Requirement (MIFID)
Article 15 Relations with third countries
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall inform the Commission of any general difficulties
which their investment firms encounter in establishing themselves
or providing investment services and/or performing investment
activities in any third country.
2. Whenever it appears to the Commission, on the basis of information
submitted to it under paragraph 1, that a third country does not
grant Community investment firms effective market access comparable
to that granted by the Community to investment firms from that
third country, the Commission may submit proposals to the Council for
an appropriate mandate for negotiation with a view to obtaining comparable
competitive opportunities for Community investment firms. The
Council shall act by a qualified majority.
3. Whenever it appears to the Commission, on the basis of information
submitted to it under paragraph 1, that Community investment firms
in a third country are not granted national treatment affording the same
competitive opportunities as are available to domestic investment firms
and that the conditions of effective market access are not fulfilled, the
Commission may initiate negotiations in order to remedy the situation.
In the circumstances referred to in the first subparagraph, the Commission
may decide, in accordance with the procedure referred to in
Article 64(2), at any time and in addition to the initiation of negotiations,
that the competent authorities of the Member States must limit or
suspend their decisions regarding requests pending or future requests for
authorisation and the acquisition of holdings by direct or indirect parent
undertakings governed by the law of the third country in question. Such
limitations or suspensions may not be applied to the setting-up of subsidiaries
by investment firms duly authorised in the Community or by
their subsidiaries, or to the acquisition of holdings in Community investment
firms by such firms or subsidiaries. The duration of such measures
may not exceed three months.
Before the end of the three-month period referred to in the second
subparagraph and in the light of the results of the negotiations, the
Commission may decide, in accordance with the procedure referred to
in Article 64(2), to extend these measures.
4. Whenever it appears to the Commission that one of the situations
referred to in paragraphs 2 and 3 obtains, the Member States shall
inform it at its request:
(a) of any application for the authorisation of any firm which is the
direct or indirect subsidiary of a parent undertaking governed by the
law of the third country in question;
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(b) whenever they are informed in accordance with Article 10(3) that
such a parent undertaking proposes to acquire a holding in a
Community investment firm, in consequence of which the latter
would become its subsidiary.
That obligation to provide information shall lapse whenever agreement
is reached with the third country concerned or when the measures
referred to in the second and third subparagraphs of paragraph 3 cease
to apply.
5. Measures taken under this Article shall comply with the Community's
obligations under any international agreements, bilateral or multilateral,
governing the taking-up or pursuit of the business of investment
firms.