MiFID II - 32014L0065

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) - MIFID II

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pdf iconGerð á tungumálum ESB: OJ L 173, 12.6.2014, p. 349
pdf iconÁkvörðun sameiginlegu nefndarinnar á ensku: OJ L 279, 31.10.2019, p. 143
pdf iconÁkvörðun sameiginlegu nefndarinnar á tungumálum ESB

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Tilskipun Evrópuþingsins og ráðsins 2014/65/ESB frá 15. maí 2014 um markaði fyrir fjármálagerninga og um breytingu á tilskipun 2002/92/EB og tilskipun 2011/61/ESB (endurútgefin)
pdf iconGerð á íslensku: EEA Suppl. No 20, 26.3.2020, p. 73-220
pdf iconÁkvörðun sameiginlegu nefndarinnar á íslensku: EEA Supplement No 88, 31.10.2019, p. 1

Samlestur enskrar og íslenskra útgáfu (opnast í skiptum glugga)

  • Tillaga sem gæti verið EES-tæk

  • Gerð í skoðun hjá EES-EFTA ríkjunum

  • Drög að ákvörðun sameiginlegu nefndarinnar í skoðun

  • Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi

  • Tekin upp í EES-samninginn og í gildi

  • Tekin upp í EES-samninginn en ekki lengur í gildi

Staða og svið tillögu/gerðar

Staða tillögu/gerðar ESB gerð sem hefur verið tekin upp í EES-samninginn og er í gildi
Svið (EES-samningur, viðauki) 09 Fjármálaþjónusta, 09.03 Kauphöll og verðbréf
Ákvörðun sameiginlegu nefndarinnar (JCD) 078/2019
Þennan dag skulu skilyrði uppfyllt á EES-svæðinu
Staðfestur gildistökudagur
Í gildi á EES-svæðinu Já

Almennar upplýsingar

Útdráttur

Markmið Evrópureglnanna er að tryggja gagnsæi á fjármálamörkuðum, efla fjárfestavernd, auka traust fjárfesta, fylla í gloppur á regluverki og tryggja að eftirlitsstofnanir hafi nægar valdheimildir til að sinna verkefnum sínum. Mikilvægt er að samræma þær reglur sem gilda hér á landi við þær sem gilda á Evrópska efnahagssvæðinu enda er þannig best gætt að hagsmunum markaðarins, fjárfesta og almennings og ýtt undir aukna starfsemi erlendra fyrirtækja hér á landi og íslenskra fyrirtækja erlendis.

Nánari efnisumfjöllun

Alþjóðlega fjármálakreppan leiddi í ljós bresti í virkni og gagnsæi fjármálamarkaða. Samdóma álit alþjóðastofnana er að veikleikar í stjórnarháttum fjölda fjármálafyrirtækja, meðal annars skortur á öryggisventlum (e. checks and balances), hafi verið einn af þeim þáttum sem hrundu fjármálakreppunni af stað. Óhófleg og óvarleg áhættutaka getur leitt til falls einstakra fjármálafyrirtækja og kerfisáhættu í einstaka ríkjum og á alþjóðavísu. Framferði einstaka fyrirtækja getur skaðað fjárfesta og dregið úr trausti þeirra til fjármálakerfisins. Þörf er á traustari lagaumgjörð um fjármálagerninga til að tryggja gagnsæi, efla fjárfestavernd, auka traust fjárfesta, fylla í gloppur á regluverki og tryggja að eftirlitsstofnanir hafi nægar valdheimildir til að sinna verkefnum sínum. Í því skyni gaf Evrópusambandið (ESB) út tilskipun (2014/65/ESB, MiFID II) og reglugerð (600/2014/ESB, MiFIR) um markaði fyrir fjármálagerninga. MiFID II felur í sér þónokkrar breytingar frá því sem hefur gilt frá setningu MiFID I. Hið nýja regluverk hefur víðtækara gildissvið, tekur mið af tækninýjungum og er meðal annars ætlað að auka gagnsæi í viðskiptum með fjármálagerninga og skerpa á fjárfestavernd. MiFID II hefur í för með sér breytingar á núgildandi reglum um starfsleyfi, viðskiptahætti fjármálafyrirtækja, skipulagskröfur fjármálafyrirtækja og nýjar tegundir viðskiptavettvanga, svo eitthvað sé nefnt. MiFIR felur í sér víðtækari kröfur en í MiFID I um gagnsæi fyrir og eftir viðskipti og þá er eftirlitsstjórnvöldum færðar valdheimildir til að hlutast til um markaðssetningu, dreifingu eða sölu tiltekinna fjármálaafurða, samsettra innstæðna og samsettra innstæðna með tiltekin einkenni, að uppfylltum tilteknum skilyrðum. Íhlutunarheimildir geta einnig náð til tiltekinnar fjármálastarfsemi eða framkvæmdar á fjármálamarkaði.

