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			ID162546D='<span class=\\\"mov_name\\\">All MIFID requirements</span>';				
				ID162531D='<span class=\\\"mov_name\\\">Article 1 Scope</span><span class=\"mov_desc\">1. This Directive shall apply to investment firms and regulated<br />markets.<br />2. The following provisions shall also apply to credit institutions<br />authorised under Directive 2000/12/EC, when providing one or more<br />investment services and/or performing investment activities:<br />— Articles 2(2), 11, 13 and 14,<br />— Chapter II of Title II excluding Article 23(2) second subparagraph,<br />— Chapter III of Title II excluding Articles 31(2) to 31(4) and 32(2) to<br />32(6), 32(8) and 32(9),<br />— Articles 48 to 53, 57, 61 and 62, and<br />— Article 71(1).</span>';				
				ID162312D='<span class=\\\"mov_name\\\">Article 10 Shareholders and members with qualifying holdings</span><span class=\"mov_desc\">1. The competent authorities shall not authorise the performance of<br />investment services or activities by an investment firm until they have<br />been informed of the identities of the shareholders or members, whether<br />direct or indirect, natural or legal persons, that have qualifying holdings<br />and the amounts of those holdings.<br />The competent authorities shall refuse authorisation if, taking into<br />account the need to ensure the sound and prudent management of an<br />investment firm, they are not satisfied as to the suitability of the shareholders<br />or members that have qualifying holdings.<br />Where close links exist between the investment firm and other natural<br />or legal persons, the competent authority shall grant authorisation only<br />if those links do not prevent the effective exercise of the supervisory<br />functions of the competent authority.<br />2. The competent authority shall refuse authorisation if the laws,<br />regulations or administrative provisions of a third country governing one<br />or more natural or legal persons with which the undertaking has close<br />links, or difficulties involved in their enforcement, prevent the effective<br />exercise of its supervisory functions.<br />3. Member States shall require any natural or legal person that<br />proposes to acquire or sell, directly or indirectly, a qualifying holding in<br />an investment firm, first to notify, in accordance with the second subparagraph,<br />the competent authority of the size of the resulting holding.<br />Such persons shall likewise be required to notify the competent<br />authority if they propose to increase or reduce their qualifying holding,<br />if in consequence the proportion of the voting rights or of the capital<br />that they hold would reach or fall below or exceed 20%, 33% or 50% or<br />the investment firm would become or cease to be their subsidiary.<br />Without prejudice to paragraph 4, the competent authority shall have up<br />to three months from the date of the notification of a proposed acquisition<br />provided for in the first subparagraph to oppose such a plan if, in<br />view of the need to ensure sound and prudent management of the investment<br />firm, it is not satisfied as to the suitability of the persons referred<br />to in the first subparagraph. If the competent authority does not oppose<br />the plan, it may fix a deadline for its implementation.<br />4. If the acquirer of any holding referred to in paragraph 3 is an<br />investment firm, a credit institution, an insurance undertaking or a<br />UCITS management company authorised in another Member State, or<br />the parent undertaking of an investment firm, credit institution, insurance<br />undertaking or a UCITS management company authorised in<br />another Member State, or a person controlling an investment firm, credit<br />institution, insurance undertaking or a UCITS management company<br />authorised in another Member State, and if, as a result of that acquisition,<br />the undertaking would become the acquirer\'s subsidiary or come<br />under his control, the assessment of the acquisition shall be subject to<br />the prior consultation provided for in Article 60.<br />5. Member States shall require that, if an investment firm becomes<br />aware of any acquisitions or disposals of holdings in its capital that<br />cause holdings to exceed or fall below any of the thresholds referred to<br />in the first subparagraph of paragraph 3, that investment firm is to<br />inform the competent authority without delay.<br />At least once a year, investment firms shall also inform the competent<br />authority of the names of shareholders and members possessing qualifying<br />holdings and the sizes of such holdings as shown, for example, by<br />the information received at annu</span>';				
				ID162315D='<span class=\\\"mov_name\\\">Article 11 Membership of an authorised Investor Compensation Scheme</span><span class=\"mov_desc\">The competent authority shall verify that any entity seeking authorisation<br />as an investment firm meets its obligations under Directive 97/9/EC<br />of the European Parliament and of the Council of 3 March 1997 on<br />investor-compensation schemes (1) at the time of authorisation.</span>';				
				ID162318D='<span class=\\\"mov_name\\\">Article 12 Initial capital endowment</span><span class=\"mov_desc\">Member States shall ensure that the competent authorities do not grant<br />authorisation unless the investment firm has sufficient initial capital in<br />accordance with the requirements of Directive 93/6/EEC having regard<br />to the nature of the investment service or activity in question.<br />Pending the revision of Directive 93/6/EEC, the investment firms<br />provided for in Article 67 shall be subject to the capital requirements<br />laid down in that Article.</span>';				
				ID162321D='<span class=\\\"mov_name\\\">Article 13 Organisational requirements</span><span class=\"mov_desc\">1. The home Member State shall require that investment firms<br />comply with the organisational requirements set out in paragraphs 2 to<br />8.<br />2. An investment firm shall establish adequate policies and procedures<br />sufficient to ensure compliance of the firm including its managers,<br />employees and tied agents with its obligations under the provisions of<br />this Directive as well as appropriate rules governing personal transactions<br />by such persons.<br />3. An investment firm shall maintain and operate effective organisational<br />and administrative arrangements with a view to taking all reasonable<br />steps designed to prevent conflicts of interest as defined in<br />Article 18 from adversely affecting the interests of its clients.<br />4. An investment firm shall take reasonable steps to ensure continuity<br />and regularity in the performance of investment services and activities.<br />To this end the investment firm shall employ appropriate and proportionate<br />systems, resources and procedures.<br />5. An investment firm shall ensure, when relying on a third party for<br />the performance of operational functions which are critical for the provision<br />of continuous and satisfactory service to clients and the performance<br />of investment activities on a continuous and satisfactory basis,<br />that it takes reasonable steps to avoid undue additional operational risk.<br />Outsourcing of important operational functions may not be undertaken<br />in such a way as to impair materially the quality of its internal control<br />and the ability of the supervisor to monitor the firm\'s compliance with<br />all obligations.<br />An investment firm shall have sound administrative and accounting<br />procedures, internal control mechanisms, effective procedures for risk<br />assessment, and effective control and safeguard arrangements for information<br />processing systems.<br />6. An investment firm shall arrange for records to be kept of all<br />services and transactions undertaken by it which shall be sufficient to<br />enable the competent authority to monitor compliance with the requirements<br />under this Directive, and in particular to ascertain that the investment<br />firm has complied with all obligations with respect to clients or<br />potential clients.<br />7. An investment firm shall, when holding financial instruments<br />belonging to clients, make adequate arrangements so as to safeguard<br />clients\' ownership rights, especially in the event of the investment firm\'s<br />insolvency, and to prevent the use of a client\'s instruments on own<br />account except with the client\'s express consent.<br />8. An investment firm shall, when holding funds belonging to clients,<br />make adequate arrangements to safeguard the clients\' rights and, except<br />in the case of credit institutions, prevent the use of client funds for its<br />own account.<br />9. In the case of branches of investment firms, the competent<br />authority of the Member State in which the branch is located shall,<br />without prejudice to the possibility of the competent authority of the<br />home Member State of the investment firm to have direct access to<br />those records, enforce the obligation laid down in paragraph 6 with<br />regard to transactions undertaken by the branch.<br />10. In order to take account of technical developments on financial<br />markets and to ensure the uniform application of paragraphs 2 to 9, the<br />Commission shall adopt, in accordance with the procedure referred to in<br />Article 64(2), implementing measures which specify the concrete organisational<br />requirements to be imposed on investment firms performing<br />different investment services and/or activities and ancillary services or<br />combinations thereof.<br /></span>';				
				ID162324D='<span class=\\\"mov_name\\\">Article 14 Trading process and finalisation of transactions in an MTF</span><span class=\"mov_desc\">1. Member States shall require that investment firms or market operators<br />operating an MTF, in addition to meeting the requirements laid<br />down in Article 13, establish transparent and non-discretionary rules and<br />procedures for fair and orderly trading and establish objective criteria<br />for the efficient execution of orders.<br />2. Member States shall require that investment firms or market operators<br />operating an MTF establish transparent rules regarding the criteria<br />for determining the financial instruments that can be traded under its<br />systems.<br />Member States shall require that, where applicable, investment firms or<br />market operators operating an MTF provide, or are satisfied that there is<br />access to, sufficient publicly available information to enable its users to<br />form an investment judgement, taking into account both the nature of<br />the users and the types of instruments traded.<br />3. Member States shall ensure that Articles 19, 21 and 22 are not<br />applicable to the transactions concluded under the rules governing an<br />MTF between its members or participants or between the MTF and its<br />members or participants in relation to the use of the MTF. However, the<br />members of or participants in the MTF shall comply with the obligations<br />provided for in Articles 19, 21 and 22 with respect to their clients when,<br />acting on behalf of their clients, they execute their orders through the<br />systems of an MTF.<br />4. Member States shall require that investment firms or market operators<br />operating an MTF establish and maintain transparent rules, based<br />on objective criteria, governing access to its facility. These rules shall<br />comply with the conditions established in Article 42(3).<br />5. Member States shall require that investment firms or market operators<br />operating an MTF clearly inform its users of their respective responsibilities<br />for the settlement of the transactions executed in that facility.<br />Member States shall require that investment firms or market operators<br />operating an MTF have put in place the necessary arrangements to facilitate<br />the efficient settlement of the transactions concluded under the<br />systems of the MTF.<br />6. Where a transferable security, which has been admitted to trading<br />on a regulated market, is also traded on an MTF without the consent of<br />the issuer, the issuer shall not be subject to any obligation relating to<br />initial, ongoing or ad hoc financial disclosure with regard to that MTF.<br />7. Member States shall require that any investment firm or market<br />operator operating an MTF comply immediately with any instruction<br />from its competent authority pursuant to Article 50(1) to suspend or<br />remove a financial instrument from trading.<br /></span>';				
				ID162327D='<span class=\\\"mov_name\\\">Article 15 Relations with third countries</span><span class=\"mov_desc\">1. Member States shall inform the Commission of any general difficulties<br />which their investment firms encounter in establishing themselves<br />or providing investment services and/or performing investment<br />activities in any third country.<br />2. Whenever it appears to the Commission, on the basis of information<br />submitted to it under paragraph 1, that a third country does not<br />grant Community investment firms effective market access comparable<br />to that granted by the Community to investment firms from that<br />third country, the Commission may submit proposals to the Council for<br />an appropriate mandate for negotiation with a view to obtaining comparable<br />competitive opportunities for Community investment firms. The<br />Council shall act by a qualified majority.<br />3. Whenever it appears to the Commission, on the basis of information<br />submitted to it under paragraph 1, that Community investment firms<br />in a third country are not granted national treatment affording the same<br />competitive opportunities as are available to domestic investment firms<br />and that the conditions of effective market access are not fulfilled, the<br />Commission may initiate negotiations in order to remedy the situation.<br />In the circumstances referred to in the first subparagraph, the Commission<br />may decide, in accordance with the procedure referred to in<br />Article 64(2), at any time and in addition to the initiation of negotiations,<br />that the competent authorities of the Member States must limit or<br />suspend their decisions regarding requests pending or future requests for<br />authorisation and the acquisition of holdings by direct or indirect parent<br />undertakings governed by the law of the third country in question. Such<br />limitations or suspensions may not be applied to the setting-up of subsidiaries<br />by investment firms duly authorised in the Community or by<br />their subsidiaries, or to the acquisition of holdings in Community investment<br />firms by such firms or subsidiaries. The duration of such measures<br />may not exceed three months.<br />Before the end of the three-month period referred to in the second<br />subparagraph and in the light of the results of the negotiations, the<br />Commission may decide, in accordance with the procedure referred to<br />in Article 64(2), to extend these measures.<br />4. Whenever it appears to the Commission that one of the situations<br />referred to in paragraphs 2 and 3 obtains, the Member States shall<br />inform it at its request:<br />(a) of any application for the authorisation of any firm which is the<br />direct or indirect subsidiary of a parent undertaking governed by the<br />law of the third country in question;<br />¡B<br />(b) whenever they are informed in accordance with Article 10(3) that<br />such a parent undertaking proposes to acquire a holding in a<br />Community investment firm, in consequence of which the latter<br />would become its subsidiary.<br />That obligation to provide information shall lapse whenever agreement<br />is reached with the third country concerned or when the measures<br />referred to in the second and third subparagraphs of paragraph 3 cease<br />to apply.<br />5. Measures taken under this Article shall comply with the Community\'s<br />obligations under any international agreements, bilateral or multilateral,<br />governing the taking-up or pursuit of the business of investment<br />firms.<br /></span>';				
				ID162333D='<span class=\\\"mov_name\\\">Article 16 Regular review of conditions for initial authorisation</span><span class=\"mov_desc\">1. Member States shall require that an investment firm authorised in<br />their territory comply at all times with the conditions for initial authorisation<br />established in Chapter I of this Title.<br />2. Member States shall require competent authorities to establish the<br />appropriate methods to monitor that investment firms comply with their<br />obligation under paragraph 1. They shall require investment firms to<br />notify the competent authorities of any material changes to the conditions<br />for initial authorisation.<br />3. In the case of investment firms which provide only investment<br />advice, Member States may allow the competent authority to delegate<br />administrative, preparatory or ancillary tasks related to the review of the<br />conditions for initial authorisation, in accordance with the conditions<br />laid down in Article 48(2).</span>';				
