Requirement (MIFID)
Article 25 Obligation to uphold integrity of markets, report transactions and maintain records
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Without prejudice to the allocation of responsibilities for enforcing
the provisions of Directive 2003/6/EC of the European Parliament and
of the Council of 28 January 2003 on insider dealing and market manipulation
(market abuse) (1), Member States shall ensure that appropriate
measures are in place to enable the competent authority to monitor the
activities of investment firms to ensure that they act honestly, fairly and
professionally and in a manner which promotes the integrity of the
market.
2. Member States shall require investment firms to keep at the
disposal of the competent authority, for at least five years, the relevant
data relating to all transactions in financial instruments which they have
carried out, whether on own account or on behalf of a client. In the case
of transactions carried out on behalf of clients, the records shall contain
all the information and details of the identity of the client, and the information
required under Council Directive 91/308/EEC of 10 June 1991
on prevention of the use of the financial system for the purpose of
money laundering (2).
3. Member States shall require investment firms which execute transactions
in any financial instruments admitted to trading on a regulated
market to report details of such transactions to the competent authority
as quickly as possible, and no later than the close of the following
working day. This obligation shall apply whether or not such transactions
were carried out on a regulated market.
The competent authorities shall, in accordance with Article 58, establish
the necessary arrangements in order to ensure that the competent
authority of the most relevant market in terms of liquidity for those
financial instruments also receives this information.
Referenced requirement
Article 10 Alternative determination of most relevant market in terms
Article 13 Content of the transaction report
Article 12 Reporting channels
Article 11 List of financial instruments
Article 14 Exchange of information on transactions
Article 9 Determination of the most relevant market in terms of liquidity