Skip to the text
Text as of 23 Mar 2023 · Consolidated version of 23 March 2023 · The wording differs from today’s text.Today’s text

Article 1 — Scope

Financial servicesLevel 1DirectiveMiFID IIIn forceOfficial source

1(1)

1.This Directive shall apply to investment firms, market operators, and third-country firms providing investment services or performing investment activities through the establishment of a branch in the Union.

Copy link
1(2)

2.This Directive establishes requirements in relation to the following:

Copy link
1(2)(a)
(a)authorisation and operating conditions for investment firms;
Copy link
1(2)(b)
(b)provision of investment services or activities by third-country firms through the establishment of a branch;
Copy link
1(2)(c)
(c)authorisation and operation of regulated markets; and
Copy link
1(2)(d)
(d)
Copy link
1(2)(e)
(e)supervision, cooperation and enforcement by competent authorities.
Copy link
1(3)

3.The following provisions shall also apply to credit institutions authorised under Directive 2013/36/EU, when providing one or more investment services and/or performing investment activities:

Copy link
1(3)(a)
(a)Article 2(2), Article 9(3) and Articles 14 and 16 to 20,
Copy link
1(3)(b)
(b)Chapter II of Title II excluding second subparagraph of Article 29(2),
Copy link
1(3)(c)
(c)Chapter III of Title II excluding Article 34(2) and (3) and Article 35(2) to (6) and (9),
Copy link
1(3)(d)
(d)Articles 67 to 75 and Articles 80, 85 and 86.
Copy link
1(4)

4.The following provisions shall also apply to investment firms and to credit institutions authorised under Directive 2013/36/EU when selling or advising clients in relation to structured deposits:

Copy link
1(4)(a)
(a)Article 9(3), Article 14, and Article 16(2), (3) and (6);
Copy link
1(4)(b)
(b)Articles 23 to 26, Article 28 and Article 29, excluding the second subparagraph of paragraph 2 thereof, and Article 30; and
Copy link
1(4)(c)
(c)Articles 67 to 75.
Copy link
1(5)

5.Article 17(1) to (6) shall also apply to members or participants of regulated markets and MTFs who are not required to be authorised under this Directive pursuant to points (a), (e), (i) and (j) of Article 2(1).

Copy link
1(6)

6.Articles 57 and 58 shall also apply to persons exempt under Article 2.

Copy link
1(7)

7.All multilateral systems in financial instruments shall operate either in accordance with the provisions of Title II concerning MTFs or OTFs or the provisions of Title III concerning regulated markets.

Copy link

Any investment firms which, on an organised, frequent, systematic and substantial basis, deal on own account when executing client orders outside a regulated market, an MTF or an OTF shall operate in accordance with Title III of Regulation (EU) No 600/2014.

Without prejudice to Articles 23 and 28 of Regulation (EU) No 600/2014, all transactions in financial instruments as referred to in the first and the second subparagraphs which are not concluded on multilateral systems or systematic internalisers shall comply with the relevant provisions of Title III of Regulation (EU) No 600/2014.