				ID162336D='<span class=\\\"mov_name\\\">Article 17 General obligation in respect of on-going supervision</span><span class=\"mov_desc\">1. Member States shall ensure that the competent authorities monitor<br />the activities of investment firms so as to assess compliance with the<br />operating conditions provided for in this Directive. Member States shall<br />ensure that the appropriate measures are in place to enable the competent<br />authorities to obtain the information needed to assess the compliance<br />of investment firms with those obligations.<br />2. In the case of investment firms which provide only investment<br />advice, Member States may allow the competent authority to delegate<br />administrative, preparatory or ancillary tasks related to the regular monitoring<br />of operational requirements, in accordance with the conditions<br />laid down in Article 48(2).</span>';				
				ID162339D='<span class=\\\"mov_name\\\">Article 18 Conflicts of interest</span><span class=\"mov_desc\">1. Member States shall require investment firms to take all reasonable<br />steps to identify conflicts of interest between themselves, including their<br />managers, employees and tied agents, or any person directly or indirectly<br />linked to them by control and their clients or between one client<br />and another that arise in the course of providing any investment and<br />ancillary services, or combinations thereof.<br />2. Where organisational or administrative arrangements made by the<br />investment firm in accordance with Article 13(3) to manage conflicts of<br />interest are not sufficient to ensure, with reasonable confidence, that<br />¡B<br />risks of damage to client interests will be prevented, the investment firm<br />shall clearly disclose the general nature and/or sources of conflicts of<br />interest to the client before undertaking business on its behalf.<br />3. In order to take account of technical developments on financial<br />markets and to ensure uniform application of paragraphs 1 and 2, the<br />Commission shall adopt, in accordance with the procedure referred to in<br />Article 64(2), implementing measures to:<br />(a) define the steps that investment firms might reasonably be expected<br />to take to identify, prevent, manage and/or disclose conflicts of<br />interest when providing various investment and ancillary services<br />and combinations thereof;<br />(b) establish appropriate criteria for determining the types of conflict of<br />interest whose existence may damage the interests of the clients or<br />potential clients of the investment firm.</span>';				
				ID162342D='<span class=\\\"mov_name\\\">Article 19 Conduct of business obligations when providing investment services</span><span class=\"mov_desc\">1. Member States shall require that, when providing investment<br />services and/or, where appropriate, ancillary services to clients, an<br />investment firm act honestly, fairly and professionally in accordance<br />with the best interests of its clients and comply, in particular, with the<br />principles set out in paragraphs 2 to 8.<br />2. All information, including marketing communications, addressed<br />by the investment firm to clients or potential clients shall be fair, clear<br />and not misleading. Marketing communications shall be clearly identifiable<br />as such.<br />3. Appropriate information shall be provided in a comprehensible<br />form to clients or potential clients about:<br />— the investment firm and its services,<br />— financial instruments and proposed investment strategies; this should<br />include appropriate guidance on and warnings of the risks associated<br />with investments in those instruments or in respect of particular<br />investment strategies,<br />— execution venues, and<br />— costs and associated charges<br />so that they are reasonably able to understand the nature and risks of the<br />investment service and of the specific type of financial instrument that is<br />being offered and, consequently, to take investment decisions on an<br />informed basis. This information may be provided in a standardised<br />format.</span>';				
				ID162534D='<span class=\\\"mov_name\\\">Article 2 Exemptions</span><span class=\"mov_desc\">1. This Directive shall not apply to:<br />(a) insurance undertakings as defined in Article 1 of Directive 73/239/<br />EEC or assurance undertakings as defined in Article 1 of Directive<br />2002/83/EC or undertakings carrying on the reinsurance and<br />retrocession activities referred to in Directive 64/225/EEC;<br />(b) persons which provide investment services exclusively for their<br />parent undertakings, for their subsidiaries or for other subsidiaries<br />of their parent undertakings;<br />(c) persons providing an investment service where that service is<br />provided in an incidental manner in the course of a professional<br />activity and that activity is regulated by legal or regulatory provisions<br />or a code of ethics governing the profession which do not<br />exclude the provision of that service;<br />(d) persons who do not provide any investment services or activities<br />other than dealing on own account unless they are market makers or<br />deal on own account outside a regulated market or an MTF on an<br />organised, frequent and systematic basis by providing a system<br />accessible to third parties in order to engage in dealings with them;<br />(e) persons which provide investment services consisting exclusively in<br />the administration of employee-participation schemes;<br />¡B<br />(f) persons which provide investment services which only involve both<br />administration of employee-participation schemes and the provision<br />of investment services exclusively for their parent undertakings, for<br />their subsidiaries or for other subsidiaries of their<br />parent undertakings;<br />(g) the members of the European System of Central Banks and other<br />national bodies performing similar functions and other public bodies<br />charged with or intervening in the management of the public debt;<br />(h) collective investment undertakings and pension funds whether coordinated<br />at Community level or not and the depositaries and<br />managers of such undertakings;<br />(i) persons dealing on own account in financial instruments, or<br />providing investment services in commodity derivatives or derivative<br />contracts included in Annex I, Section C 10 to the clients of<br />their main business, provided this is an ancillary activity to their<br />main business, when considered on a group basis, and that main<br />business is not the provision of investment services within the<br />meaning of this Directive or banking services under Directive 2000/<br />12/EC;<br />(j) persons providing investment advice in the course of providing<br />another professional activity not covered by this Directive provided<br />that the provision of such advice is not specifically remunerated;<br />(k) persons whose main business consists of dealing on own account in<br />commodities and/or commodity derivatives. This exception shall not<br />apply where the persons that deal on own account in commodities<br />and/or commodity derivatives are part of a group the main business<br />of which is the provision of other investment services within the<br />meaning of this Directive or banking services under Directive<br />2000/12/EC;<br />(l) firms which provide investment services and/or perform investment<br />activities consisting exclusively in dealing on own account on<br />markets in financial futures or options or other derivatives and on<br />cash markets for the sole purpose of hedging positions on derivatives<br />markets or which deal for the accounts of other members of<br />those markets or make prices for them and which are guaranteed by<br />clearing members of the same markets, where responsibility for<br />ensuring the performance of contracts entered into by such firms is<br />assumed by clearing members of the same markets;<br />(m) associations set up by Danish and Finnish pension funds with the<br />sole aim of managing the </span>';				
				ID162345D='<span class=\\\"mov_name\\\">Article 20 Provision of services through the medium of another investment</span><span class=\"mov_desc\">Member States shall allow an investment firm receiving an instruction<br />to perform investment or ancillary services on behalf of a client through<br />the medium of another investment firm to rely on client information<br />transmitted by the latter firm. The investment firm which mediates the<br />instructions will remain responsible for the completeness and accuracy<br />of the information transmitted.<br />The investment firm which receives an instruction to undertake services<br />on behalf of a client in this way shall also be able to rely on any recommendations<br />in respect of the service or transaction that have been<br />provided to the client by another investment firm. The investment firm<br />which mediates the instructions will remain responsible for the appropriateness<br />for the client of the recommendations or advice provided.<br />The investment firm which receives client instructions or orders through<br />the medium of another investment firm shall remain responsible for<br />concluding the service or transaction, based on any such information or<br />recommendations, in accordance with the relevant provisions of this<br />Title.</span>';				
				ID162348D='<span class=\\\"mov_name\\\">Article 21 Obligation to execute orders on terms most favourable to the client</span><span class=\"mov_desc\">1. Member States shall require that investment firms take all reasonable<br />steps to obtain, when executing orders, the best possible result for<br />their clients taking into account price, costs, speed, likelihood of execution<br />and settlement, size, nature or any other consideration relevant to<br />the execution of the order. Nevertheless, whenever there is a specific<br />instruction from the client the investment firm shall execute the order<br />following the specific instruction.<br />2. Member States shall require investment firms to establish and<br />implement effective arrangements for complying with paragraph 1. In<br />particular Member States shall require investment firms to establish and<br />implement an order execution policy to allow them to obtain, for their<br />client orders, the best possible result in accordance with paragraph 1.<br />3. The order execution policy shall include, in respect of each class<br />of instruments, information on the different venues where the investment<br />firm executes its client orders and the factors affecting the choice of<br />execution venue. It shall at least include those venues that enable the<br />investment firm to obtain on a consistent basis the best possible result<br />for the execution of client orders.<br />Member States shall require that investment firms provide appropriate<br />information to their clients on their order execution policy. Member<br />States shall require that investment firms obtain the prior consent of<br />their clients to the execution policy.<br />Member States shall require that, where the order execution policy<br />provides for the possibility that client orders may be executed outside a<br />regulated market or an MTF, the investment firm shall, in particular,<br />inform its clients about this possibility. Member States shall require that<br />investment firms obtain the prior express consent of their clients before<br />proceeding to execute their orders outside a regulated market or an<br />MTF. Investment firms may obtain this consent either in the form of a<br />general agreement or in respect of individual transactions...<br />\n</span>';				
				ID162351D='<span class=\\\"mov_name\\\">Article 22 Client order handling rules</span><span class=\"mov_desc\">1. Member States shall require that investment firms authorised to<br />execute orders on behalf of clients implement procedures and arrangements<br />which provide for the prompt, fair and expeditious execution of<br />client orders, relative to other client orders or the trading interests of the<br />investment firm.<br />These procedures or arrangements shall allow for the execution of otherwise<br />comparable client orders in accordance with the time of their reception<br />by the investment firm.<br />2. Member States shall require that, in the case of a client limit order<br />in respect of shares admitted to trading on a regulated market which are<br />not immediately executed under prevailing market conditions, investment<br />firms are, unless the client expressly instructs otherwise, to take<br />measures to facilitate the earliest possible execution of that order by<br />making public immediately that client limit order in a manner which is<br />easily accessible to other market participants. Member States may decide<br />that investment firms comply with this obligation by transmitting the<br />client limit order to a regulated market and/or MTF. Member States shall<br />provide that the competent authorities may waive the obligation to make<br />public a limit order that is large in scale compared with normal market<br />size as determined under Article 44(2).<br />3. In order to ensure that measures for the protection of investors and<br />fair and orderly functioning of markets take account of technical developments<br />in financial markets, and to ensure the uniform application of<br />paragraphs 1 and 2, the Commission shall adopt, in accordance with the<br />procedure referred to in Article 64(2), implementing measures which<br />define:<br />(a) the conditions and nature of the procedures and arrangements which<br />result in the prompt, fair and expeditious execution of client orders<br />and the situations in which or types of transaction for which investment<br />firms may reasonably deviate from prompt execution so as to<br />obtain more favourable terms for clients;<br />(b) the different methods through which an investment firm can be<br />deemed to have met its obligation to disclose not immediately<br />executable client limit orders to the market.</span>';				
				ID162354D='<span class=\\\"mov_name\\\">Article 23 Obligations of investment firms when appointing tied agents</span><span class=\"mov_desc\">1. Member States may decide to allow an investment firm to appoint<br />tied agents for the purposes of promoting the services of the investment<br />firm, soliciting business or receiving orders from clients or potential<br />clients and transmitting them, placing financial instruments and<br />providing advice in respect of such financial instruments and services<br />offered by that investment firm.<br />2. Member States shall require that where an investment firm decides<br />to appoint a tied agent it remains fully and unconditionally responsible<br />for any action or omission on the part of the tied agent when acting on<br />behalf of the firm. Member States shall require the investment firm to<br />ensure that a tied agent discloses the capacity in which he is acting and<br />the firm which he is representing when contacting or before dealing with<br />any client or potential client.<br />Member States may allow, in accordance with Article 13(6), (7) and (8),<br />tied agents registered in their territory to handle clients\' money and/or<br />financial instruments on behalf and under the full responsibility of the<br />investment firm for which they are acting within their territory or, in the<br />case of a cross-border operation, in the territory of a Member State<br />which allows a tied agent to handle clients\' money.<br />Member States shall require the investment firms to monitor the activities<br />of their tied agents so as to ensure that they continue to comply<br />with this Directive when acting through tied agents.<br />3. Member States that decide to allow investment firms to appoint<br />tied agents shall establish a public register. Tied agents shall be registered<br />in the public register in the Member State where they are established....</span>';				
