{
  "url": "https://openlegislation.uk/eu-directive-2014-65",
  "json_url": "https://openlegislation.uk/eu-directive-2014-65.json",
  "id": "eudr/2014/65",
  "title": "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)",
  "short_title": "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",
  "long_title": "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)",
  "citation": "EU Directive 2014/65",
  "type": "eudr",
  "year": "2014",
  "number": "65",
  "version": "current",
  "date": "2014-05-15",
  "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-2014-65/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "title/I",
      "kind": "title",
      "number": "I",
      "heading": "SCOPE AND DEFINITIONS",
      "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-2014-65/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/I"
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Exemptions",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/I"
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Optional exemptions",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/I"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "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",
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      "status": null,
      "parent": "title/II"
    },
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      "path": "article/5",
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      "heading": "Requirement for authorisation",
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      "extent": "E+W+S+N.I.",
      "status": null,
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    },
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      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "Scope of authorisation",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/7",
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      "heading": "Procedures for granting and refusing requests for authorisation",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-7",
      "extent": "E+W+S+N.I.",
      "status": null,
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    },
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      "path": "article/8",
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      "heading": "Withdrawal of authorisations",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-8",
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      "status": null,
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      "path": "article/9",
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      "heading": "Management body",
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    {
      "path": "article/10",
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      "heading": "Shareholders and members with qualifying holdings",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-10",
      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
      "path": "article/11",
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      "heading": "Notification of proposed acquisitions",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/12",
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      "heading": "Assessment period",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-12",
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      "status": null,
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    },
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      "path": "article/13",
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      "heading": "Assessment",
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      "path": "article/14",
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      "heading": "Membership of an authorised investor compensation scheme",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-14",
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      "status": null,
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/15",
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      "heading": "Initial capital endowment",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "Organisational requirements",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/17",
      "kind": "article",
      "number": "17",
      "heading": "Algorithmic trading",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/I"
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "Trading process and finalisation of transactions in an MTF and an OTF",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-18",
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      "status": null,
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    },
    {
      "path": "article/19",
      "kind": "article",
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      "heading": "Specific requirements for MTFs",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-19",
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      "status": null,
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    },
    {
      "path": "article/20",
      "kind": "article",
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      "heading": "Specific requirements for OTFs",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/I"
    },
    {
      "path": "title/II/chapter/II",
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      "heading": "Operating conditions for investment firms",
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      "status": null,
      "parent": "title/II"
    },
    {
      "path": "title/II/chapter/II/section/1",
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      "heading": "General provisions",
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      "status": null,
      "parent": "title/II/chapter/II"
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    {
      "path": "article/21",
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      "number": "21",
      "heading": "Regular review of conditions for initial authorisation",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/1"
    },
    {
      "path": "article/22",
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      "heading": "General obligation in respect of on-going supervision",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/1"
    },
    {
      "path": "article/23",
      "kind": "article",
      "number": "23",
      "heading": "Conflicts of interest",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-23",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/1"
    },
    {
      "path": "title/II/chapter/II/section/2",
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      "heading": "Provisions to ensure investor protection",
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      "status": null,
      "parent": "title/II/chapter/II"
    },
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      "path": "article/24",
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      "heading": "General principles and information to clients",
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      "path": "article/25",
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      "heading": "Assessment of suitability and appropriateness and reporting to clients",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-25",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "article/26",
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      "number": "26",
      "heading": "Provision of services through the medium of another investment firm",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-26",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "article/27",
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      "heading": "Obligation to execute orders on terms most favourable to the client",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-27",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/2"
    },
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      "path": "article/28",
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      "heading": "Client order handling rules",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-28",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/2"
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      "path": "article/29",
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      "heading": "Obligations of investment firms when appointing tied agents",
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      "extent": "E+W+S+N.I.",
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      "parent": "title/II/chapter/II/section/2"
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      "path": "article/30",
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      "heading": "Transactions executed with eligible counterparties",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-30",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/2"
    },
    {
      "path": "title/II/chapter/II/section/3",
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      "heading": "Market transparency and integrity",
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      "status": null,
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      "path": "article/31",
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      "url": "https://openlegislation.uk/eu-directive-2014-65/article-31",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/3"
    },
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      "path": "article/32",
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      "heading": "Suspension and removal of financial instruments from trading on an MTF or an OTF",
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      "extent": "E+W+S+N.I.",