Staða innan stjórnsýslunnar

Stofnun hefur lokið yfirferð Já
Þörf á aðlögun í ákvörðun sameiginlegu nefndarinnar Tæknilegri aðlögun, Efnislegri aðlögun
Fagráðuneyti hefur lokið vinnu við upplýsingablað og samþykkir drög að ákvörðun sameiginlegu nefndarinnar Já
Alþingi hefur lokið mati sínu Já
Utanríkisráðuneyti hefur veitt samþykki fyrir því að drög að ákvörðun sameiginlegu nefndarinnar séu send til ESB Já

Innleiðing

Innleiðing Lagasetning/lagabreyting
Tilgreinið hvaða lög eða reglugerð þarf að setja eða breyta Ný heildarlög um markaði fyrir fjármálagerninga
Staða innleiðingarvinnu Innleiðing í vinnslu

Samráð

Samráð Nei

Áhrif

Nánari útskýring á kostnaði, þ.á.m. á hvern hann fellur Rekstraráætlun Fjármálaeftirlitsins fyrir árið 2019 gerir ráð fyrir fjölgun stöðugilda vegna verkefna á sviði verðbréfamarkaðar. Þannig hefur verið tekið tillit til þeirra auknu verkefna sem stofnuninni verða falin með frumvarpinu bæði í kostnaði og útreikningi á eftirlitsgjaldi, sem stendur að mestu undir kostnaði við rekstur stofnunarinnar. Nettóáhrif á ríkissjóð verða því engin. Rekstraráætlun Fjármálaeftirlitsins er notuð við gerð fjárlagafrumvarps og mótun fimm ára áætlunar í ríkisfjármálum. Hún byggir á þekkingu stofnunarinnar á þeim Evrópureglum sem til stendur að innleiða og mati hennar á breytingu verkefna Fjármálaeftirlitsins með tilliti til þeirra.
Áætlaður kostnaður hins opinbera Innan fjárhagsáætlunar
Mat á áhrifum og sérstökum hagsmunum Íslands Áformin miðað að því að efla fjárfestavernd, stuðla að gagnsæi í verðbréfaviðskiptum og taka mið af áskorunum fyrir verðbréfamarkaðinn sem fylgja þeim tækninýjungum sem komið hafa fram á sjónarsviðið síðastliðin misseri. Þá gera áformaðar lagabreytingar auknar kröfur um viðskiptahætti og skipulagskröfur þeirra sem stunda verðbréfaviðskipti sem styrkir umgjörð markaðarins. Eftirlitsstjórnvöldum verða fengnar aukar valdheimildir á verðbréfamarkaði. Sú breyting sem markaðsaðilar hafa mestar áhyggjur af eru takmarkanir á tekjur sem hægt er að hafa af því að veita eða miðla sjálfstæðum rannsóknum eða ráðgjöf. Einhverjir telja að þær breytingar hafi veruleg áhrif á viðskiptamódel verðbréfafyrirtækja en óljóst er hvaða áhrif breytingin mun hafa, þar sem ekki er liðið langt síðan MiFID II tók gildi í ESB. Breytingar á öðrum kröfum til markaðsaðila eru ekki taldar hafa í för með sér svo aukinn kostnað fyrir þá sem eiga milligöngu um verðbréfaviðskipti að það skerði samkeppni. Samræming við evrópskar reglur á þessu sviði er aftur á móti líkleg til þess að ýta undir hana.