				ID162357D='<span class=\\\"mov_name\\\">Article 24 Transactions executed with eligible counterparties</span><span class=\"mov_desc\">1. Member States shall ensure that investment firms authorised to<br />execute orders on behalf of clients and/or to deal on own account and/or<br />to receive and transmit orders, may bring about or enter into transactions<br />with eligible counterparties without being obliged to comply with the<br />obligations under Articles 19, 21 and 22(1) in respect of those transactions<br />or in respect of any ancillary service directly related to those transactions.<br />2. Member States shall recognise as eligible counterparties for the<br />purposes of this Article investment firms, credit institutions, insurance<br />companies, UCITS and their management companies, pension funds and<br />their management companies, other financial institutions authorised or<br />regulated under Community legislation or the national law of a Member<br />State, undertakings exempted from the application of this Directive<br />under Article 2(1)(k) and (l), national governments and their corresponding<br />offices including public bodies that deal with public debt,<br />central banks and supranational organisations.<br />Classification as an eligible counterparty under the first subparagraph<br />shall be without prejudice to the right of such entities to request, either<br />on a general form or on a trade-by-trade basis, treatment as clients<br />whose business with the investment firm is subject to Articles 19, 21<br />and 22.<br />3. Member States may also recognise as eligible counterparties other<br />undertakings meeting pre-determined proportionate requirements,<br />including quantitative thresholds. In the event of a transaction where the<br />prospective counterparties are located in different jurisdictions, the<br />investment firm shall defer to the status of the other undertaking as<br />determined by the law or measures of the Member State in which that<br />undertaking is established.<br />Member States shall ensure that the investment firm, when it enters into<br />transactions in accordance with paragraph 1 with such undertakings,<br />obtains the express confirmation from the prospective counterparty that<br />it agrees to be treated as an eligible counterparty. Member States shall<br />allow the investment firm to obtain this confirmation either in the form<br />of a general agreement or in respect of each individual transaction....<br /></span>';				
				ID162360D='<span class=\\\"mov_name\\\">Article 25 Obligation to uphold integrity of markets, report transactions and maintain records</span><span class=\"mov_desc\">1. Without prejudice to the allocation of responsibilities for enforcing<br />the provisions of Directive 2003/6/EC of the European Parliament and<br />of the Council of 28 January 2003 on insider dealing and market manipulation<br />(market abuse) (1), Member States shall ensure that appropriate<br />measures are in place to enable the competent authority to monitor the<br />activities of investment firms to ensure that they act honestly, fairly and<br />professionally and in a manner which promotes the integrity of the<br />market.<br />2. Member States shall require investment firms to keep at the<br />disposal of the competent authority, for at least five years, the relevant<br />data relating to all transactions in financial instruments which they have<br />carried out, whether on own account or on behalf of a client. In the case<br />of transactions carried out on behalf of clients, the records shall contain<br />all the information and details of the identity of the client, and the information<br />required under Council Directive 91/308/EEC of 10 June 1991<br />on prevention of the use of the financial system for the purpose of<br />money laundering (2).<br />3. Member States shall require investment firms which execute transactions<br />in any financial instruments admitted to trading on a regulated<br />market to report details of such transactions to the competent authority<br />as quickly as possible, and no later than the close of the following<br />working day. This obligation shall apply whether or not such transactions<br />were carried out on a regulated market.<br />The competent authorities shall, in accordance with Article 58, establish<br />the necessary arrangements in order to ensure that the competent<br />authority of the most relevant market in terms of liquidity for those<br />financial instruments also receives this information.</span>';				
				ID162363D='<span class=\\\"mov_name\\\">Article 26 Monitoring of compliance with the rules of the MTF and with other</span><span class=\"mov_desc\">1. Member States shall require that investment firms and market<br />operators operating an MTF establish and maintain effective arrangements<br />and procedures, relevant to the MTF, for the regular monitoring<br />of the compliance by its users with its rules. Investment firms and<br />market operators operating an MTF shall monitor the transactions undertaken<br />by their users under their systems in order to identify breaches of<br />those rules, disorderly trading conditions or conduct that may involve<br />market abuse.<br />2. Member States shall require investment firms and market operators<br />operating an MTF to report significant breaches of its rules or disorderly<br />trading conditions or conduct that may involve market abuse to the<br />competent authority. Member States shall also require investment firms<br />and market operators operating an MTF to supply the relevant information<br />without delay to the authority competent for the investigation and<br />prosecution of market abuse and to provide full assistance to the latter<br />in investigating and prosecuting market abuse occurring on or through<br />its systems....<br /></span>';				
				ID162366D='<span class=\\\"mov_name\\\">Article 27 Obligation for investment firms to make public firm quotes</span><span class=\"mov_desc\">1. Member States shall require systematic internalisers in shares to<br />publish a firm quote in those shares admitted to trading on a regulated<br />market for which they are systematic internalisers and for which there is<br />a liquid market. In the case of shares for which there is not a liquid<br />market, systematic internalisers shall disclose quotes to their clients on<br />request.<br />The provisions of this Article shall be applicable to systematic internalisers<br />when dealing for sizes up to standard market size. Systematic internalisers<br />that only deal in sizes above standard market size shall not be<br />subject to the provisions of this Article.<br />Systematic internalisers may decide the size or sizes at which they will<br />quote. For a particular share each quote shall include a firm bid and/or<br />offer price or prices for a size or sizes which could be up to standard<br />market size for the class of shares to which the share belongs. The price<br />or prices shall also reflect the prevailing market conditions for that<br />share.<br />Shares shall be grouped in classes on the basis of the arithmetic average<br />value of the orders executed in the market for that share. The standard<br />market size for each class of shares shall be a size representative of the<br />arithmetic average value of the orders executed in the market for the<br />shares included in each class of shares.<br />The market for each share shall be comprised of all orders executed in<br />the European Union in respect of that share excluding those large in<br />scale compared to normal market size for that share.<br />2. The competent authority of the most relevant market in terms of<br />liquidity as defined in Article 25 for each share shall determine at least<br />annually, on the basis of the arithmetic average value of the orders<br />executed in the market in respect of that share, the class of shares to<br />which it belongs. This information shall be made public to all market<br />participants.</span>';				
				ID162369D='<span class=\\\"mov_name\\\">Article 28 Post-trade disclosure by investment firms</span><span class=\"mov_desc\">1. Member States shall, at least, require investment firms which,<br />either on own account or on behalf of clients, conclude transactions in<br />shares admitted to trading on a regulated market outside a regulated<br />market or MTF, to make public the volume and price of those transactions<br />and the time at which they were concluded. This information shall<br />be made public as close to real-time as possible, on a reasonable<br />commercial basis, and in a manner which is easily accessible to other<br />market participants.<br />2. Member States shall require that the information which is made<br />public in accordance with paragraph 1 and the time-limits within which<br />it is published comply with the requirements adopted pursuant to<br />Article 45. Where the measures adopted pursuant to Article 45 provide<br />for deferred reporting for certain categories of transaction in shares, this<br />possibility shall apply mutatis mutandis to those transactions when<br />undertaken outside regulated markets or MTFs.<br />3. In order to ensure the transparent and orderly functioning of<br />markets and the uniform application of paragraph 1, the Commission<br />shall adopt, in accordance with the procedure referred to in Article 64<br />(2), implementing measures which:<br />(a) specify the means by which investment firms may comply with their<br />obligations under paragraph 1 including the following possibilities:<br />(i) through the facilities of any regulated market which has<br />admitted the instrument in question to trading or through the<br />facilities of an MTF in which the share in question is traded;<br />(ii) through the offices of a third party;<br />(iii) through proprietary arrangements;<br />(b) clarify the application of the obligation under paragraph 1 to transactions<br />involving the use of shares for collateral, lending or other<br />purposes where the exchange of shares is determined by factors<br />other than the current market valuation of the share.</span>';				
				ID162372D='<span class=\\\"mov_name\\\">Article 29 Pre-trade transparency requirements for MTFs</span><span class=\"mov_desc\">1. Member States shall, at least, require that investment firms and<br />market operators operating an MTF make public current bid and offer<br />prices and the depth of trading interests at these prices which are advertised<br />through their systems in respect of shares admitted to trading on a<br />regulated market. Member States shall provide for this information to be<br />made available to the public on reasonable commercial terms and on a<br />continuous basis during normal trading hours.<br />¡B<br />2. Member States shall provide for the competent authorities to be<br />able to waive the obligation for investment firms or market operators<br />operating an MTF to make public the information referred to in paragraph<br />1 based on the market model or the type and size of orders in the<br />cases defined in accordance with paragraph 3. In particular, the competent<br />authorities shall be able to waive the obligation in respect of transactions<br />that are large in scale compared with normal market size for the<br />share or type of share in question.<br />3. In order to ensure the uniform application of paragraphs 1 and 2,<br />the Commission shall, in accordance with the procedure referred to in<br />Article 64(2) adopt implementing measures as regards:<br />(a) the range of bid and offers or designated market-maker quotes, and<br />the depth of trading interest at those prices, to be made public;<br />(b) the size or type of orders for which pre-trade disclosure may be<br />waived under paragraph 2;<br />(c) the market model for which pre-trade disclosure may be waived<br />under paragraph 2 and in particular, the applicability of the obligation<br />to trading methods operated by an MTF which conclude transactions<br />under their rules by reference to prices established outside<br />the systems of the MTF or by periodic auction.<br />Except where justified by the specific nature of the MTF, the content of<br />these implementing measures shall be equal to that of the implementing<br />measures provided for in Article 44 for regulated markets.<br /></span>';				
				ID162537D='<span class=\\\"mov_name\\\">Article 3 Optional exemptions</span><span class=\"mov_desc\">1. Member States may choose not to apply this Directive to any<br />persons for which they are the home Member State that:<br />— are not allowed to hold clients\' funds or securities and which for that<br />reason are not allowed at any time to place themselves in debit with<br />their clients, and<br />— are not allowed to provide any investment service except the reception<br />and transmission of orders in transferable securities and units in<br />collective investment undertakings and the provision of investment<br />advice in relation to such financial instruments, and<br />— in the course of providing that service, are allowed to transmit orders<br />only to:<br />(i) investment firms authorised in accordance with this Directive;<br />(ii) credit institutions authorised in accordance with Directive 2000/<br />12/EC;<br />(iii) branches of investment firms or of credit institutions which are<br />authorised in a third country and which are subject to and<br />comply with prudential rules considered by the competent<br />authorities to be at least as stringent as those laid down in this<br />Directive, in Directive 2000/12/EC or in Directive 93/6/EEC;<br />(iv) collective investment undertakings authorised under the law of a<br />Member State to market units to the public and to the managers<br />of such undertakings;<br />(v) investment companies with fixed capital, as defined in Article 15<br />(4) of Second Council Directive 77/91/EEC of<br />13 December 1976 on coordination of safeguards which, for the<br />protection of the interests of members and others, are required<br />by Member States of companies within the meaning of the<br />second paragraph of Article 58 of the Treaty, in respect of the<br />formation of public limited liability companies and the maintenance<br />and alteration of their capital, with a view to making such<br />safeguards equivalent (1), the securities of which are listed or<br />dealt in on a regulated market in a Member State;<br />provided that the activities of those persons are regulated at national<br />level.<br />2. Persons excluded from the scope of this Directive according to<br />paragraph 1 cannot benefit from the freedom to provide services and/or<br />activities or to establish branches as provided for in Articles 31 and 32<br />respectively.</span>';				
				ID162375D='<span class=\\\"mov_name\\\">Article 30 Post-trade transparency requirements for MTFs</span><span class=\"mov_desc\">1. Member States shall, at least, require that investment firms and<br />market operators operating an MTF make public the price, volume and<br />time of the transactions executed under its systems in respect of shares<br />which are admitted to trading on a regulated market. Member States<br />shall require that details of all such transactions be made public, on a<br />reasonable commercial basis, as close to real-time as possible. This<br />requirement shall not apply to details of trades executed on an MTF that<br />are made public under the systems of a regulated market.<br />2. Member States shall provide that the competent authority may<br />authorise investment firms or market operators operating an MTF to<br />provide for deferred publication of the details of transactions based on<br />their type or size. In particular, the competent authorities may authorise<br />the deferred publication in respect of transactions that are large in scale<br />compared with the normal market size for that share or that class of<br />shares. Member States shall require MTFs to obtain the competent<br />authority\'s prior approval to proposed arrangements for deferred tradepublication,<br />and shall require that these arrangements be clearly<br />disclosed to market participants and the investing public.<br />3. In order to provide for the efficient and orderly functioning of<br />financial markets, and to ensure the uniform application of paragraphs 1<br />and 2, the Commission shall, in accordance with the procedure referred<br />to in Article 64(2) adopt implementing measures in respect of:<br />(a) the scope and content of the information to be made available to the<br />public;<br />(b) the conditions under which investment firms or market operators<br />operating an MTF may provide for deferred publication of trades<br />and the criteria to be applied when deciding the transactions for<br />which, due to their size or the type of share involved, deferred publication<br />is allowed.<br />Except where justified by the specific nature of the MTF, the content of<br />these implementing measures shall be equal to that of the implementing<br />measures provided for in Article 45 for regulated markets.</span>';				
