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C. Hugo, Thomas M.J. Möllers - Transnational impacts on law: perspectives from South Africa and Germany

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C. Hugo (ed.), Thomas M.J. Möllers (ed.)

Transnational impacts on law: perspectives from South Africa and Germany

Series: Augsburger Rechtsstudien

Volume 86 2017

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Thomas M.J. Möllers, Isabella Brosig Providing investment advice in light of MiFID I and II S. 217-246

„… 217 Providing investment advice in light of MiFID I and II Thomas M.J. Möllers* Isabella Brosig …” „… Africa.3 In 2014, the second Markets in Financial Instruments Directive (MiFID II) was passed,4 …” „… presumably applicable in Member States as of 3 January 2018.6 MiFID II can be seen as a “Single Rulebook …”

Index S. 537-549

„… Financial Instruments Directive − MiFID I.................... 218, 239 Index 544 − MiFID II …” „… ................223 Knowledge of Incapacity ........ 106 Lack of Entitlement ................ 139 Lamfalussy-II …” „… Software ..................................347 Solange II Judgement ...... 436, 437 South Africa …”

Titelei/Inhaltsverzeichnis S. 1-10

„… advice in light of MiFID I and II .................... 217 Hennie Strydom Treaty-making and select …”

doi.org/10.5771/9783845287775

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Index S. 1785-1803

„… 17 40 Administrative fine MiFID II 70 12 – fixed-amount based standard MiFID II 70 13 …” „… – turnover-based MiFID II 70 11 et seq. Administrative liability PD 25 4 Administrative measures MAR 30 7, 12 …” „… , 15; MiFID II 70 4, 8 – against legal persons MiFID II 70 7 Administrative sanctions MAR 30 2, 7 et …”

Article 24 General principles and information to clients S. 157-180

„… MiFID II’s overarching disclosure requirement. It specifies what information investment firms must …” „… Regulation. 40 Recital 79 MiFID II Delegated Regulation. 41 ESMA, Consultation paper on MiFID II/MiFIR, 22 …” „… . 54 For the meaning of “recommend or market” see ESMA, Consultation paper on MiFID II/MiFIR, 22 May …”

Article 1 Scope S. 6-10

„… MiFID II or of Title III MiFIR. Data reporting service providers For the first time, MiFID covers data …” „… independently of any exemption available to the firm from the other rules of MiFID II. 2. 3. 4. 11 See Title III …” „… ) MiFID II. Title I Scope and Definitions Art. 1 MiFID II Matthias Lehmann 9 9 10 11 12 13 III …”

Article 2 Exemptions S. 10-18

„… ), Title III (Art 44-56) and Title V (Art 59-66) MiFID II. 23 See Art 1(2)(e) MiFID II. See in particular …” „… Art 4(1)(55)(a)(iii), (b), (c)(iii) MiFID II. 29 Art 1(2)(b) MiFID II. 30 Title VIII (Art 46-48) MiFID …” „… II. 15 Art 2(1)(d)(ii) MiFID II. 16 Art 20 Delegated Regulation 565/2017. 17 Art 2(1)(d)(iii) MiFID …”

Article 23 Conflicts of interest S. 151-155

„… firms and the interests of their clients.1 The key element of MiFID II’s framework for addressing …” „… . Even though Art 23 of MiFID II does not form part of MiFID II’s section on investor protection …” „… clarified at European level. Foreword to Articles 24 to 30 Articles 24 through 30 contain MiFID II’s …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… III. Suitability (Art 25(2)) The MiFID II suitability assessment is closely modelled on its …” „… in ESMA, Consultation paper on MiFID II/MiFIR, 22 May 2014, ESMA/ 2014/549, 134. 17 Herbst, A …” „… MiFID II’s execution-only regime under Art 25(4), discussed below. The obligation to gather information …”

Introduction to MiFID II and MiFIR Matthias Lehmann S. 1-6

„… , ‘Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR’, SAFE White Paper Series No. 20, 2014, available …” „… 1. Security Markets and Services Introduction to MiFID II and MiFIR Bibliography: Alcántara Lera J …” „… and Gómez Retuerto G, ‘El nuevo mercado de renta fija en MiFID II’, Observatorio sobre la Reforma de …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… ) Financial Analysts Journal 54-74; Vester J‚ ‘MiFID II/MiFIR: Überblick über die Auswirkungen auf den …” „… functioning of the financial market itself. The provision is thus a maverick inside the MiFID II/MiFIR …” „… unique code designated by ESMA in accordance with Art 65(6) MiFID II. The code is used to identify the …”

Article 18 Trading process and finalisation of transactions in an MTF and an OTF S. 134-142

„… Implementing Technical Standards MiFID II/MiFIR, 2015/1464, p. 227. 20 Güllner, WM 2017, 938 (943). Title II …” „… effective contingency arrangements to cope with risks of systems disruption. 7. Art. 18 MiFID II 1 …” „… conditions for investment firms Art. 18 MiFID II Christoph Kumpan and Ronny Grütze 135 use in reports in …”

Article 53 Access to a regulated market S. 308-312

„… Recitals 14, 16 and 107 MiFID II. 1. 2. 3. Title III Regulated Markets Art. 53 MiFID II Christoph Kumpan …” „… topics, 29 May 2018, ESMA70-872942901-38, p. 36. 15 Art 53(5) MiFID II. Title III Regulated Markets …” „… from trading is made by a competent authority pursuant to Arts 69(2)(m) and (n) MiFID II.22 Both Arts …”

Article 21 Regular review of conditions for initial authorisation S. 149-151

„… document ESC-07-2007, 19 March 2007; Commission, Impact Assessment accompanying the MiFID II/MiFIR …” „… 35-43-748; ESMA, Consultation paper on MiFID II/MiFIR, 22 May 2014, ESMA/2014/549; ESMA, Final report …” „… “detailed description” of how the discretion, under Art 20(6) MiFID II, will be used. “Execution on a …”

Article 35 Establishment of a branch S. 227-233

„… in ac- 7. Title II Authorisation and operating conditions for investment firms Art. 35 MiFID II …” „… granted under Art 56 et seq. TFEU, Art 35 MiFID relies on the right of establishment 1. Title II …” „… Authorisation and operating conditions for investment firms Art. 35 MiFID II Dirk Zetzsche 229 1 granted under …”

Article 20 Specific requirements for OTFs S. 145-149

„… II Authorisation and operating conditions for investment firms Art. 20 MiFID II Christoph Kumpan …” „… concluded on an OTF. I. General features Purpose Article 20 MiFID II standardises the requirements …” „… rules in Art 18 MiFID II which govern MTFs and OTFs alike. An OTF as defined in Art 4(1)(23) MiFID II is …”

Article 27 Obligation to execute orders on terms most favourable to the client S. 195-202

„… the most efficient trading venue. MiFID II’s best execution requirements are designed to promote both …” „… Art 27(5) targets execution of orders performed outside a trading venue and reflects MiFID II’s aim …” „… conditions for investment firms Art. 27 MiFID II Martin Brenncke 195 5. The order execution policy shall …”

Article 44 Authorisation and applicable law S. 247-252

„… matter. TITLE III REGULATED MARKETS Bibliography for Articles 44 to 56: Busch D, ‘MiFID II: regulating …” „… . Title III Regulated Markets Art. 44 MiFID II Christoph Kumpan and Finn Schmidt 247 4 5 The market …” „… 44 MiFID II must be read in conjunction with the other provisions of Title III, which set out the …”

Article 63 Requirements for the management body of a data reporting services provider S. 341-347

„… integrity of the market and the interest of its clients. Title V Data reporting services Art. 63 MiFID II …” „… ), p. 493-510; Hoops C, ‘Die Regulierung von Marktdaten nach der MiFID II’, Wertpapier-Mitteilungen (WM …” „… ) 2018, p. 205; Scacchi F and Zaghini G, ‘MiFID II. I servizi di comunicazione dati: APA, ARM e CTP …”

Article 19 Specific requirements for MTFs S. 142-145

„… and Nassauer, ‘Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR’ Zeitschrift für Bank und …” „… with the obligations under MiFID II and MiFIR.42 When an MTF operator applies to have its MTF …” „… trading and the rules and procedures to ensure compliance with Arts 24, 25, 27 and 28 MiFID II. The …”

Foreword to Articles 24 to 30 Foreword to Arts 24 to 30 S. 155-157

„… MiFID II’s harmonised regime for investor protection. The aim of the articles is to ensure an …” „… . Enhancing investor protection also supports MiFID II’s ‘passporting’ regime, which is based on the principle …” „… requires enhancing regulatory obligations for investment firms. MiFID II’s investor protection regulations …”

Article 17 Algorithmic trading S. 120-134

„… connected. d) 8. 9. Art. 17 MiFID II 1. Security Markets and Services 120 Dirk Zetzsche 61 62 63 64 The …” „… Authorisation and operating conditions for investment firms Art. 17 MiFID II Dirk Zetzsche 121 5. An …” „… applied to direct market access; Art. 17 MiFID II 1. Security Markets and Services 122 Dirk Zetzsche (b …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 III. Written agreements and schemes (Arts 48(2) and (3) MiFID II) . . . . . . . . . . . . . 39 1 …” „… feed.34 Moreover, the requirements of Title III of MiFID II concerning authorisation of a trading venue …” „… III Regulated Markets Art. 48 MiFID II Christoph Kumpan and Finn Schmidt 279 28 29 30 31 cies …”

Article 45 Requirements for the management body of a market operator S. 252-262

„… . Title III Regulated Markets Art. 45 MiFID II Christoph Kumpan and Finn Schmidt 257 8 9 10 11 12 13 …” „… suggested to read Art 45(7) as stated here. Title III Regulated Markets Art. 45 MiFID II Christoph Kumpan …” „… Withdrawal (Arts 44(5) and (6) MiFID II) Competent authorities may withdraw an authorisation issued …”

Article 3 Optional exemptions S. 18-22

„… ) Directive 2003/87/EC. Title I Scope and Definitions Art. 3 MiFID II Matthias Lehmann 21 4 5 6 7 III …” „… Persons giving free advice Art 2(1)(k) MiFID II exempts persons that provide investment advice in the …” „… not falling under the Directive, they are not subject to MiFID II. In contrast to Art 2(1)(c) MiFID II …”

Article 47 Organisational requirements S. 264-268

„… edn, Oxford University Press 2014), p. 471. 3 Art 47(1)(a) MiFID II. Title III Regulated Markets …” „… . 14 Art 47(1)(f) MiFID II. Title III Regulated Markets Art. 47 MiFID II Christoph Kumpan and Finn …” „… under Art 45 MiFID II. The criteria include having a good reputation, because a person with a bad …”

Article 4 Definitions S. 22-34

„… firms from MiFID II, certain conditions apply. First, Member States shall foresee authorisation …” „… parallel national regime that is aligned to MiFID II and must be communicated to ESMA.9 Second, the firms …” „… are granted under Art 3(1) MiFID II. Article 4 Definitions 1. For the purposes of this Directive, the …”

Article 58 Position reporting by categories of position holders S. 334-339

„… MiFID II 1. Security Markets and Services 334 Matthias Lehmann (e) in the case of emission allowances …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Title IV Position limits Art. 58 MiFID II Matthias Lehmann 335 I. General features Purpose The …” „… impose appropriate position limits (see → Art 57 MiFID II). Transparency in the trading of emission …”

Article 42 Provision of services at the exclusive initiative of the client S. 242-246

„… and non-complex products as referred to in Article 25(4) of MiFID II; (iii) the riskiness of the …” „… products or investment services to that client. 3. Art. 42 MiFID II 1. Security Markets and Services 242 …” „… Answers on MiFID II and MiFIR investor protection and intermediaries topics, 12 July 2018 | ESMA35-43-34 …”

Article 9 Management body S. 43-50

„… Art. 9 MiFID II Dirk Zetzsche 43 4. The competent authority shall refuse authorisation if it is not …” „… /EU of the European Parliament and of the Council. 1. 2. Art. 9 MiFID II 1. Security Markets and …” „… Directive 2014/65/EU, EBA/GL/2017/12. II. Commentary Compliance with Art 88, 91 CRD IV (Art 9(1) MiFID …”