Ábyrgðaraðilar

Ábyrgt ráðuneyti Fjármála- og efnahagsráðuneytið

Samþykktar gerðir birtar í Stjórnartíðindum ESB

CELEX-númer 32014L0065
Þennan dag skulu skilyrði uppfyllt í ESB
Samþykkt tilvísun í Stjórnartíðindi ESB OJ L 173, 12.6.2014, p. 349
Þennan dag skulu skilyrði uppfyllt í ESB

Vinnslustig (pipeline stage)

COM numer COM(2011) 656
Dagsetning tillögu ESB
Dagsetning tillögu
Samþykktardagur i ESB

Drög að ákvörðun sameiginlegu nefndarinnar

Stjórnskipulegum fyrirvara aflétt (Liechtenstein)
Stjórnskipulegum fyrirvara aflétt (Ísland)
Stjórnskipulegum fyrirvara aflétt (Noregur)

Ákvörðun sameiginlegu nefndarinnar

Sendingardagur EFTA á drögum að ákvörðun sameiginlegu nefndarinnar til framkvæmdastjórnarinnar
Staðfestur gildistökudagur
Tilvísun í EES-viðbæti EEA Supplement No 88, 31.10.2019, p. 1
Tilvísun í stjórnartíðindi ESB OJ L 279, 31.10.2019, p. 143

Staða innleiðingar samkvæmt ESA

Staða innleiðingar á Íslandi samkvæmt ESA Græn: Innleitt
Viðeigandi lög/reglugerði

  • Lög um markaði fyrir fjármálagerninga (Please note that the Act has not been published. It is foreseen to be published 16 July. It will enter into force 1 September 2021).

Tillögur að breytingum (Proposed amendments)

COM(2025) 942
52025PC0942 		Proposal for a Directive of the European Parliament and of the Council amending Directives 2009/65/EC, 2011/61/EU and 2014/65/EU as regards the further development of capital market integration and supervision within the Union Tillaga sem gæti verið EES-tæk
COM(2025) 502
52025PC0502 		Proposal for a Directive of the European Parliament and of the Council amending Directives 2014/65/EU and (EU) 2022/2557 as regards the extension of certain mitigating measures available for small and medium sized enterprises to small mid-cap enterprises and further simplifying measures Tillaga sem gæti verið EES-tæk
COM(2023) 279
52023PC0279 		Proposal for a Directive of the European Parliament and of the Council amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules Tillaga sem gæti verið EES-tæk
COM(2022) 760
52022PC0760 		Directive (EU) 2024/2811 of the European Parliament and of the Council of 23 October 2024 amending Directive 2014/65/EU to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises and repealing Directive 2001/34/EC Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
COM(2021) 726
52021PC0726 		Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 amending Directive 2014/65/EU on markets in financial instruments Drög að ákvörðun sameiginlegu nefndarinnar í skoðun

Heimild: EUR-Lex. © Evrópusambandið, 1998–2026, https://eur-lex.europa.eu/

Breytt af (Modified by)

32024L0790 amends Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 amending Directive 2014/65/EU on markets in financial instruments Drög að ákvörðun sameiginlegu nefndarinnar í skoðun
32023L2864 amends Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 amending certain Directives as regards the establishment and functioning of the European single access point Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
32022L2556 amends Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU, 2014/65/EU, (EU) 2015/2366 and (EU) 2016/2341 as regards digital operational resilience for the financial sector Tekin upp í EES-samninginn og í gildi
32019L2177 amends Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 amending Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 2014/65/EU on markets in financial instruments and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing (Solvency II and MiFID II) Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi
32019L2034 amends Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU - amend. CRD IV and MiFID II Ákvörðun sameiginlegu nefndarinnar samþykkt en hefur ekki öðlast gildi

Heimild: EUR-Lex. © Evrópusambandið, 1998–2026, https://eur-lex.europa.eu/

Breytir (Modifies)

