> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/mifid-ii/readme.md). # MiFID II *In force · Consolidated version of 6 June 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606) **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 The full text is available article by article, one page per article (`articles/`). Every numbered paragraph and point carries a stable anchor (`#p-3` for paragraph 3, `#p-3-a` for its point (a)), so any provision can be cited with a direct link. The English consolidated manifestation from CELLAR is reproduced verbatim; the official text remains the EU publication at [EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606). ### Contents #### [Title I — Scope and definitions](/mifid-ii/titles/i.md) * [Article 1 — Scope](/mifid-ii/articles/1.md) * [Article 2 — Exemptions](/mifid-ii/articles/2.md) * [Article 3 — Optional exemptions](/mifid-ii/articles/3.md) * [Article 4 — Definitions](/mifid-ii/articles/4.md) #### [Title II — Authorisation and operating conditions for investment firms](/mifid-ii/titles/ii.md) * [Article 5 — Requirement for authorisation](/mifid-ii/articles/5.md) * [Article 6 — Scope of authorisation](/mifid-ii/articles/6.md) * [Article 7 — Procedures for granting and refusing requests for authorisation](/mifid-ii/articles/7.md) * [Article 8 — Withdrawal of authorisations](/mifid-ii/articles/8.md) * [Article 9 — Management body](/mifid-ii/articles/9.md) * [Article 10 — Shareholders and members with qualifying holdings](/mifid-ii/articles/10.md) * [Article 11 — Notification of proposed acquisitions](/mifid-ii/articles/11.md) * [Article 12 — Assessment period](/mifid-ii/articles/12.md) * [Article 13 — Assessment](/mifid-ii/articles/13.md) * [Article 13a — Scope](/mifid-ii/articles/13a.md) * [Article 13b — Prevention of conflicts of interest](/mifid-ii/articles/13b.md) * [Article 13c — Conflicts of interests](/mifid-ii/articles/13c.md) * [Article 13d — General principles and information to customers](/mifid-ii/articles/13d.md) * [Article 13e — Exercise of the delegation](/mifid-ii/articles/13e.md) * [Article 14 — Membership of an authorised investor compensation scheme](/mifid-ii/articles/14.md) * [Article 15 — Initial capital endowment](/mifid-ii/articles/15.md) * [Article 16 — Organisational requirements](/mifid-ii/articles/16.md) * [Article 16a — Exemptions from product governance requirements](/mifid-ii/articles/16a.md) * [Article 17 — Algorithmic trading](/mifid-ii/articles/17.md) * [Article 18 — Trading process and finalisation of transactions in an MTF and an OTF](/mifid-ii/articles/18.md) * [Article 19 — Specific requirements for MTFs](/mifid-ii/articles/19.md) * [Article 20 — Specific requirements for OTFs](/mifid-ii/articles/20.md) * [Article 21 — Regular review of conditions for initial authorisation](/mifid-ii/articles/21.md) * [Article 22 — General obligation in respect of on-going supervision](/mifid-ii/articles/22.md) * [Article 23 — Conflicts of interest](/mifid-ii/articles/23.md) * [Article 24 — General principles and information to clients](/mifid-ii/articles/24.md) * [Article 25 — Assessment of suitability and appropriateness and reporting to clients](/mifid-ii/articles/25.md) * [Article 26 — Provision of services through the medium of another investment firm](/mifid-ii/articles/26.md) * [Article 27 — Obligation to execute orders on terms most favourable to the client](/mifid-ii/articles/27.md) * [Article 28 — Client order handling rules](/mifid-ii/articles/28.md) * [Article 29 — Obligations of investment firms when appointing tied agents](/mifid-ii/articles/29.md) * [Article 29a — Services provided to professional clients](/mifid-ii/articles/29a.md) * [Article 30 — Transactions executed with eligible counterparties](/mifid-ii/articles/30.md) * [Article 31 — Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations](/mifid-ii/articles/31.md) * [Article 32 — Suspension and removal of financial instruments from trading on an MTF or an OTF](/mifid-ii/articles/32.md) * [Article 33 — SME growth markets](/mifid-ii/articles/33.md) * [Article 34 — Freedom to provide investment services and activities](/mifid-ii/articles/34.md) * [Article 35 — Establishment of a branch](/mifid-ii/articles/35.md) * [Article 36 — Access to regulated markets](/mifid-ii/articles/36.md) * [Article 37 — Access to CCP, clearing and settlement facilities and right to designate settlement system](/mifid-ii/articles/37.md) * [Article 38 — Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs](/mifid-ii/articles/38.md) * [Article 39 — Establishment of a branch](/mifid-ii/articles/39.md) * [Article 40 — Obligation to provide information](/mifid-ii/articles/40.md) * [Article 41 — Granting of the authorisation](/mifid-ii/articles/41.md) * [Article 42 — Provision of services at the exclusive initiative of the client](/mifid-ii/articles/42.md) * [Article 43 — Withdrawal of authorisations](/mifid-ii/articles/43.md) #### [Title III — Regulated markets](/mifid-ii/titles/iii.md) * [Article 44 — Authorisation and applicable law](/mifid-ii/articles/44.md) * [Article 45 — Requirements for the management body of a market operator](/mifid-ii/articles/45.md) * [Article 