--- title: "Article 21 — Regular review of conditions for initial authorisation" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606" source_retrieved: 2026-09-28 shortTitle: "Article 21 — Regular review of conditions for initial authorisation" instrument_type: level1_directive authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: "Directive 2014/65/EU" instrument: mifid2 celex: "32014L0065" regulation: MiFID II regulation-full: "Directive 2014/65/EU" article: 21 status: in_force object_id: eu.mifid2.legal_text.article.21 text_version: "Consolidated version of 6 June 2026" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014L0065-20260606" check_status: matched verified: true last_checked: 2026-10-26 --- *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)* 1. Member States shall require that an [investment firm](https://www.headlesslaw.com/definitions/mifid-ii/investment-firm) authorised in their territory comply at all times with the conditions for initial authorisation established in Chapter I. 2. Member States shall require competent authorities to establish the appropriate methods to monitor that investment firms comply with their obligation under paragraph 1. They shall require investment firms to notify the competent authorities of any material changes to the conditions for initial authorisation. ESMA may develop guidelines regarding the monitoring methods referred to in this paragraph. *** [Title II — Authorisation and operating conditions for investment firms](../titles/ii.md) · [← Article 20](20.md) · [Article 22 →](22.md)