Article 16 Organisational requirements S. 65-120

„… investment firms Art. 16 MiFID II Dirk Zetzsche 65 3 4 Where an investment firm offers or recommends …” „… con- Art. 16 MiFID II 1. Security Markets and Services 66 Dirk Zetzsche tractor or the use of which …” „… Authorisation and operating conditions for investment firms Art. 16 MiFID II Dirk Zetzsche 67 months before the …”

Article 66 Organisational requirements S. 351-357

„… reporting services Art. 66 MiFID II Matthias Lehmann 351 enable the ARM to correct and transmit, or …” „… . General features Purpose, history and context Art 64-66 MiFID II supplement Art 59-63 MiFID II (on their …” „… check the trades as well as identify omissions and the obvious errors. In other words, what MiFID II …”

Article 34 Freedom to provide investment services and activities S. 222-227

„… inform the competent authority of the host Member State of that change. Art. 34 MiFID II 1. Security …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Title II Authorisation and operating conditions for investment firms Art. 34 MiFID II Dirk …” „… : https://www.esma.europa.eu/sites/default/ files/library/2015/11/2012-382.pdf. II. Commentary European passport (Art 34(1) MiFID) As part …”

Article 41 Granting of the authorisation S. 240-242

„… . 2. 3. 4. Art. 41 MiFID II 1. Security Markets and Services 240 Dirk Zetzsche 1 2 3 4 5 Member …” „… 23 MiFID (Conflicts of interest). 1. 2. 3. 4. 1. 2. Title II Authorisation and operating conditions …” „… for investment firms Art. 41 MiFID II Dirk Zetzsche 241 1 2 3 4 5 6 7 – Article 24 MiFID (general …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… investment firms Art. 11 MiFID II Dirk Zetzsche 53 9 10 indicating the size of the intended holding and …” „… - Art. 11 MiFID II 1. Security Markets and Services 54 Dirk Zetzsche lations applicable to companies …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 I. General features; recitals Recital 7, 47, 157, 158 MiFID. II. Commentary Notification of …”

Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market S. 262-264

„… . Title III Regulated Markets Art. 46 MiFID II Christoph Kumpan and Finn Schmidt 263 3 4 5 6 apply the …” „… requirements laid down in Art 45(1) MiFID II.42 Notification (Art 45(8) MiFID II) Market operators have to …” „… operator complies with Arts 45(1) through (5) MiFID II. Article 45(8) MiFID II ensures permanent …”

Article 30 Transactions executed with eligible counterparties S. 207-210

„… paragraph 3. I. General features Purpose Many of the MiFID II’s rules of conduct do not apply when …” „… obliged to comply with a number of MiFID II’s rules, including best execution (discussed further under Art …” „… ensure that it complies with MiFID II when acting through the tied agents (see paragraph 3 of Art 29(2 …”

Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations S. 312-315

„… . CCPs aren’t covered by the term OTF. Title III Regulated Markets Art. 55 MiFID II Christoph Kumpan …” „… members and participants managed by a market operator (Art 53(7) MiFID II) To ensure transparency with …” „… of the other Member States and ESMA. 6. 16 Art 53(6) subpara 2 sent 1 MiFID II. 17 Art 53(6) subpara …”

Article 5 Requirement for authorisation S. 35-37

„… for investment firms Art. 5 MiFID II Dirk Zetzsche 35 1 2 I. General features Recitals Recitals 7 …” „… , 37-40, 43-46 MiFID. II. Commentary Authorisation requirement (Art 5(1) MiFID) Art 5(1) establishes two …” „… MiFID II 1. Security Markets and Services 36 Dirk Zetzsche 1 2 3 4 5 6 7 Article 6 Scope of …”

Article 28 Client order handling rules S. 202-205

„… a trading venue and reflects MiFID II’s aim that trading be organised on regulated trading venues …” „… before proceeding to execute orders outside a trading venue. Articles 66(2) through (9) of the MiFID II …” „… . Article 66(1) of the MiFID II Delegated Regulation sets out the requirements for when a review of the …”

Article 33 SME growth markets S. 217-221

„… Authorisation and operating conditions … Intro Chapter III MiFID II Dirk Zetzsche 221 10 11 1 2 3 …” „… the Annex to Regulation 2017/1005.18 Both Arts 32(2) and 52(2) MiFID II deal with the suspension or …” „… operating conditions for investment firms Art. 33 MiFID II Christoph Kumpan and Ronny Grütze 217 13 …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… . Title III Regulated Markets Art. 52 MiFID II Christoph Kumpan and Finn Schmidt 303 9 10 11 12 longer …” „… Recitals 69, 124, 155, 157 and 158 MiFID II. 1. 2. 3. 4. Title III Regulated Markets Art. 52 MiFID II …” „… (4) to (10) of Section C of Annex I MiFID II. Title III Regulated Markets Art. 52 MiFID II …”

Article 1 Scope S. 881-883

„… /EC, commonly known as MiFID I. MiFID I has been partly recast as Directive 2014/65/EU1 (MiFID II) and …” „… onwards the definitions and terms referred to in Art 1 are to be found in Section C of Annex I to MiFID II …” „… Section C of Annex I to MiFID II.6 However, the scope of the SSR is limited to financial instruments that …”

Foreword: The new transparency regime under MiFIR S. 389-392

„… ); Commission, Impact assessment accompanying the MiFID II/MiFIR proposals, 20 October 2011, SEC (2011) 1226 …” „… der Finanzmärkte in Europa durch MiFID II/MiFIR’, White Paper Series No 20, 2014; Gomber P, Clapham B …” „… . 84-148) Bibliography: Busch D, MiFID II and MiFIR: stricter rules for the EU financial markets (2017 …”

Article 13 Assessment S. 61-63

„… conditions for investment firms Art. 13 MiFID II Dirk Zetzsche 61 6 and the proposed acquisition. Member …” „… in Art 13 (1), first subparagraph MiFID. II. Commentary Criteria for suitability assessment (Art …” „… . Art. 13 MiFID II 1. Security Markets and Services 62 Dirk Zetzsche 1 2 3 4 5 committed or attempted …”

Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs S. 235-236

„… Legislative history Article 37(1) MiFID II is almost equivalent to Art 34(1) MiFID I of 2004 …” „… subpara 1, and a few insubstantial changes to the language in subpara 2). Article 37(2) MiFID II is almost …” „… MiFID II. II. Commentary Article 37(1) MiFID II is an expression of the principle of non-discrimination …”

Article 7 Procedures for granting and refusing requests for authorisation S. 38-41

„… with the MiFID/MiFIR framework. Because MiFID II/MiFIR is aiming for full harmonisation, additional …” „… MiFID II 1. Security Markets and Services 38 Dirk Zetzsche 5 6 7 5. ESMA shall develop draft …” „… 35-36-794. II. Commentary Compliance with MiFID (Art 7(1) MiFID) The authorisation is subject to compliance …”

Article 49 Tick sizes S. 292-296

„… III Regulated Markets Art. 49 MiFID II Christoph Kumpan and Finn Schmidt 293 1 2 3 4 5 (incremental …” „… Commission Delegated Regulation (EU) 2017/588. Title III Regulated Markets Art. 49 MiFID II Christoph …” „… XII. Identifying algorithmic trading (Art 48(10) MiFID II) Regulated markets must be able to …”

Article 51 Admission of financial instruments to trading S. 299-303

„… . Title III Regulated Markets Art. 51 MiFID II Christoph Kumpan and Finn Schmidt 301 4 5 low the …” „… . Title III Regulated Markets Art. 52 MiFID II Christoph Kumpan and Finn Schmidt 303 9 10 11 12 …” „… Art 16(6) MiFID II need to record the time of transactions that are not executed on a trading venue …”

Article 50 Synchronisation of business clocks S. 296-299

„… /2016/1452, p. 287. Title III Regulated Markets Art. 50 MiFID II Christoph Kumpan and Finn Schmidt 297 4 5 …” „… , p. 284. Title III Regulated Markets Art. 51 MiFID II Christoph Kumpan and Finn Schmidt 299 11 12 …” „… conditions.1 Recitals; level 2 and 3 measures Recital 157 MiFID II. Level 2: Commission Delegated Regulation …”

Article 8 Withdrawal of authorisations S. 41-43

„… stated in MiFID and MiFIR, in particular those of Title II, Ch. II MiIFD (Art 21-33) and Title III-V …” „… . II. Commentary Passivity (Art 8(a) MiFID) If an investment firm does not use its license within a …” „… firms Art. 8 MiFID II Dirk Zetzsche 41 1 2 3 4 portionality requirement in Union law,1 minor …”

Introduction to Chapter I S. 34-35

„… issuance of tokens – is as such not subject to MiFID II. However, the Directive may apply to transactions …” „… considered as ‘financial instruments’ in the sense of Art 4(1)(2) MiFID II. According to Art 4(1)(15) MiFID …” „… underlying, it may qualify as a derivative.31 Hence MiFID II may apply to the marketing, placing and trading …”

Article 10 Shareholders and members with qualifying holdings S. 50-53

„… those holdings. 5. 6. Art. 10 MiFID II 1. Security Markets and Services 50 Dirk Zetzsche 18 19 20 21 …” „… speculative products to retail investors under MiFID, 31 March 2017, ESMA35-36-794, p. 9-10. II. Commentary …” „… conditions for investment firms Art. 10 MiFID II Dirk Zetzsche 51 1 2 3 4 to the NCA by denying …”

Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 472-478

„… accompanying the MiFID II/MiFIR proposals, 20 October 2011, SEC(2011) 1226 final, p. 41, 42. 4 For a definition …” „… Finanzmärkte in Europa durch MiFID II/MiFIR’, White Paper Series No. 20, 2014, p. 11. 10 Commission Delegated …” „… venues for the purpose of transparency under MiFID II/MiFIR, 15 December 2017, ESMA70-154-467. II …”

Article 14 Membership of an authorised investor compensation scheme S. 63-64

„… investment firms Art. 14 MiFID II Dirk Zetzsche 63 6 7 8 9 The obligation laid down in the first paragraph …” „… features; recitals Recital 42 MiFID. II. Commentary The NCA must review, prior to authorisation, that the …” „… hold eligible capital of at least one quarter of Art. 15 MiFID II 1. Security Markets and Services …”

Article 24 Obligation to uphold integrity of markets S. 492-494

„… Markets Review, 11:2-3, 126-142 (2017); Commission, ‘Impact assessment accompanying the MiFID II/MiFIR …” „… Europa durch MiFID II/MiFIR’, SAFE White Paper Series No 20, 2014; Lutter M, Bayer W and Schmidt J …” „… , Europäisches Unternehmens- und Kapitalmarktrecht (6th edn, 46 Ashurst, MiFID II/MiFIR: share trading obligation …”

Article 55 Provisions regarding CCP and clearing and settlement arrangements S. 315-316

„… help create a more transparent MiFID II/MiFIR regime. Legislative history Article 56 MiFID II and Art …” „… information under Art 54 MiFID II without undue delay to the authority which is competent to investigate and …” „… . General features Purpose Article 55 MiFID II aims to ensure regulated markets have access to central …”

Article 29 Obligations of investment firms when appointing tied agents S. 205-207

„… agents registered within their jurisdiction. I. General features MiFID II’s regime governing tied agents …” „… order, from other market participants.9 Article 70 of the MiFID II Delegated Regulation specifies the …” „… the Member States that decide to allow investment firms to appoint tied agents. 7 Recital 109 MiFID II …”

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… critical mechanisms under Art 48 MiFID II and its implementing measures which are designed to protect the …” „… data published by trading venues in accordance with their obligations under MiFID II and MiFIR; or (10 …” „… the issuer or financial instrument Art. 32 MiFID II 1. Security Markets and Services 212 Christoph …”

Article 39 Establishment of a branch S. 237-239

„… II Authorisation and operating conditions for investment firms Art. 39 MiFID II Dirk Zetzsche 237 …” „… . 2. Art. 39 MiFID II 1. Security Markets and Services 238 Dirk Zetzsche 2 3 4 5 6 7 8 Third …” „… Authorisation and operating conditions for investment firms Art. 40 MiFID II Dirk Zetzsche 239 9 10 …”

