Requirement (MIFID)
Article 38 Requirements relating to persons exercising significant influence over the management of the regulated market
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall require the persons who are in a position to
exercise, directly or indirectly, significant influence over the management
of the regulated market to be suitable.
2. Member States shall require the operator of the regulated market:
(a) to provide the competent authority with, and to make public, information
regarding the ownership of the regulated market and/or the
market operator, and in particular, the identity and scale of interests
of any parties in a position to exercise significant influence over the
management;
(b) to inform the competent authority of and to make public any transfer
of ownership which gives rise to a change in the identity of the
persons exercising significant influence over the operation of the
regulated market.
3. The competent authority shall refuse to approve proposed changes
to the controlling interests of the regulated market and/or the market
operator where there are objective and demonstrable grounds for
believing that they would pose a threat to the sound and prudent
management of the regulated market.