COM(2011) 656
52011PC0656 		adopts Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) - MIFID II Tekin upp í EES-samninginn og í gildi
32011L0061 amends Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 - AIFMD Tekin upp í EES-samninginn og í gildi
32010L0078 does deletion of, does repeal of, repeals Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) - Omnibus I Tekin upp í EES-samninginn og í gildi
32008L0010 repeals
32007L0044 repeals Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 amending Council Directive 92/49/EEC and Directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector Tekin upp í EES-samninginn en ekki lengur í gildi

Heimild: EUR-Lex. © Evrópusambandið, 1998–2026, https://eur-lex.europa.eu/

Samantekt EUR-Lex

WHAT IS THE AIM OF THE DIRECTIVE?

  • Known as the markets in financial instruments directive (MiFID II), Directive 2014/65/EU aims at making financial markets in the European Union (EU) more robust and transparent.
  • The directive creates a new legal framework that better regulates investment and trading activities on financial markets and enhances investor protection.

KEY POINTS

  1. Ensuring financial products are traded on regulated venues. The aim is to close loopholes in the structure of financial markets. A new regulated trading platform is established to capture the maximum of unregulated trades: the organised trading facility (OTF)1, which exists alongside other trading platforms such as regulated markets.
  2. Increased transparency. The rules strengthen the transparency requirements that apply before and after financial instruments are traded, for instance when market participants have to publish information regarding the prices of financial instruments. These requirements are calibrated differently depending on the type of financial instrument.
  3. Limiting speculation on commodities. Speculation on commodities – a financial practice that can lead to the prices of basic products (such as agricultural products) soaring – is restricted by introducing a harmonised EU system setting limits on the positions held in commodity derivatives. National authorities may limit the size of a position that market participants can hold in commodity derivatives.
  4. Adapting rules to new technologies. Under the new rules, controls must be established for trading activities that are performed electronically at a very high speed, such as high-frequency trading2. Potential risks from the increased use of technology are mitigated by a combination of rules aiming to ensure these trading techniques do not create disorderly markets.
  5. Reinforcing investor protection. Investment firms should act in accordance with the best interests of their clients when providing them with investment services. These firms should safeguard their clients’ assets or ensure the products they manufacture, offer or recommend are designed to meet the needs of final clients. Investors will also be provided with increased information on products and services offered or recommended to them. Moreover, firms must ensure that staff pay and incentives received by, or paid to, the firms to recommend a particular financial product are not organised in a way that goes against clients’ interests.
  6. Initial capital. Amending Directive (EU) 2019/2034 on the prudential supervision of investment firms (see summary) harmonises the required level of initial capital of investment firms operating OTFs and multilateral trading facilities3 (MTFs).
  7. Authorisation and supervision. The European Securities and Markets Authority (ESMA) is responsible for authorising and supervising undertakings that intend to provide data reporting services, following amendments introduced by Directive (EU) 2019/2177.
  8. Crowdfunding service providers. Legal persons authorised as crowdfunding service providers under Regulation (EU) 2020/1503 are excluded from the scope of Directive 2014/65/EU.
  9. Small and medium-sized enterprise (SME) growth markets. Amending Regulation (EU) 2019/2115 introduces new rules to actively promote the use of SME growth markets, a new type of trading venue created under Directive 2014/65/EU and a subcategory of MTFs. These are designed to improve SMEs’ access to capital and enable them to grow, and to encourage the development of specialist markets catering to the needs of SME issuers with growth potential.
  10. COVID-19 pandemic. To help recovery from the pandemic, amending Directive (EU) 2021/338 simplified certain MiFID II rules that appeared not useful or too burdensome. The periodic reporting due to be published by trading and execution venues and systematic internalisers4 was suspended until February 2023. The amending act also introduced some changes to the position limit regime for commodity derivatives to support the emergence and growth of euro-denominated commodity derivative markets.
  11. Digital operational resilience. Amending Directive (EU) 2022/2556 aligns the provisions of the directive, and several other related directives, with the requirements on information communication technology (ICT) risk for financial entities set out in the digital operational resilience for the financial sector (DORA) regulation (Regulation (EU) 2022/2554 – see summary).
  12. European single access point. Amending Directive (EU) 2023/2864 inserts an article in Directive 2014/65/EU requiring EU Member States, from 10 January 2030, to ensure that, when making public any regulated information, investment firms, market operators or issuers submit that information at the same time to the collection body and notify ESMA thereof for the purposes of making it accessible on the European single access point, set up under Regulation (EU) 2023/2859.
  13. EU-wide consolidated tape5. Amending Directive (EU) 2024/790 updates Directive 2014/65/EU mainly to take account of the introduction of an EU-wide consolidated tape for EU financial markets under the markets in financial instruments regulation (Regulation (EU) No 600/2014). This will improve price transparency across trading venues and competition between them and help to increase market liquidity. ESMA has the task of developing criteria for selecting the consolidated tape providers (CTPs) and subsequently authorising and supervising those providers.

