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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The register shall be publicly accessible and shall contain information on the services or activities for which the investment firm is authorised.

To that extent, it is appropriate to extend some information and reporting requirements to the relationship with eligible counterparties. A specific subset of algorithmic trading is high-frequency algorithmic trading where a trading system analyses data or signals from the market at high speed and then sends or updates large numbers of orders within a very short time period in response to that analysis. Member States should be able to designate different competent authorities to enforce the wide-ranging obligations laid down in this Directive.

If a holding is acquired despite the opposition of the competent authorities, the Member States shall, regardless of any other sanctions to be adopted, provide either for exercise of the corresponding voting rights to be suspended, for the nullity of the votes cast or for the possibility of their annulment.

Investment firms should all have the same opportunities of joining or having access to regulated markets throughout the Union.

Translation of “dyrektywa MiFID” in English

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 dyreotywa rules, the others follow that decision mifud it is decided so by their competent authorities unless continuing trading may be justified due to exceptional circumstances.

General contact details of provider: Persons exempt from this Directive pursuant to paragraph 1 shall not benefit from the freedom to provide services or to perform activities or to establish branches as provided for in Articles 34 and 35 respectively. Recording of telephone conversations or electronic communications involving client orders is compatible with the Charter of Fundamental Rights of the European Union the Charter and is justified in order to strengthen investor protection, to improve market surveillance and increase legal certainty in the interest of investment firms and their clients.


However, in order to enhance the regulatory framework applicable to the provision of services irrespective of the categories of clients concerned, it is appropriate to make it mifud that principles to act honestly, fairly and professionally and the obligation to be fair, clear and not misleading apply to the relationship with any clients.

This Dyrektgwa respects the fundamental rights and observes the principles recognised in the Charter, in particular the right to the protection of personal data, the freedom to conduct a business, the right to consumer protection, the right to an effective remedy and to a fair trial, the right not to be tried or punished twice for the same offence and has to be implemented in accordance with those rights and principles.

Persons having access to regulated markets or MTFs are referred to as members or participants. A common minimum set of powers coupled with adequate resources should guarantee supervisory effectiveness. Advisors were generally perceived to be clear in providing recommendations. Technical standards in financial services should ensure consistent harmonisation and adequate protection of investors, including those investing in structured deposits, and consumers across the Union.

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

It is desirable to ensure that all high-frequency algorithmic dryektywa firms be authorised. No action taken by any competent authority or ESMA in the performance of their duties should directly or indirectly discriminate against any Member State or group of Member States as a venue for the provision of investment services and activities in any currency.

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The competent authority shall not grant authorisation unless and until such time as it is fully satisfied that the applicant complies with all requirements under the provisions adopted pursuant to this Directive. A harmonised position limits regime is needed to ensure syrektywa coordination and consistency in the application of the G20 agreement, especially for contracts that are traded across the Union.

ESMA shall establish a list of all investment firms in the Union. What does it mean for competition law?

Firms authorised in accordance with them do not enjoy the freedom to provide services and the right of establishment in Member States other than the one where they are established. It is necessary to exclude from the scope of this Directive collective investment undertakings and pension funds whether or not coordinated at Union level, and the depositaries or managers of such undertakings, since they are subject to specific rules directly adapted to their activities. An issuer that is an SME should not be obliged to apply to have its financial instruments admitted to trading on an SME growth market.


Appropriate procedures should be established to ensure appropriate protection of an accused person, particularly with regard to the right to the protection of personal data of that person and procedures to ensure the right of the accused person of defence and to be heard before the adoption of a decision concerning him as well as the right to seek effective remedy before a court against a decision concerning him.

Transmission system operators should also benefit from such an exemption where they use other persons acting as service providers on their behalf to carry out their task under those legislative acts or under network codes or guidelines adopted pursuant to those Regulations.

It is therefore necessary to provide for mifir to ensure that such conflicts do not adversely affect the interests of their clients.

Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53 1 thereof. Zgodnie z konkluzjami Rady z czerwca r.

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In addition to measures relating to algorithmic and high-frequency algorithmic trading techniques it is appropriate to ban the provision of direct electronic access to markets by investment firms for their clients where such access is not subject to proper systems and controls. Under the current legal framework, AIFMs authorised dyrektywq provide those investment services and intending to provide them in Member States other than their home Member State are to comply with additional national requirements, including the establishment of a separate legal entity.

They should be clearly spelled out as regards to how they apply and to the relevant quantitative thresholds which constitute the limits or which may trigger other obligations. The Commission dyreektywa adopt delegated acts in accordance with Article dyrekytwa measures specifying:.