direct ec european parliament council april market financi instrument amend council direct eec eec direct ec european parliament council repeal council direct eec european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european econom social committe regard opinion european central bank act accord procedur laid articl treati council direct eec invest servic secur field sought establish condit authoris invest firm bank provid servic establish branch member state basi home countri authoris supervis end direct aim harmonis initi authoris oper requir invest firm includ conduct busi rule provid harmonis condit govern oper regul market recent year investor activ financi market offer complex wide rang set servic instrument view develop legal framework commun encompass full rang investor orient activ end provid degre harmonis need offer investor high level protect invest firm provid servic commun singl market basi home countri supervis view preced direct eec replac direct due increas depend investor person recommend includ provis invest advic invest servic requir authoris includ list financi instrument commod deriv constitut trade manner give rise regulatori issu compar tradit financi instrument establish comprehens regulatori regim govern execut transact financi instrument irrespect trade method conclud transact ensur high qualiti execut investor transact uphold integr effici financi system coher risk sensit framework regul main type order execut arrang activ european financi marketplac provid recognis emerg gener organis trade system alongsid regul market subject oblig design preserv effici orderli function financi market view establish proportion regulatori framework provis made inclus invest servic relat oper mtf definit regul market mtf introduc close align reflect fact repres organis trade function definit exclud bilater system invest firm enter trade account riskless counterparti interpos buyer seller term quot system quot encompass market compos set rule trade platform function basi set rule regul market mtf oblig oper quot technic quot system match order market compos set rule govern aspect relat membership admiss instrument trade trade member report applic transpar oblig regul market mtf mean direct transact conclud rule consid conclud system regul market mtf term quot bui sell interest quot understood broad sens includ order quot indic interest requir interest brought system mean discretionari rule set system oper mean brought system rule mean system protocol intern oper procedur includ procedur embodi comput softwar term quot discretionari rule quot mean rule leav invest firm oper mtf discret interest interact definit requir interest brought result contract mean execut take place system rule mean system protocol intern oper procedur purpos direct cover undertak regular occup busi provid invest servic perform invest activ profession basi scope cover person profession activ person administ asset undertak provid invest servic perform invest activ deal account market maker dealon account regul market mtf organis frequent systemat basi provid system access parti order engag deal cover scope direct refer text person understood includ natur legal person insur assur undertak activ subject monitor compet prudenti supervis author subject council direct eec februari abolit restrict freedom establish freedom provid servic respect reinsur retrocess council direct eec juli coordin law regul administr provis relat take pursuit direct insur life assur council direct ec novemb life assur exclud person provid servic parti busi consist provid invest servic sole parent undertak subsidiari subsidiari parent undertak cover direct person provid invest servic incident basi profession activ exclud scope direct provid activ regul relev rule prohibit provis incident basi invest servic person provid invest servic consist exclus administr employe particip scheme provid invest servic parti cover direct exclud scope direct central bank bodi perform similar function public bodi charg interven manag public debt concept cover invest thereof except bodi partli wholli state own role commerci link acquisit hold exclud scope direct collect invest undertak pension fund coordin commun level depositari manag undertak subject specif rule directli adapt activ order benefit exempt direct person concern compli continu basi condit laid exempt person invest servic perform invest activ exempt direct servic activ ancillari main busi consid group basi longer cover exempt relat ancillari servic provis servic activ ceas ancillari main busi person provid invest servic perform invest activ cover direct subject authoris home member state order protect investor stabil financi system credit institut authoris direct ec european parliament council march relat take pursuit busi credit institut authoris direct order provid invest servic perform invest activ credit institut decid provid invest servic perform invest activ compet author grant authoris verifi compli relev provis direct case invest firm invest servic cover authoris perform invest activ cover authoris regular basi addit authoris direct purpos direct busi recept transmiss order includ bring investor bring transact investor context forthcom revis capit adequaci framework basel ii member state recognis examin invest firm execut client order match princip basi regard act princip subject addit regulatori capit requir principl mutual recognit home member state supervis requir member state compet author grant withdraw authoris factor content programm oper geograph distribut activ carri invest firm opt legal system member state purpos evad stricter standard forc member state territori intend carri carri greater part activ invest firm legal person authoris member state regist offic invest firm legal person authoris member state head offic addit member state requir invest firm head offic situat home member state oper invest firm authoris home member state entitl provid invest servic perform invest activ commun seek separ authoris compet author member state wish provid servic perform activ invest firm exempt oblig impos council direct eec march capit adequaci invest firm credit institut oblig hold minimum amount capit profession indemn insur combin adjust amount insur account adjust made framework direct ec european parliament council decemb insur mediat treatment purpos capit adequaci prejudic decis treatment firm futur commun legisl capit adequaci scope prudenti regul limit entiti virtu run trade book profession basi repres sourc counterparti risk market particip entiti deal account financi instrument includ commod deriv cover direct provid invest servic commod deriv client main busi ancillari basi main busi consid group basi provid main busi provis invest servic mean direct exclud scope direct order protect investor ownership similar right respect secur right respect fund entrust firm right distinct firm principl prevent firm busi behalf investor requir natur transact investor agreement stock lend client line commun legisl direct ec european parliament council june financi collater arrang transfer full ownership financi instrument fund invest firm purpos secur cover present futur actual conting prospect oblig financi instrument fund likewis longer regard belong client procedur authoris commun branch invest firm authoris countri continu appli firm branch enjoi freedom provid servic paragraph articl treati establish member state establish view case commun bound bilater multilater oblig provid procedur intend ensur commun invest firm receiv reciproc treatment countri concern expand rang activ invest firm undertak simultan increas potenti conflict interest activ interest client provid rule ensur conflict advers affect interest client servic consid provid initi client client demand respons personalis commun behalf firm client invit intend influenc client respect specif financi instrument specif transact servic consid provid initi client notwithstand client demand basi commun promot offer financi instrument made mean natur gener address public larger group categori client potenti client object direct protect investor measur protect investor adapt particular categori investor retail profession counterparti derog principl home countri authoris supervis enforc oblig respect oper branch compet author host member state assum respons enforc oblig direct relat busi conduct branch territori branch locat author closest branch detect interven respect infring rule govern oper branch impos effect quot execut quot oblig ensur invest firm execut client order term favour client oblig appli firm ow contractu agenc oblig client fair competit requir market particip investor compar price trade venu regul market mtf intermediari requir publish end recommend member state remov obstacl prevent consolid european level relev inform public establish busi relationship client invest firm client potenti client consent time execut polici possibl order execut regul market mtf person provid invest servic behalf invest firm consid ti agent invest firm fall definit provid direct except person exempt direct prejudic ti agent undertak activ cover direct relat activ respect financi servic product cover direct includ behalf part financi group condit conduct activ premis invest firm door door sell cover direct member state compet author regist withdraw registr activ carri ti agent opt legal system member state purpos evad stricter standard forc member state territori intend carri carri greater part activ purpos direct elig counterparti consid act client purpos ensur conduct busi rule includ rule execut handl client order enforc respect investor protect reflect establish market practic commun clarifi conduct busi rule waiv case transact enter brought elig counterparti respect transact execut elig counterparti oblig disclos client limit order appli counter parti explicitli send limit order invest firm execut member state protect privaci natur person respect process person data accord direct ec european parliament council octob protect individu regard process person data free movement data fold aim protect investor ensur smooth oper secur market ensur transpar transact achiev rule laid purpos appli invest firm oper market order enabl investor market particip assess time term transact share verifi condit carri common rule establish public detail complet transact share disclosur detail current opportun trade share rule need ensur effect integr member state equiti market promot effici price format process equiti instrument assist effect oper quot execut quot oblig consider requir comprehens transpar regim applic transact share irrespect execut invest firm bilater basi regul market mtf oblig invest firm direct quot bid offer price execut order quot price reliev invest firm oblig rout order execut venu internalis prevent firm compli quot execut quot oblig member state appli transact report oblig direct financi instrument admit trade regul market member state decid appli pre post trade transpar requir laid direct financi instrument share case requir appli invest firm member state home member state oper territori member state carri cross border freedom provid servic appli oper carri territori member state branch establish territori invest firm authoris member state invest firm opportun join access regul market commun manner transact present organis member state import abolish technic legal restrict access regul market order facilit finalis cross border transact provid access clear settlement system commun invest firm irrespect transact conclud regul market member state concern invest firm particip directli member state settlement system compli relev oper commerci requir membership prudenti measur uphold smooth orderli function financi market authoris oper regul market extend activ directli relat displai process execut confirm report order point order receiv regul market point transmit subsequ finalis activ relat admiss financi instrument trade includ transact conclud medium design market maker appoint regul market undertaken system accord rule govern system transact conclud member particip regul market mtf consid conclud system regul market mtf transact member particip conclud bilater basi compli oblig establish regul market mtf direct consid transact conclud regul market mtf purpos definit systemat internalis case oblig invest firm make public firm quot appli condit establish direct met systemat internalis decid give access quot retail client profession client allow discrimin categori client articl oblig systemat internalis publish firm quot relat transact standard market size invest firm systemat internalis share financi instrument oblig quot appli respect share prejudic recit intent direct requir applic pre trade transpar rule transact carri otc basi characterist includ ad hoc irregular carri wholesal counterparti part busi relationship characteris deal standard market size deal carri system firm concern busi systemat internalis standard market size