				ID162381D='<span class=\\\"mov_name\\\">Article 31 Freedom to provide investment services and activities</span><span class=\"mov_desc\">1. Member States shall ensure that any investment firm authorised<br />and supervised by the competent authorities of another Member State in<br />accordance with this Directive, and in respect of credit institutions in<br />accordance with Directive 2000/12/EC, may freely perform investment<br />services and/or activities as well as ancillary services within their territories,<br />provided that such services and activities are covered by its<br />authorisation. Ancillary services may only be provided together with an<br />investment service and/or activity.<br />Member States shall not impose any additional requirements on such an<br />investment firm or credit institution in respect of the matters covered by<br />this Directive.<br />2. Any investment firm wishing to provide services or activities<br />within the territory of another Member State for the first time, or which<br />wishes to change the range of services or activities so provided, shall<br />communicate the following information to the competent authorities of<br />its home Member State:<br />(a) the Member State in which it intends to operate;<br />(b) a programme of operations stating in particular the investment<br />services and/or activities as well as ancillary services which it<br />intends to perform and whether it intends to use tied agents in the<br />territory of the Member States in which it intends to provide<br />services.<br />In cases where the investment firm intends to use tied agents, the<br />competent authority of the home Member State of the investment firm<br />shall, at the request of the competent authority of the host Member State<br />and within a reasonable time, communicate the identity of the tied<br />agents that the investment firm intends to use in that Member State. The<br />host Member State may make public such information.<br />3. The competent authority of the home Member State shall, within<br />one month of receiving the information, forward it to the competent<br />authority of the host Member State designated as contact point in accordance<br />with Article 56(1). The investment firm may then start to provide<br />the investment service or services concerned in the host Member State...</span>';				
				ID162384D='<span class=\\\"mov_name\\\">Article 32 Establishment of a branch</span><span class=\"mov_desc\">1. Member States shall ensure that investment services and/or activities<br />as well as ancillary services may be provided within their territories<br />in accordance with this Directive and Directive 2000/12/EC through the<br />establishment of a branch provided that those services and activities are<br />covered by the authorisation granted to the investment firm or the credit<br />institution in the home Member State. Ancillary services may only be<br />provided together with an investment service and/or activity.<br />Member States shall not impose any additional requirements save those<br />allowed under paragraph 7, on the organisation and operation of the<br />branch in respect of the matters covered by this Directive.<br />2. Member States shall require any investment firm wishing to establish<br />a branch within the territory of another Member State first to notify<br />the competent authority of its home Member State and to provide it with<br />the following information:<br />(a) the Member States within the territory of which it plans to establish<br />a branch;<br />(b) a programme of operations setting out inter alia the investment<br />services and/or activities as well as the ancillary services to be<br />offered and the organisational structure of the branch and indicating<br />whether the branch intends to use tied agents;<br />(c) the address in the host Member State from which documents may be<br />obtained;<br />(d) the names of those responsible for the management of the branch.<br />In cases where an investment firm uses a tied agent established in a<br />Member State outside its home Member State, such tied agent shall be<br />assimilated to the branch and shall be subject to the provisions of this<br />Directive relating to branches....</span>';				
				ID162387D='<span class=\\\"mov_name\\\">Article 33 Access to regulated markets</span><span class=\"mov_desc\">1. Member States shall require that investment firms from other<br />Member States which are authorised to execute client orders or to deal<br />on own account have the right of membership or have access to regulated<br />markets established in their territory by means of any of the<br />following arrangements:<br />(a) directly, by setting up branches in the host Member States;<br />(b) by becoming remote members of or having remote access to the<br />regulated market without having to be established in the home<br />Member State of the regulated market, where the trading procedures<br />and systems of the market in question do not require a physical<br />presence for conclusion of transactions on the market.<br />2. Member States shall not impose any additional regulatory or<br />administrative requirements, in respect of matters covered by this Directive,<br />on investment firms exercising the right conferred by paragraph 1.</span>';				
				ID162390D='<span class=\\\"mov_name\\\">Article 34 Access to central counterparty, clearing and settlement facilities and right to designate settlement system</span><span class=\"mov_desc\">Article 34<br />\n1. Member States shall require that investment firms from other<br />Member States have the right of access to central counterparty, clearing<br />and settlement systems in their territory for the purposes of finalising or<br />arranging the finalisation of transactions in financial instruments.<br />Member States shall require that access of those investment firms to<br />such facilities be subject to the same non-discriminatory, transparent and<br />objective criteria as apply to local participants. Member States shall not<br />restrict the use of those facilities to the clearing and settlement of transactions<br />in financial instruments undertaken on a regulated market or<br />MTF in their territory.<br />2. Member States shall require that regulated markets in their territory<br />offer all their members or participants the right to designate the system<br />for the settlement of transactions in financial instruments undertaken on<br />that regulated market, subject to:<br />(a) such links and arrangements between the designated settlement<br />system and any other system or facility as are necessary to ensure<br />the efficient and economic settlement of the transaction in question;<br />and<br />(b) agreement by the competent authority responsible for the supervision<br />of the regulated market that technical conditions for settlement of<br />transactions concluded on the regulated market through a settlement<br />system other than that designated by the regulated market are such<br />as to allow the smooth and orderly functioning of financial markets.<br />This assessment of the competent authority of the regulated market shall<br />be without prejudice to the competencies of the national central banks<br />as overseers of settlement systems or other supervisory authorities on<br />such systems. The competent authority shall take into account the oversight/<br />supervision already exercised by those institutions in order to<br />avoid undue duplication of control.<br />3. The rights of investment firms under paragraphs 1 and 2 shall be<br />without prejudice to the right of operators of central counterparty,<br />clearing or securities settlement systems to refuse on legitimate commercial<br />grounds to make the requested services available.<br /></span>';				
				ID162393D='<span class=\\\"mov_name\\\">Article 35 Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs</span><span class=\"mov_desc\">1. Member States shall not prevent investment firms and market<br />operators operating an MTF from entering into appropriate arrangements<br />with a central counterparty or clearing house and a settlement system of<br />another Member State with a view to providing for the clearing and/or<br />settlement of some or all trades concluded by market participants under<br />their systems.<br />2. The competent authority of investment firms and market operators<br />operating an MTF may not oppose the use of central counterparty,<br />clearing houses and/or settlement systems in another Member State<br />except where this is demonstrably necessary in order to maintain the<br />orderly functioning of that MTF and taking into account the conditions<br />for settlement systems established in Article 34(2).<br />In order to avoid undue duplication of control, the competent authority<br />shall take into account the oversight/supervision of the clearing and<br />settlement system already exercised by the national central banks as<br />overseers of clearing and settlement systems or by other supervisory<br />authorities with a competence in such systems.</span>';				
				ID162396D='<span class=\\\"mov_name\\\">Article 36 Authorisation and applicable law</span><span class=\"mov_desc\">1. Member States shall reserve authorisation as a regulated market to<br />those systems which comply with the provisions of this Title.<br />Authorisation as a regulated market shall be granted only where the<br />competent authority is satisfied that both the market operator and the<br />systems of the regulated market comply at least with the requirements<br />laid down in this Title.<br />In the case of a regulated market that is a legal person and that is<br />managed or operated by a market operator other than the regulated<br />market itself, Member States shall establish how the different obligations<br />imposed on the market operator under this Directive are to be allocated<br />between the regulated market and the market operator.<br />The operator of the regulated market shall provide all information,<br />including a programme of operations setting out inter alia the types of<br />business envisaged and the organisational structure, necessary to enable<br />the competent authority to satisfy itself that the regulated market has<br />established, at the time of initial authorisation, all the necessary arrangements<br />to meet its obligations under the provisions of this Title.<br />2. Member States shall require the operator of the regulated market<br />to perform tasks relating to the organisation and operation of the regulated<br />market under the supervision of the competent authority. Member<br />States shall ensure that competent authorities keep under regular review<br />the compliance of regulated markets with the provisions of this Title.<br />They shall also ensure that competent authorities monitor that regulated<br />markets comply at all times with the conditions for initial authorisation<br />established under this Title...</span>';				
				ID162399D='<span class=\\\"mov_name\\\">Article 37 Requirements for the management of the regulated market</span><span class=\"mov_desc\">1. Member States shall require the persons who effectively direct the<br />business and the operations of the regulated market to be of sufficiently<br />good repute and sufficiently experienced as to ensure the sound and<br />prudent management and operation of the regulated market. Member<br />States shall also require the operator of the regulated market to inform<br />the competent authority of the identity and any other subsequent<br />changes of the persons who effectively direct the business and the<br />operations of the regulated market.<br />The competent authority shall refuse to approve proposed changes<br />where there are objective and demonstrable grounds for believing that<br />they pose a material threat to the sound and prudent management and<br />operation of the regulated market.<br />2. Member States shall ensure that, in the process of authorisation of<br />a regulated market, the person or persons who effectively direct the<br />business and the operations of an already authorised regulated market in<br />accordance with the conditions of this Directive are deemed to comply<br />with the requirements laid down in paragraph 1.</span>';				
				ID162402D='<span class=\\\"mov_name\\\">Article 38 Requirements relating to persons exercising significant influence over the management of the regulated market</span><span class=\"mov_desc\">1. Member States shall require the persons who are in a position to<br />exercise, directly or indirectly, significant influence over the management<br />of the regulated market to be suitable.<br />2. Member States shall require the operator of the regulated market:<br />(a) to provide the competent authority with, and to make public, information<br />regarding the ownership of the regulated market and/or the<br />market operator, and in particular, the identity and scale of interests<br />of any parties in a position to exercise significant influence over the<br />management;<br />(b) to inform the competent authority of and to make public any transfer<br />of ownership which gives rise to a change in the identity of the<br />persons exercising significant influence over the operation of the<br />regulated market.<br />3. The competent authority shall refuse to approve proposed changes<br />to the controlling interests of the regulated market and/or the market<br />operator where there are objective and demonstrable grounds for<br />believing that they would pose a threat to the sound and prudent<br />management of the regulated market.<br /></span>';				
				ID162405D='<span class=\\\"mov_name\\\">Article 39 Organisational requirements</span><span class=\"mov_desc\">Member States shall require the regulated market:<br />(a) to have arrangements to identify clearly and manage the potential<br />adverse consequences, for the operation of the regulated market or<br />for its participants, of any conflict of interest between the interest of<br />the regulated market, its owners or its operator and the sound functioning<br />of the regulated market, and in particular where such<br />conflicts of interest might prove prejudicial to the accomplishment<br />of any functions delegated to the regulated market by the competent<br />authority;<br />(b) to be adequately equipped to manage the risks to which it is<br />exposed, to implement appropriate arrangements and systems to<br />identify all significant risks to its operation, and to put in place<br />effective measures to mitigate those risks;<br />(c) to have arrangements for the sound management of the technical<br />operations of the system, including the establishment of effective<br />contingency arrangements to cope with risks of systems disruptions;<br />(d) to have transparent and non-discretionary rules and procedures that<br />provide for fair and orderly trading and establish objective criteria<br />for the efficient execution of orders;<br />(e) to have effective arrangements to facilitate the efficient and timely<br />finalisation of the transactions executed under its systems;<br />(f) to have available, at the time of authorisation and on an ongoing<br />basis, sufficient financial resources to facilitate its orderly functioning,<br />having regard to the nature and extent of the transactions<br />concluded on the market and the range and degree of the risks to<br />which it is exposed.</span>';				
				ID162543D='<span class=\\\"mov_name\\\">Article 4 Definitions</span><span class=\"mov_desc\">1. For the purposes of this Directive, the following definitions shall<br />apply:<br />1) ‘Investment firm’ means any legal person whose regular occupation<br />or business is the provision of one or more investment services to<br />third parties and/or the performance of one or more investment<br />activities on a professional basis;<br />Member States may include in the definition of investment firms<br />undertakings which are not legal persons, provided that:<br />(a) their legal status ensures a level of protection for third parties\'<br />interests equivalent to that afforded by legal persons, and<br />(b) they are subject to equivalent prudential supervision appropriate<br />to their legal form.<br />However, where a natural person provides services involving the<br />holding of third parties\' funds or transferable securities, he may be<br />considered as an investment firm for the purposes of this Directive<br />only if, without prejudice to the other requirements imposed in this<br />Directive and in Directive 93/6/EEC, he complies with the following<br />conditions:<br />(a) the ownership rights of third parties in instruments and funds<br />must be safeguarded, especially in the event of the insolvency<br />of the firm or of its proprietors, seizure, set-off or any other<br />action by creditors of the firm or of its proprietors;<br />(b) the firm must be subject to rules designed to monitor the firm\'s<br />solvency and that of its proprietors;<br />(c) the firm\'s annual accounts must be audited by one or more<br />persons empowered, under national law, to audit accounts;<br />(d) where the firm has only one proprietor, he must make provision<br />for the protection of investors in the event of the firm\'s cessation<br />of business following his death, his incapacity or any other such<br />event;<br />2) ‘Investment services and activities’ means any of the services and<br />activities listed in Section A of Annex I relating to any of the instruments<br />listed in Section C of Annex I;<br />The Commission shall determine, acting in accordance with the<br />procedure referred to in Article 64(2):<br />— the derivative contracts mentioned in Section C 7 of Annex I<br />that have the characteristics of other derivative financial instruments,<br />having regard to whether, inter alia, they are cleared and<br />settled through recognised clearing houses or are subject to<br />regular margin calls<br />— the derivative contracts mentioned in Section C 10 of Annex I<br />that have the characteristics of other derivative financial instruments,<br />having regard to whether, inter alia, they are traded on a<br />regulated market or an MTF, are cleared and settled through<br />recognised clearing houses or are subject to regular margin calls;<br />3) ‘Ancillary service’ means any of the services listed in Section B of<br />Annex I;<br />4) ‘Investment advice’ means the provision of personal recommendations<br />to a client, either upon its request or at the initiative of the<br />investment firm, in respect of one or more transactions relating to<br />financial instruments;<br />5) ‘Execution of orders on behalf of clients’ means acting to conclude<br />agreements to buy or sell one or more financial instruments on<br />behalf of clients;<br />6) ‘Dealing on own account’ means trading against proprietary capital<br />resulting in the conclusion of transactions in one or more financial<br />instruments;<br />7) ‘Systematic internaliser’ means an investment firm which, on an<br />organised, frequent and systematic basis, deals on own account by<br />executing client orders outside a regulated market or an MTF;<br />8) ‘Market maker’ means a person who holds himself out on the financial<br />markets on a continuous basis as being willing to deal on own<br />account by buying and selling financial instruments against his<br />proprietary capital at prices defined by him;<br />...</span>';				
