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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Irrespective of the form of the direct electronic access provided, firms providing such access should assess and review the suitability of clients using that service and ensure that risk controls are imposed on the use of the service and that those firms retain responsibility for trading submitted by their clients through the use of their systems or using their trading codes.

The use of such practices should be carefully assessed in order to promote competition and consumer choice. In the exchange of information, strict professional secrecy is needed to ensure the smooth transmission of that information and the protection of particular rights. 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.

ESMA shall publish and keep up-to-date that list on its website. The importance of such records is also referred to in the technical advice to the Commission, released by the Committee of European Securities Regulators on 29 July This would generally be the case for accountants or lawyers dyrfktywa under a clear payment instruction from the client or where a person is acting as a dyrektyw conduit for the mifd.

Those potential risks from increased use of technology are best mitigated by a combination of measures and specific risk controls directed at firms that engage in algorithmic trading or high-frequency algorithmic trading techniques, those that provide direct electronic access, and other measures directed at operators of trading venues that are accessed by such firms. For the purposes of this Directive eligible counterparties should be considered to dyrsktywa acting as clients.


A common minimum set of eyrektywa coupled with adequate resources should guarantee supervisory effectiveness. Such deposits should therefore be excluded from the scope of this Directive. The envisaged solution is based on an authorisation of providers working along pre-defined and supervised parameters which are in competition with each other in order to achieve technically highly sophisticated and innovative solutions, serving the market to the greatest extent possible and ensuring that consistent and accurate market data is made available.

The publication of decisions is also an important tool 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.

Member States shall register all investment firms. No statistical differences between annual results were found in procedures of collecting necessary information.

C z Advances in dyrektya for monitoring best execution should be considered when applying the best execution framework in accordance with the second and third subparagraph of Article 27 1. In order to ensure orderly and fair trading conditions, it is essential to require trading venues to provide such co-location services on a non-discriminatory, fair and transparent basis.

CSDs ydrektywa to be specifically regulated under Union law and subject, in particular, to authorisation and certain operating conditions.

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

High-frequency algorithmic trading is characterised, among others, by high message intra-day rates which constitute orders, quotes or cancellations. The statement should be provided in a durable medium including in an electronic form.

That assessment should be made on an annual basis. They are purely functional for the purpose of setting out rules aiming to achieve a particular outcome irrespective of the national company law applicable to an institution in each Member State. Almost all clients were satisfied with such service.

In that regard, the competent authorities shall communicate to each other upon request all relevant information and shall communicate on their own initiative all essential information. 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.

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.


Regardless of the manner in which transactions are at present organised in dyrekhywa Member States, it is important to abolish the technical and legal restrictions on access to regulated markets.

EUR-Lex Access to European Union law

To deliver consistent protection 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. Investment firms and credit institutions distributing financial instruments they issue themselves should be subject to this Directive when they provide investment advice to their clients.

Therefore, competent authorities should be able to require existing recordings of telephone conversations, electronic communications and data traffic records held by an investment firm or credit. While the methodology used for calculation of position limits should not create barriers to the development of new commodity derivatives, ESMA should ensure when determining the methodology for calculation that the development of new commodity derivatives cannot be used to circumvent the position limits regime.

The financial crisis has shown limits in the ability of non-retail clients to appreciate the risk of their investments. Any further requests by the competent authorities for completion or clarification of the information shall be at their discretion but may not result in an interruption of the assessment period.

Risks arising from algorithmic trading should be regulated. 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.

For example, the exemption in point j of Article 2 1 can be used in conjunction with the exemption in point d of Article 2 1.