retain fees, commissions or any monetary and non-monetary benefits from third parties, and particularly from issuers or product providers.

While the methodology used for calculation of position limits should not create barriers to the development of new commodity derivatives, ESMA should ensure when determining the methodology for calculation that the development of new commodity derivatives cannot be used to circumvent the position limits regime.