class share significantli disproportion share includ class revis direct eec fix minimum capit requir regul market compli order authoris account specif natur risk market oper regul market oper mtf accord relev provis direct provis direct admiss instrument trade rule enforc regul market prejudic applic direct ec european parliament council admiss secur offici stock exchang list inform publish secur regul market prevent appli demand requir respect issuer secur instrument admiss trade impos pursuant direct member state design compet author enforc wide rang oblig laid direct author public natur guarante independ econom actor avoid conflict interest accord nation law member state ensur financ compet author design public author exclud deleg respons compet author confidenti inform receiv contact point member state contact point member state regard pure domest enhanc converg power dispos compet author pave equival intens enforc integr financi market common minimum set power coupl adequ resourc guarante supervisori effect view protect client prejudic custom bring action court member state encourag public privat bodi establish view settl disput court cooper resolv cross border disput take account commiss recommend ec march principl applic bodi respons court settlement consum disput implement provis complaint redress procedur court settlement member state encourag exist cross border cooper mechan notabl financi servic complaint network fin net exchang transmiss inform compet author author bodi person accord rule transfer person data countri laid direct ec reinforc provis exchang inform nation compet author strengthen duti assist cooper ow due increas cross border activ compet author provid relev inform exercis function ensur effect enforc direct includ situat infring suspect infring concern author member state exchang inform strict profession secreci need ensur smooth transmiss inform protect right meet juli council set committe wise men regul european secur market final report committe wise men propos introduct legisl techniqu base level approach framework principl implement measur cooper enforc level direct confin broad gener quot framework quot principl level technic implement measur adopt commiss assist committe resolut adopt stockholm european council march endors final report committe wise men propos level approach make regulatori process commun secur legisl effici transpar stockholm european council level implement measur frequent ensur technic provis date market supervisori develop deadlin set stage level work resolut european parliament februari implement financi servic legisl endors committe wise men report basi solemn declar made parliament dai commiss letter octob address intern market commission chairman parliament committe econom monetari affair regard safeguard european parliament role process measur implement direct adopt accord council decis ec june lai procedur exercis implement power confer commiss european parliament period month transmiss draft implement measur examin give opinion urgent duli justifi case period shorten period resolut pass european parliament commiss examin draft measur view take account develop financi market commiss submit report european parliament council applic provis profession indemn insur scope transpar rule authoris specialis dealer commod deriv invest firm object creat integr financi market investor effect protect effici integr market safeguard requir establish common regulatori requir relat invest firm authoris commun govern function regul market trade system prevent opac disrupt market undermin effici oper european financi system object achiev commun level commun adopt measur accord principl subsidiar set articl treati accord principl proportion set articl direct order achiev object adopt direct titl definit scope articl scope direct appli invest firm regul market provis appli credit institut authoris direct ec provid invest servic perform invest activ articl chapter ii titl ii exclud articl subparagraph chapter iii titl ii exclud articl articl articl articl exempt direct appli insur undertak defin articl direct eec assur undertak defin articl direct ec undertak carri reinsur retrocess activ refer direct eec person provid invest servic exclus parent undertak subsidiari subsidiari parent undertak person provid invest servic servic provid incident manner profession activ activ regul legal regulatori provis code ethic govern profess exclud provis servic person provid invest servic activ deal account market maker deal account regul market mtf organis frequent systemat basi provid system access parti order engag deal person provid invest servic consist exclus administr employe particip scheme person provid invest servic involv administr employe particip scheme provis invest servic exclus parent undertak subsidiari subsidiari parent undertak member european system central bank nation bodi perform similar function public bodi charg interven manag public debt collect invest undertak pension fund coordin commun level depositari manag undertak person deal account financi instrument provid invest servic commod deriv deriv contract includ annex section client main busi provid ancillari activ main busi consid group basi main busi provis invest servic mean direct bank servic direct ec person provid invest advic provid profession activ cover direct provid provis advic specif remuner person main busi consist deal account commod commod deriv except appli person deal account commod commod deriv part group main busi provis invest servic mean direct bank servic direct ec firm provid invest servic perform invest activ consist exclus deal account market financi futur option deriv cash market sole purpos hedg posit deriv market deal account member market make price guarante clear member market respons ensur perform contract enter firm assum clear member market associ set danish finnish pension fund sole aim manag asset pension fund member associ quot agenti di cambio quot activ function govern articl italian legisl decre februari right confer direct extend provis servic counterparti transact carri public bodi deal public debt member european system central bank perform task provid treati statut european system central bank european central bank perform equival function nation provis order account develop financi market ensur uniform applic direct commiss act accord procedur refer articl respect exempt defin criteria determin activ consid ancillari main busi group level determin activ provid incident manner articl option exempt member state choos appli direct person home member state allow hold client fund secur reason allow time place debit client allow provid invest servic recept transmiss order transfer secur unit collect invest undertak provis invest advic relat financi instrument provid servic allow transmit order invest firm authoris accord direct ii credit institut authoris accord direct ec iii branch invest firm credit institut authoris countri subject compli prudenti rule consid compet author stringent laid direct direct ec direct eec iv collect invest undertak authoris law member state market unit public manag undertak invest compani fix capit defin articl council direct eec decemb coordin safeguard protect interest member requir member state compani mean paragraph articl treati respect format public limit liabil compani mainten alter capit view make safeguard equival secur list dealt regul market member state provid activ person regul nation level person exclud scope direct paragraph benefit freedom provid servic activ establish branch provid articl articl definit purpos direct definit appli quot invest firm quot mean legal person regular occup busi provis invest servic parti perform invest activ profession basi member state includ definit invest firm undertak legal person provid legal statu ensur level protect parti interest equival afford legal person subject equival prudenti supervis legal form natur person servic involv hold parti fund transfer secur consid invest firm purpos direct prejudic requir impos direct direct eec compli condit ownership right parti instrument fund safeguard event insolv firm proprietor seizur set action creditor firm proprietor firm subject rule design monitor firm solvenc proprietor firm annual account audit person empow nation law audit account firm proprietor make provis protect investor event firm cessat busi death incapac event quot invest servic activ quot mean servic activ list section annex relat instrument list section annex commiss determin act accord procedur refer articl deriv contract mention section annex characterist deriv financi instrument regard inter alia clear settl recognis clear hous subject regular margin call deriv contract mention section annex characterist deriv financi instrument regard inter alia trade regul market mtf clear settl recognis clear hous subject regular margin call quot ancillari servic quot mean servic list section annex quot invest advic quot mean provis person recommend client request initi invest firm respect transact relat financi instrument quot execut order behalf client quot mean act conclud agreement bui sell financi instrument behalf client quot deal account quot mean trade proprietari capit result conclus transact financi instrument quot systemat internalis quot mean invest firm organis frequent systemat basi deal account execut client order regul market mtf quot market maker quot mean person hold financi market continu basi deal account bui sell financi instrument proprietari capit price defin quot portfolio manag quot mean manag portfolio accord mandat client discretionari client client basi portfolio includ financi instrument quot client quot mean natur legal person invest firm invest ancillari servic quot profession client quot mean client meet criteria laid annex ii quot retail client quot mean client profession client quot market oper quot mean person person manag oper busi regul market market oper regul market quot regul market quot mean multilater system oper manag market oper bring facilit bring multipl parti bui sell interest financi instrument system accord discretionari rule result contract respect financi instrument admit trade rule system authoris function regularli accord provis titl iii quot multilater trade facil mtf quot mean multilater system oper invest firm market oper bring multipl parti bui sell interest financi instrument system accord discretionari rule result contract accord provis titl ii quot limit order quot mean order bui sell financi instrument price limit size quot financi instrument quot mean instrument section annex quot transfer secur quot mean class secur negoti capit market except instrument payment share compani secur equival share compani partnership entiti depositari receipt respect share bond form securitis debt includ depositari receipt respect secur secur give acquir sell transfer secur give rise cash settlement determin refer transfer secur currenc interest rate yield commod indic measur quot monei market instrument quot mean class instrument dealt monei market treasuri bill certif deposit commerci paper exclud instrument payment quot home member state quot mean case invest firm invest firm natur person member state head offic situat ii invest firm legal person member state regist offic situat iii invest firm nation law regist offic member state head offic situat case regul market member state regul market regist law member state regist offic member state head offic regul market situat quot host member state quot mean member state home member state invest firm branch perform servic activ member state regul market arrang facilit access trade system remot member particip establish member state quot compet author quot mean author design member state accord articl direct quot credit institut quot mean credit institut defin direct ec quot ucit manag compani quot mean manag compani defin council direct eec decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit quot ti agent quot mean natur legal person full uncondit respons invest firm behalf act promot invest ancillari servic client prospect client receiv transmit instruct order client respect invest servic financi instrument place financi instrument advic client prospect client respect financi instrument servic quot branch quot mean place busi head offic part invest firm legal person invest servic activ perform ancillari servic invest firm authoris place busi set member state invest firm headquart member state regard singl branch quot qualifi hold quot mean direct indirect hold invest firm repres capit vote right set articl direct ec make exercis signific influenc manag invest firm hold subsist quot parent undertak quot mean parent undertak defin articl seventh council direct eec june consolid account quot subsidiari quot mean subsidiari undertak defin articl direct eec includ subsidiari subsidiari undertak ultim parent undertak quot control quot mean control defin articl direct eec quot close link quot