{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2023-03-23","held_since":"2023-03-23","gaps":[],"covered":["MiFID II L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/articles/15","url":"https://www.headlesslaw.com/mifid-ii/articles/15","title":"Article 15 — Initial capital endowment","family":"l1_generated","work_id":"mifid2","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"Consolidated version of 6 June 2026","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606","valid_from":"2023-03-23","valid_until":null,"revision":1,"content_id":"a95835916214153e","change_date":null,"nearest_versions":["2023-03-23"],"first_text_date":"2014-05-15","correction_applies":false,"versions":["2023-03-23"],"version_url":"https://www.headlesslaw.com/mifid-ii/articles/15/versions/2023-03-23","revision_url":"https://www.headlesslaw.com/mifid-ii/articles/15/versions/2023-03-23/rev/a95835916214153e","versions_url":"https://www.headlesslaw.com/mifid-ii/articles/15/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/articles/15/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/articles/15.md","body_sha256":"0e9797251022509d80abcf0920476ea7b1468fb8ccf99ac768dc1ccb0cd9016f"},"units":[{"locator":"mifid2/art/15","kind":"article","status":"in_force","label":null,"heading":"Initial capital endowment","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"mifid2/art/15/subpara/1","kind":"subparagraph","status":"in_force","label":null,"heading":null,"text":"Member States shall ensure that the competent authorities do not grant authorisation unless the investment firm has sufficient initial capital in accordance with the requirements of Article 9 of Directive (EU) 2019/2034 of the European Parliament and of the Council, having regard to the nature of the investment service or activity in question.","marks":[],"revision":1,"text_hash":"0fda9c75d523c79ac927abe0d0e9f8fb79b5248a21b66ec7ff4a325fba8512f2","reason":null}],"markdown":"---\ntitle: \"Article 15 — Initial capital endowment\"\ntype: regulation\nlegal_status: in_force\nsource: \"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606\"\nsource_retrieved: 2026-09-28\nshortTitle: \"Article 15 — Initial capital endowment\"\ninstrument_type: level1_directive\nauthority: Commission\nbinding: true\nbinding_character: binding\nmica_level2: false\nlegal_basis: \"Directive 2014/65/EU\"\ninstrument: mifid2\ncelex: \"32014L0065\"\nregulation: MiFID II\nregulation-full: \"Directive 2014/65/EU\"\narticle: 15\nstatus: in_force\nobject_id: eu.mifid2.legal_text.article.15\ntext_version: \"Consolidated version of 6 June 2026\"\nsource_url: \"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\n---\n\n*In force · Consolidated version of 6 June 2026 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606)*\n\nMember States shall ensure that the competent authorities do not grant authorisation unless the [investment firm](https://www.headlesslaw.com/definitions/mifid-ii/investment-firm) has sufficient initial capital in accordance with the requirements of Article 9 of Directive (EU) 2019/2034 of the European Parliament and of the Council, having regard to the nature of the investment service or activity in question.\n\n***\n\n[Title II — Authorisation and operating conditions for investment firms](../titles/ii.md) · [← Article 14](14.md) · [Article 16 →](16.md)\n"}