				ID162408D='<span class=\\\"mov_name\\\">Article 40 Admission of financial instruments to trading</span><span class=\"mov_desc\">1. Member States shall require that regulated markets have clear and<br />transparent rules regarding the admission of financial instruments to<br />trading.<br />Those rules shall ensure that any financial instruments admitted to<br />trading in a regulated market are capable of being traded in a fair,<br />orderly and efficient manner and, in the case of transferable securities,<br />are freely negotiable.<br />2. In the case of derivatives, the rules shall ensure in particular that<br />the design of the derivative contract allows for its orderly pricing as well<br />as for the existence of effective settlement conditions.<br />3. In addition to the obligations set out in paragraphs 1 and 2,<br />Member States shall require the regulated market to establish and maintain<br />effective arrangements to verify that issuers of transferable securities<br />that are admitted to trading on the regulated market comply with their<br />obligations under Community law in respect of initial, ongoing or ad<br />hoc disclosure obligations.</span>';				
				ID162411D='<span class=\\\"mov_name\\\">Article 41 Suspension and removal of instruments from trading</span><span class=\"mov_desc\">1. Without prejudice to the right of the competent authority under<br />Article 50(2)(j) and (k) to demand suspension or removal of an instrument<br />from trading, the operator of the regulated market may suspend or<br />remove from trading a financial instrument which no longer complies<br />with the rules of the regulated market unless such a step would be likely<br />to cause significant damage to the investors\' interests or the orderly<br />functioning of the market.<br />Notwithstanding the possibility for the operators of regulated markets to<br />inform directly the operators of other regulated markets, Member States<br />shall require that an operator of a regulated market that suspends or<br />removes from trading a financial instrument make public this decision<br />and communicates relevant information to the competent authority. The<br />competent authority shall inform the competent authorities of the other<br />Member States.<br />2. A competent authority which demands the suspension or removal<br />of a financial instrument from trading on one or more regulated markets<br />shall immediately make public its decision and inform the competent<br />authorities of the other Member States. Except where it could cause<br />significant damage to the investors\' interests or the orderly functioning<br />of the market the competent authorities of the other Member States shall<br />(1) >C1 OJ L 345, 31.12.2003, p. 64. <<br />demand the suspension or removal of that financial instrument from<br />trading on the regulated markets and MTFs that operate under their<br />authority.<br /></span>';				
				ID162414D='<span class=\\\"mov_name\\\">Article 42 Access to the regulated market</span><span class=\"mov_desc\">1. Member States shall require the regulated market to establish and<br />maintain transparent and non-discriminatory rules, based on objective<br />criteria, governing access to or membership of the regulated market.<br />2. Those rules shall specify any obligations for the members or participants<br />arising from:<br />(a) the constitution and administration of the regulated market;<br />(b) rules relating to transactions on the market;<br />(c) professional standards imposed on the staff of the investment firms<br />or credit institutions that are operating on the market;<br />(d) the conditions established, for members or participants other than<br />investment firms and credit institutions, under paragraph 3;<br />(e) the rules and procedures for the clearing and settlement of transactions<br />concluded on the regulated market.<br />3. Regulated markets may admit as members or participants investment<br />firms, credit institutions authorised under Directive 2000/12/EC<br />and other persons who:<br />(a) are fit and proper;<br />(b) have a sufficient level of trading ability and competence;<br />(c) have, where applicable, adequate organisational arrangements;<br />(d) have sufficient resources for the role they are to perform, taking into<br />account the different financial arrangements that the regulated<br />market may have established in order to guarantee the adequate<br />settlement of transactions.</span>';				
				ID162417D='<span class=\\\"mov_name\\\">Article 43 Monitoring of compliance with the rules of the regulated market and with other legal obligations</span><span class=\"mov_desc\">1. Member States shall require that regulated markets establish and<br />maintain effective arrangements and procedures for the regular monitoring<br />of the compliance by their members or participants with their<br />rules. Regulated markets shall monitor the transactions undertaken by<br />their members or participants under their systems in order to identify<br />breaches of those rules, disorderly trading conditions or conduct that<br />may involve market abuse.<br />2. Member States shall require the operators of the regulated markets<br />to report significant breaches of their rules or disorderly trading conditions<br />or conduct that may involve market abuse to the competent<br />authority of the regulated market. Member States shall also require the<br />operator of the regulated market to supply the relevant information<br />without delay to the authority competent for the investigation and prosecution<br />of market abuse on the regulated market and to provide full assistance<br />to the latter in investigating and prosecuting market abuse occurring<br />on or through the systems of the regulated market.</span>';				
				ID162420D='<span class=\\\"mov_name\\\">Article 44 Pre-trade transparency requirements for regulated markets</span><span class=\"mov_desc\">1. Member States shall, at least, require regulated markets to make<br />public current bid and offer prices and the depth of trading interests at<br />those prices which are advertised through their systems for shares<br />admitted to trading. Member States shall require this information to be<br />made available to the public on reasonable commercial terms and on a<br />continuous basis during normal trading hours.<br />Regulated markets may give access, on reasonable commercial terms<br />and on a non-discriminatory basis, to the arrangements they employ for<br />making public the information under the first subparagraph to investment<br />firms which are obliged to publish their quotes in shares pursuant<br />to Article 27.<br />2. Member States shall provide that the competent authorities are to<br />be able to waive the obligation for regulated markets to make public the<br />information referred to in paragraph 1 based on the market model or the<br />type and size of orders in the cases defined in accordance with paragraph<br />3. In particular, the competent authorities shall be able to waive<br />the obligation in respect of transactions that are large in scale compared<br />with normal market size for the share or type of share in question.<br />3. In order to ensure the uniform application of paragraphs 1 and 2,<br />the Commission shall, in accordance with the procedure referred to in<br />Article 64(2) adopt implementing measures as regards:<br />(a) the range of bid and offers or designated market-maker quotes, and<br />the depth of trading interest at those prices, to be made public;<br />(b) the size or type of orders for which pre-trade disclosure may be<br />waived under paragraph 2;<br />(c) the market model for which pre-trade disclosure may be waived<br />under paragraph 2, and in particular, the applicability of the obligation<br />to trading methods operated by regulated markets which<br />conclude transactions under their rules by reference to prices established<br />outside the regulated market or by periodic auction.</span>';				
				ID162423D='<span class=\\\"mov_name\\\">Article 45 Post-trade transparency requirements for regulated markets</span><span class=\"mov_desc\">1. Member States shall, at least, require regulated markets to make<br />public the price, volume and time of the transactions executed in respect<br />of shares admitted to trading. Member States shall require details of all<br />such transactions to be made public, on a reasonable commercial basis<br />and as close to real-time as possible.<br />¡B<br />Regulated markets may give access, on reasonable commercial terms<br />and on a non-discriminatory basis, to the arrangements they employ for<br />making public the information under the first subparagraph to investment<br />firms which are obliged to publish the details of their transactions<br />in shares pursuant to Article 28.<br />2. Member States shall provide that the competent authority may<br />authorise regulated markets to provide for deferred publication of the<br />details of transactions based on their type or size. In particular, the<br />competent authorities may authorise the deferred publication in respect<br />of transactions that are large in scale compared with the normal market<br />size for that share or that class of shares. Member States shall require<br />regulated markets to obtain the competent authority\'s prior approval of<br />proposed arrangements for deferred trade-publication, and shall require<br />that these arrangements be clearly disclosed to market participants and<br />the investing public.<br />3. In order to provide for the efficient and orderly functioning of<br />financial markets, and to ensure the uniform application of paragraphs 1<br />and 2, the Commission shall, in accordance with the procedure referred<br />to in Article 64(2) adopt implementing measures in respect of:<br />(a) the scope and content of the information to be made available to the<br />public;<br />(b) the conditions under which a regulated market may provide for<br />deferred publication of trades and the criteria to be applied when<br />deciding the transactions for which, due to their size or the type of<br />share involved, deferred publication is allowed.<br /></span>';				
				ID162426D='<span class=\\\"mov_name\\\">Article 46 Provisions regarding central counterparty and clearing and settlement arrangements</span><span class=\"mov_desc\">1. Member States shall not prevent regulated markets from entering<br />into appropriate arrangements with a central counterparty or clearing<br />house and a settlement system of another Member State with a view to<br />providing for the clearing and/or settlement of some or all trades<br />concluded by market participants under their systems.<br />2. The competent authority of a regulated market may not oppose the<br />use of central counterparty, clearing houses and/or settlement systems in<br />another Member State except where this is demonstrably necessary in<br />order to maintain the orderly functioning of that regulated market and<br />taking into account the conditions for settlement systems established in<br />Article 34(2).<br />In order to avoid undue duplication of control, the competent authority<br />shall take into account the oversight/supervision of the clearing and<br />settlement system already exercised by the national central banks as<br />overseers of clearing and settlement systems or by other supervisory<br />authorities with competence in relation to such systems.</span>';				
				ID162429D='<span class=\\\"mov_name\\\">Article 47 List of regulated markets</span><span class=\"mov_desc\">Each Member State shall draw up a list of the regulated markets for<br />which it is the home Member State and shall forward that list to the<br />other Member States and the Commission. A similar communication<br />shall be effected in respect of each change to that list. The Commission<br />shall publish a list of all regulated markets in the Official Journal of the<br />European Union and update it at least once a year. The Commission<br />shall also publish and update the list at its website, each time the<br />Member States communicate changes to their lists.</span>';				
				ID162432D='<span class=\\\"mov_name\\\">Article 48 Designation of competent authorities</span><span class=\"mov_desc\">1. Each Member State shall designate the competent authorities<br />which are to carry out each of the duties provided for under the different<br />provisions of this Directive. Member States shall inform the Commission<br />and the competent authorities of other Member States of the identity<br />of the competent authorities responsible for enforcement of each of<br />those duties, and of any division of those duties.<br />2. The competent authorities referred to in paragraph 1 shall be<br />public authorities, without prejudice to the possibility of delegating tasks<br />to other entities where that is expressly provided for in Articles 5(5), 16<br />(3), 17(2) and 23(4).<br />Any delegation of tasks to entities other than the authorities referred to<br />in paragraph 1 may not involve either the exercise of public authority or<br />the use of discretionary powers of judgement. Member States shall<br />require that, prior to delegation, competent authorities take all reasonable<br />steps to ensure that the entity to which tasks are to be delegated has<br />the capacity and resources to effectively execute all tasks and that the<br />delegation takes place only if a clearly defined and documented framework<br />for the exercise of any delegated tasks has been established stating<br />the tasks to be undertaken and the conditions under which they are to be<br />carried out. These conditions shall include a clause obliging the entity in<br />question to act and be organised in such a manner as to avoid conflict<br />of interest and so that information obtained from carrying out the delegated<br />tasks is not used unfairly or to prevent competition. In any case,<br />the final responsibility for supervising compliance with this Directive<br />and with its implementing measures shall lie with the competent<br />authority or authorities designated in accordance with paragraph 1.<br />Member States shall inform the Commission and the competent authorities<br />of other Member States of any arrangements entered into with<br />regard to delegation of tasks, including the precise conditions regulating<br />such delegation.<br />3. The Commission shall publish a list of the competent authorities<br />referred to in paragraphs 1 and 2 in the Official Journal of the European<br />Union at least once a year and update it continuously on its website.</span>';				
				ID162435D='<span class=\\\"mov_name\\\">Article 49 Cooperation between authorities in the same Member State</span><span class=\"mov_desc\">If a Member State designates more than one competent authority to<br />enforce a provision of this Directive, their respective roles shall be<br />clearly defined and they shall cooperate closely.<br />Each Member State shall require that such cooperation also take place<br />between the competent authorities for the purposes of this Directive and<br />the competent authorities responsible in that Member State for the supervision<br />of credit and other financial institutions, pension funds, UCITS,<br />insurance and reinsurance intermediaries and insurance undertakings.<br />Member States shall require that competent authorities exchange any<br />information which is essential or relevant to the exercise of their functions<br />and duties.</span>';				