Article 23 Trading obligation for investment firms S. 487-492

„… Ashurst, MiFID II/MiFIR: share trading obligation, 4.1.2017, Exclusions. Title III Transparency for …” „… 86/1). 45 Ashurst, MiFID II/MiFIR: share trading obligation, 4.1.2017, Solutions (c). Title III …” „… See recital 11 MiFIR; Gomber and Nassauer, ‘Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR …”

Article 12 Assessment procedures S. 58-61

„… the proposed acquirer is one of the following: 4. Art. 12 MiFID II 1. Security Markets and Services …” „… conditions for investment firms Art. 12 MiFID II Dirk Zetzsche 59 1 2 II. Commentary Assessment period (Art …” „… 12 MiFID. 1. 2. 3. Art. 12 MiFID II 1. Security Markets and Services 60 Dirk Zetzsche 3 4 5 …”

Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system S. 234-235

„… institutions in order to avoid undue duplication of control. I. General features Purpose Article 37 MiFID II …” „… 36(2) MiFID II. See also, recital 107 MiFID II. Art. 37 MiFID II 1. Security Markets and Services …” „… 234 Christoph Kumpan and Ronny Grütze 1 Legislative history Article 37(1) MiFID II is almost …”

Article 70 Sanctions for infringements S. 362-368

„… breach of laws in transposing MiFID II into national law or from breaches of MiFIR may be …” „… the first sentence of Article 18(10); (vii) Articles 19 and 20; Art. 70 MiFID II 1. Security …” „… ) to (4); and Title VI Competent authorities Art. 70 MiFID II Jörn Axel Kämmerer 363 (b) with regard …”

Introduction to Chapter III Intro Chapter III S. 221-222

„… Authorisation and operating conditions … Intro Chapter III MiFID II Dirk Zetzsche 221 10 11 1 2 3 settlement …” „… encouraged under EU law. Article 33(8) MiFID II reflects this desire by stating that measures should minimise …” „… ) MiFID II. 12 Art 33(6) MiFID II. 13 Art 33(7) sent 2 MiFID II. 1 Cf. Recital 107 MiFID. Title II …”

Article 73 Reporting of infringements S. 373-375

„… failure to cooperate is regarded as a breach of Article 70(5) of MiFID II (the validity of Article 70(5 …” „… the effective enforcement of MiFID II obligations, Article 73 sets several standards for “internal …” „… ” and “external” whistleblowing. Since violations of MiFID II obligations – typical of unlawful behavior …”

Article 36 Access to regulated markets Christoph Kumpan and Ronny Grütze S. 233-234

„… . General features Purpose Article 36 MiFID II establishes that Member States must regulate access to …” „… regulated markets. Legislative history Article 36 MiFID II is equivalent to Art 33 MiFID I of 2004. Recitals …” „… Recitals 14, 107, 157 and 158 MiFID II. II. Commentary Investment firms may, in principle, operate a …”

Article 26 Provision of services through the medium of another investment firm S. 193-195

„… MiFID II Delegated Regulation. For example, a suitability statement must indicate to a retail …” „… medium may also be in electronic form (see Recital 82 of MiFID II).45 A suitability statement can thus be …” „… 54(12) subpara 2 MiFID II Delegated Regulation. 44 ESMA, Q&A on MiFID II and MiFIR investor protection …”

Article 56 List of regulated markets S. 316-317

„… the home Member State is intended to help create a more transparent MiFID II/MiFIR regime. Legislative …” „… (2012 – no 6) Financial Analysts Journal 54-74; Vester J‚ ‘MiFID II/MiFIR: Überblick über die …” „… Recitals Recital 15 MiFID II. II. Commentary While Art 55(1) MiFID II focuses on Member States and …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… . General features Purpose Article 31 MiFID II provides the standards for monitoring the substantive rules …” „… governing the operation of MTFs and OTFs. Context Article 31 MiFID II requires an effective management of …” „… conflicts of interest. 1. 2. Art. 31 MiFID II 1. Security Markets and Services 210 Christoph Kumpan and …”

Article 2 S. 577-580

„… implementation of CARD and MiFID I/II into national law – the two concepts may overlap.15 The UK, for example …” „… Markets in Financial Instruments Directive of 2014 (MiFID II):5, 6 ‘transferable securities’ means those …” „… MiFID II10/MiFIR.11 But since it has never been defined in any EU legal act how the two concepts …”

Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 403-408

„… equally appropriate.8 Concept of “TOTV” The MiFID II/MiFIR regime introduced the concept of “traded on a …” „… trading venue” (TOTV).9 While that concept has not been defined in MiFID II/MiFIR, the underlying idea is …” „… der Section C of Annex I of MiFID II cannot be considered physical assets/underlyings for EFPs.20 …”

Article 88 Exchange of information with third countries S. 387-389

„… EU financial markets (2017); Commission, Impact assessment accompanying the MiFID II/MiFIR proposals …” „… 2017; Gomber P and Nassauer F, ‘Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR’, White …” „… operator or credit institution located in the other Member State (Article 84). Since the scope of MiFID II …”

Article 2 Definitions S. 396-403

„… from MiFID I of 2004 to MiFID II/MiFIR (so called Transitional Transparency Calculations, TTC) which …” „… 13 (Systematic internalisers for bonds), Art 14 (Systematic internaliser 1. 2. 3. 1 The MiFID II …” „… 16 (Systematic internalisers for emission allowances). Level 3: ESMA, Q&A on MiFID II and MiFIR …”

Article 72 Exercise of supervisory powers and powers to impose sanctions S. 371-373

„… investment firms and tied agents (Articles 5 and 29 MiFID II) will be obliged to register in a Member State …” „… . Title VI Competent authorities Art. 72 MiFID II Jörn Axel Kämmerer 371 4 5 (f) the level of …” „… implementing the relevant directive.1 The possible delegation of powers (point (c)) under MiFID II raises …”

Article 4 Waivers for equity instruments S. 408-417

„… MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 13. Art. 4 MiFIR 1 …” „… MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35. ESMA, Q&A on the Benchmarks …” „… Delegated Regulation (EU) 2017/587. 17 ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018 …”

Article 18 Entry into force S. 1784-1785

„… 17 40 Administrative fine MiFID II 70 12 – fixed-amount based standard MiFID II 70 13 …” „… – turnover-based MiFID II 70 11 et seq. Administrative liability PD 25 4 Administrative measures MAR 30 7, 12 …” „… , 15; MiFID II 70 4, 8 – against legal persons MiFID II 70 7 Administrative sanctions MAR 30 2, 7 et …”

Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives S. 465-471

„… : 1. 2. 2 Art 17(2) MiFIR. 3 In accordance with Art 28 MiFID II. 4 Art 15(1) of the Commission …” „… the instrument). Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …” „… information see ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 53 …”

Article 71 Publication of decisions S. 368-371

„… MAR insofar as what is called a “pecuniary sanction” in MAR is referred to as a “fine” in MiFID II …” „… turnover” under MiFID II. The question arises whether despite the differences of wording the provisions in …” „… MAR and MiFID II are structured in a similar manner, namely that a ceiling of 10 % must be fixed in …”

Article 6 Scope of authorisation S. 37-38

„… under MiFID, 31 March 2017, ESMA35-36-794. II. Commentary Scope of authorisation (Art 6 (1) MiFID) Art …” „… . Art 2(1)(j) MiFID). 1. 2. 1. Title II Authorisation and operating conditions for investment firms …” „… Art. 6 MiFID II Dirk Zetzsche 37 1 2 3 4 Extension of scope (Art 6 (2) MiFID) Art 6(2) clarifies that …”

Article 69 Supervisory powers S. 358-362

„… ; (f) require the temporary prohibition of professional activity; Art. 69 MiFID II 1. Security …” „… VI Competent authorities Art. 69 MiFID II Jörn Axel Kämmerer 359 I. General features Purpose …” „… of the powers which must be given to national competent authorities under MiFID II qualify as a …”

Introduction to Chapter IV S. 236-237

„… Article 38 MiFID II stipulates the right of MTFs to enter into arrangements with CCPs and clearing and …” „… settlement systems. Legislative history Article 38 MiFID II is almost equivalent to Art 35 MiFID I of 2004 …” „… (except for some minor changes to the language). Recitals Recital 15 MiFID II. II. Commentary Investment …”

Article 43 Withdrawal of authorisations S. 246-247

„… view. See ESMA, Questions and Answers On MiFID II and MiFIR investor protection and intermediaries …” „… the firm’s investment services or activities or on financial instruments.’ Art. 43 MiFID II 1 …” „… 44 to 56: Busch D, ‘MiFID II: regulating high frequency trading, other forms of algorithmic trading …”

Article 2 Scope S. 650-654

„… Directive (MiFID II), which now include, for example, emission allowances.2 The extended scope relates to …” „… instruments (MiFID II) [2014] OJ L173/349. For an overview of the reforms, see Moloney, VIII.5.1. Chapter 1 …” „… defined in MiFID II,4 provided these financial instruments are either admitted to trading on a regulated …”

Article 22 General obligation in respect of on-going supervision S. 151

„… II. Commentary MiFID II requires investment firms to comply on an ongoing basis with their …” „… to monitor investment firms’ compliance with the requirements of MiFID II. The monitoring methods …” „… for effective supervision. Under Art 21 of MiFID II, investment firms contribute to effective …”

Article 40 Obligation to provide information S. 239-240

„… Authorisation and operating conditions for investment firms Art. 40 MiFID II Dirk Zetzsche 239 9 10 I. General …” „… MiFID II 1. Security Markets and Services 240 Dirk Zetzsche 1 2 3 4 5 …” „… regarding AML/CTF matters (for details see Recital 110 MiFID); – cooperation agreements between the NCAs of …”

Article 74 Right of appeal S. 375-376

„… . While Article 73 does not explicitly prohibit such financial incentives, MiFID II does not, in contrast …” „… incentives for whistleblowers would not be compatible with MiFID II. Article 74 Right of appeal 1. Member …” „… administrative provisions that transpose MiFID II into national law or under MiFIR, and it requires the Member …”

Article 64 Organisational requirements S. 347-349

„… and systematically infringed the provisions" of MiFID II or MiFIR.28 Repeated incorrect or delayed …” „… reporting services providers in a public register (Art 59(3) subpara 1 MiFID II). Competence lies with the …” „… (Art 59(3) subpara 2 MiFID II). The goal is to enhance the transparency in the market for data …”

Article 21 Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives S. 478-482

„… responsible for fulfilling its obligations under MiFID II/MiFIR.43 Therefore, investment firms must ensure …” „… information on APAs, see comment on Art 59-66 MiFID II. Title III Transparency for trading OTC Art. 21 …” „… venues for the purpose of transparency under MiFID II/MiFIR, 15 December 2017, ESMA70-154-467. II …”

Article 9 Waivers for non-equity instruments S. 432-441

„… Regulation (EU) 2017/583. 17 ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …” „… continuous auction order book and continuous quote driven execution venues). Level 3: ESMA, Q&A on MiFID II …” „… MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 43, 44. Art. 9 MiFIR 1 …”

Article 13 S. 1073-1081

„… ) Directive 2014/65/EU (‘MiFID II’),3 or advice as defined in Article 29 Insurance Distribution Directive …” „… PRIIP.10 In practice, to comply with Directive 2004/39/EC (‘MiFID 1’)11 and MiFID II requirements …” „… . Provided that a PRIIP has been advised on properly and in a way that complies with the MiFID 1 or MiFID II …”

Article 15 Initial capital endowment S. 64-65

„… scheme recognised under Directive 2014/49/EU. I. General features; recitals Recital 42 MiFID. II …” „… . 15 MiFID II 1. Security Markets and Services 64 Dirk Zetzsche 1 2 3 4 1 2 the fixed overheads of …” „… financial instrument. Title II Authorisation and operating conditions for investment firms Art. 16 MiFID …”

Article 15 Execution of client orders S. 458-463

„… Table 3, Annex II of the Commission Regulation (EC) 1287/2006. 29 See ESMA, Q&A on MiFID II and MiFIR …” „… II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35. ESMA, Q&A on MiFID II and MiFIR …” „… definition of systematic internalisers see Art 2(1)(12) MiFIR and Art 4(1)(20) MiFID II. 3 Ibid. 4 Moloney …”

