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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and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (repealed)

EU Directive 2004/39 · Adopted 21 April 2004 · Extends to United Kingdom

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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and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (repealed)

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations to the whole text

Textual amendments

F1

Repealed by Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (Text with EEA relevance).

Contents

  1. Title I: DEFINITIONS AND SCOPE
  2. 1Scope Repealed
  3. 2Exemptions Repealed
  4. 3Optional exemptions Repealed
  5. 4Definitions Repealed
  6. Title II: AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
  7. Chapter I: CONDITIONS AND PROCEDURES FOR AUTHORISATION Repealed
  8. 5Requirement for authorisation Repealed
  9. 6Scope of authorisation Repealed
  10. 7Procedures for granting and refusing requests for authorisation Repealed
  11. 8Withdrawal of authorisations Repealed
  12. 9Persons who effectively direct the business Repealed
  13. 10Shareholders and members with qualifying holdings Repealed
  14. 10aAssessment period Repealed
  15. 10bAssessment Repealed
  16. 11Membership of an authorised Investor Compensation Scheme Repealed
  17. 12Initial capital endowment Repealed
  18. 13Organisational requirements Repealed
  19. 14Trading process and finalisation of transactions in an MTF Repealed
  20. 15Relations with third countries Repealed
  21. Chapter II: OPERATING CONDITIONS FOR INVESTMENT FIRMS Repealed
  22. General provisions Repealed
  23. 16Regular review of conditions for initial authorisation Repealed
  24. 17General obligation in respect of on-going supervision Repealed
  25. 18Conflicts of interest Repealed
  26. Provisions to ensure investor protection Repealed
  27. 19Conduct of business obligations when providing investment services to clients Repealed
  28. 20Provision of services through the medium of another investment firm Repealed
  29. 21Obligation to execute orders on terms most favourable to the client Repealed
  30. 22Client order handling rules Repealed
  31. 23Obligations of investment firms when appointing tied agents Repealed
  32. 24Transactions executed with eligible counterparties Repealed
  33. Market transparency and integrity Repealed
  34. 25Obligation to uphold integrity of markets, report transactions and maintain records Repealed
  35. 26Monitoring of compliance with the rules of the MTF and with other legal obligations Repealed
  36. 27Obligation for investment firms to make public firm quotes Repealed
  37. 28Post-trade disclosure by investment firms Repealed
  38. 29Pre-trade transparency requirements for MTFs Repealed
  39. 30Post-trade transparency requirements for MTFs Repealed
  40. Chapter III: RIGHTS OF INVESTMENT FIRMS Repealed
  41. 31Freedom to provide investment services and activities Repealed
  42. 32Establishment of a branch Repealed
  43. 33Access to regulated markets Repealed
  44. 34Access to central counterparty, clearing and settlement facilities and right to designate settlement system Repealed
  45. 35Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs Repealed
  46. Title III: REGULATED MARKETS
  47. 36Authorisation and applicable law Repealed
  48. 37Requirements for the management of the regulated market Repealed
  49. 38Requirements relating to persons exercising significant influence over the management of the regulated market Repealed
  50. 39Organisational requirements Repealed
  51. 40Admission of financial instruments to trading Repealed
  52. 41Suspension and removal of instruments from trading Repealed
  53. 42Access to the regulated market Repealed
  54. 43Monitoring of compliance with the rules of the regulated market and with other legal obligations Repealed
  55. 44Pre-trade transparency requirements for regulated markets Repealed
  56. 45Post-trade transparency requirements for regulated markets Repealed
  57. 46Provisions regarding central counterparty and clearing and settlement arrangements Repealed
  58. 47List of regulated markets Repealed
  59. Title IV: COMPETENT AUTHORITIES
  60. Chapter I: DESIGNATION, POWERS AND REDRESS PROCEDURES Repealed
  61. 48Designation of competent authorities Repealed
  62. 49Cooperation between authorities in the same Member State Repealed
  63. 50Powers to be made available to competent authorities Repealed
  64. 51Administrative sanctions Repealed
  65. 52Right of appeal Repealed
  66. 53Extra-judicial mechanism for investors' complaints Repealed
  67. 54Professional secrecy Repealed
  68. 55Relations with auditors Repealed
  69. Chapter II: COOPERATION BETWEEN THE COMPETENT AUTHORITIES OF THE MEMBER STATES AND WITH ESMA Repealed
  70. 56Obligation to cooperate Repealed
  71. 57Cooperation in supervisory activities, on-the-spot verifications or in investigations Repealed
  72. 58Exchange of information Repealed
  73. 58aBinding mediation Repealed
  74. 59Refusal to cooperate Repealed
  75. 60Inter-authority consultation prior to authorisation Repealed
  76. 61Powers for host Member States Repealed
  77. 62Precautionary measures to be taken by host Member States Repealed
  78. 62aCooperation and exchange of information with ESMA Repealed
  79. Chapter III: COOPERATION WITH THIRD COUNTRIES Repealed
  80. 63Exchange of information with third countries Repealed
  81. Title V: FINAL PROVISIONS
  82. 64Committee procedure Repealed
  83. 64aSunset clause Repealed
  84. 65Reports and review Repealed
  85. 66Amendment of Directive 85/611/EEC Repealed
  86. 67Amendment of Directive 93/6/EEC Repealed
  87. 68Amendment of Directive 2000/12/EC Repealed
  88. 69Repeal of Directive 93/22/EEC Repealed
  89. 70Transposition Repealed
  90. 71Transitional provisions Repealed
  91. 72Entry into force Repealed
  92. 73Addressees Repealed
  93. Annex I: LIST OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS Repealed
  94. Investment services and activities Repealed
  95. (1)Division (1) Repealed
  96. (2)Division (2) Repealed
  97. (3)Division (3) Repealed
  98. (4)Division (4) Repealed
  99. (5)Division (5) Repealed
  100. (6)Division (6) Repealed
  101. (7)Division (7) Repealed
  102. (8)Division (8) Repealed
  103. Ancillary services Repealed
  104. (1)Division (1) Repealed
  105. (2)Division (2) Repealed
  106. (3)Division (3) Repealed
  107. (4)Division (4) Repealed
  108. (5)Division (5) Repealed
  109. (6)Division (6) Repealed
  110. (7)Division (7) Repealed
  111. Financial Instruments Repealed
  112. (1)Division (1) Repealed
  113. (2)Division (2) Repealed
  114. (3)Division (3) Repealed
  115. (4)Division (4) Repealed
  116. (5)Division (5) Repealed
  117. (6)Division (6) Repealed
  118. (7)Division (7) Repealed
  119. (8)Division (8) Repealed
  120. (9)Division (9) Repealed
  121. (10)Division (10) Repealed
  122. Annex IIPROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE Repealed
  123. ICategories of client who are considered to be professionals Repealed
  124. Clients who may be treated as professionals on request Repealed
  125. II.1Identification criteria Repealed
  126. II.2Procedure Repealed