				ID162297D='<span class=\\\"mov_name\\\">Article 5 Requirement for authorisation</span><span class=\"mov_desc\">1. Each Member State shall require that the performance of investment<br />services or activities as a regular occupation or business on a<br />professional basis be subject to prior authorisation in accordance with<br />the provisions of this Chapter. Such authorisation shall be granted by<br />the home Member State competent authority designated in accordance<br />with Article 48.<br />2. By way of derogation from paragraph 1, Member States shall<br />allow any market operator to operate an MTF, subject to the prior verification<br />of their compliance with the provisions of this Chapter, excluding<br />Articles 11 and 15.<br />3. Member States shall establish a register of all investment firms.<br />This register shall be publicly accessible and shall contain information<br />on the services and/or activities for which the investment firm is<br />authorised. It shall be updated on a regular basis.<br />4. Each Member State shall require that:<br />— any investment firm which is a legal person have its head office in<br />the same Member State as its registered office,<br />— any investment firm which is not a legal person or any investment<br />firm which is a legal person but under its national law has no registered<br />office have its head office in the Member State in which it<br />actually carries on its business.<br />5. In the case of investment firms which provide only investment<br />advice or the service of reception and transmission of orders under the<br />conditions established in Article 3, Member States may allow the<br />competent authority to delegate administrative, preparatory or ancillary<br />tasks related to the granting of an authorisation, in accordance with the<br />conditions laid down in Article 48(2).</span>';				
				ID162438D='<span class=\\\"mov_name\\\">Article 50 Powers to be made available to competent authorities</span><span class=\"mov_desc\">1. Competent authorities shall be given all supervisory and investigatory<br />powers that are necessary for the exercise of their functions. Within<br />the limits provided for in their national legal frameworks they shall exercise<br />such powers:<br />(a) directly; or<br />(b) in collaboration with other authorities; or<br />(c) under their responsibility by delegation to entities to which tasks<br />have been delegated according to Article 48(2); or<br />(d) by application to the competent judicial authorities.<br />2. The powers referred to in paragraph 1 shall be exercised in conformity<br />with national law and shall include, at least, the rights to:<br />(a) have access to any document in any form whatsoever and to receive<br />a copy of it;<br />(b) demand information from any person and if necessary to summon<br />and question a person with a view to obtaining information;<br />(c) carry out on-site inspections;<br />(d) require existing telephone and existing data traffic records;<br />(e) require the cessation of any practice that is contrary to the provisions<br />adopted in the implementation of this Directive;<br />(f) request the freezing and/or the sequestration of assets;<br />(g) request temporary prohibition of professional activity;<br />(h) require authorised investment firms and regulated markets\' auditors<br />to provide information;<br />(i) adopt any type of measure to ensure that investment firms and regulated<br />markets continue to comply with legal requirements;<br />(j) require the suspension of trading in a financial instrument;<br />(k) require the removal of a financial instrument from trading, whether<br />on a regulated market or under other trading arrangements;<br />(l) refer matters for criminal prosecution;<br />(m) allow auditors or experts to carry out verifications or investigations.</span>';				
				ID162441D='<span class=\\\"mov_name\\\">Article 51 Administrative sanctions</span><span class=\"mov_desc\">1. Without prejudice to the procedures for the withdrawal of authorisation<br />or to the right of Member States to impose criminal sanctions,<br />Member States shall ensure, in conformity with their national law, that<br />the appropriate administrative measures can be taken or administrative<br />sanctions be imposed against the persons responsible where the provisions<br />adopted in the implementation of this Directive have not been<br />complied with. Member States shall ensure that these measures are<br />effective, proportionate and dissuasive.<br />2. Member States shall determine the sanctions to be applied for<br />failure to cooperate in an investigation covered by Article 50.<br />3. Member States shall provide that the competent authority may<br />disclose to the public any measure or sanction that will be imposed for<br />infringement of the provisions adopted in the implementation of this<br />Directive, unless such disclosure would seriously jeopardise the financial<br />markets or cause disproportionate damage to the parties involved.</span>';				
				ID162444D='<span class=\\\"mov_name\\\">Article 52 Right of appeal</span><span class=\"mov_desc\">1. Member States shall ensure that any decision taken under laws,<br />regulations or administrative provisions adopted in accordance with this<br />Directive is properly reasoned and is subject to the right to apply to the<br />courts. The right to apply to the courts shall also apply where, in respect<br />of an application for authorisation which provides all the information<br />required, no decision is taken within six months of its submission.<br />2. Member States shall provide that one or more of the following<br />bodies, as determined by national law, may, in the interests of consumers<br />and in accordance with national law, take action before the courts or<br />competent administrative bodies to ensure that the national provisions<br />for the implementation of this Directive are applied:<br />(a) public bodies or their representatives;<br />(b) consumer organisations having a legitimate interest in protecting<br />consumers;<br />(c) professional organisations having a legitimate interest in acting to<br />protect their members.</span>';				
				ID162447D='<span class=\\\"mov_name\\\">Article 53 Extra-judicial mechanism for investors\\\' complaints</span><span class=\"mov_desc\">1. Member States shall encourage the setting-up of efficient and<br />effective complaints and redress procedures for the out-of-court settlement<br />of consumer disputes concerning the provision of investment and<br />ancillary services provided by investment firms, using existing bodies<br />where appropriate.<br />2. Member States shall ensure that those bodies are not prevented by<br />legal or regulatory provisions from cooperating effectively in the resolution<br />of cross-border disputes.</span>';				
				ID162450D='<span class=\\\"mov_name\\\">Article 54 Professional secrecy</span><span class=\"mov_desc\">1. Member States shall ensure that competent authorities, all persons<br />who work or who have worked for the competent authorities or entities<br />to whom tasks are delegated pursuant to Article 48(2), as well as auditors<br />and experts instructed by the competent authorities, are bound by<br />the obligation of professional secrecy. No confidential information<br />which they may receive in the course of their duties may be divulged to<br />any person or authority whatsoever, save in summary or aggregate form<br />such that individual investment firms, market operators, regulated<br />markets or any other person cannot be identified, without prejudice to<br />cases covered by criminal law or the other provisions of this Directive.<br />2. Where an investment firm, market operator or regulated market<br />has been declared bankrupt or is being compulsorily wound up, confidential<br />information which does not concern third parties may be<br />divulged in civil or commercial proceedings if necessary for carrying<br />out the proceeding.<br />3. Without prejudice to cases covered by criminal law, the competent<br />authorities, bodies or natural or legal persons other than competent<br />authorities which receive confidential information pursuant to this Directive<br />may use it only in the performance of their duties and for the exercise<br />of their functions, in the case of the competent authorities, within<br />the scope of this Directive or, in the case of other authorities, bodies or<br />natural or legal persons, for the purpose for which such information was<br />provided to them and/or in the context of administrative or judicial<br />proceedings specifically related to the exercise of those functions.<br />However, where the competent authority or other authority, body or<br />person communicating information consents thereto, the authority<br />receiving the information may use it for other purposes.</span>';				
				ID162453D='<span class=\\\"mov_name\\\">Article 55 Relations with auditors</span><span class=\"mov_desc\">1. Member States shall provide, at least, that any person authorised<br />within the meaning of Eighth Council Directive 84/253/EEC of 10 April<br />1984 on the approval of persons responsible for carrying out the statutory<br />audits of accounting documents (1), performing in an investment<br />firm the task described in Article 51 of Fourth Council Directive 78/<br />660/EEC of 25 July 1978 on the annual accounts of certain types of<br />companies (2), Article 37 of Directive 83/349/EEC or Article 31 of<br />Directive 85/611/EEC or any other task prescribed by law, shall have a<br />duty to report promptly to the competent authorities any fact or decision<br />concerning that undertaking of which that person has become aware<br />while carrying out that task and which is liable to:<br />(a) constitute a material breach of the laws, regulations or administrative<br />provisions which lay down the conditions governing authorisation or<br />which specifically govern pursuit of the activities of investment<br />firms;<br />(b) affect the continuous functioning of the investment firm;<br />(c) lead to refusal to certify the accounts or to the expression of reservations.<br />That person shall also have a duty to report any facts and decisions of<br />which the person becomes aware in the course of carrying out one of<br />the tasks referred to in the first subparagraph in an undertaking having<br />close links with the investment firm within which he is carrying out that<br />task.<br />2. The disclosure in good faith to the competent authorities, by<br />persons authorised within the meaning of Directive 84/253/EEC, of any<br />fact or decision referred to in paragraph 1 shall not constitute a breach<br />of any contractual or legal restriction on disclosure of information and<br />shall not involve such persons in liability of any kind.</span>';				
				ID162459D='<span class=\\\"mov_name\\\">Article 56 Obligation to cooperate</span><span class=\"mov_desc\">1. Competent authorities of different Member States shall cooperate<br />with each other whenever necessary for the purpose of carrying out their<br />duties under this Directive, making use of their powers whether set out<br />in this Directive or in national law.<br />Competent authorities shall render assistance to competent authorities of<br />the other Member States. In particular, they shall exchange information<br />and cooperate in any investigation or supervisory activities.<br />In order to facilitate and accelerate cooperation, and more particularly<br />exchange of information, Member States shall designate one single<br />competent authority as a contact point for the purposes of this Directive.<br />Member States shall communicate to the Commission and to the other<br />Member States the names of the authorities which are designated to<br />receive requests for exchange of information or cooperation pursuant to<br />this paragraph.<br />2. When, taking into account the situation of the securities markets in<br />the host Member State, the operations of a regulated market that has<br />established arrangements in a host Member State have become of<br />substantial importance for the functioning of the securities markets and<br />the protection of the investors in that host Member State, the home and<br />host competent authorities of the regulated market shall establish proportionate<br />cooperation arrangements.<br />3. Member States shall take the necessary administrative and organisational<br />measures to facilitate the assistance provided for in paragraph 1.<br />Competent authorities may use their powers for the purpose of cooperation,<br />even in cases where the conduct under investigation does not<br />constitute an infringement of any regulation in force in that Member<br />State.<br />4. Where a competent authority has good reasons to suspect that acts<br />contrary to the provisions of this Directive, carried out by entities not<br />subject to its supervision, are being or have been carried out on the territory<br />of another Member State, it shall notify this in as specific a manner<br />as possible to the competent authority of the other Member State. The<br />latter authority shall take appropriate action. It shall inform the notifying<br />competent authority of the outcome of the action and, to the extent<br />possible, of significant interim developments. This paragraph shall be<br />without prejudice to the competences of the competent authority that<br />has forwarded the information.<br />5. In order to ensure the uniform application of paragraph 2 the<br />Commission may adopt, in accordance with the procedure referred to in<br />Article 64(2), implementing measures to establish the criteria under<br />which the operations of a regulated market in a host Member State could<br />be considered as of substantial importance for the functioning of the<br />securities markets and the protection of the investors in that host<br />Member State.</span>';				
				ID162462D='<span class=\\\"mov_name\\\">Article 57 Cooperation in supervisory activities, on-the-spot verifications or in investigations</span><span class=\"mov_desc\">A competent authority of one Member State may request the cooperation<br />of the competent authority of another Member State in a supervisory<br />activity or for an on-the-spot verification or in an investigation. In<br />the case of investment firms that are remote members of a regulated<br />market the competent authority of the regulated market may choose to<br />address them directly, in which case it shall inform the competent<br />authority of the home Member State of the remote member accordingly.<br />Where a competent authority receives a request with respect to an onthe-<br />spot verification or an investigation, it shall, within the framework<br />of its powers:<br />(a) carry out the verifications or investigations itself; or<br />(b) allow the requesting authority to carry out the verification or investigation;<br />or<br />(c) allow auditors or experts to carry out the verification or investigation.</span>';				
				ID162465D='<span class=\\\"mov_name\\\">Article 58 Exchange of information</span><span class=\"mov_desc\">1. Competent authorities of Member States having been designated<br />as contact points for the purposes of this Directive in accordance with<br />Article 56(1) shall immediately supply one another with the information<br />required for the purposes of carrying out the duties of the competent<br />authorities, designated in accordance to Article 48(1), set out in the<br />provisions adopted pursuant to this Directive.<br />Competent authorities exchanging information with other competent<br />authorities under this Directive may indicate at the time of communication<br />that such information must not be disclosed without their express<br />agreement, in which case such information may be exchanged solely for<br />the purposes for which those authorities gave their agreement.<br />2. The competent authority having been designated as the contact<br />point may transmit the information received under paragraph 1 and Articles<br />55 and 63 to the authorities referred to in Article 49. They shall not<br />transmit it to other bodies or natural or legal persons without the express<br />agreement of the competent authorities which disclosed it and solely for<br />the purposes for which those authorities gave their agreement, except in<br />duly justified circumstances. In this last case, the contact point shall<br />immediately inform the contact point that sent the information.</span>';				