Commentary on Articles 25-27 Art. 25-27 S. 499-503

„… operation under Art 34(2) MiFID II. Recitals, level 2 and 3 measures Recitals 32-35 Level 2: Commission …” „… OTC derivatives shar- 1. 5 For a definition of the term ‘investment firm’, see → MiFID II Art 1 mn 4-8 …” „… are risk reducing in the sense of Art 57 MiFID II (Art 26(3) 3 MiFIR).13 The investment firm must …”

Article 25 Obligation to maintain records S. 494-495

„… ‘contact point’ in accordance with Art 79(1) subpara 5 MiFID II. Art 79-86 MiFID II set out the procedure …” „… general rules of Regulation (EU) 1095/2010 apply, see Art 87 MiFID II. Obligations to monitor NCAs must …” „… monitor whether investment firms act “honestly, fairly and professionally”. Art 24 MiFID II, on which this …”

Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis S. 451-454

„… obligation). Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35 …” „… equivalent to the term “clients” as used in Arts 4(1)(10) and (11) MiFID II. There appears to be no reason …” „… accordance with Art 6(2) of the Commission Delegated Regulation (EU) 2017/567. 14 ESMA, Q&A on MiFID II and …”

Article 67 Designation of competent authorities S. 357-358

„… ) 5 Regulation & Governance 287; Gortsos CV, ‘Public enforcement of MiFID II’ in Busch D and Ferrarini …” „… G (eds), Regulation of the EU Financial Markets – MiFID II and MiFIR (OUP 2017); Moloney N …” „… exercise of any delegated tasks has been established 36 Art 64(4), 65(5) 66(3) MiFID II. 37 Art 64(4), 65(5 …”

Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 423-425

„… MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35. II. Commentary Article 6(1 …” „… Regulation (EU) 2017/587. 8 This is the same for APAs and CTPs under Art 64 et seq. MiFID II. 9 Art 14(3) of …” „… Regulation (EU) 2017/587. For further information concerning the use of flags see ESMA, Q&A on MiFID II and …”

Article 11 Authorisation of deferred publication S. 442-450

„… on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 13-18. 6 Art 7(3) of …” „… Regulation (EU) 2017/583. 10 ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …” „… post-trade transparency data). Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018 …”

Article 47 Equivalence decision S. 566-571

„… (2015) 167; Sethe, ‘Das Drittstaatenregime von MiFIR und MiFID II’, Schweizer Zeitschrift für …” „… (AIFM) Directive8 and the Markets in Financial Instruments Directive (MiFID II),9 allowing equivalently …” „… Zetzsche (ed), AIFMD, p. 458 et seq. 9 Art 19 (6), 24(4) MiFID II, Art 46-47 MiFIR. 10 Art 25, 75 et seq …”

Article 5 Volume Cap Mechanism S. 417-423

„… , ‘Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR’, White Paper Series No 20, 2014, p. 10; Gomber …” „… According to ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 28 …” „… . 58 Art 8(2) of the Commission Delegated Regulation (EU) 2017/587. 59 ESMA, Q&A on MiFID II and MiFIR …”

Article 1 Subject matter and scope S. 392-396

„… strengthened and extended to organised trading facilities (OTFs).25 Moreover, MiFID II and MiFIR aim at …” „… were not sufficiently covered by the MiFID I regime.26 Thus, one specific objective of the MiFID II …” „… on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35 1. 2. 3. 2 Regulation …”

Introduction to Articles 39-43 Intro Art. 39-43 S. 538-541

„… : Busch D, ‘Product Governance and Product Intervention under MiFID II/MiFIR, in: Busch D and Ferrarini G …” „… Kapitalmarktrecht (BKR) 2013, 45-55; Carotenuto G, ‘Product Intervention under MiFID II/MiFIR’, dirittobancario.it …” „… (eds.), Regulation of the EU Financial Market: MiFID II and MiFIR (Oxford University Press 2017), pp …”

Article 75 Extra-judicial mechanism for consumers complaints S. 376-377

„… II. Commentary Article 74(1) is primarily a restatement of primary law that governs MiFID II and …” „… ] ECR 1339. 3 Case 222/86 Unectef/Heylens [1987] ECR 4097. 1 Gortsos, ‘Public enforcement of MiFID II …” „… ’ in Busch and Ferrarini (eds), Regulation of the EU Financial Markets – MiFID II and MiFIR (OUP 2017 …”

Article 87 Cooperation and exchange of information with ESMA S. 386-387

„… enforcement of laws transposing MiFID II into national law. Context Most EU capital markets regulations in …” „… force contain provisions similar to Articles 79 to 87 of MiFID II, and extensively address the …” „… Implementing Regulation (EU) 2017/980 of 7 June 2017 laying down im- Art. 87 MiFID II 1. Security Markets …”

Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 454-458

„… 455 1 2 3 4 Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …” „… provide for the time a quote is entered or amended to be included, in accordance with Art 50 MiFID II.12 …” „… internaliser (OJ EU L 87/387). 4 According to Art 2(1)(12) MiFIR and Art 4(1)(20) MiFID II a systematic …”

Article 7 Authorisation of deferred publication S. 425-428

„… , Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 13-18. 12 Art …” „… same for APAs and CTPs under Art 64 et seq. MiFID II. 15 ESMA, Q&A on MiFID II and MiFIR transparency …” „… post-trade transparency data). Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018 …”

Article 7 Conditions for authorisation S. 1328-1331

„… amending Directive 2002/92/EC and Directive 2011/61/EU, OJ 2014 L 173/349 (‘MiFID II’), AIFMD, Art 8(1)(c …” „… II. Commentary Art 6(1) of UCITSD is the core provision for the Directive’s manager regulation …” „… an investment firm license under MiFID. The specialist license ensures the management’s focus on …”

Article 46 General provisions S. 560-566

„… On MiFID II and MiFIR investor protection and intermediaries topics, 12 July 2018 | ESMA35-43-34 …” „… ) and Art 4 (1)(55), Art 67 MiFID II; Art 10 and Art 2 (1)(23) CSDR; Art 6 (1) and Art 4(1)(q) AIFMD …” „… Document, Annex (status of Feb 2017). The first equivalence decisions under MiFID II were adopted with …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… supervisory frameworks of third countries, Art 17(2) SSR refers to the requirements of MiFID II,2 MAR3 and the …” „… L145/1 (MiFID I). In accordance with Art 94(2) and Annex IV MiFID II this reference shall be …” „… construed as a reference to MiFID II since 3 January 2018. 3 Regulation (EU) No 596/2014 of 16 April 2014 on …”

Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 428-432

„… ). Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35. II …” „… regulated markets and timing of acceptance for clearing (OJ EU L 87/224). 5 ESMA, Q&A on MiFID II and MiFIR …” „… regulation (3rd edn, Oxford University Press 2014), p. 485. 7 ESMA, Q&A on MiFID II and MiFIR transparency …”

Article 38 Access for third-country CCPs and trading venues S. 537-538

„… : Busch D, ‘Product Governance and Product Intervention under MiFID II/MiFIR, in: Busch D and Ferrarini G …” „… Kapitalmarktrecht (BKR) 2013, 45-55; Carotenuto G, ‘Product Intervention under MiFID II/MiFIR’, dirittobancario.it …” „… (eds.), Regulation of the EU Financial Market: MiFID II and MiFIR (Oxford University Press 2017), pp …”

Article 6 Authorisation requirement for management company S. 1327-1328

„… in Annex II. 3. By way of derogation from paragraph 2, Member States may authorise management …” „… ; (ii) safekeeping and administration in relation to units of collective investment undertakings …” „… 1327 1 II. Commentary Art 6(1) of UCITSD is the core provision for the Directive’s manager regulation …”

Article 4 S. 1039-1046

„… (‘MiFID II’),8 which are excluded from the scope of the PRIIP Regulation.9 However, if an interest payment …” „… ’) determination process. Structured deposits, as defined in point (43) of Article 4(1) of MiFID II, are within the …” „… . The term ‘offer’ has a broad meaning and there- 4. 5. 17 For PRIPs qualifying as MiFID II financial …”

Article 3 Intragroup transactions S. 1579-1584

„… I),1 and now Art 4(1)(21) of the Market in Financial Instruments Directive of 2014 (MiFID II):2 …” „… 4(49) MiFID II that refers to the definition provided under Article 2(1)(29) of Regulation (EU) No …” „… third country; (ii) the other counterparty is a financial counterparty, a financial holding company, a …”

Article 31 Portfolio compression S. 517-519

„… application of which would make this technique impracticable. 5. 1. 27 ESMA, Q&A on MiFID II and MiFIR post …” „… requirements; therefore, the MiFIR and MiFID II provisions do not apply to them.4 The notion ‘portfolio …” „… compression’ is defined in Art 2(1)(47) MiFID II as “a risk reduction service in which two or more …”

Article 22 Providing information for the purposes of transparency and other calculations S. 482-487

„… trad- 1. 2. 5 APA (approved publication arrangement) means a person authorised under MiFID II to …” „… 21 MiFIR. See Art 4(1)(52) MiFID II. 6 CTP (consolidated tape provider) means a person authorised …” „… under MiFID II to provide the service of collecting trade reports for financial instruments listed in …”

Article 86 Precautionary measures to be taken by host Member States S. 384-386

„… because such measures prove inadequate, the investment firm persists in Art. 86 MiFID II 1. Security …” „… Competent authorities Art. 86 MiFID II Jörn Axel Kämmerer 385 In addition, the competent authority of the …” „… transposing MiFID II into national law. Context Most EU capital markets regulations in force contain …”

Article 33 Addressees S. 1032-1033

„… , MiFID II/MiFIR and IMD 2’ (1.7.2014), Revue Trimestrielle de Droit Financier (Autumn 2014 …” „… ?’ (January 2016) (https://ssrn.com/abstract=2721644); Colaert V, ‘MiFID II in Relation to Other Investor …” „… ), Regulation of the EU Financial Markets: MiFID II and MiFIR (Oxford University Press, 2017 …”

Article 59 Requirement for authorisation S. 339-340

„… Title. 23 Art 57(6) subpara 1 MiFID II. 24 Art 58(1)(a) MiFID II. Title V Data reporting services Art …” „… . 59 MiFID II Matthias Lehmann 339 Article 60 Scope of authorisation (1) The home Member State shall …” „… 1095/2010. Art. 61 MiFID II 1. Security Markets and Services 340 Matthias Lehmann …”

Article 39 Market monitoring S. 541-542

„… , bonds or derivatives. The notion is extremely wide. The MiFID II definition applies.1 Structured …” „… the Union; 1 See Art 1(1)(9) MiFIR in conjunction with Art 4(1)(15) and Annex I, Section C MiFID II. 2 …” „… See the definition in Art 1(1)(23) MiFIR in conjunction with Art 4(1)(43) MiFID II. 3 See Recital 39 …”

Article 2 Definitions S. 883-888

„… to all financial instruments as defined by Art 2(1)(a) SSR and Appendix I, Section C of MiFID II.14 …” „… in the SSR. These instruments are, most notably, MiFID I, which has been repealed by MiFID II (and …” „… CRD I to which Art 2(1)(i)(ii) SSR refers is now replaced by point (43) Art 4(1) CRR, cf. Annex IV to …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… MiFID II.22 The primary addressee is the authority which is responsible for the supervision of the …” „… 4(1)(26) MiFID II. 23 Art 26(1) subpara 2 MiFIR. On the determination of the most relevant market in terms …” „… venues today. Art 28 MiFIR is also related to Art 57-66 MiFID II, which authorise supervisors to impose …”

Article 24 Competent authorities and their powers S. 1204-1208

„… under MiFID II,13 from aggregating their holdings with the holdings of their parents in line with …” „… instruments. See Directive 2014/65/EU (MiFID II), Article 4(1)(8). 13 The text officially refers to the …” „… original version MiFID (Directive 2004/39/EC). However, by virtue of MiFID II Article 94(2), this reference …”

Article 23 Third countries S. 1200-1204

„… authorisation under the UCITS Directive11 or for engaging in portfolio management12 under MiFID II,13 from …” „… (MiFID II), Article 4(1)(8). 13 The text officially refers to the original version MiFID (Directive …” „… 2004/39/EC). However, by virtue of MiFID II Article 94(2), this reference is now to be construed as …”

