{
  "url": "https://openlegislation.uk/eu-directive-2004-39",
  "json_url": "https://openlegislation.uk/eu-directive-2004-39.json",
  "id": "eudr/2004/39",
  "title": "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and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (repealed)",
  "short_title": "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",
  "long_title": "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and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (repealed)",
  "citation": "EU Directive 2004/39",
  "type": "eudr",
  "year": "2004",
  "number": "39",
  "version": "current",
  "date": "2004-04-21",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-directive-2004-39/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "title/I",
      "kind": "title",
      "number": "I",
      "heading": "DEFINITIONS AND SCOPE",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": "Scope",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-1",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/I"
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Exemptions",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-2",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/I"
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Optional exemptions",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-3",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/I"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-4",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/I"
    },
    {
      "path": "title/II",
      "kind": "title",
      "number": "II",
      "heading": "AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "title/II/chapter/I",
      "kind": "chapter",
      "number": "I",
      "heading": "CONDITIONS AND PROCEDURES FOR AUTHORISATION",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II"
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": "Requirement for authorisation",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-5",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "Scope of authorisation",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-6",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": "Procedures for granting and refusing requests for authorisation",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-7",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/8",
      "kind": "article",
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      "heading": "Withdrawal of authorisations",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-8",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/9",
      "kind": "article",
      "number": "9",
      "heading": "Persons who effectively direct the business",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-9",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/10",
      "kind": "article",
      "number": "10",
      "heading": "Shareholders and members with qualifying holdings",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-10",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/10a",
      "kind": "article",
      "number": "10a",
      "heading": "Assessment period",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-10a",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/10b",
      "kind": "article",
      "number": "10b",
      "heading": "Assessment",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-10b",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/11",
      "kind": "article",
      "number": "11",
      "heading": "Membership of an authorised Investor Compensation Scheme",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-11",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/12",
      "kind": "article",
      "number": "12",
      "heading": "Initial capital endowment",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-12",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/13",
      "kind": "article",
      "number": "13",
      "heading": "Organisational requirements",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-13",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/14",
      "kind": "article",
      "number": "14",
      "heading": "Trading process and finalisation of transactions in an MTF",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-14",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/15",
      "kind": "article",
      "number": "15",
      "heading": "Relations with third countries",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-15",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/I"
    },
    {
      "path": "title/II/chapter/II",
      "kind": "chapter",
      "number": "II",
      "heading": "OPERATING CONDITIONS FOR INVESTMENT FIRMS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II"
    },
    {
      "path": "title/II/chapter/II/section/1",
      "kind": "section",
      "number": "1",
      "heading": "General provisions",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "Regular review of conditions for initial authorisation",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-16",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/1"
    },
    {
      "path": "article/17",
      "kind": "article",
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      "heading": "General obligation in respect of on-going supervision",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-17",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/1"
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "Conflicts of interest",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-18",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/1"
    },
    {
      "path": "title/II/chapter/II/section/2",
      "kind": "section",
      "number": "2",
      "heading": "Provisions to ensure investor protection",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II"
    },
    {
      "path": "article/19",
      "kind": "article",
      "number": "19",
      "heading": "Conduct of business obligations when providing investment services to clients",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-19",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "article/20",
      "kind": "article",
      "number": "20",
      "heading": "Provision of services through the medium of another investment firm",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-20",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "article/21",
      "kind": "article",
      "number": "21",
      "heading": "Obligation to execute orders on terms most favourable to the client",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-21",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "article/22",
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      "number": "22",
      "heading": "Client order handling rules",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-22",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "article/23",
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      "number": "23",
      "heading": "Obligations of investment firms when appointing tied agents",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-23",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "article/24",
      "kind": "article",
      "number": "24",
      "heading": "Transactions executed with eligible counterparties",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-24",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "title/II/chapter/II/section/3",
      "kind": "section",
      "number": "3",
      "heading": "Market transparency and integrity",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II"