				ID162468D='<span class=\\\"mov_name\\\">Article 59 Refusal to cooperate</span><span class=\"mov_desc\">A competent authority may refuse to act on a request for cooperation in<br />carrying out an investigation, on-the-spot verification or supervisory<br />activity as provided for in Article 57 or to exchange information as<br />provided for in Article 58 only where:<br />(a) such an investigation, on-the-spot verification, supervisory activity<br />or exchange of information might adversely affect the sovereignty,<br />security or public policy of the State addressed;<br />(b) judicial proceedings have already been initiated in respect of the<br />same actions and the same persons before the authorities of the<br />Member State addressed;<br />(c) final judgment has already been delivered in the Member State<br />addressed in respect of the same persons and the same actions.<br />In the case of such a refusal, the competent authority shall notify the<br />requesting competent authority accordingly, providing as detailed information<br />as possible.<br /></span>';				
				ID162294D='<span class=\\\"mov_name\\\">Article 6 Scope of authorisation</span><span class=\"mov_desc\">1. The home Member State shall ensure that the authorisation specifies<br />the investment services or activities which the investment firm is<br />authorised to provide. The authorisation may cover one or more of the<br />ancillary services set out in Section B of Annex I. Authorisation shall in<br />no case be granted solely for the provision of ancillary services.<br />2. An investment firm seeking authorisation to extend its business to<br />additional investment services or activities or ancillary services not foreseen<br />at the time of initial authorisation shall submit a request for extension<br />of its authorisation.<br />3. The authorisation shall be valid for the entire Community and shall<br />allow an investment firm to provide the services or perform the activities,<br />for which it has been authorised, throughout the Community, either<br />through the establishment of a branch or the free provision of services.</span>';				
				ID162471D='<span class=\\\"mov_name\\\">Article 60 Inter-authority consultation prior to authorisation</span><span class=\"mov_desc\">1. The competent authorities of the other Member State involved<br />shall be consulted prior to granting authorisation to an investment firm<br />which is:<br />(a) a subsidiary of an investment firm or credit institution authorised in<br />another Member State; or<br />(b) a subsidiary of the parent undertaking of an investment firm or credit<br />institution authorised in another Member State; or<br />(c) controlled by the same natural or legal persons as control an investment<br />firm or credit institution authorised in another Member State.<br />2. The competent authority of the Member State responsible for the<br />supervision of credit institutions or insurance undertakings shall be<br />consulted prior to granting an authorisation to an investment firm which<br />is:<br />(a) a subsidiary of a credit institution or insurance undertaking<br />authorised in the Community; or<br />(b) a subsidiary of the parent undertaking of a credit institution or insurance<br />undertaking authorised in the Community; or<br />(c) controlled by the same person, whether natural or legal, who<br />controls a credit institution or insurance undertaking authorised in<br />the Community.<br />3. The relevant competent authorities referred to in paragraphs 1 and<br />2 shall in particular consult each other when assessing the suitability of<br />the shareholders or members and the reputation and experience of<br />persons who effectively direct the business involved in the management<br />of another entity of the same group. They shall exchange all information<br />regarding the suitability of shareholders or members and the reputation<br />and experience of persons who effectively direct the business that is of<br />relevance to the other competent authorities involved, for the granting of<br />an authorisation as well as for the ongoing assessment of compliance<br />with operating conditions.</span>';				
				ID162474D='<span class=\\\"mov_name\\\">Article 61 Powers for host Member States</span><span class=\"mov_desc\">1. Host Member States may, for statistical purposes, require all<br />investment firms with branches within their territories to report to them<br />periodically on the activities of those branches.<br />2. In discharging their responsibilities under this Directive, host<br />Member States may require branches of investment firms to provide the<br />information necessary for the monitoring of their compliance with the<br />standards set by the host Member State that apply to them for the cases<br />provided for in Article 32(7). Those requirements may not be more<br />stringent than those which the same Member State imposes on established<br />firms for the monitoring of their compliance with the same standards.</span>';				
				ID162477D='<span class=\\\"mov_name\\\">Article 62 Precautionary measures to be taken by host Member States</span><span class=\"mov_desc\">1. Where the competent authority of the host Member State has clear<br />and demonstrable grounds for believing that an investment firm acting<br />within its territory under the freedom to provide services is in breach of<br />the obligations arising from the provisions adopted pursuant to this<br />Directive or that an investment firm that has a branch within its territory<br />is in breach of the obligations arising from the provisions adopted<br />pursuant to this Directive which do not confer powers on the competent<br />authority of the host Member State, it shall refer those findings to the<br />competent authority of the home Member State.<br />If, despite the measures taken by the competent authority of the home<br />Member State or because such measures prove inadequate, the investment<br />firm persists in acting in a manner that is clearly prejudicial to the<br />interests of host Member State investors or the orderly functioning of<br />markets, the competent authority of the host Member State, after<br />informing the competent authority of the home Member State shall take<br />all the appropriate measures needed in order to protect investors and the<br />proper functioning of the markets. This shall include the possibility of<br />preventing offending investment firms from initiating any further transactions<br />within their territories. The Commission shall be informed of<br />such measures without delay.<br />2. Where the competent authorities of a host Member State ascertain<br />that an investment firm that has a branch within its territory is in breach<br />of the legal or regulatory provisions adopted in that State pursuant to<br />those provisions of this Directive which confer powers on the host<br />Member State\'s competent authorities, those authorities shall require the<br />investment firm concerned to put an end to its irregular situation.<br />If the investment firm concerned fails to take the necessary steps, the<br />competent authorities of the host Member State shall take all appropriate<br />measures to ensure that the investment firm concerned puts an end to its<br />irregular situation. The nature of those measures shall be communicated<br />to the competent authorities of the home Member State.</span>';				
				ID162483D='<span class=\\\"mov_name\\\">Article 63 Exchange of information with third countries</span><span class=\"mov_desc\">1. Member States may conclude cooperation agreements providing<br />for the exchange of information with the competent authorities of third<br />countries only if the information disclosed is subject to guarantees of<br />professional secrecy at least equivalent to those required under<br />Article 54. Such exchange of information must be intended for the<br />performance of the tasks of those competent authorities.<br />Member States may transfer personal data to a third country in accordance<br />to Chapter IV of Directive 95/46/EC.<br />Member States may also conclude cooperation agreements providing for<br />the exchange of information with third country authorities, bodies and<br />natural or legal persons responsible for:<br />(i) the supervision of credit institutions, other financial organisations,<br />insurance undertakings and the supervision of financial markets;<br />(ii) the liquidation and bankruptcy of investment firms and other similar<br />procedures;<br />(iii) carrying out statutory audits of the accounts of investment firms and<br />other financial institutions, credit institutions and insurance undertakings,<br />in the performance of their supervisory functions, or which<br />administer compensation schemes, in the performance of their functions;<br />(iv) overseeing the bodies involved in the liquidation and bankruptcy of<br />investment firms and other similar procedures;<br />(v) overseeing persons charged with carrying out statutory audits of the<br />accounts of insurance undertakings, credit institutions, investment<br />firms and other financial institutions,<br />only if the information disclosed is subject to guarantees of professional<br />secrecy at least equivalent to those required under Article 54. Such<br />exchange of information must be intended for the performance of the<br />tasks of those authorities or bodies or natural or legal persons.<br />2. Where the information originates in another Member State, it may<br />not be disclosed without the express agreement of the competent authorities<br />which have transmitted it and, where appropriate, solely for the<br />purposes for which those authorities gave their agreement. The same<br />provision applies to information provided by third country competent<br />authorities.</span>';				
				ID162486D='<span class=\\\"mov_name\\\">Article 64 Committee procedure</span><span class=\"mov_desc\">1. The Commission shall be assisted by the European Securities<br />Committee established by Commission Decision 2001/528/EC (1) (hereinafter<br />referred to as ‘the Committee’).<br />2. Where reference is made to this paragraph, Articles 5 and 7 of<br />Decision 1999/468/EC shall apply, having regard to the provisions of<br />Article 8 thereof, provided that the implementing measures adopted in<br />accordance with that procedure do not modify the essential provisions<br />of this Directive.<br />The period laid down in Article 5(6) of Decision 1999/468/EC shall be<br />set at three months.<br />2a. None of the implementing measures enacted may change the<br />essential provisions of this Directive.<br />3. Without prejudice to the implementing measures already adopted,<br />on 1 April 2008 at the latest, the application of this Directive\'s provisions<br />requiring the adoption of technical rules, amendments and decisions<br />in accordance with paragraph 2 shall be suspended. Acting on a<br />proposal from the Commission, the European Parliament and the<br />Council may renew the provisions concerned in accordance with the<br />procedure laid down in Article 251 of the Treaty and, to that end, they<br />shall review them prior to the date referred to above.<br /></span>';				
				ID162489D='<span class=\\\"mov_name\\\">Article 65 Reports and review</span><span class=\"mov_desc\">1. By 31 October 2007, the Commission shall, on the basis of public<br />consultation and in the light of discussions with competent authorities,<br />report to the European Parliament and to the Council on the possible<br />extension of the scope of the provisions of this Directive concerning pre<br />and post-trade transparency obligations to transactions in classes of<br />financial instruments other than shares.<br />2. By 31 October 2008, the Commission shall present the European<br />Parliament and the Council with a report on the application of Article 27.<br />3. By 30 April 2008, the Commission shall, on the basis of public<br />consultations and in the light of discussions with competent authorities,<br />report to the European Parliament and to the Council on:<br />(a) the continued appropriateness of the exemption provided for in<br />Article 2(1)(k) for undertakings whose main business is dealing on<br />own account in commodity derivatives;<br />(b) the content and form of proportionate requirements for the authorisation<br />and supervision of such undertakings as investment firms within<br />the meaning of this Directive;<br />(c) the appropriateness of rules concerning the appointment of tied<br />agents in performing investment services and/or activities, in particular<br />with respect to the supervision of them;<br />(d) the continued appropriateness of the exemption provided for in<br />Article 2(1)(i).<br />4. By 30 April 2008, the Commission shall present the European<br />Parliament and the Council with a report on the state of the removal of<br />the obstacles which may prevent the consolidation at European level of<br />the information that trading venues are required to publish.<br />5. On the basis of the reports referred to in paragraphs 1 to 4, the<br />Commission may submit proposals for related amendments to this<br />Directive.<br />6. By 31 October 2006, the Commission shall, in the light of discussions<br />with competent authorities, report to the European Parliament and<br />to the Council on the continued appropriateness of the requirements for<br />professional indemnity insurance imposed on intermediaries under<br />Community law.</span>';				
				ID162492D='<span class=\\\"mov_name\\\">Article 66 Amendment of Directive 85/611/EEC</span><span class=\"mov_desc\">In Article 5 of Directive 85/611/EEC, paragraph 4 shall be replaced by<br />the following:<br />‘4. Articles 2(2), 12, 13 and 19 of >C1 Directive 2004/39/EC of the<br />European Parliament and of the Council of 21 April 2004 on markets in<br />financial instruments < (*), shall apply to the provision of the services<br />referred to in paragraph 3 of this Article by management companies</span>';				
				ID162495D='<span class=\\\"mov_name\\\">Article 67 Amendment of Directive 93/6/EEC</span><span class=\"mov_desc\">Directive 93/6/EEC shall be amended as follows:<br />1) Article 2(2) shall be replaced by the following:<br />‘2. Investment firms shall mean all institutions that satisfy the<br />definition in Article 4(1) of >C1 Directive 2004/39/EC of the<br />European Parliament and of the Council of 21 April 2004 on markets<br />in financial instruments < (*), which are subject to the requirements<br />imposed by the same Directive, excluding:<br />(a) credit institutions,<br />(b) local firms as defined in 20, and<br />(c) firms which are only authorised to provide the service of investment<br />advice and/or receive and transmit orders from investors<br />without in both cases holding money or securities belonging to<br />their clients and which for that reason may not at any time place<br />themselves in debit with their clients.<br />(*) >C1 OJ L 145, 30.4.2004, p. 1. <’<br />2) Article 3(4) shall be replaced by the following:<br />‘4. The firms referred to in point (b) of Article 2(2) shall have<br />initial capital of EUR 50 000 in so far as they benefit from the<br />freedom of establishment or to provide services under Articles 31 or<br />32 of Directive 2004/39/EC.’</span>';				
				ID162498D='<span class=\\\"mov_name\\\">Article 68 Amendment of Directive 2000/12/EC</span><span class=\"mov_desc\">Annex I of Directive 2000/12/EC shall be amended as follows:<br />At the end of the Annex I the following sentence is added:<br />‘The services and activities provided for in Section A and B of<br />Annex I of >C1 Directive 2004/39/EC of the European Parliament<br />and of the Council of 21 April 2004 on markets in financial instruments<br />< (*) when referring to the financial instruments provided<br />for in Section C of Annex I of that Directive are subject to mutual<br />recognition according to this Directive.</span>';				
				ID162501D='<span class=\\\"mov_name\\\">Article 69 Repeal of Directive 93/22/EEC</span><span class=\"mov_desc\">Directive 93/22/EEC shall be repealed with effect from 1 November<br />2007. References to Directive 93/22/EEC shall be construed as references<br />to this Directive. References to terms defined in, or Articles of,<br />Directive 93/22/EEC shall be construed as references to the equivalent<br />term defined in, or Article of, this Directive.</span>';				
				ID162303D='<span class=\\\"mov_name\\\">Article 7 Procedures for granting and refusing requests for authorisation</span><span class=\"mov_desc\">1. The competent authority shall not grant authorisation unless and<br />until such time as it is fully satisfied that the applicant complies with all<br />requirements under the provisions adopted pursuant to this Directive.<br />2. The investment firm shall provide all information, including a<br />programme of operations setting out inter alia the types of business<br />envisaged and the organisational structure, necessary to enable the<br />competent authority to satisfy itself that the investment firm has established,<br />at the time of initial authorisation, all the necessary arrangements<br />to meet its obligations under the provisions of this Chapter.<br />3. An applicant shall be informed, within six months of the submission<br />of a complete application, whether or not authorisation has been<br />granted.<br /></span>';				