Article 2 Definitions S. 958-965

„… 2017, ESMA-31-62-780. 3 Article 4(1)(44), MiFID II. 4 Question n 64, Prospectus Q&A, latest version …” „… professional investors first described in MiFID I of 2004, and refined in MiFID II in 2014 and in MiFIR. The …” „… Securities in Europe – Vol. I (Cambridge University Press, 2008), 3. 6 Article 4(1)(17) of MiFID II. 7 On the …”

Article 40 ESMA temporary intervention powers S. 542-544

„… or derivatives. The notion is extremely wide. The MiFID II definition applies.1 Structured deposits …” „… the Union; 1 See Art 1(1)(9) MiFIR in conjunction with Art 4(1)(15) and Annex I, Section C MiFID II. 2 …” „… See the definition in Art 1(1)(23) MiFIR in conjunction with Art 4(1)(43) MiFID II. 3 See Recital 39 …”

Article 7 Inside information S. 673-692

„… Instruments Directive (MiFID II),7 the Market Abuse Regulation is also intended to capture auctioned products …” „… venues pursuant to MiFID II106 and information about circumstances affecting the fundamental …” „… instruments specified in Section C of Annex I of MiFID II, see Art 3(1)(1) Market Abuse Regulation in …”

Article 2 Definitions S. 1104-1114

„… of MiFID II Article 4(1)(21). Trading itself is not a requirement, it suffices that the securities …” „… the definition that is used in MiFID II (Directive 2014/65/EU), Article 4(1)(44).6 This includes in …” „… instruments are defined in MiFID II Article 4(1)(17) as ‘those classes of instruments which are normally dealt …”

Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 441-442

„… ). Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35. II …” „… on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 13-18. 6 Art 7(3) of …” „… Regulation (EU) 2017/583. 10 ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …”

Article 11 Qualifying holdings S. 1333-1334

„… Arts 10-10 b of MiFID I (now Arts 10-13 of MiFID II). II. Overview For further details see comments on …” „… → MiFID II Arts 10-13. Article 12 Prudential regulation 1. Each Member State shall draw up prudential …” „… supervision responsibility in favour of the management company’s home competent authority. II. Commentary As …”

Article 9 Third country relations S. 1332-1333

„… the Member States. II. Overview The reference to Art 15 of MiFID I ensures that the Commission and …” „… equivalence principle in Arts 39-43 of MiFID II and Arts 46-49 of MiFIR. Art. 9 UCITSD 4. Funds 1332 Dirk …” „… concerned. Art 15 of MiFID I was replaced by a set of sophisticated Third Country rules based on the …”

Article 1 S. 1033-1036

„… , MiFID II/MiFIR and IMD 2’ (1.7.2014), Revue Trimestrielle de Droit Financier (Autumn 2014 …” „… ?’ (January 2016) (https://ssrn.com/abstract=2721644); Colaert V, ‘MiFID II in Relation to Other Investor …” „… ), Regulation of the EU Financial Markets: MiFID II and MiFIR (Oxford University Press, 2017 …”

Article 8 Related parties S. 1331-1332

„… of sophisticated Third Country rules based on the equivalence principle in Arts 39-43 of MiFID II and …” „… a solid group structure if the management company belongs to a group of companies II. Commentary …” „… delegating responsibility for the details of third country relations to the Member States. II. Overview The …”

Article 76 Professional secrecy S. 377-378

„… protection in cases that involve (alleged) violations of MiFIR or of laws transposing MiFID II into national …” „… Competent authorities Art. 76 MiFID II Jörn Axel Kämmerer 377 2 3 4 4. Any confidential information …” „… (EC) No 45/2001 where applicable. Art. 78 MiFID II 1. Security Markets and Services 378 Jörn Axel …”

Titelei/Inhaltsverzeichnis

„… pivotal texts as MiFID II and MiFIR, MAR and MAD, EMIR, the UCITS-Directive and the AIFMD, to name a few …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXXIX 1. Security Markets and Services Introduction to MiFID II and MiFIR …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Markets in Financial Instruments Directive (MiFID II) Directive 2014/65/EU of the European …”

Article 19 Monitoring by ESMA S. 471-472

„… set out in Art 27 MiFID II.34 The prices should reflect prevailing market conditions in relation to …” „… Regulation (EU) 2017/567. 31 For further explanation see ESMA, Q&A on MiFID II and MiFIR transparency topics …” „… , 12 July 2018, ESMA70-872942901-35, p. 57. 32 Ibid. 33 ESMA, Q&A on MiFID II and MiFIR transparency …”

Article 12 Prudential regulation S. 1334-1336

„… 11 of the UCTISD refers to qualifying holdings in Arts 10-10 b of MiFID I (now Arts 10-13 of MiFID II …” „… ). II. Overview For further details see comments on → MiFID II Arts 10-13. Article 12 Prudential …” „… a depositary and a management company, OJ 2010 L 176/42. II. Commentary Paragraph 1 mandates …”

Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing S. 511-513

„… derivatives more effective. 1. 1 ESMA, Q&A on MiFID II and MiFIR post trading topics, 14 December 2017, ESMA …” „… , OJ 2017 L 87/224 (under Art 29(3) MiFIR) Level 3: ESMA, Q&A on MiFID II and MiFIR post trading topics …” „… ’ is defined in Art 2(1)(13) MiFIR in conjunction with Art 4(2)(21) MiFID II. 3 Stegeman and Berket, in …”

Article 14 S. 1081-1086

„… obligations arising from Article 16 (7) of the MiFID II and are therefore sufficiently documented. The …” „… otherwise; 4. 26 Article 16 (7) MiFID II establish record keeping obligations of five years. 27 Article 13(3 …” „… information requirements of Article 24(4) Directive 2014/65/EU (‘MiFID II’),7 this might be advisable. The …”

Article 17 S. 588-590

„… newer ‘naming and shaming’ provisions in Art 71 MiFID II,2 Art 34 of Market Abuse Regulation (MAR),3 Art …” „… 146 sentences 1 and 2 MiFID II (with respect to the ‘naming and shaming’-provision in Art 71 MiFID II …” „… II. Commentary Duty to provide information Article 16(1) requires an issuer whose securities are …”

Article 81 Exchange of information S. 381-383

„… MiFID II Jörn Axel Kämmerer 381 of the competent authorities, designated in accordance to Article 67(1 …” „… 600/2014. Art. 81 MiFID II 1. Security Markets and Services 382 Jörn Axel Kämmerer Article 82 Binding …” „… undertaking authorised in the Union; Title VI Competent authorities Art. 84 MiFID II Jörn Axel Kämmerer 383 …”

Article 17 Access to quotes S. 463-465

„… Art 28 MiFID II. 4 Art 15(1) of the Commission Delegated Regulation (EU) 2017/567. 5 Art 15(2) of the …” „… of Art 16 MiFIR is Art 27(4) MiFID I of 2004. Recitals Recital 21 MiFIR. Article 17 Access to quotes …” „… regulated market which has admitted the financial instrument in question to trading; (ii) through an APA …”

Article 79 Obligation to cooperate S. 379-381

„… Art. 79 MiFID II Jörn Axel Kämmerer 379 fied competent authority shall take appropriate action. It …” „… those draft implementing technical standards to the Commission by 3 January 2016. Art. 79 MiFID II 1 …” „… Competent authorities Art. 81 MiFID II Jörn Axel Kämmerer 381 …”

Commentary to Articles 35-37 Art. 35-37 S. 532-537

„… legislation. Art 7 EMIR imposes such an obligation for the clearing of OTC derivatives. Art 37 and 38 MiFID II …” „… clearing and settlement of their transactions. In particular, Art 37 MiFID II and implementing national …” „… in conjunction with Art 4(15) and Annex I Section C MiFID II. The requirement of non-discriminatory …”

Article 8 S. 1054-1063

„… 25(4)(a) Directive 2014/65/EU (‘MiFID II’)15 in accordance with section 2 (a) of Article 1 PRIIP …” „… [2014] OJ L173/349; see also → MiFID II Art 25 mn 21. Chapter II Key information document Art. 8 …” „… market for financial products under the MiFID II.21 ‘risk-reward profile, summary risk indicator and …”

Article 65 Organisational requirements S. 349-351

„… ) the price notation of the transaction; Title V Data reporting services Art. 65 MiFID II Matthias …” „… regulatory technical standards specifying: Art. 65 MiFID II 1. Security Markets and Services 350 Matthias …” „… reporting services Art. 66 MiFID II Matthias Lehmann 351 …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… Proposed MiFID II – Levelling the Playing Field and Overcoming Market Fragmentation?’ (2012) 9 European …” „… firms (as defined in Article 4(1) number 1 of MiFID II) require authorisation to perform investment …” „… services or activities pursuant to Article 5(1) MiFID II. Under Article 8(d) MiFID II, the competent …”

Article 43 S. 594-597

„… MiFID I/II (see above → Art 2 mn 3), it should now – for the sake of coherency in EU Capital Markets Law …” „… under Art 4(1)(55)(a) (ii) MiFID II.6 Hence, the law governing the company for the purposes of Art 42 of …” „… – be interpreted in the sense of the definition in Art 4(1)(21) MiFID II.13 A Member State which has …”

Article 45 Position management powers of ESMA S. 555-558

„… 57 and 58 MiFID II. I. Context and purpose Art 44 and 45 MiFIR set out the powers of ESMA with …” „… connected to Art 57 and 58 MiFID II. They authorise ESMA to coordinate the actions of national competent …” „… task of NCAs according to Art 57 MiFID II. ESMA insofar has only a coordinating role as specified by …”

Commentary on Articles 40 and 41 Art. 40, 41 S. 545-549

„… financial instruments in the sense of MiFID II and MiFIR and are therefore extremely wide.2 In addition …” „… addressed by other regulatory requirements of EU law. In particular, MiFID II rules on product governance …” „… MiFID II. 13 Art 40(4), 41(4) MiFIR. 14 Art 40(7), 41(7) MiFIR. Title VII Supervisory measures Art …”

Article 82 Exercise of the delegation S. 1678-1679

„… participants that are required by EU regulations, such as MiFID II and the Benchmarks Regulation. An ESMA Final …” „… governance requirements for trade repositories; (ii) data transparency and (iii) access requirements. Level 2 …” „… (EU) No 2017/1800. II. Commentary Trade repositories’ operational requirements Article 78 EMIR …”

Introduction S. 1563-1574

„… JIBLR 687; Lucantoni P, ‘Negoziazione e post-trading di derivati nella regolamentazione MiFID II, MiFIR …” „… ), Europäische Finanzmarktregulierung – Handbuch zu EMIR, MiFID II / MiFIR, PRIIPs, MAD / MAR, OTC-Derivaten und …” „… Requirement Regulation,5 the Market in Financial Instruments Directive (MiFID I,6 MiFID II7 and MiFIR)8 and …”

Article 48 Register S. 571-572

„… MiFID. The right to serve retail investors is reserved to firms residing within the Single Market …” „… . Further, Art 47(3), second para MiFID delineates the supervision in case of a branch. In principle, the …” „… See Art 46 MiFIR. II. Commentary The pan-European register ensures central data access and …”

Article 78 Data protection S. 378-379

„… MiFID II 1. Security Markets and Services 378 Jörn Axel Kämmerer Chapter II Cooperation between the …” „… manner as possible. The noti- Title VI Competent authorities Art. 79 MiFID II Jörn Axel Kämmerer 379 …”

Article 106 S. 617-618

„… sentence 3 MiFID II with respect to the duty of professional secrecy in Art 76 MiFID. 2 Cf. the Explanatory …” „… between Member States Art. 106 CARD Jessica Schmidt 617 5 6 7 1 II. Commentary Article 106 is …” „… participants to cooperate.2 II. Commentary Subjective scope of the obligation of professional secrecy The …”

Article 84 Consultation prior to authorisation S. 383-384

„… because such measures prove inadequate, the investment firm persists in Art. 86 MiFID II 1. Security …” „… institution or insurance undertaking authorised in the Union; Title VI Competent authorities Art. 84 MiFID …” „… II Jörn Axel Kämmerer 383 (c) controlled by the same person, whether natural or legal, who controls a …”

Article 61 Procedures for granting and refusing requests for authorisation S. 340-341

„… accordance with Article 15 of Regulation (EU) No 1095/2010. Art. 61 MiFID II 1. Security Markets and …” „… reporting services Art. 63 MiFID II Matthias Lehmann 341 …”