Delegated and implementing acts

The European Commission has adopted a series of delegated and implementing acts, including the following:

  • Delegated Directive (EU) 2017/593, as amended by Delegated Directive (EU) 2021/1269, which deals with aspects of investor protection:
    • safeguarding clients’ funds and financial instruments,
    • product governance6,
    • monetary and non-monetary compensation, and
    • the integration of sustainability factors into the product governance obligations;
  • Delegated Regulation (EU) 2017/565 on organisational requirements and operating conditions for investment firms, as amended by Delegated Regulations (EU) 2021/1253 as regards the integration of sustainability factors, risks and preferences and 2021/1254 on organisational requirements and operating conditions for investment firms;
  • Implementing Regulation (EU) 2016/824 on technical standards for describing the functioning of MTFs and OTFs and their notification to ESMA.

FROM WHEN DO THE RULES APPLY?

The directive had to be transposed into national law by 3 July 2017. The rules contained in the directive should apply from 3 January 2018 (postponed by one year by Directive (EU) 2016/1034).

BACKGROUND

For further information, see:

KEY TERMS

  1. Organised trading facility. A multilateral system that is not a regulated market or a multilateral trading facility (see below), and in which multiple third-party buying and selling trading interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system.
  2. High-frequency trading. A type of trading that uses computer programs to perform trades at high speed using rapidly updated financial data.
  3. Multilateral trading facility. A facility in which multiple third parties buying and selling trading interests in financial instruments are able to interact in the system.
  4. Systematic internaliser. Systematic internalisers are investment firms that trade on their own account when executing client orders outside a regulated market, multilateral trading facility or organised trading facility without operating a multilateral system, on an organised, frequent, systematic and substantial basis.
  5. Consolidated tape. A centralised data feed that provides consolidated data on prices and volume of traded securities in the EU, thereby improving overall price transparency across trading venues. This will allow investors to access market data necessary to invest in shares, bonds or derivatives more easily and help increase market liquidity.
  6. Product governance. This ensures that firms that manufacture and distribute financial instruments and structured deposits act in their clients’ best interests.

MAIN DOCUMENT

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (OJ L 173, 12.6.2014, pp. 349–496).

Successive amendments to Directive 2014/65/EU have been incorporated into the original text. This consolidated version is of documentary value only.

RELATED DOCUMENTS

Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 20.12.2023).

See consolidated version.

Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, pp. 1–79).

Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022 amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU, 2014/65/EU, (EU) 2015/2366 and (EU) 2016/2341 as regards digital operational resilience for the financial sector (OJ L 333, 27.12.2022, pp. 153–163).

Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (OJ L 347, 20.10.2020, pp. 1–49).

Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, pp. 1–83).

See consolidated version.

Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits (OJ L 87, 31.3.2017, pp. 500–517).

See consolidated version.

Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 laying down implementing technical standards with regard to the content and format of the description of the functioning of multilateral trading facilities and organised trading facilities and the notification to the European Securities and Markets Authority according to Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (OJ L 137, 26.5.2016, pp. 10–16).

Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, pp. 84–119).

See consolidated version.

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Heimild: EUR-Lex. © Evrópusambandið, 1998–2026, https://eur-lex.europa.eu/

Flokkun (Classifications)