Directive 2014/65 - Markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) - Main contents
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official title
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) Text with EEA relevance| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2014/65 |
| Original proposal | COM(2011)656  |
| CELEX number i | 32014L0065 |
| Document | 15-05-2014 |
|---|---|
| Publication in Official Journal | 12-06-2014; OJ L 173 p. 349-496 |
| Effect | 02-07-2014; Entry into force Date pub. +20 See Art 96 |
| Deadline | 01-01-2019; See Art 90.4 And 32016L1034 03-09-2019; See Art 90.2 And 32016L1034 03-03-2020; See Art 90.1 And 32016L1034 01-07-2020; See Art 33.9 01-07-2021; See Art 33.9 31-07-2021; See Art 2.4 And 32021L0338 03-09-2021; See Art 90.2 And 32016L1034 28-11-2021; See Art 57.1 And 57.3 And 32021L0338 28-11-2021; See Art 57.8 And 32021L0338 31-12-2021; Review See Art 90.1a And 32021L0338 28-02-2022; See Art 27.6 And 32021L0338 28-02-2023; See Art 27.3 And 32021L0338 |
| End of validity | 31-12-9999 |
| Transposition | 03-07-2016; Adoption See Art 93.1 AND 32016L1034 03-01-2018; Application See Art 93.1 AND 32016L1034 23-03-2023; Adoption See Art 93.3a 23-03-2023; Application See Art 93.3a 23-03-2023; See Art 93.3a |
12.6.2014 |
EN |
Official Journal of the European Union |
L 173/349 |
DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 15 May 2014
on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU
(recast)
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
Directive 2004/39/EC of the European Parliament and of the Council (4) has been substantially amended several times (5). Since further amendments are to be made, it should be recast in the interests of clarity. |
(2) |
Council Directive 93/22/EEC (6) sought to establish the conditions under which authorised investment firms and banks could provide specified services or establish branches in other Member States on the basis of home country authorisation and supervision. To that end, that Directive aimed to harmonise the initial authorisation and operating requirements for investment firms including conduct of business rules. It also provided for the harmonisation of some conditions governing the operation of regulated markets. |
(3) |
In recent years more investors have become active in the financial markets and are offered an even more complex wide-ranging set of services and instruments. In view of those developments the legal framework of the Union should encompass the full range of investor-oriented activities. To that end, it is necessary to provide for the degree of harmonisation needed to offer investors a high level of protection and to allow investment firms to provide services throughout the Union, being an internal market, on the basis of home country supervision. Directive 93/22/EEC was therefore replaced by Directive 2004/39/EC. |
(4) |
The financial crisis has exposed weaknesses in the functioning and in the transparency of financial markets. The evolution of financial markets has exposed the need to strengthen the framework for the regulation of markets in financial instruments, including where trading in such markets takes place over-the-counter (OTC), in order to increase transparency, better protect investors, reinforce confidence, address unregulated areas, and ensure that supervisors are granted adequate powers to fulfil their tasks. |
(5) |
There is agreement among regulatory bodies at international level that weaknesses in corporate governance in a number of financial institutions, including the absence of effective checks and balances within them, have been a contributory factor to the financial crisis. Excessive and imprudent risk taking may lead to the failure of individual financial institutions and systemic problems in Member States and globally. Incorrect conduct of firms providing services to clients may lead to investor detriment and loss of investor confidence. In order to address the potentially detrimental effect of those weaknesses in corporate governance arrangements, Directive 2004/39/EC should be supplemented by more detailed principles and minimum standards. Those principles and standards should apply taking into account the nature, scale and complexity of investment firms. |
(6) |
The High-Level Group on Financial Supervision in the EU invited the Union to develop a more harmonised set of financial regulation. In the context of the future European supervision architecture, the European Council of 18 and 19 June 2009 also... |
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