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      "parent": "title/II/chapter/II/section/3"
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    {
      "path": "title/II/chapter/II/section/4",
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      "heading": "SME growth markets",
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      "status": null,
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      "path": "article/33",
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      "heading": "SME growth markets",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/II/section/4"
    },
    {
      "path": "title/II/chapter/III",
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      "number": "III",
      "heading": "Rights of investment firms",
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      "status": null,
      "parent": "title/II"
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      "path": "article/34",
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      "heading": "Freedom to provide investment services and activities",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-34",
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      "status": null,
      "parent": "title/II/chapter/III"
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      "heading": "Establishment of a branch",
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      "status": null,
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    {
      "path": "article/36",
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      "heading": "Access to regulated markets",
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      "parent": "title/II/chapter/III"
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      "path": "article/37",
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      "heading": "Access to CCP, clearing and settlement facilities and right to designate settlement system",
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      "extent": "E+W+S+N.I.",
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      "parent": "title/II/chapter/III"
    },
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      "path": "article/38",
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      "heading": "Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/III"
    },
    {
      "path": "title/II/chapter/IV",
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      "number": "IV",
      "heading": "Provision of investment services and activities by third country firms",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II"
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      "path": "title/II/chapter/IV/section/1",
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      "heading": "Provision of services or performance of activities through the establishment of a branch",
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    },
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      "path": "article/40",
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      "heading": "Obligation to provide information",
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      "extent": "E+W+S+N.I.",
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      "path": "article/41",
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      "heading": "Granting of the authorisation",
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      "extent": "E+W+S+N.I.",
      "status": null,
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    },
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      "path": "article/42",
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      "heading": "Provision of services at the exclusive initiative of the client",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/IV/section/1"
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      "status": null,
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      "path": "article/43",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/II/chapter/IV/section/2"
    },
    {
      "path": "title/III",
      "kind": "title",
      "number": "III",
      "heading": "REGULATED MARKETS",
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      "status": null,
      "parent": null
    },
    {
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      "heading": "Authorisation and applicable law",
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      "status": null,
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      "path": "article/45",
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      "heading": "Requirements for the management body of a market operator",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-45",
      "extent": "E+W+S+N.I.",
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    },
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/III"
    },
    {
      "path": "article/47",
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      "heading": "Organisational requirements",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/III"
    },
    {
      "path": "article/48",
      "kind": "article",
      "number": "48",
      "heading": "Systems resilience, circuit breakers and electronic trading",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-48",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/III"
    },
    {
      "path": "article/49",
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      "number": "49",
      "heading": "Tick sizes",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/III"
    },
    {
      "path": "article/50",
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      "heading": "Synchronisation of business clocks",
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      "status": null,
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    },
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      "path": "article/51",
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      "heading": "Admission of financial instruments to trading",
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      "status": null,
      "parent": "title/III"
    },
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      "path": "article/52",
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      "heading": "Suspension and removal of financial instruments from trading on a regulated market",
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      "extent": "E+W+S+N.I.",
      "status": null,
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      "path": "article/53",
      "kind": "article",
      "number": "53",
      "heading": "Access to a regulated market",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-53",
      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
      "path": "article/54",
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      "heading": "Monitoring of compliance with the rules of the regulated market and with other legal obligations",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-54",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/III"
    },
    {
      "path": "article/55",
      "kind": "article",
      "number": "55",
      "heading": "Provisions regarding CCP and clearing and settlement arrangements",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-55",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/III"
    },
    {
      "path": "article/56",
      "kind": "article",
      "number": "56",
      "heading": "List of regulated markets",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-56",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/III"
    },
    {
      "path": "title/IV",
      "kind": "title",
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      "heading": "POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING",
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      "extent": "E+W+S+N.I.",
      "status": null,
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      "extent": "E+W+S+N.I.",
      "status": null,
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    {
      "path": "article/58",
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      "heading": "Position reporting by categories of position holders",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-58",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/IV"
    },
    {
      "path": "title/V",
      "kind": "title",
      "number": "V",
      "heading": "DATA REPORTING SERVICES",
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    },
    {
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    },
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      "path": "article/59",
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      "heading": "Requirement for authorisation",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/V/section/1"
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    {
      "path": "article/60",
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      "heading": "Scope of authorisation",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/V/section/1"
    },
    {
      "path": "article/61",
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      "url": "https://openlegislation.uk/eu-directive-2014-65/article-61",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/V/section/1"
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      "path": "article/62",
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      "heading": "Withdrawal of authorisations",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/V/section/1"
    },
    {
      "path": "article/63",
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      "heading": "Requirements for the management body of a data reporting services provider",
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      "extent": "E+W+S+N.I.",
