Requirement (MIFID)
Article 42 Access to the regulated market
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall require the regulated market to establish and
maintain transparent and non-discriminatory rules, based on objective
criteria, governing access to or membership of the regulated market.
2. Those rules shall specify any obligations for the members or participants
arising from:
(a) the constitution and administration of the regulated market;
(b) rules relating to transactions on the market;
(c) professional standards imposed on the staff of the investment firms
or credit institutions that are operating on the market;
(d) the conditions established, for members or participants other than
investment firms and credit institutions, under paragraph 3;
(e) the rules and procedures for the clearing and settlement of transactions
concluded on the regulated market.
3. Regulated markets may admit as members or participants investment
firms, credit institutions authorised under Directive 2000/12/EC
and other persons who:
(a) are fit and proper;
(b) have a sufficient level of trading ability and competence;
(c) have, where applicable, adequate organisational arrangements;
(d) have sufficient resources for the role they are to perform, taking into
account the different financial arrangements that the regulated
market may have established in order to guarantee the adequate
settlement of transactions.