    },
    {
      "path": "article/25",
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      "number": "25",
      "heading": "Obligation to uphold integrity of markets, report transactions and maintain records",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-25",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/3"
    },
    {
      "path": "article/26",
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      "heading": "Monitoring of compliance with the rules of the MTF and with other legal obligations",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-26",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/3"
    },
    {
      "path": "article/27",
      "kind": "article",
      "number": "27",
      "heading": "Obligation for investment firms to make public firm quotes",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-27",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/3"
    },
    {
      "path": "article/28",
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      "number": "28",
      "heading": "Post-trade disclosure by investment firms",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-28",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/3"
    },
    {
      "path": "article/29",
      "kind": "article",
      "number": "29",
      "heading": "Pre-trade transparency requirements for MTFs",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-29",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/3"
    },
    {
      "path": "article/30",
      "kind": "article",
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      "heading": "Post-trade transparency requirements for MTFs",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-30",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/II/section/3"
    },
    {
      "path": "title/II/chapter/III",
      "kind": "chapter",
      "number": "III",
      "heading": "RIGHTS OF INVESTMENT FIRMS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II"
    },
    {
      "path": "article/31",
      "kind": "article",
      "number": "31",
      "heading": "Freedom to provide investment services and activities",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-31",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/III"
    },
    {
      "path": "article/32",
      "kind": "article",
      "number": "32",
      "heading": "Establishment of a branch",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-32",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/III"
    },
    {
      "path": "article/33",
      "kind": "article",
      "number": "33",
      "heading": "Access to regulated markets",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-33",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/III"
    },
    {
      "path": "article/34",
      "kind": "article",
      "number": "34",
      "heading": "Access to central counterparty, clearing and settlement facilities and right to designate settlement system",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-34",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/III"
    },
    {
      "path": "article/35",
      "kind": "article",
      "number": "35",
      "heading": "Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-35",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/II/chapter/III"
    },
    {
      "path": "title/III",
      "kind": "title",
      "number": "III",
      "heading": "REGULATED MARKETS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/36",
      "kind": "article",
      "number": "36",
      "heading": "Authorisation and applicable law",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-36",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/37",
      "kind": "article",
      "number": "37",
      "heading": "Requirements for the management of the regulated market",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-37",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/38",
      "kind": "article",
      "number": "38",
      "heading": "Requirements relating to persons exercising significant influence over the management of the regulated market",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-38",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/39",
      "kind": "article",
      "number": "39",
      "heading": "Organisational requirements",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-39",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/40",
      "kind": "article",
      "number": "40",
      "heading": "Admission of financial instruments to trading",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-40",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/41",
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      "number": "41",
      "heading": "Suspension and removal of instruments from trading",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-41",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/42",
      "kind": "article",
      "number": "42",
      "heading": "Access to the regulated market",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-42",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/43",
      "kind": "article",
      "number": "43",
      "heading": "Monitoring of compliance with the rules of the regulated market and with other legal obligations",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-43",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/44",
      "kind": "article",
      "number": "44",
      "heading": "Pre-trade transparency requirements for regulated markets",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-44",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/45",
      "kind": "article",
      "number": "45",
      "heading": "Post-trade transparency requirements for regulated markets",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-45",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/46",
      "kind": "article",
      "number": "46",
      "heading": "Provisions regarding central counterparty and clearing and settlement arrangements",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-46",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "article/47",
      "kind": "article",
      "number": "47",
      "heading": "List of regulated markets",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-47",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/III"
    },
    {
      "path": "title/IV",
      "kind": "title",
      "number": "IV",
      "heading": "COMPETENT AUTHORITIES",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "title/IV/chapter/I",
      "kind": "chapter",
      "number": "I",
      "heading": "DESIGNATION, POWERS AND REDRESS PROCEDURES",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/IV"
    },
    {
      "path": "article/48",
      "kind": "article",
      "number": "48",
      "heading": "Designation of competent authorities",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-48",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/IV/chapter/I"
    },
    {
      "path": "article/49",
      "kind": "article",
      "number": "49",
      "heading": "Cooperation between authorities in the same Member State",
      "url": "https://openlegislation.uk/eu-directive-2004-39/article-49",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "title/IV/chapter/I"
    },
    {
      "path": "article/50",
      "kind": "article",
      "number": "50",
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  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
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}