Requirement (MIFID)
Article 4 Additional requirements on investment firms in certain cases
Requirements MIFID - DIRECTIVE 2006/73/EC
Description
Description
1. Member States may retain or impose requirements additional
to those in this Directive only in those exceptional cases
where such requirements are objectively justified and proportionate
so as to address specific risks to investor protection or to
market integrity that are not adequately addressed by this
Directive, and provided that one of the following conditions is
met:
(a) the specific risks addressed by the requirements are of
particular importance in the circumstances of the market
structure of that Member State;
(b) the requirement addresses risks or issues that emerge or
become evident after the date of application of this
Directive and that are not otherwise regulated by or under
Community measures.
2. Any requirements imposed under paragraph 1 shall not
restrict or otherwise affect the rights of investment firms under
Articles 31 and 32 of Directive 2004/39/EC.
3. Member States shall notify to the Commission:
(a) any requirement which it intends to retain in accordance
with paragraph 1 before the date of transposition of this
Directive; and
(b) any requirement which it intends to impose in accordance
with paragraph 1 at least one month before the date
appointed for that requirement to come into force.
In each case, the notification shall include a justification for that
requirement.
The Commission shall communicate to Member States and make
public on its website the notifications it receives in accordance
with this paragraph.
4. By 31 December 2009 the Commission shall report to the
European Parliament and the Council on the application of this
Article.