mean situat natur legal person link particip mean ownership direct control vote right capit undertak control mean relationship parent undertak subsidiari case refer articl direct eec similar relationship natur legal person undertak subsidiari undertak subsidiari undertak consid subsidiari parent undertak head undertak situat natur legal person perman link person control relationship regard constitut close link person order account develop financi market ensur uniform applic direct commiss act accord procedur refer articl clarifi definit laid paragraph articl titl ii authoris oper condit invest firm chapter condit procedur authoris articl requir authoris member state requir perform invest servic activ regular occup busi profession basi subject prior authoris accord provis chapter authoris grant home member state compet author design accord articl derog paragraph member state market oper oper mtf subject prior verif complianc provis chapter exclud articl member state establish regist invest firm regist publicli access inform servic activ invest firm authoris updat regular basi member state requir invest firm legal person head offic member state regist offic invest firm legal person invest firm legal person nation law regist offic head offic member state carri busi case invest firm provid invest advic servic recept transmiss order condit establish articl member state compet author deleg administr preparatori ancillari task relat grant authoris accord condit laid articl articl scope authoris home member state ensur authoris specifi invest servic activ invest firm authoris provid authoris cover ancillari servic set section annex authoris case grant sole provis ancillari servic invest firm seek authoris extend busi addit invest servic activ ancillari servic foreseen time initi authoris submit request extens authoris authoris valid entir commun invest firm provid servic perform activ authoris commun establish branch free provis servic articl procedur grant refus request authoris compet author grant authoris time fulli satisfi applic compli requir provis adopt pursuant direct invest firm provid inform includ programm oper set inter alia type busi envisag organis structur enabl compet author satisfi invest firm establish time initi authoris arrang meet oblig provis chapter applic inform month submiss complet applic authoris grant articl withdraw authoris compet author withdraw authoris issu invest firm invest firm make authoris month expressli renounc authoris provid invest servic perform invest activ preced month member state concern provid authoris laps case obtain authoris make fals statement irregular mean longer meet condit authoris grant complianc condit set direct eec systemat infring provis adopt pursuant direct govern oper condit invest firm fall case nation law respect matter scope direct withdraw articl person effect direct busi member state requir person effect direct busi invest firm suffici good reput suffici experienc ensur sound prudent manag invest firm market oper seek authoris oper mtf person effect direct busi mtf effect direct busi regul market person deem compli requir laid subparagraph member state requir invest firm notifi compet author manag inform need assess staff appoint manag firm suffici good reput suffici experienc compet author refus authoris satisfi person effect direct busi invest firm suffici good reput suffici experienc object demonstr ground believ propos manag firm pose threat sound prudent manag member state requir manag invest firm undertaken person meet requir laid paragraph derog subparagraph member state grant authoris invest firm natur person invest firm legal person manag singl natur person accord constitut rule nation law member state requir altern arrang place ensur sound prudent manag invest firm articl sharehold member qualifi hold compet author authoris perform invest servic activ invest firm inform ident sharehold member direct indirect natur legal person qualifi hold amount hold compet author refus authoris take account ensur sound prudent manag invest firm satisfi suitabl sharehold member qualifi hold close link exist invest firm natur legal person compet author grant authoris link prevent effect exercis supervisori function compet author compet author refus authoris law regul administr provis countri govern natur legal person undertak close link difficulti involv enforc prevent effect exercis supervisori function member state requir natur legal person propos acquir sell directli indirectli qualifi hold invest firm notifi accord subparagraph compet author size result hold person likewis requir notifi compet author propos increas reduc qualifi hold consequ proport vote right capit hold reach fall exce invest firm ceas subsidiari prejudic paragraph compet author month date notif propos acquisit provid subparagraph oppos plan view ensur sound prudent manag invest firm satisfi suitabl person refer subparagraph compet author oppos plan fix deadlin implement acquir hold refer paragraph invest firm credit institut insur undertak ucit manag compani authoris member state parent undertak invest firm credit institut insur undertak ucit manag compani authoris member state person control invest firm credit institut insur undertak ucit manag compani authoris member state result acquisit undertak acquir subsidiari control assess acquisit subject prior consult provid articl member state requir invest firm awar acquisit dispos hold capit hold exce fall threshold refer subparagraph paragraph invest firm inform compet author delai year invest firm inform compet author name sharehold member possess qualifi hold size hold shown inform receiv annual gener meet sharehold member result complianc regul applic compani transfer secur admit trade regul market member state requir influenc exercis person refer subparagraph paragraph prejudici sound prudent manag invest firm compet author measur put end situat measur consist applic judici order imposit sanction director respons manag suspens exercis vote right attach share held sharehold member question similar measur respect person fail compli oblig provid prior inform relat acquisit increas qualifi hold hold acquir opposit compet author member state sanction adopt provid exercis vote right suspend nulliti vote cast possibl annul articl membership authoris investor compens scheme compet author verifi entiti seek authoris invest firm meet oblig direct ec european parliament council march investor compens scheme time authoris articl initi capit endow member state ensur compet author grant authoris invest firm suffici initi capit accord requir direct eec regard natur invest servic activ question pend revis direct eec invest firm provid articl subject capit requir laid articl articl organis requir home member state requir invest firm compli organis requir set paragraph invest firm establish adequ polici procedur suffici ensur complianc firm includ manag employe ti agent oblig provis direct rule govern person transact person invest firm maintain oper effect organis administr arrang view take reason step design prevent conflict interest defin articl advers affect interest client invest firm reason step ensur continu regular perform invest servic activ end invest firm emploi proportion system resourc procedur invest firm ensur reli parti perform oper function critic provis continu satisfactori servic client perform invest activ continu satisfactori basi take reason step avoid undu addit oper risk outsourc import oper function undertaken impair materi qualiti intern control abil supervisor monitor firm complianc oblig invest firm sound administr account procedur intern control mechan effect procedur risk assess effect control safeguard arrang inform process system invest firm arrang record servic transact undertaken suffici enabl compet author monitor complianc requir direct ascertain invest firm compli oblig respect client potenti client invest firm hold financi instrument belong client make adequ arrang safeguard client ownership right event invest firm insolv prevent client instrument account client express consent invest firm hold fund belong client make adequ arrang safeguard client right case credit institut prevent client fund account case branch invest firm compet author member state branch locat prejudic possibl compet author home member state invest firm direct access record enforc oblig laid paragraph regard transact undertaken branch order account technic develop financi market ensur uniform applic paragraph commiss adopt accord procedur refer articl implement measur concret organis requir impos invest firm perform invest servic activ ancillari servic combin thereof articl trade process finalis transact mtf member state requir invest firm market oper oper mtf addit meet requir laid articl establish transpar discretionari rule procedur fair orderli trade establish object criteria effici execut order member state requir invest firm market oper oper mtf establish transpar rule criteria determin financi instrument trade system member state requir applic invest firm market oper oper mtf provid satisfi access suffici publicli inform enabl user form invest judgement take account natur user type instrument trade member state ensur articl applic transact conclud rule govern mtf member particip mtf member particip relat mtf member particip mtf compli oblig provid articl respect client act behalf client execut order system mtf member state requir invest firm market oper oper mtf establish maintain transpar rule base object criteria govern access facil rule compli condit establish articl member state requir invest firm market oper oper mtf inform user respect respons settlement transact execut facil member state requir invest firm market oper oper mtf put place arrang facilit effici settlement transact conclud system mtf transfer secur admit trade regul market trade mtf consent issuer issuer subject oblig relat initi ongo ad hoc financi disclosur regard mtf member state requir invest firm market oper oper mtf compli immedi instruct compet author pursuant articl suspend remov financi instrument trade articl relat countri member state inform commiss gener difficulti invest firm encount establish provid invest servic perform invest activ countri appear commiss basi inform submit paragraph countri grant commun invest firm effect market access compar grant commun invest firm countri commiss submit propos council mandat negoti view obtain compar competit opportun commun invest firm council act qualifi major appear commiss basi inform submit paragraph commun invest firm countri grant nation treatment afford competit opportun domest invest firm condit effect market access fulfil commiss initi negoti order remedi situat circumst refer subparagraph commiss decid accord procedur refer articl time addit initi negoti compet author member state limit suspend decis request pend futur request authoris acquisit hold direct indirect parent undertak govern law countri question limit suspens appli set subsidiari invest firm duli authoris commun subsidiari acquisit hold commun invest firm firm subsidiari durat measur exce month end month period refer subparagraph light result negoti commiss decid accord procedur refer articl extend measur appear commiss situat refer paragraph obtain member state inform request applic authoris firm direct indirect subsidiari parent undertak govern law countri question inform accord articl parent undertak propos acquir hold commun invest firm consequ subsidiari oblig provid inform laps agreement reach countri concern measur refer subparagraph paragraph ceas appli measur articl compli commun oblig intern agreement bilater multilater govern take pursuit busi invest firm chapter ii oper condit invest firm section gener provis articl regular review condit initi authoris member state requir invest firm authoris territori compli time condit initi authoris establish chapter titl member state requir compet author establish method monitor invest firm compli oblig paragraph requir invest firm notifi compet author materi condit initi authoris case invest firm provid invest advic member state compet author deleg administr preparatori ancillari task relat review condit initi authoris accord condit laid articl articl gener oblig respect supervis member state ensur compet author monitor activ invest firm assess complianc oper condit provid direct member state ensur measur place enabl compet author obtain inform need assess complianc invest firm oblig case invest firm provid invest advic member state compet author deleg administr preparatori ancillari task relat regular monitor oper requir accord condit laid articl articl conflict interest member state requir invest firm reason step identifi conflict interest includ manag employe ti agent person directli indirectli link control client client aris provid invest ancillari servic combin thereof organis administr arrang made invest firm accord articl manag conflict interest suffici ensur reason confid risk