Article 107 S. 618-620

„… . with recital 153 sentence 3 MiFID II with respect to the duty of professional secrecy in Art 76 MiFID …” „… II. Commentary Article 106 is complemented by the lex specialis in Art 13 with respect to …” „… market participants to cooperate.2 II. Commentary Subjective scope of the obligation of professional …”

Articles 83 to 91 S. 1679-1680

„… aggregate figures for market participants that are required by EU regulations, such as MiFID II and the …” „… traded derivatives, (ii) the avoidance of double counting across trade repositories, (iii) the details of …” „… ) MiFID regarding the exemption for persons performing activities in commodity derivatives based on the …”

Article 1 Subject matter and scope S. 1099-1104

„… follows largely from MiFID. ‘Securities’ are to be defined as in MiFID II, Article 4(1)(44).24 This …” „… 18 19 20 21 22 of MiFID II Article 4(1)(21). Trading itself is not a requirement, it suffices that …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 II. Commentary …”

Article 59 S. 610-612

„… ‘regulated market’ in the ISD7 and then in MiFID I/II (see above → Art 2 mn 3), it should now – for the sake …” „… ) MiFID II8 (see above → Art 43 mn 7). 1. 2. 1 Cf. Gebhardt, § 11 BörsZulV margin no 1; Groß, § 1-12 …” „… proper trading and an efficient price discovery require a sufficiently large and liquid market.1 II …”

Article 6 Conditions for taking up activities as AIFM S. 1478-1480

„… its obligations under Chapters II, III, IV, and, where applicable, Chapters V, VI, VII and VIII; (d …” „… this function vis-à-vis the relevant AIF. Chapter II Authorisation of AIFMs Article 6 Conditions for …” „… ) investment advice; (ii) safe-keeping and administration in relation to shares or units of collective …”

Article 2 S. 1036-1038

„… ) of Article 4(1) of Directive 2014/65/EU (‘MiFID II’),4 do not fall under the PRIIP Regulation …” „… 2011/61/EU [2014] OJ L173/349; see → MiFID II Art 1 et seq. Chapter I Subject matter, scope and …” „… ) No. 1286/2014 (‘PRIIP Regulation’)2 and contains a list of products excluded from its scope. II …”

Article 1 Purpose and scope S. 951-958

„… securities: i. are not subordinated, convertible or exchangeable; ii. do not give a right to subscribe to or …” „… , provided that i. the ‘bostadsobligationer’ issued are of the same series; ii. the ‘bostadsobligationer’ are …” „… , convertible or exchangeable; ii. do not give a right to subscribe to or acquire other types of securities and …”

Article 12 Restrictions on uncovered short sales in shares S. 910-914

„… down in Arts 5, 6 and 8 of Implementing Regulation (EU) No 827/2012.6 II. Commentary Article 12(1) SSR …” „… sales of MiFID liquid shares, respectively. The requirements are more lenient than the standard …” „… the case of intra-day short sales or short sales of MiFID liquid shares the short seller can …”

Article 6 S. 1048-1051

„… the retail investor's viewpoint.3 Article 24(3) of Directive 2014/65/EU (‘MiFID II’)4 contains a …” „… instruments and amending Directive 2002/92/EC and Directive 2011/61/EU [2014] OJ L173/349. 5 See → MiFID II …” „… Section II Form and content of the key information document Article 6 1. The key information …”

Article 2 Definitions S. 624-627

„… auctioning takes place on an auction platform authorised as a regulated market under MiFID II.9 In order to …” „… Markets in Financial Instruments Directive (MiFID II).12 These references are identical to those used in …” „… to opt back in and, accordingly, is bound by the rules of the directive.5 II. Commentary Subject …”

Article 30 Indirect clearing arrangements S. 513-517

„… MiFID II and MiFIR post trading topics, 14 December 2017, ESMA70-151-957 II. Commentary Right to render …” „… application of which would make this technique impracticable. 5. 1. 27 ESMA, Q&A on MiFID II and MiFIR post …” „… under Chapter II of Commission Delegated Regulation (EU) No 149/2013. ESMA shall submit those draft …”

Article 3 Obligation to publish a prospectus S. 965-969

„… applies to public offers of securities addressed solely to qualified investors, as defined by MiFID II,2 …” „… guarantors; (ii) the risks associated with and essential characteristics of the securities, including any …” „… prospectus. 2. The obligation to publish a prospectus shall not apply to the following types of offer: (ii …”

Article 4 Use of credit ratings S. 1242-1246

„… definition of “Regulated Market”, see Art 4(1)(21) MiFID II. Article 4(1)(14) Directive 2004/39/EC, referred …” „… to in Art 3(1)(z) CRA Regulation, has been superseded by Art 94 subpara 3 MiFID II. A list of …” „… established in a third country; and (ii) the procedures concerning the coordination of supervisory activities …”

Article 4 Notifications and list of financial instruments S. 657-661

„… reference data, see ESMA, Discussion Paper MiFID II/MiFIR, 22 May 2014, ESMA/2014/548, pp. 480-495; ESMA …” „… , Consultation Paper MiFID II/ MiFIR, 19 December 2014, ESMA/2014/1570, pp. 631-635. Chapter 1 General …” „… ) shares and other securities equivalent to shares; (ii) bonds and other forms of securitised debt; or (iii …”

Article 32 Trading obligation procedure S. 519-524

„… of best execution under MiFID II6 as well as the transparency and the trading obligation under MiFIR …” „… , may consult third-country competent authorities. 2. 3. 6 Art 27 MiFID II. 7 Art 8, 10, 18, 21, 28 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 II. Commentary …”

Article 42 Product intervention by competent authorities S. 549-554

„… . Art 42 MiFIR is also related to Art 69(2)(s) MiFID II, under which Member States must authorises their …” „… an incorrect version of Art 69(2)(s) MiFID II (“are not met” instead of “are met”). Title VII …” „… State; or (ii) a derivative has a detrimental effect on the price formation mechanism in the underlying …”

Article 17 Public disclosure of inside information S. 778-799

„… MiFID II can be applied analogously, according to which a branch is ‘a place of business other than the …” „… instruments as defined in MiFID II.21 This includes all transferable securities, money-market instruments and …” „… ). 22 See the list in MiFID II (Directive 2014/65/EU), Annex I, Section C. Chapter 3 Disclosure …”

Article 34 Publication of decisions S. 869-874

„… sanction relates to an investment firm authorised in accordance with MiFID II. However, as investment firms …” „… (Article 5 MiFID II) will be obliged to register in a Member State and not with ESMA, it remains unclear …” „… financial markets is not jeopardised; or (ii) the proportionality of the publication of such decisions with …”

Article 3 Definitions S. 1236-1242

„… definition of “Regulated Market”, see Art 4(1)(21) MiFID II. Article 4(1)(14) Directive 2004/39/EC, referred …” „… to in Art 3(1)(z) CRA Regulation, has been superseded by Art 94 subpara 3 MiFID II. A list of …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 II. Commentary …”

Article 45 S. 598

„… negotiable’ is not defined further in the CARD. However, some guidance is offered by the MiFID I/II level 2 …” „… Schedule A(II)(1) LCD) requires that the legal position of the shares must be in conformity with the laws …” „… (previously Annex Schedule A(II)(2) LCD) establishes – subject to some exceptions – the general requirement of …”

Article 12 S. 585

„… interpreted in line with Art 4(1)(55)(b) MiFID II,3 i.e. the relevant Member State should be the state in …” „… International Law 6 et seq. Title II General provisions concerning the official listing of securities Art. 13 …”

Article 60 Scope of authorisation S. 340

„… accordance with Article 15 of Regulation (EU) No 1095/2010. Art. 61 MiFID II 1. Security Markets and …”

Article 83 Refusal to cooperate S. 383

„… institution or insurance undertaking authorised in the Union; Title VI Competent authorities Art. 84 MiFID …” „… II Jörn Axel Kämmerer 383 …”

Article 82 Binding mediation S. 383

„… institution or insurance undertaking authorised in the Union; Title VI Competent authorities Art. 84 MiFID …” „… II Jörn Axel Kämmerer 383 …”

Article 85 Powers for host Member States S. 384

„… because such measures prove inadequate, the investment firm persists in Art. 86 MiFID II 1. Security …”

Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations S. 381

„… MiFID II Jörn Axel Kämmerer 381 …”

Article 68 Cooperation between authorities in the same Member State S. 358

„… ; (f) require the temporary prohibition of professional activity; Art. 69 MiFID II 1. Security …”

Article 34 Register of derivatives subject to the trading obligation S. 526

„… 2016, 17-18; Gomber P and Nassauer F, ‘Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR, SAFE …”

Article 62 Withdrawal of authorisations S. 341

„… integrity of the market and the interest of its clients. Title V Data reporting services Art. 63 MiFID II …”

Article 12 Obligation to make pre-trade and post-trade data available separately S. 450-451

„… disaggregate market data) and Art 11 (Transparency obligation). Level 3: ESMA, Q&A on MiFID II and MiFIR …” „… post-trade transparency data) and its recitals 1 through 4. II. Commentary Article 12(1) MiFIR specifies the …” „… transparency topics, 12 July 2018, ESMA70-872942901-35. II. Commentary Article 13 MiFIR applies to anyone who …”

Article 20 Investment recommendations and statistics S. 824-833

„… , throughout MAR, the meaning given in MiFID II9 and MAR applies only to those financial instruments within its …” „… MiFID II (Directive 2014/65/EU), Annex I, Sections A and B. 48 Delegated Regulation 2016/958 (cf. → Art …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 II. Scope of application …”

Article 77 Relations with auditors S. 378

„… MiFID II 1. Security Markets and Services 378 Jörn Axel Kämmerer …”

Article 54 S. 605-606

„… mn 2), the term ‘freely negotiable’ is not defined further. However, here the MiFID I/II level 2 …” „… II. Commentary Governing law Like in the case of the issuer of shares (see above → Art 42), the …” „… is sought, Art 53 (previously Annex Schedule B(A)(II)(1) LCD) – which corresponds with Art 45 …”

Article 44 S. 597-598

„… further in the CARD. However, some guidance is offered by the MiFID I/II level 2 measures which state that …” „… make an informed judgment about the financial situation of a company. II. Commentary General rule …” „… shares for which admission is sought, Art 45 (previously Annex Schedule A(II)(1) LCD) requires that the …”

Article 55 S. 606-607

„… above → Art 42 mn 2), the term ‘freely negotiable’ is not defined further. However, here the MiFID I/II …” „… Annex Schedule B (A)(II)(2) LCD), establishes – subject to some exceptions – the general requirement of …” „… corresponding with Art 46(3) is unnecessary. II. Commentary Free negotiability Article 54(1) establishes the …”

Article 42 S. 593-594

„… under Art 4(1)(55)(a) (ii) MiFID II.6 Hence, the law governing the company for the purposes of Art 42 of …” „… between shares (Chapter II, Arts 42 through 51) and debt securities (Chapters III and IV, Arts 53 through …” „… really still justified after the sovereign debt crises of recent years is an open question. Chapter II …”

Article 14 Conduct of business rules S. 1337-1338

„… companies to delegate their activities to third parties. II. Overview Art 13 of UCITSD is the principal …” „… activities to an asset manager licensed under MiFID. Art 13 of UCITSD ensures that the UCITS framework is …” „… management and content of the agreement between a depositary and a management company, OJ 2010 L 176/42. II …”

Article 11 S. 584-585

„… Capital Markets Law, be interpreted in line with Art 4(1)(55)(b) MiFID II,3 i.e. the relevant Member State …” „… an application may be rejected. II. Commentary Competent authorities for decision on admission The …” „… Pennsylvania Journal of International Law 6 et seq. Title II General provisions concerning the official …”

Article 12 General principles S. 1488-1489

„… withdraw the license of an AIFM. II. Commentary Art 11 lit. a-e describe specific circumstances under …” „… more specific operating requirements in Art 13-17 and the organisational requirements of Art 18-21. II …” „… European Markets in Financial Instruments Directive (“MiFID”) as well as UCITS management companies. Art …”

Article 13 S. 585-586

„… interpreted in line with Art 4(1)(55)(b) MiFID II,3 i.e. the relevant Member State should be the state in …” „… International Law 6 et seq. Title II General provisions concerning the official listing of securities Art. 13 …” „… lex specialis to Art 106 (see below → Art 106 mn 2). II. Commentary Communication and collaboration …”

