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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High-frequency algorithmic trading is characterised, among others, by high message intra-day rates which constitute orders, quotes or cancellations.

W przypadku zmiany jakichkolwiek informacji przekazanych zgodnie z ust. We have no references for this item. Competent authorities shall regularly inform ESMA of such authorisations.

The activities referred to in this paragraph shall be considered at a group level. 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.

In order to enhance investor protection it is appropriate to specify the principles concerning the information given by investment firms to their clients on the execution policy and to require firms to make public, on an annual basis, for each class of financial instruments, mifod top five execution venues where they executed client orders in the preceding year and to take account of that information and information published by execution venues on execution quality in their policies on best execution.

Grupa wysokiego szczebla ds. It is necessary to reinforce provisions on exchange of information between national competent authorities and to strengthen the duties of assistance and cooperation which they owe to each other.

For the purposes of this Directive, the business of reception and transmission of orders should also include mifie together two or more investors, thereby bringing about a transaction between those investors.

In accordance with national law, Member States should ensure appropriate financing of the competent authority. The G20 summit in Pittsburgh on 25 September agreed to improve the regulation, functioning and transparency of financial and commodity markets to address excessive commodity price volatility. The competent authorities shall, promptly and in any event within two working days following receipt of the notification required under the first subparagraph of Article 11 1as well as following the possible subsequent receipt of the information referred to in paragraph 2 of this Article, acknowledge receipt thereof in writing to the proposed acquirer.

Investment firms that offer or recommend to clients financial instruments not manufactured by them should also dyrekthwa appropriate arrangements in place to obtain and understand the relevant information concerning the product approval process, including the identified target market and the characteristics of the product they offer or recommend.

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

In order to address potential risks to the interests of investors it is necessary to formalise and further coordinate the processes on the consequences for trading on other trading venues if an investment firm or a market operator operating a trading venue decides to suspend or remove a financial instrument from trading.

Member States shall require that, where the influence exercised by the persons referred to in the first subparagraph of paragraph 1 is likely to be prejudicial to the sound and prudent management of an investment firm, the competent authority take appropriate measures to put an end to that situation. Excessive and imprudent risk taking may lead to the failure of individual financial institutions and systemic problems in Member States and globally.


By requiring all consolidated tape providers CTPs to consolidate data from all APAs and trading venues it will be assured that competition will take place on the basis of quality of service to clients rather than breadth of data covered. Subtitles for movies and TV series. The definitions should therefore not interfere with the general allocation of competences in accordance with national company law.

That particular treatment for the purposes of capital adequacy should be without prejudice to any decisions regarding the appropriate treatment of those firms under future changes to Union law on capital adequacy. This should ensure that requirements can be amended where necessary to deal with further innovation and developments in that area.

Terminy transpozycji do prawa krajowego. Need more search options? 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.

In order to achieve the harmonised regime, it is also appropriate for ESMA to monitor the implementation of the position limits and for competent authorities to put in place cooperation arrangements, including exchange of relevant data with each other and to enable the monitoring and enforcement of the limits. When determining, as regards non-equity financial instruments, the trading venues and APAs which need to be included in the post-trade information to be disseminated by CTPs, ESMA should ensure that the objective of the establishment of an integrated Union market for those financial instruments will be achieved and should ensure non-discriminatory treatment of APAs and trading venues.

An example of tying practices can be the necessary opening of current accounts when an investment service is provided to a retail client. In respect of transactions executed between eligible counterparties, the obligation to disclose client limit orders should only apply where the counterparty is explicitly sending a limit order to an investment firm for its execution. Almost all clients were satisfied with such service.

Member States shall require that competent authorities take measures similar to those referred to in Article 10 3 in respect of persons who fail to comply with the obligation to provide prior information in relation to the acquisition or increase of a qualifying holding. W ramach oceny powiadomienia przewidzianego w art.

Cross-selling practices are a common strategy for retail financial service providers throughout the Union. Articles 23 to 26, Article 28 and Article 29, excluding the second subparagraph of paragraph 2 thereof, and Article 30; and.

Translation of “dyrektywa MiFID” in English

It is necessary to exclude from the scope of this Directive central banks and other bodies performing similar functions as well as public bodies charged with or intervening in the management of public debt, which concept covers the investment thereof, with the exception of bodies that are partly or wholly state-owned the role of which is commercial or linked to the acquisition of holdings.


When exercising their powers under this Directive, competent authorities should act objectively and impartially and remain autonomous in their decision making. In order to benefit from the exemptions from this Directive, the person concerned should comply on a continuous basis with the conditions laid down for such exemptions. It will enable taking into account the existing rules or principles for consumer protection that have already been mific at a European level, such as in dyrektjwa MiFID or credit consumer directive, mifdi consumers a high level of protection.

Now that a market structure is in place which allows for competition between multiple trading venues it is essential that an effective and comprehensive consolidated tape is in operation as soon as possible. Member States shall communicate to ESMA the provisions of national law analogous to the requirements of this Directive listed in paragraph 2.

EUR-Lex Access to European Union law

To deliver consistent dyrektuwa for retail clients and ensure a level playing field between similar products, it is important that insurance-based investment products are subject to appropriate requirements. ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the notification or provision of information provided for in paragraph 2 of this Article and in Article 9 5.

The provision of this Directive regulating the provision of investment services or activities by third-country firms in the Union should not affect the possibility for persons established in the Union to receive investment services by a third country firm at their own exclusive initiative.

Such limits should promote integrity of the market for the derivative and the underlying commodity without prejudice to price discovery on the market for the dyre,tywa commodity and should not apply to positions which objectively reduce risks directly relating to commercial activities in relation to the commodity.

Some local energy utilities and some operators of dyeektywa installations covered by the EU Emissions Trading Scheme bundle and out-source their trading activities for hedging commercial risks to non-consolidated subsidiaries.

Investment firms that engage in algorithmic trading pursuing dyretywa market making strategy should have in place appropriate systems and controls for that activity. Such request shall be made in writing and shall specify the additional information needed. These examples may contain rude words based on your search.

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

Zgodnie z konkluzjami Rady z czerwca r. The definition of a systematic internaliser shall apply only where the pre-set limits for a frequent and systematic basis and for a substantial basis are both crossed or where an investment firm chooses to opt-in under the systematic internaliser regime. The competent authorities shall inform the proposed acquirer of the date of the expiry of the assessment period at the time of acknowledging receipt. It is desirable to ensure that all high-frequency algorithmic trading firms be authorised.

The results provide a general profile of a satisfied client as a person looking for transparent and clear information on investment alternatives provided by a professional in terms of collecting detailed but only necessary data.