Requirement (MIFID)
Article 56 Obligation to cooperate
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Competent authorities of different Member States shall cooperate
with each other whenever necessary for the purpose of carrying out their
duties under this Directive, making use of their powers whether set out
in this Directive or in national law.
Competent authorities shall render assistance to competent authorities of
the other Member States. In particular, they shall exchange information
and cooperate in any investigation or supervisory activities.
In order to facilitate and accelerate cooperation, and more particularly
exchange of information, Member States shall designate one single
competent authority as a contact point for the purposes of this Directive.
Member States shall communicate to the Commission and to the other
Member States the names of the authorities which are designated to
receive requests for exchange of information or cooperation pursuant to
this paragraph.
2. When, taking into account the situation of the securities markets in
the host Member State, the operations of a regulated market that has
established arrangements in a host Member State have become of
substantial importance for the functioning of the securities markets and
the protection of the investors in that host Member State, the home and
host competent authorities of the regulated market shall establish proportionate
cooperation arrangements.
3. Member States shall take the necessary administrative and organisational
measures to facilitate the assistance provided for in paragraph 1.
Competent authorities may use their powers for the purpose of cooperation,
even in cases where the conduct under investigation does not
constitute an infringement of any regulation in force in that Member
State.
4. Where a competent authority has good reasons to suspect that acts
contrary to the provisions of this Directive, carried out by entities not
subject to its supervision, are being or have been carried out on the territory
of another Member State, it shall notify this in as specific a manner
as possible to the competent authority of the other Member State. The
latter authority shall take appropriate action. It shall inform the notifying
competent authority of the outcome of the action and, to the extent
possible, of significant interim developments. This paragraph shall be
without prejudice to the competences of the competent authority that
has forwarded the information.
5. In order to ensure the uniform application of paragraph 2 the
Commission may adopt, in accordance with the procedure referred to in
Article 64(2), implementing measures to establish the criteria under
which the operations of a regulated market in a host Member State could
be considered as of substantial importance for the functioning of the
securities markets and the protection of the investors in that host
Member State.
Referenced requirement
Article 16 Determination of the substantial importance of a regulated market's operations in a host Member State