<!-- headlesslaw {"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":"2026-09-28","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/recitals/27","url":"https://www.headlesslaw.com/mifid-ii/recitals/27","title":"Recital 27","family":"l1_recital_view","work_id":"mifid2","view_of":"/mifid-ii/recitals","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Directive 2014/65/EU, OJ L 173, 12.6.2014","check":{"against":"EUR-Lex","on":"2026-09-28"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065","valid_from":"2023-03-23","valid_until":null,"content_id":"da55e9ce7b40aa6e","versions":["2023-03-23"],"version_url":"https://www.headlesslaw.com/mifid-ii/recitals/27/versions/2023-03-23","revision_url":"https://www.headlesslaw.com/mifid-ii/recitals/27/versions/2023-03-23/rev/da55e9ce7b40aa6e","versions_url":"https://www.headlesslaw.com/mifid-ii/recitals/27/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/recitals/27/relations","act_url":"https://www.headlesslaw.com/mifid-ii/recitals","source_line":null,"attribution":null,"context":{"act":{"work_id":"mifid2","path":"/mifid-ii/recitals","name":"MiFID II","number":"Directive 2014/65/EU","celex":"32014L0065","title_official":null,"document_date":null},"position":{"kind":"recital","key":"27","index":27,"articles":170,"annexes":0},"prev":{"path":"/mifid-ii/recitals/26","key":"26","title":"Recital 26"},"next":{"path":"/mifid-ii/recitals/28","key":"28","title":"Recital 28"},"act_anchor":""}}} -->
# Recital 27

*In force · Directive 2014/65/EU, OJ L 173, 12.6.2014 · Checked against EUR-Lex on 28 Sep 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065)*

Insurance or assurance undertakings the activities of which are subject to appropriate monitoring by the competent prudential-supervision authorities and which are subject to Directive 2009/138/EC of the European Parliament and of the Council should be excluded from the scope of this Directive when carrying out the activities referred to in that Directive.