Article 46 S. 598-599

„… negotiable’ is not defined further in the CARD. However, some guidance is offered by the MiFID I/II level 2 …” „… Schedule A(II)(1) LCD) requires that the legal position of the shares must be in conformity with the laws …” „… (previously Annex Schedule A(II)(2) LCD) establishes – subject to some exceptions – the general requirement of …”

Article 13 Delegation S. 1336-1337

„… allow management companies to delegate their activities to third parties. II. Overview Art 13 of UCITSD …” „… asset management activities to an asset manager licensed under MiFID. Art 13 of UCITSD ensures that the …” „… take to identify, prevent, manage or disclose conflicts of interest as well as Chapter III …”

Overview of Articles 5-11 S. 894-895

„… that the new MiFID II/MiFIR regime requires transactions reports which identify short sales. In this …” „… , provided the general conditions are met.14 Chapter II Transparency of net short positions Overview of …” „… Articles 5-11 Chapter II of the SSR comprises its Arts 5 to 11 and contains a transparency regime applying …”

Article 7 Application for authorisation S. 1480-1482

„… its obligations under Chapters II, III, IV, and, where applicable, Chapters V, VI, VII and VIII; (d …” „… , namely the AIF, and require a license under MiFID. Article 7 Application for authorisation 1. Member …” „… withdrawal of an authorisation as AIFM. II. Commentary According to Art 7(1) a prospective AIFM must apply …”

Article 43 Marketing of AIFs by AIFMs to retail investors S. 1561-1563

„… ; Lucantoni P, ‘Negoziazione e post-trading di derivati nella regolamentazione MiFID II, MiFIR e EMIR’ (2016 …” „… is addressed by Art 43. II. Commentary Art 42(1) gives EU Member States discretion to provide for …” „… regime for the marketing of AIF to retail investors. II. Commentary Art 43(1) delegates EU Member States …”

Article 33 Mechanism to avoid duplicative or conflicting rules S. 524-526

„… 2016, 17-18; Gomber P and Nassauer F, ‘Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR, SAFE …” „… venue. II. Commentary The declaration of a third country legal regime as being equivalent is bound to …”

Article 21 Disclosure or dissemination of information in the media S. 833-835

„… journalists, as discussed above.3 II. Scope Article 21 applies to Art 10 (unlawful disclosure of inside …” „… ; Clausen NJ and Sørensen KE, ‘Reforming the Regulation of Trading Venues in the EU under the Proposed MiFID …” „… II – Levelling the Playing Field and Overcoming Market Fragmentation?’ (2012) 9 European Company and …”

Introduction S. 941-951

„… will be, admitted to trading on regulated markets, as per Article 51 of MiFID II,1 the Prospectus …” „… Prospekthaftungsrecht – Kollisionsrechtlicher Anlegerschutz nach der Rom II-Verordnung’ (2012) 1 Zeitschrift für …” „… Authority) [2014] OJ L153/1, 2014 Omnibus II Directive. Directive 2013/50/EU of the European Parliament and …”

Article 5 Notification to competent authorities of significant net short positions in shares S. 895-897

„… borrowed. Moloney, however, rightly points out that the new MiFID II/MiFIR regime requires transactions …” „… Chapter II of the SSR is supplemented by the provision in Chapter IV (Arts 16 and 17 SSR) which stipulate …” „… Company Law 79. Chapter II Transparency of net short positions Art. 5 SSR Klaus Ulrich Schmolke 895 2 3 …”

Introduction to Title VIII Intro Title VIII S. 558-560

„… according to Art 57 MiFID II. ESMA insofar has only a coordinating role as specified by Art 44(1) MiFIR. It …” „… services to eligible counterparties and to professional clients within the meaning of Section I of Annex II …” „… meaning of Section I of Annex II to Directive 2014/65/EU in their territories in accordance with national …”

Article 13 Remuneration S. 1489-1492

„… more specific operating requirements in Art 13-17 and the organisational requirements of Art 18-21. II …” „… European Markets in Financial Instruments Directive (“MiFID”) as well as UCITS management companies. Art …” „… with Annex II. 2. ESMA shall ensure the existence of guidelines on sound remuneration policies which …”

Article 3 Definitions S. 654-657

„… Regulation, Art 3(1)(10), MiFID II, Art 4(1)(24). 21 Moloney, VIII.5.4. 22 Clifford Chance, Briefing note …” „… securities equivalent to shares; (ii) bonds and other forms of securitised debt; or (iii) securitised debt …” „… of a financial instrument or an issuer; or (ii) produced by persons other than those referred to in …”

Article 15 Advertisements S. 1007-1009

„… limited – especially in comparison with the marketing communication rules under MiFID and the UCITS rules1 …” „… communication.3 II. Commentary The definition of ‘advertisement’ is set out in Art 2(9) of the Prospectus …” „… . Chapter III Arrangements for approval and publication Art. 15 PD Paola Lucantoni 1007 8 9 6. The …”

Article 4 Clearing obligation S. 1584-1588

„… 8 9 lation3 clarifies (i) the structure of those agreements, (ii) the obligations of the CCPs, (iii …” „… MiFID and it is subject to effective supervision and enforcement in that third country on an ongoing …” „… basis. The Commission has used the delegated power of issuing implementing acts on level 2.12 TITLE II …”

Article 22 Competent authorities S. 835-838

„… Regulation of Trading Venues in the EU under the Proposed MiFID II – Levelling the Playing Field and …” „… ) MAD 2003 has been dropped in MAR. II. Commentary Designating one or more competent authorities is …” „… institutionelle Balance – Verlangt das Effektivitätsgebot des Art. 4 III EUV eine Schadensersatzhaftung bei …”

Article 16 Exemption where the principal trading venue is in a third country S. 921-924

„… in Art 16(2) SSR in Arts 9 to 12 of Implementing Regulation (EU) No 827/2012.6 II. Commentary For …” „… ? core=esma_registers_mifid_shsexs. 11 Cf. Art 6 Delegated Regulation (EU) No 826/2012 and Art 9–12 Implementing Regulation (EU) No …” „… refers has been deleted by Art 72 Regulation (EU) No 909/2014; see above, Overview of Chapter III mn 3 …”

Article 35 Non-discriminatory access to a CCP S. 526-529

„… 2016, 17-18; Gomber P and Nassauer F, ‘Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR, SAFE …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… portfolios include one or more financial instruments. See Directive 2014/65/EU (MiFID II), Article 4(1)(8 …” „… transactions last ‘for a short period’ and (ii) provided that the voting rights in question are not exercised …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 II. Notification procedure …”

Article 16 Prevention and detection of market abuse S. 772-778

„… MiFID II can be applied analogously, according to which a branch is ‘a place of business other than the …” „… security prices at a measurably abnormal or artificial level within the meaning of Art 12(1)(a)(ii), but …” „… delegated regulation in 2016.7 II. Commentary Duties of market operators and investment firms, Art 16(1 …”

Article 9 Legitimate behaviour S. 705-711

„… is defined by MiFID II as ‘a person who holds himself out on the financial markets on a continuous …” „… and 3 measures Level 2 or 3 measures implementing Art 9 have not been adopted. II. Commentary Article …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… markets, (ii) specify the requirements of paragraphs 2, 4 and 5, (iii) specify the ‘short settlement cycle …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 II. Notification obligation …” „… disclosure of large voting blocs gives investors ex ante information about market movements. II …”

Article 13 S. 1163-1172

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 II. Disclosure of financial instruments …” „… Review 775; Hu and Black, ‘Equity and Debt Decoupling and Empty Voting II: Importance and Extensions …” „… TD 3. Market Transparency 1166 Wolf-Georg Ringe 3 4 5 6 II. Disclosure of financial instruments …”

Article 1 Subject matter and scope S. 1711-1720

„… ); (ii) obligations owed to the collateral taker by a person other than the collateral provider; or (iii …” „… with or intervening in the management of public debt, and (ii) public sector bodies of Member States …” „… in Article 2 of that Directive; (ii) an investment firm as defined in Article 4(1)(1) of Directive …”

Article 19 Managers’ transactions S. 808-824

„… ‘financial instrument’ means a financial instrument as defined in MiFID II (Directive 2014/65/EU), Article …” „… responsibilities or a person closely associated with such a person, as referred to in paragraph 1, (ii) the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 II. Managers and closely associated persons …”

Article 16 Obligations of competent authorities S. 463

„… of Art 16 MiFIR is Art 27(4) MiFID I of 2004. Recitals Recital 21 MiFIR. Article 17 Access to quotes …” „… and/or volume of orders sought by clients considerably exceeds the norm. 1. 2. 3. Title III …”

doi.org/10.5771/9783845279893

Florian Millner - Der systematische Internalisierer

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Florian Millner

Der systematische Internalisierer

Series: Deutsches, Europäisches und Vergleichendes Wirtschaftsrecht

Volume 127 2021

Results in this title

Zweiter Teil: Definition S. 56-137

„… : MiFID II/MiFIR, Rn. 773. 270 Vgl. Erwägungsgrund Nr. 46 MiFID I. 271 Daher ist die Beschränkung der …” „… für die Unternehmen sollten Jahre später dazu führen, dass der Geltungsbeginn der MiFID II und der …” „… gegenwärtige Definition in der MiFID II. Im folgenden Abschnitt werden die einzelnen Merkmale des …”

Vierter Teil: Sanktionen und Haftung S. 245-288

„… innerhalb der Europäischen Union.1100 1100 ESMA, MiFID II/MiFIR Review Report, 16.07.2020, ESMA70-156-2682 …” „… . Verwaltungsrechtliche Sanktionen Art. 70 Abs. 1 und 3 MiFID II verpflichtet die Mitgliedstaaten, Verstöße gegen eine …” „… Reihe von Bestimmungen der MiFID II und der MiFIR verwaltungsrechtlich zu sanktionieren. In Deutschland …”

Dritter Teil: Pflichten S. 138-244

„… Internalisierers selbst.530 1. 526 So auch Seiffert, in: Teuber/Schröder: MiFID II/MiFIR, Rn. 773. 527 …” „… Seiffert, in: Teuber/Schröer, MiFID II/MiFIR, Rn. 798; Gebauer, in: Assmann/Schneider/ Dritter Teil …” „… des systematischen Internalisierers sowie die Wohlverhaltenspflichten der MiFID II, die durch das 2 …”

Literaturverzeichnis S. 289-302

„… , Frank: Neuordnung der Finanzmärkte in Europa durch MiFID II/MiFIR, ZBB 2014, S. 250-260 Gomber, Peter …” „… Richtlinien, Baden-Baden 2008 Buck-Heeb, Petra: Anlageberatung nach der MiFID II, ZBB 2014, S. 221-232 dies …” „… Effect of MiFID I and MiFID II – The Genil Case and Beyond, in: Busch, Danny / Ferrarini, Guido (Hrsg …”

Quellenverzeichnis S. 303-308

„… Finanzmarktnovellierungsgesetz – 2. FiMaNoG, 28. Oktober 2016 ESMA, Annual Report 2011 – Consultation Paper – MiFID II/MiFIR, 22 …” „… May 2014, ESMA/2014/549 – Final Report, ESMA’s Technical Advice to the Commission on MiFID II and Mi …” „… - FIR, 19 December 2014, ESMA/2014/1569 – Letter to Olivier Guersent, Ref. MiFID II – SIs operating …”

Titelei/Inhaltsverzeichnis S. 1-28

„… die Überarbeitung und Erweiterung der Vorschriften durch die MiFID II und die Finanzmarktverordnung …” „… . 1 Nr. 20 MiFID II gilt als systematischer Internalisierer eine Wertpapierfirma, die in …” „… systematischen Internalisierers sowie die Wohlverhaltenspflichten nach der MiFID II, die durch das 2. FiMaNoG in …”

Einleitung S. 29-32

„… . Januar 2018 müssen die Nachfolger der MiFID I, die MiFID II6 und ihre Umsetzungsgesetze sowie die MiFIR7 …” „… Die Arbeit nimmt die Überarbeitung und Erweiterung der Vorschriften durch die MiFID II / MiFIR zum …” „… werden die Neuregelung der Wohlverhaltensregeln für Wertpapierfirmen in der MiFID II und ihre Umsetzung …”

