Requirement (MIFID)
Article 5 Requirement for authorisation
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Each Member State shall require that the performance of investment
services or activities as a regular occupation or business on a
professional basis be subject to prior authorisation in accordance with
the provisions of this Chapter. Such authorisation shall be granted by
the home Member State competent authority designated in accordance
with Article 48.
2. By way of derogation from paragraph 1, Member States shall
allow any market operator to operate an MTF, subject to the prior verification
of their compliance with the provisions of this Chapter, excluding
Articles 11 and 15.
3. Member States shall establish a register of all investment firms.
This register shall be publicly accessible and shall contain information
on the services and/or activities for which the investment firm is
authorised. It shall be updated on a regular basis.
4. Each Member State shall require that:
— any investment firm which is a legal person have its head office in
the same Member State as its registered office,
— any investment firm which is not a legal person or any investment
firm which is a legal person but under its national law has no registered
office have its head office in the Member State in which it
actually carries on its business.
5. In the case of investment firms which provide only investment
advice or the service of reception and transmission of orders under the
conditions established in Article 3, Member States may allow the
competent authority to delegate administrative, preparatory or ancillary
tasks related to the granting of an authorisation, in accordance with the
conditions laid down in Article 48(2).