damag client interest prevent invest firm disclos gener natur sourc conflict interest client undertak busi behalf order account technic develop financi market ensur uniform applic paragraph commiss adopt accord procedur refer articl implement measur defin step invest firm expect identifi prevent manag disclos conflict interest provid invest ancillari servic combin thereof establish criteria determin type conflict interest exist damag interest client potenti client invest firm section provis ensur investor protect articl conduct busi oblig provid invest servic client member state requir provid invest servic ancillari servic client invest firm act honestli fairli profession accord interest client compli principl set paragraph inform includ market commun address invest firm client potenti client fair clear mislead market commun identifi inform provid comprehens form client potenti client invest firm servic financi instrument propos invest strategi includ guidanc warn risk invest instrument respect invest strategi execut venu cost charg understand natur risk invest servic specif type financi instrument offer invest decis inform basi inform provid standardis format provid invest advic portfolio manag invest firm obtain inform client potenti client knowledg experi invest field relev specif type product servic financi situat invest object enabl firm recommend client potenti client invest servic financi instrument suitabl member state ensur invest firm provid invest servic refer paragraph client potenti client provid inform knowledg experi invest field relev specif type product servic offer demand enabl invest firm assess invest servic product envisag client case invest firm consid basi inform receiv previou subparagraph product servic client potenti client invest firm warn client potenti client warn provid standardis format case client potenti client elect provid inform refer subparagraph insuffici inform knowledg experi invest firm warn client potenti client decis firm determin servic product envisag warn provid standardis format member state invest firm provid invest servic consist execut recept transmiss client order ancillari servic provid invest servic client obtain inform make determin provid paragraph condit met servic relat share admit trade regul market equival countri market monei market instrument bond form securitis debt exclud bond securitis debt emb deriv ucit complex financi instrument countri market consid equival regul market compli equival requir establish titl iii commiss publish list market consid equival list updat period servic provid initi client potenti client client potenti client inform provis servic invest firm requir assess suitabl instrument servic provid offer benefit protect relev conduct busi rule warn provid standardis format invest firm compli oblig articl invest firm establish record includ document document agre firm client set right oblig parti term firm provid servic client right duti parti contract incorpor refer document legal text client receiv invest firm adequ report servic provid client report includ applic cost transact servic undertaken behalf client case invest servic offer part financi product subject provis commun legisl common european standard relat credit institut consum credit respect risk assess client inform requir servic addition subject oblig set articl order ensur protect investor uniform applic paragraph commiss adopt accord procedur refer articl implement measur ensur invest firm compli principl set provid invest ancillari servic client implement measur account natur servic offer provid client potenti client take account type object size frequenc transact natur financi instrument offer consid retail profession natur client potenti client articl provis servic medium invest firm member state invest firm receiv instruct perform invest ancillari servic behalf client medium invest firm reli client inform transmit firm invest firm mediat instruct remain respons complet accuraci inform transmit invest firm receiv instruct undertak servic behalf client reli recommend respect servic transact provid client invest firm invest firm mediat instruct remain respons appropri client recommend advic provid invest firm receiv client instruct order medium invest firm remain respons conclud servic transact base inform recommend accord relev provis titl articl oblig execut order term favour client member state requir invest firm reason step obtain execut order result client take account price cost speed likelihood execut settlement size natur consider relev execut order specif instruct client invest firm execut order specif instruct member state requir invest firm establish implement effect arrang compli paragraph member state requir invest firm establish implement order execut polici obtain client order result accord paragraph order execut polici includ respect class instrument inform venu invest firm execut client order factor affect choic execut venu includ venu enabl invest firm obtain consist basi result execut client order member state requir invest firm provid inform client order execut polici member state requir invest firm obtain prior consent client execut polici member state requir order execut polici possibl client order execut regul market mtf invest firm inform client possibl member state requir invest firm obtain prior express consent client proceed execut order regul market mtf invest firm obtain consent form gener agreement respect individu transact member state requir invest firm monitor effect order execut arrang execut polici order identifi correct defici assess regular basi execut venu includ order execut polici provid result client make execut arrang member state requir invest firm notifi client materi order execut arrang execut polici member state requir invest firm demonstr client request execut order accord firm execut polici order ensur protect investor fair orderli function market ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur criteria determin rel import factor pursuant paragraph account determin result take account size type order retail profession natur client factor account invest firm review execut arrang circumst arrang factor determin venu enabl invest firm obtain consist basi result execut client order natur extent inform provid client execut polici pursuant paragraph articl client order handl rule member state requir invest firm authoris execut order behalf client implement procedur arrang provid prompt fair expediti execut client order rel client order trade interest invest firm procedur arrang execut compar client order accord time recept invest firm member state requir case client limit order respect share admit trade regul market immedi execut prevail market condit invest firm client expressli instruct measur facilit earliest execut order make public immedi client limit order manner easili access market particip member state decid invest firm compli oblig transmit client limit order regul market mtf member state provid compet author waiv oblig make public limit order larg scale compar normal market size determin articl order ensur measur protect investor fair orderli function market account technic develop financi market ensur uniform applic paragraph commiss adopt accord procedur refer articl implement measur defin condit natur procedur arrang result prompt fair expediti execut client order situat type transact invest firm deviat prompt execut obtain favour term client method invest firm deem met oblig disclos immedi execut client limit order market articl oblig invest firm appoint ti agent member state decid invest firm appoint ti agent purpos promot servic invest firm solicit busi receiv order client potenti client transmit place financi instrument provid advic respect financi instrument servic offer invest firm member state requir invest firm decid appoint ti agent remain fulli uncondition respons action omiss part ti agent act behalf firm member state requir invest firm ensur ti agent disclos capac act firm repres contact deal client potenti client member state accord articl ti agent regist territori handl client monei financi instrument behalf full respons invest firm act territori case cross border oper territori member state ti agent handl client monei member state requir invest firm monitor activ ti agent ensur continu compli direct act ti agent member state decid invest firm appoint ti agent establish public regist ti agent regist public regist member state establish member state ti agent establish decid accord paragraph invest firm authoris compet author appoint ti agent ti agent regist compet author home member state invest firm behalf act member state ensur ti agent admit public regist establish suffici good reput possess gener commerci profession knowledg commun accur relev inform propos servic client potenti client member state decid invest firm verifi ti agent appoint suffici good reput possess knowledg refer subparagraph regist updat regular basi publicli consult member state requir invest firm appoint ti agent adequ measur order avoid neg impact activ ti agent cover scope direct activ carri ti agent behalf invest firm member state compet author collabor invest firm credit institut associ entiti regist ti agent monitor complianc ti agent requir paragraph ti agent regist invest firm credit institut associ entiti supervis compet author member state requir invest firm appoint ti agent enter public regist refer paragraph member state reinforc requir set articl add requir ti agent regist jurisdict articl transact execut elig counterparti member state ensur invest firm authoris execut order behalf client deal account receiv transmit order bring enter transact elig counterparti oblig compli oblig articl respect transact respect ancillari servic directli relat transact member state recognis elig counterparti purpos articl invest firm credit institut insur compani ucit manag compani pension fund manag compani financi institut authoris regul commun legisl nation law member state undertak exempt applic direct articl nation govern offic includ public bodi deal public debt central bank supran organis classif elig counterparti subparagraph prejudic entiti request gener form trade trade basi treatment client busi invest firm subject articl member state recognis elig counterparti undertak meet pre determin proportion requir includ quantit threshold event transact prospect counterparti locat jurisdict invest firm defer statu undertak determin law measur member state undertak establish member state ensur invest firm enter transact accord paragraph undertak obtain express confirm prospect counterparti agre treat elig counterparti member state invest firm obtain confirm form gener agreement respect individu transact member state recognis elig counterparti countri entiti equival categori entiti mention paragraph member state recognis elig counterparti countri undertak mention paragraph condit subject requir laid paragraph order ensur uniform applic paragraph light chang market practic facilit effect oper singl market commiss adopt accord procedur refer articl implement measur defin procedur request treatment client paragraph procedur obtain express confirm prospect counterparti paragraph predetermin proportion requir includ quantit threshold undertak consid elig counterparti paragraph section market transpar integr articl oblig uphold integr market report transact maintain record prejudic alloc respons enforc provis direct ec european parliament council januari insid deal market manipul market abus member state ensur measur place enabl compet author monitor activ invest firm ensur act honestli fairli profession manner promot integr market member state requir invest firm dispos compet author year relev data relat transact financi instrument carri account behalf client case transact carri behalf client record inform detail ident client inform requir council direct eec june prevent financi system purpos monei launder member state requir invest firm execut transact financi instrument admit trade regul market report detail transact compet author quickli close work dai oblig appli transact carri regul market compet author accord articl establish arrang order ensur compet author relev market term liquid financi instrument receiv inform report includ detail name number instrument bought sold quantiti date time execut transact price mean identifi invest firm concern member state provid report made compet author invest firm parti act behalf trade match report system approv compet author regul market mtf system transact complet case transact report directli compet author regul market mtf trade match report system approv compet author oblig invest firm laid paragraph waiv accord articl report provid articl transmit compet author host member state transmit inform compet author home member state invest firm decid receiv inform order ensur measur protect market integr modifi account technic develop financi market ensur uniform applic paragraph