Erster Teil: Grundlegung S. 33-55

„… MiFID II „Um die Verbraucher zusätzlich zu schützen…“; Erwägungsgrund Nr. 50 MiFIR „Technische Standards …” „… , EG-Grundfreiheiten und Kapitalmärkte, S. 44-55. 110 Beispielsweise MiFID II, Erwägungsgründe, 3, 46; Richtlinie …” „… systematischen Internalisierers in der MiFID II verweist. Es wäre jedoch verfehlt, diese Tendenz zur …”

doi.org/10.5771/9783748922148

Linda Fedchenheuer - Die Qualifikationsanforderung an Anlageberater

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Linda Fedchenheuer

Die Qualifikationsanforderung an Anlageberater

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 62 2014

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Vereinbarkeit mit Europarecht S. 83-99

„… in § 1 Abs. 1 WpHG-MaAnzV den MiFID II-Durchführungsbestimmungen widerspricht. Im Zweifel wird § 1 …” „… neugefassten MiFID II239. Zunächst sind jedoch drei Vorfragen zu klären. Erstens ist das Harmonisierungsziel …” „… der MiFID, künftig der MiFID II, und der Mi-FID-Durchführungsrichtlinie zu bestimmen. Historische …”

Anwendungsbereich von § 34d Abs. 1 S. 1 WpHG S. 105-120

„… Künftig Art. 4 Abs. 1 Nr. 4 MiFID II. Teil 2 Qualifikationsanforderung in § 34d Abs. 1 S. 1 WpHG 108 …” „… , Bd. 10, 4. Aufl. 2010, S. 129. 384 Art. 19 Abs. 3 MiFID (Art. 24 Abs. 5 S. 1 MiFID II …” „… . 2427, 2450. 332 2. Erwägungsgrund MiFID; Artt. 31 Abs. 1 S. 3, 32 Abs. 1 S. 3 MiFID. 333 Soweit diese …”

Sanktionen gegenüber Wertpapierdienstleistungsunternehmen S. 241-249

„… . 1 MiFID II vor, dass alle Sanktionen oder Maßnahmen, die aufgrund innerstaatlicher in Umsetzung der …” „… Bekanntmachung über die verantwortlichen Personen i.S.d. Art. 70 Abs. 2 MiFID II informieren. Demgemäß sollen …” „… Ausschüsse zum AnsFuG, BR-Drucks. 584/1/10, S. 17. 915 Nach Art. 4 Abs. 1 Nr. 36 MiFID II ist das …”

Einleitung S. 27-37

„… kapitalmarktrechtlichen Informationshaftung, JZ 2000, 1085, 1088; Möllers/Poppele, Paradigmenwechsel durch MiFID II, ZGR …” „… MiFID II; Art. 26 Abs. 1 MiFID-Durchführungsrichtlinie. 4 Bereits zum Recht vor dem FRUG, Leisch …” „… nationalen Bestimmungen zur Anlageberatung eingehen. So bestimmt Art. 24 Abs. 10 MiFID II, dass die …”

Titelei/Inhaltsverzeichnis S. 1-26

„… II 85 2. MiFID-Durchführungsrichtlinie 86 II. Vorgaben des Europarechts 87 1. MiFID, MiFID II und …” „… Märkte für Finanzinstrumente MiFID II Richtlinie über Märkte für Finanzinstrumente sowie zur Änderung der …” „… Pflichten 60 I. Informationspflicht 61 II. Explorationspflicht 62 III. Geeignetheitsprüfung 63 IV …”

Zusammenfassung in Thesen S. 285-289

„… einschließlich der MiFID-Durchführungsrichtlinie vereinbar. Gleiches gilt für die nachfolgende MiFID II. (5 …” „… . Insbesondere nach der zu erwartenden Umsetzung von Art. 71 Abs. 1 Unterabs. 1 MiFID II steht die …” „… Vertragsproblematik. (4) Das Sachkunde- und Zuverlässigkeitserfordernis ist mit den europäischen Vorgaben der MiFID …”

Bewertung S. 256-285

„… Unternehmensinteresse die Veröffentlichung verhindert. Sobald Art. 71 Abs. 1 Unterabs. 2 MiFID II in Kraft tritt, muss …” „… Erwägungsgrund 146 MiFID II; Empfehlungen der Ausschüsse zum AnsFuG, BR-Drucks. 584/1/10, S. 16 f.; Erläuterungen …” „… Unterabs. 2 lit. b MiFID II müssen im Fall einer unverhältnismäßigen Schädigung, die beispielsweise bei …”

Literaturverzeichnis S. 289-319

„… , 1085-1092. Möllers Thomas M. J./Poppele Mauritz, Paradigmenwechsel durch MiFID II: divergierende …” „… Bereicherung?, NJW 1995, 2457-2464. Clouth, Peter/Lang, Volker (Hrsg.), MiFID Praktikerhandbuch: neue …” „… Schadensersatzpflichten der Wertpapierdienstleistungsunternehmen nach Umsetzung der Finanzmarktrichtlinie (MiFID), JZ 2008 …”

Die einzelnen aufsichtsrechtlichen Pflichten S. 60-69

„… Anlageberatung, in: Clouth/Lang, MiFID Praktikerhandbuch, 2007, Rdn. 225; vgl. auch BaFin, MaComp, Stand: Januar …” „… Anlagestrategien sowie der Handelsplätze vorweisen müssen, sog. »Know your product«167. II. Explorationspflicht …” „… Informationen, in: Clouth/Lang, MiFID Praktikerhandbuch, 2007, Rdn. 129; a.A. Koller, in: Assmann/Schneider …”

Stichwortverzeichnis S. 319-322

„… ff., 91, 93 ff., 107, 124, 155 MiFID II 29, 85 ff., 91, 93 ff., 125, 155, 247 f., 279 f …” „… 224 MiFID 29, 83, 87 f., 91, 93 ff., 107 - Vollharmonisierung 85 f. - Durchführungsrichtlinie 83, 86 …”

Regelungsgegenstand von § 34d Abs. 1 S. 1 WpHG S. 120-165

„… tatsächlich fähig sein. ____________________ 411 Künftig fordert Art. 25 Abs. 1 S. 1 MiFID II die Kenntnisse …” „… Finanzdienstleistungen, 1993, S. 752, 754. 417 Erwägungsgrund 79 MiFID II. Teil 2 Qualifikationsanforderung in § 34d Abs …” „… . 5 Abs. 1 lit. d MiFID-Durchführungsrichtlinie (entspricht Art. 25 Abs. 1 S. 1 Mi-FID II) fordert die …”

Rechtmäßigkeit von § 34d Abs. 1 S. 1 WpHG S. 99-105

„… MiFID-Durchführungsrichtlinie und künftig der MiFID II ausdrücklich an. Zudem sieht Art. 25 Abs. 1 S. 1 MiFID II eine …” „… 2013, Art. 19 Abs. 3 Rdn. 102. § 5 Rechtmäßigkeit von § 34d Abs. 1 S. 1 WpHG 101 II …” „… Pflichten und der erforderlichen Sachkunde Teil 1 § 2, Teil 2 § 7 II. 3. 320 Vgl. BVerfG, Urt. v. 11.6.1958 …”

Ökonomische Analyse des § 34d Abs. 1 WpHG und der WpHGMaAnzV S. 69-83

„… erforderlichen Sachkunde und Zuverlässigkeit Teil 2 § 7 II. bis IV. 201 Zur Nachweispflicht Teil 2 § 7 II. 4 …” „… Wertpapierdienstleistungsunternehmen, der einzelne Anleger ist nicht Adressat der Verhaltenspflichten.213 II. Anzeigepflichten …” „… Verpflichtung von Wertpapierfirmen ergibt sich unmittelbar aus den europäischen Vorgaben in Art. 1 Abs. 1 MiFID …”

Sanktionen gegenüber Anlageberatern S. 249-256

„… i.V.m. Art. 70 Abs. 2 MiFID II nicht veröffentlichungspflichtig. Die öffentliche Bekanntmachung der …” „… , dass er über die erforderliche Qualifikation verfügt. II. Verwarnung Der Anlageberater kann darüber …” „… . kapitalmarktrecht-im-internet.eu/de/Rechtsgebiete/Kapitalmarktrecht, Abruf v. 21.2.2014. 959 Teil 2 § 5 II. 960 Für die Anlageberater Teil 4 § 14 I.; für die …”

Sachkundetest der Anlageberater S. 185-198

„… die Wohlverhaltensregeln der MiFID II auf Versicherungsanlageprodukte für Kleinanleger übertragen will …” „… Einführung anführen. II. Effektivität Neben dem WpHG finden sich in §§ 34d, 34e, 34f, 34h663 GewO …” „… -____________________ 660 Teil 1 § 1 II. 2. a). 661 Zum Problem der Adversen Selektion Teil 1 § 1 II. 1. b). 662 Zum …”

doi.org/10.5771/9783845255729

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Tobias B. Madel

Robo Advice

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 79 2019

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Organisations- und Wohlverhaltenspflichten S. 143-247

„… die Formulierung näher an Art. 24 Abs. 1 MiFID II orientiert.589 Die MiFID II-Vorschrift ist …” „… Busch, Product Governance und Produktintervention unter MiFID II/MiFIR, WM 2017, 409, 414; Grundmann …” „… . 661 Busch, Product Governance und Produktintervention unter MiFID II/MiFIR, WM 2017, 409, 410; Beule …”

Literaturverzeichnis S. 291-315

„… MiFID II/MiFIR, WM 2017, 409–420. Büter, Thomas / Schröer, Ulrich, Telefonaufzeichnung nach MiFID II …” „… www.bafin.de/DE/Aufsicht/FinTech/Finanzportfolioverwaltung/finanzportfoliover waltung_node.html. BaFin, FAQ zu MiFID II-Wohlverhaltensregeln nach §§ 63 ff. WpHG, WA 31-Wp …” „… Industry, 103 Iowa L. Rev. 713–750 (2018). Balzer Peter, Einführung in das Reformvorhaben MiFID II / MiFIR …”

Regulierungsansätze de lege ferenda und Zusammenfassung S. 248-290

„… . der FinVermV mit den europäischen MiFID II-Vorgaben kollidiert: Art. 3 Abs. 1 MiFID II erlaubt den …” „… kapitalmarktrechtliches Prinzip.1004 Die MiFID II nennt den Anlegerschutz ebenfalls ausdrücklich als gesetzgeberisches …” „… Erwägungsgrund 86 Satz 1 MiFID II. 1006 Hopt, Der Kapitalanlegerschutz im Recht der Banken, 1975, S. 288 …”

Robo Advice – Problemstellung und Grundlagen S. 27-80

„… MiFID I and II, in: Hugo/Möllers, Transnational Impacts on Law: Perspectives from South Africa and …” „… 2016, 366, 367. 27 ESMA, Final Report: Guidelines on certain aspects of the MiFID II suitability …” „… Möllers/Brosig, Providing investment advice in light of MiFID I and II, in: Hugo/Möllers, Transnational Impacts …”

Aufsichtsrechtliche Qualifikation und Erlaubnispflicht S. 81-142

„… erster Teil: § 3. 271 Möllers/Brosig, Providing investment advice in light of MiFID I and II, in …” „… Klassifizierung wurde in der MiFID II beibehalten. Da sich eine europäische Legaldefinition der Anlageberatung …” „… nur in Art. 4 Abs. 1 Nr. 4 MiFID II findet, muss diese im deutschen Recht umgesetzt werden. § 2 Abs …”

Titelei/Inhaltsverzeichnis S. 1-26

„… durch die MiFID II 159 2. Anwendbarkeit bei Robo Advice 160 III. Verbot der Annahme von Zuwendungen …” „… unterschiedlichen Pflichtenstandards 208 I. Unterschiedlicher Pflichtenstandard in MiFID II und FinVermV 208 II …” „… Pflichtenstandard in MiFID II und FinVermV 208 II. Umgang mit den divergierenden gesetzlichen Vorgaben 210 1 …”

Stichwortverzeichnis S. 316-317

„… Finance 58, 264 f. MiFID II 70, 83, 146 f., 160 Bereichsausnahme Mitarbeitervergütung 160f …”

doi.org/10.5771/9783845299143

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