46 — Requirements relating to persons exercising significant influence over the management of the regulated market](/mifid-ii/articles/46.md) * [Article 47 — Organisational requirements](/mifid-ii/articles/47.md) * [Article 48 — Systems resilience, circuit breakers and electronic trading](/mifid-ii/articles/48.md) * [Article 49 — Tick sizes](/mifid-ii/articles/49.md) * [Article 50 — Synchronisation of business clocks](/mifid-ii/articles/50.md) * [Article 51 — Admission of financial instruments to trading](/mifid-ii/articles/51.md) * [Article 51a — Specific conditions for the admission of shares to trading](/mifid-ii/articles/51a.md) * [Article 52 — Suspension and removal of financial instruments from trading on a regulated market](/mifid-ii/articles/52.md) * [Article 53 — Access to a regulated market](/mifid-ii/articles/53.md) * [Article 54 — Monitoring of compliance with the rules of the regulated market and with other legal obligations](/mifid-ii/articles/54.md) * [Article 55 — Provisions regarding CCP and clearing and settlement arrangements](/mifid-ii/articles/55.md) * [Article 56 — List of regulated markets](/mifid-ii/articles/56.md) #### [Title IV — Position limits and position management controls in commodity derivatives and reporting](/mifid-ii/titles/iv.md) * [Article 57 — Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances](/mifid-ii/articles/57.md) * [Article 58 — Position reporting by categories of position holders](/mifid-ii/articles/58.md) #### [Title V — Data reporting services](/mifid-ii/titles/v.md) * [Article 59 — Requirement for authorisation](/mifid-ii/articles/59.md) * [Article 60 — Scope of authorisation](/mifid-ii/articles/60.md) * [Article 61 — Procedures for granting and refusing requests for authorisation](/mifid-ii/articles/61.md) * [Article 62 — Withdrawal of authorisations](/mifid-ii/articles/62.md) * [Article 63 — Requirements for the management body of a data reporting services provider](/mifid-ii/articles/63.md) * [Article 64 — Organisational requirements](/mifid-ii/articles/64.md) * [Article 65 — Organisational requirements](/mifid-ii/articles/65.md) * [Article 66 — Organisational requirements](/mifid-ii/articles/66.md) #### [Title VI — Competent authorities](/mifid-ii/titles/vi.md) * [Article 67 — Designation of competent authorities](/mifid-ii/articles/67.md) * [Article 68 — Cooperation between authorities in the same Member State](/mifid-ii/articles/68.md) * [Article 69 — Supervisory powers](/mifid-ii/articles/69.md) * [Article 70 — Sanctions for infringements](/mifid-ii/articles/70.md) * [Article 71 — Publication of decisions](/mifid-ii/articles/71.md) * [Article 72 — Exercise of supervisory powers and powers to impose sanctions](/mifid-ii/articles/72.md) * [Article 73 — Reporting of infringements](/mifid-ii/articles/73.md) * [Article 74 — Right of appeal](/mifid-ii/articles/74.md) * [Article 75 — Extra-judicial mechanism for consumers complaints](/mifid-ii/articles/75.md) * [Article 76 — Professional secrecy](/mifid-ii/articles/76.md) * [Article 77 — Relations with auditors](/mifid-ii/articles/77.md) * [Article 78 — Data protection](/mifid-ii/articles/78.md) * [Article 79 — Obligation to cooperate](/mifid-ii/articles/79.md) * [Article 80 — Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations](/mifid-ii/articles/80.md) * [Article 81 — Exchange of information](/mifid-ii/articles/81.md) * [Article 82 — Binding mediation](/mifid-ii/articles/82.md) * [Article 83 — Refusal to cooperate](/mifid-ii/articles/83.md) * [Article 84 — Consultation prior to authorisation](/mifid-ii/articles/84.md) * [Article 85 — Powers for host Member States](/mifid-ii/articles/85.md) * [Article 86 — Precautionary measures to be taken by host Member States](/mifid-ii/articles/86.md) * [Article 87 — Cooperation and exchange of information with ESMA](/mifid-ii/articles/87.md) * [Article 87a — Accessibility of information on the European single access point](/mifid-ii/articles/87a.md) * [Article 88 — Exchange of information with third countries](/mifid-ii/articles/88.md) #### [Title VII — Delegated acts](/mifid-ii/titles/vii.md) * [Article 89 — Exercise of the delegation](/mifid-ii/articles/89.md) * [Article 89a — Committee procedure](/mifid-ii/articles/89a.md) * [Article 90 — Reports and review](/mifid-ii/articles/90.md) * [Article 91 — Amendments to Directive 2002/92/EC](/mifid-ii/articles/91.md) * [Article 92 — Amendments to Directive 2011/61/EU](/mifid-ii/articles/92.md) * [Article 93 — Transposition](/mifid-ii/articles/93.md) * [Article 94 — Repeal](/mifid-ii/articles/94.md) * [Article 95 — Transitional provisions](/mifid-ii/articles/95.md) * [Article 95a — Transitional provision on the authorisation of credit institution referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013](/mifid-ii/articles/95a.md) * [Article 96 — Entry into force](/mifid-ii/articles/96.md) * [Article 97 — Addressees](/mifid-ii/articles/97.md) ### Level 2 and Level 3 * [Level 2](/mifid-ii/level-2.md) * [Level 3](/mifid-ii/level-3.md) --- # Agent Instructions This documentation is published with GitBook. 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