commiss adopt accord procedur refer articl implement measur defin method arrang report financi transact form content report criteria defin relev market accord paragraph articl monitor complianc rule mtf legal oblig member state requir invest firm market oper oper mtf establish maintain effect arrang procedur relev mtf regular monitor complianc user rule invest firm market oper oper mtf monitor transact undertaken user system order identifi breach rule disorderli trade condit conduct involv market abus member state requir invest firm market oper oper mtf report signific breach rule disorderli trade condit conduct involv market abus compet author member state requir invest firm market oper oper mtf suppli relev inform delai author compet investig prosecut market abus provid full assist investig prosecut market abus occur system articl oblig invest firm make public firm quot member state requir systemat internalis share publish firm quot share admit trade regul market systemat internalis liquid market case share liquid market systemat internalis disclos quot client request provis articl applic systemat internalis deal size standard market size systemat internalis deal size standard market size subject provis articl systemat internalis decid size size quot share quot includ firm bid offer price price size size standard market size class share share belong price price reflect prevail market condit share share group class basi arithmet averag order execut market share standard market size class share size repres arithmet averag order execut market share includ class share market share compris order execut european union respect share exclud larg scale compar normal market size share compet author relev market term liquid defin articl share determin annual basi arithmet averag order execut market respect share class share belong inform made public market particip systemat internalis make public quot regular continu basi normal trade hour entitl updat quot time allow except market condit withdraw quot quot made public manner easili access market particip reason commerci basi systemat internalis compli provis set articl execut order receiv retail client relat share systemat internalis quot price time recept order systemat internalis execut order receiv profession client relat share systemat internalis quot price time recept order execut order price justifi case provid price fall public rang close market condit provid order size bigger size customarili undertaken retail investor systemat internalis execut order receiv profession client price quot compli condit establish fourth subparagraph respect transact execut secur part transact respect order subject condit current market price systemat internalis quot quot highest quot lower standard market size receiv order client size bigger quotat size lower standard market size decid execut part order exce quotat size provid execut quot price permit condit previou subparagraph systemat internalis quot size receiv order size choos execut execut order quot price complianc provis articl permit condit previou subparagraph compet author check invest firm regularli updat bid offer price publish accord paragraph maintain price reflect prevail market condit invest firm compli condit price improv laid fourth subparagraph paragraph systemat internalis allow decid basi commerci polici object discriminatori investor give access quot end clear standard govern access quot systemat internalis refus enter discontinu busi relationship investor basi commerci consider investor credit statu counterparti risk final settlement transact order limit risk expos multipl transact client systemat internalis allow limit discriminatori number transact client undertak enter publish condit allow discriminatori accord provis articl limit total number transact client time provid allow number volum order sought client consider exce norm order ensur uniform applic paragraph manner support effici valuat share maximis possibl invest firm obtain deal client commiss accord procedur refer articl adopt implement measur criteria applic paragraph criteria determin quot publish regular continu basi easili access mean invest firm compli oblig make public quot includ possibl facil regul market admit instrument question trade ii offic parti iii proprietari arrang gener criteria determin transact execut secur part transact order subject condit current market price gener criteria determin consid except market circumst withdraw quot condit updat quot criteria determin size customarili undertaken retail investor criteria determin constitut consider exceed norm set paragraph criteria determin price fall public rang close market condit articl post trade disclosur invest firm member state requir invest firm account behalf client conclud transact share admit trade regul market regul market mtf make public volum price transact time conclud inform made public close real time reason commerci basi manner easili access market particip member state requir inform made public accord paragraph time limit publish compli requir adopt pursuant articl measur adopt pursuant articl provid defer report categori transact share possibl appli mutati mutandi transact undertaken regul market mtf order ensur transpar orderli function market uniform applic paragraph commiss adopt accord procedur refer articl implement measur mean invest firm compli oblig paragraph includ possibl facil regul market admit instrument question trade facil mtf share question trade ii offic parti iii proprietari arrang clarifi applic oblig paragraph transact involv share collater lend purpos exchang share determin factor current market valuat share articl pre trade transpar requir mtf member state requir invest firm market oper oper mtf make public current bid offer price depth trade interest price advertis system respect share admit trade regul market member state provid inform made public reason commerci term continu basi normal trade hour member state provid compet author waiv oblig invest firm market oper oper mtf make public inform refer paragraph base market model type size order case defin accord paragraph compet author waiv oblig respect transact larg scale compar normal market size share type share question order ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur rang bid offer design market maker quot depth trade interest price made public size type order pre trade disclosur waiv paragraph market model pre trade disclosur waiv paragraph applic oblig trade method oper mtf conclud transact rule refer price establish system mtf period auction justifi specif natur mtf content implement measur equal implement measur provid articl regul market articl post trade transpar requir mtf member state requir invest firm market oper oper mtf make public price volum time transact execut system respect share admit trade regul market member state requir detail transact made public reason commerci basi close real time requir appli detail trade execut mtf made public system regul market member state provid compet author authoris invest firm market oper oper mtf provid defer public detail transact base type size compet author authoris defer public respect transact larg scale compar normal market size share class share member state requir mtf obtain compet author prior approv propos arrang defer trade public requir arrang disclos market particip invest public order provid effici orderli function financi market ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur respect scope content inform made public condit invest firm market oper oper mtf provid defer public trade criteria appli decid transact due size type share involv defer public allow justifi specif natur mtf content implement measur equal implement measur provid articl regul market chapter iii right invest firm articl freedom provid invest servic activ member state ensur invest firm authoris supervis compet author member state accord direct respect credit institut accord direct ec freeli perform invest servic activ ancillari servic territori provid servic activ cover authoris ancillari servic provid invest servic activ member state impos addit requir invest firm credit institut respect matter cover direct invest firm wish provid servic activ territori member state time wish chang rang servic activ provid commun inform compet author home member state member state intend oper programm oper state invest servic activ ancillari servic intend perform intend ti agent territori member state intend provid servic case invest firm intend ti agent compet author home member state invest firm request compet author host member state reason time commun ident ti agent invest firm intend member state host member state make public inform compet author home member state month receiv inform forward compet author host member state design contact point accord articl invest firm start provid invest servic servic concern host member state event chang particular commun accord paragraph invest firm give written notic chang compet author home member state month implement chang compet author home member state inform compet author host member state member state legal administr requir invest firm market oper oper mtf member state provid arrang territori facilit access system remot user particip establish territori invest firm market oper oper mtf commun compet author home member state member state intend provid arrang compet author home member state mtf commun month inform member state mtf intend provid arrang compet author home member state mtf request compet author host member state mtf reason delai commun ident member particip mtf establish member state articl establish branch member state ensur invest servic activ ancillari servic provid territori accord direct direct ec establish branch provid servic activ cover authoris grant invest firm credit institut home member state ancillari servic provid invest servic activ member state impos addit requir save allow paragraph organis oper branch respect matter cover direct member state requir invest firm wish establish branch territori member state notifi compet author home member state provid inform member state territori plan establish branch programm oper set inter alia invest servic activ ancillari servic offer organis structur branch indic branch intend ti agent address host member state document obtain name respons manag branch case invest firm ti agent establish member state home member state ti agent assimil branch subject provis direct relat branch compet author home member state reason doubt adequaci administr structur financi situat invest firm take account activ envisag month receiv inform commun inform compet author host member state design contact point accord articl inform invest firm concern addit inform refer paragraph compet author home member state commun detail accredit compens scheme invest firm member accord direct ec compet author host member state event chang particular compet author home member state inform compet author host member state compet author home member state refus commun inform compet author host member state give reason refus invest firm concern month receiv inform receipt commun compet author host member state fail commun latest month date transmiss commun compet author home member state branch establish commenc busi compet author member state branch locat assum respons ensur servic provid branch territori compli oblig laid articl measur adopt pursuant thereto compet author member state branch locat examin branch arrang request strictli need enabl compet author enforc oblig articl measur adopt pursuant thereto respect servic activ provid branch territori member state provid invest firm authoris member state establish branch territori compet author home member state invest firm exercis respons inform compet author host member state carri site inspect branch event chang inform commun accord paragraph invest firm give written notic chang compet author home member state month implement chang compet author host member state inform chang compet author home member state articl access regul market member state requir invest firm member state authoris execut client order deal account membership access regul market establish territori mean arrang directli set branch host member state remot member remot access regul market establish home member state regul market trade procedur system market question requir physic presenc conclus transact market member state impos addit regulatori administr requir respect matter cover direct invest firm exercis confer paragraph articl access central counterparti clear settlement facil design settlement system member state requir invest firm member state access central counterparti clear settlement system territori purpos finalis arrang finalis transact financi instrument member state requir access invest firm facil subject discriminatori transpar object criteria appli local particip member state restrict facil clear settlement transact