				ID162504D='<span class=\\\"mov_name\\\">Article 70 Transposition</span><span class=\"mov_desc\">Member States shall adopt the laws, regulations and administrative<br />provisions necessary to comply with this Directive by 31 January 2007.<br />They shall forthwith inform the Commission thereof.<br />They shall apply these measures from 1 November 2007.<br />When Member States adopt these measures, they shall contain a reference<br />to this Directive or shall be accompanied by such reference on the<br />occasion of their official publication. The methods of making such reference<br />shall be laid down by the Member States.</span>';				
				ID162507D='<span class=\\\"mov_name\\\">Article 71 Transitional provisions</span><span class=\"mov_desc\">1. Investment firms already authorised in their home Member State to<br />provide investment services before 1 November 2007 shall be deemed<br />to be so authorised for the purposes of this Directive if the laws of that<br />Member State provide that to take up such activities they must comply<br />with conditions comparable to those provided for in Articles 9 to 14.<br />2. A regulated market or a market operator already authorised in its<br />home Member State before 1 November 2007 shall be deemed to be so<br />authorised for the purposes of this Directive if the laws of that Member<br />State provide that the regulated market or market operator, as the case<br />may be, must comply with conditions comparable to those provided for<br />in Title III.<br />3. Tied agents already entered in a public register before 1 November<br />2007 shall be deemed to be so registered for the purposes of this Directive<br />if the laws of Member States concerned provide that tied agents<br />must comply with conditions comparable to those provided for in<br />Article 23.<br />4. Information communicated before 1 November 2007 for the<br />purposes of Articles 17, 18 or 30 of Directive 93/22/EEC shall be<br />deemed to have been communicated for the purposes of Articles 31 and<br />32 of this Directive.</span>';				
				ID162510D='<span class=\\\"mov_name\\\">Article 72 Entry into force</span><span class=\"mov_desc\">This Directive shall enter into force on the day of its publication in the<br />Official Journal of the European Union.</span>';				
				ID162513D='<span class=\\\"mov_name\\\">Article 73 Addressees</span><span class=\"mov_desc\">This Directive is addressed to the Member States.</span>';				
				ID162306D='<span class=\\\"mov_name\\\">Article 8 Withdrawal of authorisations</span><span class=\"mov_desc\">The competent authority may withdraw the authorisation issued to an<br />investment firm where such an investment firm:<br />(a) does not make use of the authorisation within 12 months, expressly<br />renounces the authorisation or has provided no investment services<br />or performed no investment activity for the preceding six months,<br />unless the Member State concerned has provided for authorisation to<br />lapse in such cases;<br />(b) has obtained the authorisation by making false statements or by any<br />other irregular means;<br />(c) no longer meets the conditions under which authorisation was<br />granted, such as compliance with the conditions set out in Directive<br />93/6/EEC;<br />(d) has seriously and systematically infringed the provisions adopted<br />pursuant to this Directive governing the operating conditions for<br />investment firms;<br />(e) falls within any of the cases where national law, in respect of matters<br />outside the scope of this Directive, provides for withdrawal.</span>';				
				ID162309D='<span class=\\\"mov_name\\\">Article 9 Persons who effectively direct the business</span><span class=\"mov_desc\">1. Member States shall require the persons who effectively direct the<br />business of an investment firm to be of sufficiently good repute and<br />sufficiently experienced as to ensure the sound and prudent management<br />of the investment firm.<br />Where the market operator that seeks authorisation to operate an MTF<br />and the persons that effectively direct the business of the MTF are the<br />same as those that effectively direct the business of the regulated market,<br />those persons are deemed to comply with the requirements laid down in<br />the first subparagraph.<br />2. Member States shall require the investment firm to notify the<br />competent authority of any changes to its management, along with all<br />information needed to assess whether the new staff appointed to manage<br />the firm are of sufficiently good repute and sufficiently experienced.<br />3. The competent authority shall refuse authorisation if it is not satisfied<br />that the persons who will effectively direct the business of the<br />investment firm are of sufficiently good repute or sufficiently experienced,<br />or if there are objective and demonstrable grounds for believing<br />that proposed changes to the management of the firm pose a threat to its<br />sound and prudent management.<br />4. Member States shall require that the management of investment<br />firms is undertaken by at least two persons meeting the requirements<br />laid down in paragraph 1.<br />By way of derogation from the first subparagraph, Member States may<br />grant authorisation to investment firms that are natural persons or to<br />investment firms that are legal persons managed by a single natural<br />person in accordance with their constitutive rules and national laws.<br />Member States shall nevertheless require that alternative arrangements<br />be in place which ensure the sound and prudent management of such<br />investment firms.<br /></span>';				
				ID162300D='<span class=\\\"mov_name\\\">CHAPTER I CONDITIONS AND PROCEDURES FOR AUTHORISATION</span><span class=\"mov_desc\">CHAPTER I CONDITIONS AND PROCEDURES FOR AUTHORISATION</span>';				
				ID162522D='<span class=\\\"mov_name\\\">CHAPTER I DESIGNATION, POWERS AND REDRESS PROCEDURES</span>';				
				ID162456D='<span class=\\\"mov_name\\\">CHAPTER II COOPERATION BETWEEN COMPETENT AUTHORITIES OF DIFFERENT MEMBER STATES</span>';				
				ID162330D='<span class=\\\"mov_name\\\">CHAPTER II OPERATING CONDITIONS FOR INVESTMENT FIRMS</span>';				
				ID162480D='<span class=\\\"mov_name\\\">CHAPTER III COOPERATION WITH THIRD COUNTRIES</span>';				
				ID162378D='<span class=\\\"mov_name\\\">CHAPTER III RIGHTS OF INVESTMENT FIRMS</span>';				
				ID162528D='<span class=\\\"mov_name\\\">DIRECTIVE 2004/39/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 April 2004</span><span class=\"mov_desc\">on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and<br />Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive<br />93/22/EEC</span>';				
				ID162540D='<span class=\\\"mov_name\\\">TITLE I DEFINITIONS AND SCOPE</span>';				
				ID162291D='<span class=\\\"mov_name\\\">TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS</span><span class=\"mov_desc\">TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS</span>';				
				ID162516D='<span class=\\\"mov_name\\\">TITLE III REGULATED MARKETS</span>';				
				ID162519D='<span class=\\\"mov_name\\\">TITLE IV COMPETENT AUTHORITIES</span>';				
				ID162525D='<span class=\\\"mov_name\\\">TITLE V FINAL PROVISIONS</span>';				
				
			
function readCM()
{
			ID162546CM = new instCM("All MIFID requirements");
ID162531CM = new instCM("Article 1 Scope");
ID162312CM = new instCM("Article 10 Shareholders and members with qualifying holdings");
ID162315CM = new instCM("Article 11 Membership of an authorised Investor Compensation Scheme");
ID162318CM = new instCM("Article 12 Initial capital endowment");
ID162321CM = new instCM("Article 13 Organisational requirements");
ID162321CM.addAttribute("Referenced requirement", "obj");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163090\");", "Article 13 Meaning of critical and important operational functions", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163102\");", "Article 16 Safeguarding of client financial instruments and funds", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163081\");", "Article 11 Meaning of personal transaction", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163108\");", "Article 18 Depositing client funds", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163114\");", "Article 20 Reports by external auditors", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163066\");", "Article 6 Compliance", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163069\");", "Article 7 Risk management", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID162760\", \"ID162774\");", "Article 8 Record-keeping of transactions", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163120\");", "Article 21 Conflicts of interest potentially detrimental to a client", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163075\");", "Article 9 Responsibility of senior management", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163078\");", "Article 10 Complaints handling", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163237\");", "Article 51 Retention of records", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163126\");", "Article 23 Record of services or activities giving rise to detrimental conflict of interest", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163123\");", "Article 22 Conflicts of interest policy", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163132\");", "Article 25 Additional organisational requirements where a firm produces and disseminates investment research", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163111\");", "Article 19 Use of client financial instruments", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163084\");", "Article 12 Personal transactions", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163063\");", "Article 5 General organisational requirements", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163096\");", "Article 15 Service providers located in third countries", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID162760\", \"ID162771\");", "Article 7 Record-keeping of client orders and decisions to deal", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163093\");", "Article 14 Conditions for outsourcing critical or important operational functions or investment services or activities", "small_req_mifid.png");
ID162321CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163105\");", "Article 17 Depositing client financial instruments", "small_req_mifid.png");
ID162324CM = new instCM("Article 14 Trading process and finalisation of transactions in an MTF");
ID162327CM = new instCM("Article 15 Relations with third countries");
ID162333CM = new instCM("Article 16 Regular review of conditions for initial authorisation");
ID162336CM = new instCM("Article 17 General obligation in respect of on-going supervision");
ID162339CM = new instCM("Article 18 Conflicts of interest");
ID162339CM.addAttribute("Referenced requirement", "obj");
ID162339CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163120\");", "Article 21 Conflicts of interest potentially detrimental to a client", "small_req_mifid.png");
ID162339CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163123\");", "Article 22 Conflicts of interest policy", "small_req_mifid.png");
ID162342CM = new instCM("Article 19 Conduct of business obligations when providing investment services");
ID162342CM.addAttribute("Referenced requirement", "obj");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163177\");", "Article 36 Assessment of appropriateness", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163129\");", "Article 24 Investment research", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163183\");", "Article 38 Provision of services in non-complex instruments", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163156\");", "Article 30 Information about the investment firm and its services for retail clients and potential retail clients", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163198\");", "Article 42 Additional reporting obligations for portfolio management or contingent liability transactions", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163159\");", "Article 31 Information about financial instruments", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163195\");", "Article 41 Reporting obligations in respect of portfolio management", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163192\");", "Article 40 Reporting obligations in respect of execution of orders other than for portfolio management", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163201\");", "Article 43 Statements of client financial instruments or client funds", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163174\");", "Article 35 Assessment of suitability", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163180\");", "Article 37 Provisions common to the assessment of suitability or appropriateness", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163165\");", "Article 33 Information about costs and associated charges", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163210\");", "Article 45 Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163207\");", "Article 44 Best execution criteria", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163147\");", "Article 27 Conditions with which information must comply in order to be fair, clear and not misleading", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163222\");", "Article 48 Aggregation and allocation of orders", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163219\");", "Article 47 General principles", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163150\");", "Article 28 Information concerning client categorisation", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163168\");", "Article 34 Information drawn up in accordance with Directive 85/611/EEC", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163153\");", "Article 29 General requirements for information to clients", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163162\");", "Article 32 Information requirements concerning safeguarding of client financial instruments or client funds", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163141\");", "Article 26 Inducements", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163225\");", "Article 49 Aggregation and allocation of transactions for own account", "small_req_mifid.png");
ID162342CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163186\");", "Article 39 Retail client agreement", "small_req_mifid.png");
ID162534CM = new instCM("Article 2 Exemptions");
ID162345CM = new instCM("Article 20 Provision of services through the medium of another investment");
ID162348CM = new instCM("Article 21 Obligation to execute orders on terms most favourable to the client");
ID162348CM.addAttribute("Referenced requirement", "obj");
ID162348CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163213\");", "Article 46 Execution policy", "small_req_mifid.png");
ID162348CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163207\");", "Article 44 Best execution criteria", "small_req_mifid.png");
ID162351CM = new instCM("Article 22 Client order handling rules");
ID162351CM.addAttribute("Referenced requirement", "obj");
ID162351CM.addLink("Referenced requirement", "javascript:openWindow(\"ID162760\", \"ID162861\");", "Article 32 Arrangements for making information public", "small_req_mifid.png");
ID162351CM.addLink("Referenced requirement", "javascript:openWindow(\"ID163037\", \"ID163225\");", "Article 49 Aggregation and allocation of transactions for own account", "small_req_mifid.png");
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ID162724CM = new instCM("");
ID162725CM = new instCM("");
ID162726CM = new instCM("");
ID162727CM = new instCM("");
ID162728CM = new instCM("");
ID162729CM = new instCM("");
ID162730CM = new instCM("");
ID162731CM = new instCM("");
ID162732CM = new instCM("");
ID162733CM = new instCM("");
ID162734CM = new instCM("");
ID162735CM = new instCM("");
ID162736CM = new instCM("");
ID162737CM = new instCM("");
ID162738CM = new instCM("");
ID162739CM = new instCM("");
ID162740CM = new instCM("");
ID162741CM = new instCM("");
ID162742CM = new instCM("");
ID162743CM = new instCM("");
ID162744CM = new instCM("");
ID162745CM = new instCM("");
ID162746CM = new instCM("");
ID162747CM = new instCM("");
ID162748CM = new instCM("");
ID162749CM = new instCM("");
ID162750CM = new instCM("");
ID162751CM = new instCM("");
ID162752CM = new instCM("");
ID162753CM = new instCM("");
ID162754CM = new instCM("");
ID162755CM = new instCM("");
ID162756CM = new instCM("");
ID162757CM = new instCM("");
ID162758CM = new instCM("");
}
		