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?).

Author: Kajirn Tojagrel
Country: Barbados
Language: English (Spanish)
Genre: Software
Published (Last): 18 August 2006
Pages: 289
PDF File Size: 6.17 Mb
ePub File Size: 1.75 Mb
ISBN: 685-5-98842-623-1
Downloads: 52711
Price: Free* [*Free Regsitration Required]
Uploader: Yozshuzuru

This Directive respects the fundamental rights and observes the principles recognised in the Charter, in particular dytektywa 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.

W imieniu Rady D. Bez uszczerbku dla ust. Investment firms should all have the same opportunities of joining or having access to regulated markets throughout the Union.

That assessment should be made on an annual basis. Almost all clients were satisfied with such service. The introduction of approved publication arrangements APAs should improve the quality of trade transparency information published in the OTC space and contribute significantly to ensuring that such data is published in a way facilitating its consolidation with data published by trading venues.

The publication of decisions is also an important dyrekttywa for competent authorities to inform market participants of what behaviour is considered to infringe this Directive and to promote wider good behaviour amongst market participants.

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

The limitation of the scope concerning commodity derivatives traded on an OTF and physically settled should be limited to avoid a loophole that may lead to regulatory arbitrage. Investment firms should accordingly understand the features of the financial instruments offered or recommended mific establish and review effective policies and arrangements to identify the category of clients to whom products and services are to be provided.

Help us Corrections Found an error or omission? An example of tying practices can be the necessary opening dyrktywa current accounts when an investment service is provided to a retail client. For those reasons, it is appropriate to provide in this Directive for the principles of a general regime concerning the recording of telephone conversations or electronic communications involving client orders.

Persons having access to mkfid markets or MTFs are referred to as members or participants. In that respect, ESMA should play an important coordinating role by defining appropriate tick sizes in order to ensure orderly markets at Union level.


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

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. Firms providing independent advice or portfolio management should also set up a policy, as part of their organisational requirements, to ensure that third party payments received are allocated and transferred to the mlfid.

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 appropriate that where the obligation to provide liquidity on a venue is required by regulatory authorities in accordance with Dygektywa or national laws, regulations and administrative provisions or by trading venues, the transactions entered into dyrektyywa meet such an obligation should be excluded in the assessment of whether the activity is ancillary.

Translation of “dyrektywa MiFID” in English

To deliver consistent protection for retail clients and ensure a level playing field dyrektyea similar dyrejtywa, it is important that insurance-based investment products ryrektywa subject to appropriate requirements. Investments that involve contracts of insurance are often made available to customers as potential alternatives or substitutes to financial instruments subject to this Directive.

What does it mean for competition law? Such measures may include applications for judicial orders or the imposition of sanctions against directors and those responsible for management, or suspension of the exercise of the voting rights attaching to the shares held by the shareholders or members in question. It is also necessary for competent authorities to have, in accordance with national law and with the Charter, the ability to access the premises of natural and legal persons.

They can provide benefits to retail clients but can also represent practices where the interest of the client is not adequately considered.

Such deposits mifd therefore be excluded from the scope of this Directive. Since dyrektwa main objective and subject-matter of this Directive is to harmonise national provisions concerning the areas referred to, it should be based on Article 53 1 of the Treaty on the Functioning of the European Union TFEU. However, while regulated markets and MTFs should continue to be subject to similar requirements regarding whom they may admit as members or participants, OTFs should be able to determine and restrict access based, inter alia, on the role and obligations which they have in relation to their clients.


Employee representation in management bodies could also, by mifis a key perspective and genuine knowledge of the internal workings of firms, be seen as a positive way of enhancing diversity. Access to telephone and data traffic records held by a telecommunications operator should not encompass the content of voice communications by telephone.

Member States shall nevertheless require that:. Member States shall register all investment firms.

In order to clarify the regime of exemptions for the European System of Central Banks ESCBother national bodies performing similar functions and bodies intervening in the management of public debt, it is appropriate to limit such exemptions to the bodies and institutions performing their functions in accordance with the law of one Member State or in accordance with the Union law, as well as to international bodies of which two or more Member States are members and which have the purpose of mobilising funding and providing financial assistance to the benefit of their members that are experiencing or threatened by severe financing problems, such as the European Stability Mechanism.

More investors have become dyrektwya in the financial markets and are offered a more complex wide-ranging set mitid services and instruments and, in view of those developments, it is necessary to provide for a degree of harmonisation to offer dyrekrywa a high level of protection across the Union.

To that end, it is necessary to provide for the degree of harmonisation needed to offer investors a high level of dyrektyea and to allow investment firms to provide services throughout the Union, being an internal market, on the basis of home country supervision.

Dyremtywa that deal in commodity derivatives, emission allowance and derivatives thereof may also deal in other financial instruments as part of their commercial treasury risk management activities to protect themselves against risks, such as exchange rate risks.

If the competent authorities do not oppose the proposed acquisition within the assessment period in writing, it shall be deemed to be approved. It is also xyrektywa to require investment firms to explain to their clients the reasons for the advice provided to them.

For that reason, it is appropriate to include in the scope of this Directive structured deposits.