financi instrument undertaken regul market mtf territori member state requir regul market territori offer member particip design system settlement transact financi instrument undertaken regul market subject link arrang design settlement system system facil ensur effici econom settlement transact question agreement compet author respons supervis regul market technic condit settlement transact conclud regul market settlement system design regul market smooth orderli function financi market assess compet author regul market prejudic compet nation central bank overs settlement system supervisori author system compet author account oversight supervis exercis institut order avoid undu duplic control right invest firm paragraph prejudic oper central counterparti clear secur settlement system refus legitim commerci ground make request servic articl provis central counterparti clear settlement arrang respect mtf member state prevent invest firm market oper oper mtf enter arrang central counterparti clear hous settlement system member state view provid clear settlement trade conclud market particip system compet author invest firm market oper oper mtf oppos central counterparti clear hous settlement system member state demonstr order maintain orderli function mtf take account condit settlement system establish articl order avoid undu duplic control compet author account oversight supervis clear settlement system exercis nation central bank overs clear settlement system supervisori author compet system titl iii regul market articl authoris applic law member state reserv authoris regul market system compli provis titl authoris regul market grant compet author satisfi market oper system regul market compli requir laid titl case regul market legal person manag oper market oper regul market member state establish oblig impos market oper direct alloc regul market market oper oper regul market provid inform includ programm oper set inter alia type busi envisag organis structur enabl compet author satisfi regul market establish time initi authoris arrang meet oblig provis titl member state requir oper regul market perform task relat organis oper regul market supervis compet author member state ensur compet author regular review complianc regul market provis titl ensur compet author monitor regul market compli time condit initi authoris establish titl member state ensur market oper respons ensur regul market manag compli requir titl member state ensur market oper entitl exercis right correspond regul market manag virtu direct prejudic relev provis direct ec public law govern trade conduct system regul market home member state regul market compet author withdraw authoris issu regul market make authoris month expressli renounc authoris oper preced month member state concern provid authoris laps case obtain authoris make fals statement irregular mean longer meet condit authoris grant systemat infring provis adopt pursuant direct fall case nation law withdraw articl requir manag regul market member state requir person effect direct busi oper regul market suffici good reput suffici experienc ensur sound prudent manag oper regul market member state requir oper regul market inform compet author ident subsequ person effect direct busi oper regul market compet author refus approv propos object demonstr ground believ pose materi threat sound prudent manag oper regul market member state ensur process authoris regul market person person effect direct busi oper authoris regul market accord condit direct deem compli requir laid paragraph articl requir relat person exercis signific influenc manag regul market member state requir person posit exercis directli indirectli signific influenc manag regul market suitabl member state requir oper regul market provid compet author make public inform ownership regul market market oper ident scale interest parti posit exercis signific influenc manag inform compet author make public transfer ownership rise chang ident person exercis signific influenc oper regul market compet author refus approv propos control interest regul market market oper object demonstr ground believ pose threat sound prudent manag regul market articl organis requir member state requir regul market arrang identifi manag potenti advers consequ oper regul market particip conflict interest interest regul market owner oper sound function regul market conflict interest prove prejudici accomplish function deleg regul market compet author adequ equip manag risk expos implement arrang system identifi signific risk oper put place effect measur mitig risk arrang sound manag technic oper system includ establish effect conting arrang cope risk system disrupt transpar discretionari rule procedur provid fair orderli trade establish object criteria effici execut order effect arrang facilit effici time finalis transact execut system time authoris ongo basi suffici financi resourc facilit orderli function regard natur extent transact conclud market rang degre risk expos articl admiss financi instrument trade member state requir regul market clear transpar rule admiss financi instrument trade rule ensur financi instrument admit trade regul market capabl trade fair orderli effici manner case transfer secur freeli negoti case deriv rule ensur design deriv contract orderli price exist effect settlement condit addit oblig set paragraph member state requir regul market establish maintain effect arrang verifi issuer transfer secur admit trade regul market compli oblig commun law respect initi ongo ad hoc disclosur oblig member state ensur regul market establish arrang facilit member particip obtain access inform made public commun law member state ensur regul market establish arrang review regularli complianc admiss requir financi instrument admit trade transfer secur admit trade regul market subsequ admit trade regul market consent issuer complianc relev provis direct ec european parliament council prospectu publish secur offer public admit trade amend direct ec issuer inform regul market fact secur trade regul market issuer subject oblig provid inform requir paragraph directli regul market admit issuer secur trade consent order ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur characterist class instrument account regul market assess instrument issu manner consist condit laid subparagraph paragraph admiss trade market segment oper clarifi arrang regul market implement consid fulfil oblig verifi issuer transfer secur compli oblig commun law respect initi ongo ad hoc disclosur oblig clarifi arrang regul market establish pursuant paragraph order facilit member particip obtain access inform made public condit establish commun law articl suspens remov instrument trade prejudic compet author articl demand suspens remov instrument trade oper regul market suspend remov trade financi instrument longer compli rule regul market step signific damag investor interest orderli function market notwithstand possibl oper regul market inform directli oper regul market member state requir oper regul market suspend remov trade financi instrument make public decis commun relev inform compet author compet author inform compet author member state compet author demand suspens remov financi instrument trade regul market immedi make public decis inform compet author member state signific damag investor interest orderli function market compet author member state demand suspens remov financi instrument trade regul market mtf oper author articl access regul market member state requir regul market establish maintain transpar discriminatori rule base object criteria govern access membership regul market rule oblig member particip aris constitut administr regul market rule relat transact market profession standard impos staff invest firm credit institut oper market condit establish member particip invest firm credit institut paragraph rule procedur clear settlement transact conclud regul market regul market admit member particip invest firm credit institut authoris direct ec person fit proper suffici level trade abil compet applic adequ organis arrang suffici resourc role perform take account financi arrang regul market establish order guarante adequ settlement transact member state ensur transact conclud regul market member particip oblig appli oblig laid articl member particip regul market appli oblig provid articl respect client act behalf client execut order regul market member state ensur rule access membership regul market provid direct remot particip invest firm credit institut member state legal administr requir regul market member state provid arrang territori facilit access trade market remot member particip establish territori regul market commun compet author home member state member state intend provid arrang compet author home member state commun month inform member state regul market intend provid arrang compet author home member state regul market request compet author host member state reason time commun ident member particip regul market establish member state member state requir oper regul market commun regular basi list member particip regul market compet author regul market articl monitor complianc rule regul market legal oblig member state requir regul market establish maintain effect arrang procedur regular monitor complianc member particip rule regul market monitor transact undertaken member particip system order identifi breach rule disorderli trade condit conduct involv market abus member state requir oper regul market report signific breach rule disorderli trade condit conduct involv market abus compet author regul market member state requir oper regul market suppli relev inform delai author compet investig prosecut market abus regul market provid full assist investig prosecut market abus occur system regul market articl pre trade transpar requir regul market member state requir regul market make public current bid offer price depth trade interest price advertis system share admit trade member state requir inform made public reason commerci term continu basi normal trade hour regul market give access reason commerci term discriminatori basi arrang emploi make public inform subparagraph invest firm oblig publish quot share pursuant articl member state provid compet author waiv oblig regul market make public inform refer paragraph base market model type size order case defin accord paragraph compet author waiv oblig respect transact larg scale compar normal market size share type share question order ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur rang bid offer design market maker quot depth trade interest price made public size type order pre trade disclosur waiv paragraph market model pre trade disclosur waiv paragraph applic oblig trade method oper regul market conclud transact rule refer price establish regul market period auction articl post trade transpar requir regul market member state requir regul market make public price volum time transact execut respect share admit trade member state requir detail transact made public reason commerci basi close real time regul market give access reason commerci term discriminatori basi arrang emploi make public inform subparagraph invest firm oblig publish detail transact share pursuant articl member state provid compet author authoris regul market provid defer public detail transact base type size compet author authoris defer public respect transact larg scale compar normal market size share class share member state requir regul market obtain compet author prior approv propos arrang defer trade public requir arrang disclos market particip invest public order provid effici orderli function financi market ensur uniform applic paragraph commiss accord procedur refer articl adopt implement measur respect scope content inform made public condit regul market provid defer public trade criteria appli decid transact due size type share involv defer public allow articl provis central counterparti clear settlement arrang member state prevent regul market enter arrang central counterparti clear hous settlement system member state view provid clear settlement trade conclud market particip system compet author regul market oppos central counterparti clear hous settlement system member state demonstr order maintain orderli function regul market take account condit settlement system establish articl order avoid undu duplic control compet author account oversight supervis clear settlement system exercis nation central bank overs clear settlement system supervisori author compet relat system articl list regul market member state draw list regul market home member state forward list member state commiss similar commun effect respect chang list commiss publish list regul market offici journal european union updat year commiss publish updat list websit time member state commun list titl iv compet author chapter design power redress procedur articl design compet author member state design compet author carri duti provid