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market.","marks":[],"revision":1,"text_hash":"ae111e1b7af367438bb197aa29da82da8f66eb4eeefc246d1f0eefe3c3983781","reason":null},{"locator":"mifid2/art/46/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"The competent authority shall refuse to approve proposed changes to the controlling interests of the regulated market and/or the market operator where there are objective and demonstrable grounds for believing that they would pose a threat to the sound and prudent management of the regulated market.","marks":[],"revision":1,"text_hash":"d7387aa6d259371572f8a0bdd58652b76788e52b0547dff268fc332489076ab8","reason":null}],"markdown":"---\ntitle: \"Article 46 — Requirements relating to persons exercising significant influence over the management of the regulated market\"\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 46 — Requirements relating to persons exercising significant influence over the management of the regulated market\"\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: 46\nstatus: in_force\nobject_id: eu.mifid2.legal_text.article.46\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\n1. <a id=\"p-1\"></a>Member States shall require the persons who are in a position to exercise, directly or indirectly, significant influence over the management of the regulated market to be suitable.\n2. <a id=\"p-2\"></a>Member States shall require the market operator of the regulated market:\n\n    <a id=\"p-2-a\"></a>**(a)** to provide the competent authority with, and to make public, information regarding the ownership of the regulated market and/or the market operator, and in particular, the identity and scale of interests of any parties in a position to exercise significant influence over the management;\n\n    <a id=\"p-2-b\"></a>**(b)** to inform the competent authority of and to make public any transfer of ownership which gives rise to a change in the identity of the persons exercising significant influence over the operation of the regulated market.\n3. <a id=\"p-3\"></a>The competent authority shall refuse to approve proposed changes to the controlling interests of the regulated market and/or the market operator where there are objective and demonstrable grounds for believing that they would pose a threat to the sound and prudent management of the regulated market.\n\n***\n\n[Title III — Regulated markets](../titles/iii.md) · [← Article 45](45.md) · [Article 47 →](47.md)\n"}