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    {
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      "status": null,
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    },
    {
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    },
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      "status": null,
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      "path": "article/66",
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    {
      "path": "title/VI",
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    },
    {
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      "status": null,
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/I"
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      "status": null,
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    },
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      "extent": "E+W+S+N.I.",
      "status": null,
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      "path": "article/76",
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      "status": null,
      "parent": "title/VI/chapter/I"
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    {
      "path": "article/77",
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      "heading": "Relations with auditors",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-77",
      "extent": "E+W+S+N.I.",
      "status": null,
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      "heading": "Data protection",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/I"
    },
    {
      "path": "title/VI/chapter/II",
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      "number": "II",
      "heading": "Cooperation between the competent authorities of the Member States and with ESMA",
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      "extent": "E+W+S+N.I.",
      "status": null,
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    },
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      "path": "article/79",
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      "heading": "Obligation to cooperate",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/II"
    },
    {
      "path": "article/80",
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      "heading": "Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-80",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/II"
    },
    {
      "path": "article/81",
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      "heading": "Exchange of information",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/II"
    },
    {
      "path": "article/82",
      "kind": "article",
      "number": "82",
      "heading": "Binding mediation",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-82",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/II"
    },
    {
      "path": "article/83",
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      "number": "83",
      "heading": "Refusal to cooperate",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-83",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/II"
    },
    {
      "path": "article/84",
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      "number": "84",
      "heading": "Consultation prior to authorisation",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-84",
      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
      "path": "article/85",
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      "number": "85",
      "heading": "Powers for host Member States",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-85",
      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
      "path": "article/86",
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      "number": "86",
      "heading": "Precautionary measures to be taken by host Member States",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-86",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/II"
    },
    {
      "path": "article/87",
      "kind": "article",
      "number": "87",
      "heading": "Cooperation and exchange of information with ESMA",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-87",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/II"
    },
    {
      "path": "title/VI/chapter/III",
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      "heading": "Cooperation with third countries",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI"
    },
    {
      "path": "article/88",
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      "number": "88",
      "heading": "Exchange of information with third countries",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-88",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VI/chapter/III"
    },
    {
      "path": "title/VII",
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      "heading": "DELEGATED ACTS",
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      "status": null,
      "parent": null
    },
    {
      "path": "article/89",
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      "heading": "Exercise of the delegation",
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      "extent": "E+W+S+N.I.",
      "status": null,
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      "path": "article/89a",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "title/VII"
    },
    {
      "path": "crossheading/final-provisions",
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      "number": null,
      "heading": "FINAL PROVISIONS",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/90",
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      "heading": "Reports and review",
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      "status": null,
      "parent": "crossheading/final-provisions"
    },
    {
      "path": "article/91",
      "kind": "article",
      "number": "91",
      "heading": "Amendments to Directive 2002/92/EC",
      "url": "https://openlegislation.uk/eu-directive-2014-65/article-91",
      "extent": "E+W+S+N.I.",
      "status": "repealed",
      "parent": "crossheading/final-provisions"
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    {
      "path": "article/92",
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      "number": "92",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "crossheading/final-provisions"
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      "path": "article/93",
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      "status": null,
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    {
      "path": "article/94",
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      "heading": "Repeal",
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      "extent": "E+W+S+N.I.",
      "status": null,
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      "path": "article/95",
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    },
    {
      "path": "article/96",
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      "heading": "Entry into force",
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      "extent": "E+W+S+N.I.",
      "status": null,
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      "path": "article/97",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "crossheading/final-provisions"
    },
    {
      "path": "annex/I",
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      "number": "I",
      "heading": "LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/I/section/A",
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      "heading": "Investment services and activities",
      "url": "https://openlegislation.uk/eu-directive-2014-65/annex-I/section-A",
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      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/I/section/B",
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      "heading": "Ancillary services",
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    },
    {
      "path": "annex/I/section/C",
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      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
      "path": "annex/I/section/D",
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      "heading": "Data reporting services",
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      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/II",
      "kind": "annex",
      "number": "II",
      "heading": "PROFESSIONAL CLIENTS FOR THE PURPOSE OF THIS DIRECTIVE",
      "url": "https://openlegislation.uk/eu-directive-2014-65/annex-II",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/II/division/I",
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      "heading": "CATEGORIES OF CLIENT WHO ARE CONSIDERED TO BE PROFESSIONALS",
      "url": "https://openlegislation.uk/eu-directive-2014-65/annex-II/division-I",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/II",
      "kind": "division",
      "number": "II",
      "heading": "CLIENTS WHO MAY BE TREATED AS PROFESSIONALS ON REQUEST",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/II/division/II.1",
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      "number": "II.1",
      "heading": "Identification criteria",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/II"
    },
    {
      "path": "annex/II/division/II/division/II.2",
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      "number": "II.2",
      "heading": "Procedure",
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      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
      "path": "annex/III",
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      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/III/part/A",
      "kind": "part",
      "number": "A",
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}