provis direct member state inform commiss compet author member state ident compet author respons enforc duti divis duti compet author refer paragraph public author prejudic possibl deleg task entiti expressli provid articl deleg task entiti author refer paragraph involv exercis public author discretionari power judgement member state requir prior deleg compet author reason step ensur entiti task deleg capac resourc effect execut task deleg take place defin document framework exercis deleg task establish state task undertaken condit carri condit includ claus oblig entiti question act organis manner avoid conflict interest inform obtain carri deleg task unfairli prevent competit case final respons supervis complianc direct implement measur lie compet author author design accord paragraph member state inform commiss compet author member state arrang enter regard deleg task includ precis condit regul deleg commiss publish list compet author refer paragraph offici journal european union year updat continu websit articl cooper author member state member state design compet author enforc provis direct respect role defin cooper close member state requir cooper place compet author purpos direct compet author respons member state supervis credit financi institut pension fund ucit insur reinsur intermediari insur undertak member state requir compet author exchang inform essenti relev exercis function duti articl power made compet author compet author supervisori investigatori power exercis function limit provid nation legal framework exercis power directli collabor author respons deleg entiti task deleg articl applic compet judici author power refer paragraph exercis conform nation law includ right access document form whatsoev receiv copi demand inform person summon question person view obtain inform carri site inspect requir exist telephon exist data traffic record requir cessat practic contrari provis adopt implement direct request freez sequestr asset request temporari prohibit profession activ requir authoris invest firm regul market auditor provid inform adopt type measur ensur invest firm regul market continu compli legal requir requir suspens trade financi instrument requir remov financi instrument trade regul market trade arrang refer matter crimin prosecut auditor expert carri verif investig articl administr sanction prejudic procedur withdraw authoris member state impos crimin sanction member state ensur conform nation law administr measur administr sanction impos person respons provis adopt implement direct compli member state ensur measur effect proportion dissuas member state determin sanction appli failur cooper investig cover articl member state provid compet author disclos public measur sanction impos infring provis adopt implement direct disclosur jeopardis financi market disproportion damag parti involv articl appeal member state ensur decis law regul administr provis adopt accord direct properli reason subject appli court appli court appli respect applic authoris inform requir decis month submiss member state provid bodi determin nation law interest consum accord nation law action court compet administr bodi ensur nation provis implement direct appli public bodi repres consum organis legitim interest protect consum profession organis legitim interest act protect member articl extra judici mechan investor complaint member state encourag set effici effect complaint redress procedur court settlement consum disput provis invest ancillari servic provid invest firm exist bodi member state ensur bodi prevent legal regulatori provis cooper effect resolut cross border disput articl profession secreci member state ensur compet author person work work compet author entiti task deleg pursuant articl auditor expert instruct compet author bound oblig profession secreci confidenti inform receiv duti divulg person author whatsoev save summari aggreg form individu invest firm market oper regul market person identifi prejudic case cover crimin law provis direct invest firm market oper regul market declar bankrupt compulsorili wound confidenti inform concern parti divulg civil commerci proceed carri proceed prejudic case cover crimin law compet author bodi natur legal person compet author receiv confidenti inform pursuant direct perform duti exercis function case compet author scope direct case author bodi natur legal person purpos inform provid context administr judici proceed specif relat exercis function compet author author bodi person commun inform consent thereto author receiv inform purpos confidenti inform receiv exchang transmit pursuant direct subject condit profession secreci laid articl articl prevent compet author exchang transmit confidenti inform accord direct direct applic invest firm credit institut pension fund ucit insur reinsur intermediari insur undertak regul market market oper consent compet author author bodi natur legal person commun inform articl prevent compet author exchang transmit accord nation law confidenti inform receiv compet author member state articl relat auditor member state provid person authoris mean eighth council direct eec april approv person respons carri statutori audit account document perform invest firm task articl fourth council direct eec juli annual account type compani articl direct eec articl direct eec task prescrib law duti report promptli compet author fact decis undertak person awar carri task liabl constitut materi breach law regul administr provis lai condit govern authoris specif govern pursuit activ invest firm affect continu function invest firm lead refus certifi account express reserv person duti report fact decis person awar carri task refer subparagraph undertak close link invest firm carri task disclosur good faith compet author person authoris mean direct eec fact decis refer paragraph constitut breach contractu legal restrict disclosur inform involv person liabil kind chapter ii cooper compet author member state articl oblig cooper compet author member state cooper purpos carri duti direct make power set direct nation law compet author render assist compet author member state exchang inform cooper investig supervisori activ order facilit acceler cooper exchang inform member state design singl compet author contact point purpos direct member state commun commiss member state name author design receiv request exchang inform cooper pursuant paragraph take account situat secur market host member state oper regul market establish arrang host member state substanti import function secur market protect investor host member state home host compet author regul market establish proportion cooper arrang member state administr organis measur facilit assist provid paragraph compet author power purpos cooper case conduct investig constitut infring regul forc member state compet author good reason suspect act contrari provis direct carri entiti subject supervis carri territori member state notifi specif manner compet author member state author action inform notifi compet author outcom action extent signific interim develop paragraph prejudic compet compet author forward inform order ensur uniform applic paragraph commiss adopt accord procedur refer articl implement measur establish criteria oper regul market host member state consid substanti import function secur market protect investor host member state articl cooper supervisori activ spot verif investig compet author member state request cooper compet author member state supervisori activ spot verif investig case invest firm remot member regul market compet author regul market choos address directli case inform compet author home member state remot member compet author receiv request respect spot verif investig framework power carri verif investig request author carri verif investig auditor expert carri verif investig articl exchang inform compet author member state design contact point purpos direct accord articl immedi suppli inform requir purpos carri duti compet author design accord articl set provis adopt pursuant direct compet author exchang inform compet author direct time commun inform disclos express agreement case inform exchang sole purpos author gave agreement compet author design contact point transmit inform receiv paragraph articl author refer articl transmit bodi natur legal person express agreement compet author disclos sole purpos author gave agreement duli justifi circumst case contact point immedi inform contact point inform author refer articl bodi natur legal person receiv confidenti inform paragraph articl articl duti check condit govern take busi invest firm met facilit monitor consolid consolid basi conduct busi regard capit adequaci requir impos direct eec administr account procedur intern control mechan monitor proper function trade venu impos sanction administr appeal decis compet author court proceed initi articl extra judici mechan investor complaint provid articl commiss adopt accord procedur refer articl implement measur procedur exchang inform compet author articl prevent compet author transmit central bank european system central bank european central bank capac monetari author public author respons overse payment settlement system confidenti inform intend perform task likewis author bodi prevent commun compet author inform purpos perform function provid direct articl refus cooper compet author refus act request cooper carri investig spot verif supervisori activ provid articl exchang inform provid articl investig spot verif supervisori activ exchang inform advers affect sovereignti secur public polici state address judici proceed initi respect action person author member state address final judgment deliv member state address respect person action case refus compet author notifi request compet author provid detail inform articl inter author consult prior authoris compet author member state involv consult prior grant authoris invest firm subsidiari invest firm credit institut authoris member state subsidiari parent undertak invest firm credit institut authoris member state control natur legal person control invest firm credit institut authoris member state compet author member state respons supervis credit institut insur undertak consult prior grant authoris invest firm subsidiari credit institut insur undertak authoris commun subsidiari parent undertak credit institut insur undertak authoris commun control person natur legal control credit institut insur undertak authoris commun relev compet author refer paragraph consult assess suitabl sharehold member reput experi person effect direct busi involv manag entiti group exchang inform suitabl sharehold member reput experi person effect direct busi relev compet author involv grant authoris ongo assess complianc oper condit articl power host member state host member state statist purpos requir invest firm branch territori report period activ branch discharg respons direct host member state requir branch invest firm provid inform monitor complianc standard set host member state appli case provid articl requir stringent member state impos establish firm monitor complianc standard articl precautionari measur host member state compet author host member state clear demonstr ground believ invest firm act territori freedom provid servic breach oblig aris provis adopt pursuant direct invest firm branch territori breach oblig aris provis adopt pursuant direct confer power compet author host member state refer find compet author home member state measur compet author home member state measur prove inadequ invest firm persist act manner prejudici interest host member state investor orderli function market compet author host member state inform compet author home member state measur need order protect investor proper function market includ possibl prevent offend invest firm initi transact territori commiss inform measur delai compet author host member state ascertain invest firm branch territori breach legal regulatori provis adopt state pursuant provis direct confer power host member state compet author author requir invest firm concern put end irregular situat invest firm concern fail step compet author host member state measur ensur invest firm concern put end irregular situat natur measur commun compet author home member state measur host member state invest firm persist breach legal regulatori provis refer subparagraph forc host member state inform compet author home member state measur prevent penalis irregular prevent invest firm initi transact territori commiss inform measur delai compet author host member state regul market mtf clear demonstr ground believ regul market mtf breach oblig aris provis adopt pursuant direct refer find compet author home member state regul market mtf measur compet author home member state measur prove inadequ regul market mtf persist act manner prejudici interest host member state investor orderli function market compet author host member state inform compet author home member state measur need order protect investor proper function market includ possibl prevent regul market mtf make arrang remot member particip establish host member state commiss inform measur delai measur adopt pursuant paragraph involv sanction restrict activ invest firm regul market properli justifi commun invest firm regul market concern chapter iii cooper countri articl exchang inform countri member state conclud cooper agreement provid exchang inform compet author countri inform disclos subject guarante profession secreci equival requir articl exchang inform intend perform task compet author member state transfer person data countri accord chapter iv direct ec member state conclud cooper agreement provid exchang inform countri author bodi natur legal person respons supervis credit institut financi organis insur undertak supervis financi market ii liquid bankruptci invest firm similar procedur iii carri statutori audit account invest firm financi institut credit institut insur undertak perform supervisori function administ compens scheme perform function iv overse bodi involv liquid bankruptci invest firm similar procedur overse person charg carri statutori audit account insur undertak credit institut invest firm financi institut inform disclos subject guarante profession secreci equival requir articl exchang inform intend perform task author bodi natur legal person inform origin member state disclos express agreement compet author transmit sole purpos author gave agreement provis appli inform provid countri compet author titl final provis articl committe procedur commiss assist european secur committe establish commiss decis ec hereinaft refer quot committe quot refer made paragraph articl decis ec appli regard provis articl thereof provid implement measur adopt accord procedur modifi essenti provis direct period laid articl decis ec set month prejudic implement measur adopt expiri year period entri forc direct applic provis requir adopt technic rule decis accord paragraph suspend propos commiss european parliament council renew provis concern accord procedur laid articl treati end review prior expiri period articl report review commiss basi public consult light discuss compet author report european parliament council extens scope provis direct pre post trade transpar oblig transact class financi instrument share commiss present report european parliament council applic articl commiss basi public consult light discuss compet author report european parliament council continu appropri exempt articl undertak main busi deal account commod deriv content form proportion requir authoris supervis undertak invest firm mean direct appropri rule appoint ti agent perform invest servic activ respect supervis continu appropri exempt articl commiss present report european parliament council state remov obstacl prevent consolid european level inform trade venu requir publish basi report refer paragraph commiss submit propos relat amend direct commiss light discuss compet author report european parliament council continu appropri requir profession indemn insur impos intermediari commun law articl amend direct eec articl direct eec paragraph replac quot articl direct ec european parliament council market financi instrument appli provis servic refer paragraph articl manag compani quot articl amend direct eec direct eec amend articl replac quot invest firm institut satisfi definit articl direct ec european parliament council market financi instrument subject requir impos direct exclud credit institut local firm defin firm authoris provid servic invest advic receiv transmit order investor case hold monei secur belong client reason time place debit client quot articl replac quot firm refer point articl initi capit eur benefit freedom establish provid servic articl direct ec quot articl paragraph insert quot pend revis direct ec firm refer point articl initi capit eur profession indemn insur cover territori commun compar guarante liabil aris profession neglig repres eur appli claim aggreg eur year claim combin initi capit profession indemn insur form result level coverag equival point amount refer paragraph period review commiss order account european index consum price publish eurostat line time adjust made articl direct ec european parliament council decemb insur mediat invest firm refer articl regist direct ec compli requir establish articl direct addit initi capit eur profession indemn insur cover territori commun compar guarante liabil aris profession neglig repres eur appli claim aggreg eur year claim combin initi capit profession indemn insur form result level coverag equival point quot articl amend direct ec annex direct ec amend end annex sentenc ad quot servic activ provid section annex direct ec european parliament council market financi instrument refer financi instrument provid section annex direct subject mutual recognit direct quot articl repeal direct eec direct eec repeal effect refer direct eec constru refer direct refer term defin articl direct eec constru refer equival term defin articl direct articl transposit member state adopt law regul administr provis compli direct latest forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state articl transit provis invest firm authoris home member state provid invest servic deem authoris purpos direct law member state provid activ compli condit compar impos articl regul market market oper authoris home member state deem authoris purpos direct law member state provid regul market market oper case compli condit compar impos titl iii ti agent enter public regist deem regist purpos direct law member state provid ti agent compli condit compar impos articl inform commun purpos articl direct eec deem commun purpos articl direct exist system fall definit mtf oper market oper regul market authoris mtf request market oper regul market provid compli rule equival requir direct authoris oper mtf provid request concern made month date refer articl invest firm authoris continu exist profession client provid categoris grant invest firm basi adequ assess expertis experi knowledg client reason assur light natur transact servic envisag client capabl make invest decis understand risk involv invest firm inform client condit establish direct categoris client articl entri forc direct enter forc dai public offici journal european union articl addresse direct address member state strasbourg april european parliament presid cox council presid roch oj oj oj opinion european parliament septemb publish offici journal council common posit decemb oj posit european parliament march publish offici journal decis council april oj direct amend direct ec european parliament council oj oj direct amend act access oj direct amend direct ec oj oj direct amend direct ec oj direct amend direct ec oj oj oj oj direct amend european parliament council direct ec oj oj oj oj direct amend act access oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj oj oj oj direct amend direct ec european parliament council oj oj oj oj direct amend direct ec european parliament council oj oj year entri forc direct year entri forc direct month entri forc direct month entri forc direct year entri forc direct opec insert refer direct oj opec insert refer direct oj oj opec insert refer direct oj month entri forc direct month entri forc direct month entri forc direct month entri forc direct month entri forc direct month entri forc direct annex list servic activ financi instrument section invest servic activ recept transmiss order relat financi instrument execut order behalf client deal account portfolio manag invest advic underwrit financi instrument place financi instrument firm commit basi place financi instrument firm commit basi oper multilater trade facil section ancillari servic safekeep administr financi instrument account client includ custodianship relat servic cash collater manag grant credit loan investor carri transact financi instrument firm grant credit loan involv transact advic undertak capit structur industri strategi relat matter advic servic relat merger purchas undertak foreign exchang servic connect provis invest servic invest research financi analysi form gener recommend relat transact financi instrument servic relat underwrit invest servic activ ancillari servic type includ section annex relat underli deriv includ section connect provis invest ancillari servic section financi instrument transfer secur monei market instrument unit collect invest undertak option futur swap forward rate agreement deriv contract relat secur currenc interest rate yield deriv instrument financi indic financi measur settl physic cash option futur swap forward rate agreement deriv contract relat commod settl cash settl cash option parti reason default termin event option futur swap deriv contract relat commod physic settl provid trade regul market mtf option futur swap forward deriv contract relat commod physic settl mention commerci purpos characterist deriv financi instrument regard inter alia clear settl recognis clear hous subject regular margin call deriv instrument transfer credit risk financi contract differ option futur swap forward rate agreement deriv contract relat climat variabl freight rate emiss allow inflat rate offici econom statist settl cash settl cash option parti reason default termin event deriv contract relat asset right oblig indic measur mention section characterist deriv financi instrument regard inter alia trade regul market mtf clear settl recognis clear hous subject regular margin call annex ii profession client purpos direct profession client client possess experi knowledg expertis make invest decis properli assess risk incur order consid profession client client compli criteria categori client consid profession regard profession invest servic activ financi instrument purpos direct entiti requir authoris regul oper financi market list understood includ authoris entiti carri characterist activ entiti mention entiti authoris member state direct entiti authoris regul member state refer direct entiti authoris regul member state credit institut invest firm authoris regul financi institut insur compani collect invest scheme manag compani scheme pension fund manag compani fund commod commod deriv dealer local institut investor gt tabl gt nation region govern public bodi manag public debt central bank intern supran institut world bank imf ecb eib similar intern organis institut investor main activ invest financi instrument includ entiti dedic securitis asset financ transact entiti mention consid profession allow request profession treatment invest firm agre provid higher level protect client invest firm undertak refer invest firm inform prior provis servic basi inform firm client deem profession client treat firm client agre firm inform custom request variat term agreement order secur higher degre protect respons client consid profession client higher level protect deem unabl properli assess manag risk involv higher level protect provid client consid profession enter written agreement invest firm effect treat profession purpos applic conduct busi regim agreement appli servic transact type product transact ii client treat profession request ii identif criteria client mention section includ public sector bodi privat individu investor allow waiv protect afford conduct busi rule invest firm allow treat client profession provid relev criteria procedur mention fulfil client presum possess market knowledg experi compar categori list section waiver protect afford standard conduct busi regim consid valid adequ assess expertis experi knowledg client undertaken invest firm reason assur light natur transact servic envisag client capabl make invest decis understand risk involv fit test appli manag director entiti licens direct financi field regard assess expertis knowledg case small entiti person subject assess person authoris carri transact behalf entiti assess minimum criteria satisfi client carri transact signific size relev market averag frequenc quarter previou quarter size client financi instrument portfolio defin includ cash deposit financi instrument exce eur client work work financi sector year profession posit requir knowledg transact servic envisag ii procedur client defin waiv benefit detail rule conduct procedur state write invest firm treat profession client gener respect invest servic transact type transact product invest firm give clear written warn protect investor compens right lose state write separ document contract awar consequ lose protect decid accept request waiver invest firm requir reason step ensur client request treat profession client meet relev requir state section ii client categoris profession paramet procedur similar intend relationship invest firm affect rule adopt pursuant annex firm implement written intern polici procedur categoris client profession client respons keep firm inform chang affect current categoris invest firm awar client longer fulfil initi condit made elig profession treatment invest firm action