> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43.md). # Title II — Authorisation and operating conditions for investment firms (Art. 5–43) - [Art. 5 — Requirement for authorisation](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/5.md): MiFID II Article 5 — Requirement for authorisation. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 6 — Scope of authorisation](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/6.md): MiFID II Article 6 — Scope of authorisation. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 7 — Procedures for granting and refusing requests for authorisation](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/7.md): MiFID II Article 7 — Procedures for granting and refusing requests for authorisation. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 8 — Withdrawal of authorisations](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/8.md): MiFID II Article 8 — Withdrawal of authorisations. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 9 — Management body](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/9.md): MiFID II Article 9 — Management body. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 10 — Shareholders and members with qualifying holdings](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/10.md): MiFID II Article 10 — Shareholders and members with qualifying holdings. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 11 — Notification of proposed acquisitions](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/11.md): MiFID II Article 11 — Notification of proposed acquisitions. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 12 — Assessment period](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/12.md): MiFID II Article 12 — Assessment period. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 13 — Assessment](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/13.md): MiFID II Article 13 — Assessment. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 13a — Scope](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/13a.md): MiFID II Article 13a — Scope. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 13b — Prevention of conflicts of interest](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/13b.md): MiFID II Article 13b — Prevention of conflicts of interest. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 13c — Conflicts of interests](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/13c.md): MiFID II Article 13c — Conflicts of interests. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 13d — General principles and information to customers](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/13d.md): MiFID II Article 13d — General principles and information to customers. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 13e — Exercise of the delegation](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/13e.md): MiFID II Article 13e — Exercise of the delegation. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 14 — Membership of an authorised investor compensation scheme](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/14.md): MiFID II Article 14 — Membership of an authorised investor compensation scheme. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 15 — Initial capital endowment](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/15.md): MiFID II Article 15 — Initial capital endowment. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 16 — Organisational requirements](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/16.md): MiFID II Article 16 — Organisational requirements. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 16a — Exemptions from product governance requirements](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/16a.md): MiFID II Article 16a — Exemptions from product governance requirements. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 17 — Algorithmic trading](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/17.md): MiFID II Article 17 — Algorithmic trading. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 18 — Trading process and finalisation of transactions in an MTF and an OTF](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/18.md): MiFID II Article 18 — Trading process and finalisation of transactions in an MTF and an OTF. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 19 — Specific requirements for MTFs](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/19.md): MiFID II Article 19 — Specific requirements for MTFs. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 20 — Specific requirements for OTFs](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/20.md): MiFID II Article 20 — Specific requirements for OTFs. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 21 — Regular review of conditions for initial authorisation](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/21.md): MiFID II Article 21 — Regular review of conditions for initial authorisation. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 22 — General obligation in respect of on-going supervision](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/22.md): MiFID II Article 22 — General obligation in respect of on-going supervision. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 23 — Conflicts of interest](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/23.md): MiFID II Article 23 — Conflicts of interest. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 24 — General principles and information to clients](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/24.md): MiFID II Article 24 — General principles and information to clients. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 25 — Assessment of suitability and appropriateness and reporting to clients](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/25.md): MiFID II Article 25 — Assessment of suitability and appropriateness and reporting to clients. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 26 — Provision of services through the medium of another investment firm](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/26.md): MiFID II Article 26 — Provision of services through the medium of another investment firm. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 27 — Obligation to execute orders on terms most favourable to the client](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/27.md): MiFID II Article 27 — Obligation to execute orders on terms most favourable to the client. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 28 — Client order handling rules](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/28.md): MiFID II Article 28 — Client order handling rules. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 29 — Obligations of investment firms when appointing tied agents](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/29.md): MiFID II Article 29 — Obligations of investment firms when appointing tied agents. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 29a — Services provided to professional clients](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/29a.md): MiFID II Article 29a — Services provided to professional clients. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 30 — Transactions executed with eligible counterparties](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/30.md): MiFID II Article 30 — Transactions executed with eligible counterparties. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 31 — Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/31.md): MiFID II Article 31 — Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for inve - [Art. 32 — Suspension and removal of financial instruments from trading on an MTF or an OTF](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/32.md): MiFID II Article 32 — Suspension and removal of financial instruments from trading on an MTF or an OTF. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 33 — SME growth markets](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/33.md): MiFID II Article 33 — SME growth markets. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 34 — Freedom to provide investment services and activities](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/34.md): MiFID II Article 34 — Freedom to provide investment services and activities. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 35 — Establishment of a branch](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/35.md): MiFID II Article 35 — Establishment of a branch. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 36 — Access to regulated markets](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/36.md): MiFID II Article 36 — Access to regulated markets. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 37 — Access to CCP, clearing and settlement facilities and right to designate settlement system](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/37.md): MiFID II Article 37 — Access to CCP, clearing and settlement facilities and right to designate settlement system. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investme - [Art. 38 — Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/38.md): MiFID II Article 38 — Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms - [Art. 39 — Establishment of a branch](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/39.md): MiFID II Article 39 — Establishment of a branch. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 40 — Obligation to provide information](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/40.md): MiFID II Article 40 — Obligation to provide information. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 41 — Granting of the authorisation](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/41.md): MiFID II Article 41 — Granting of the authorisation. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 42 — Provision of services at the exclusive initiative of the client](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/42.md): MiFID II Article 42 — Provision of services at the exclusive initiative of the client. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. - [Art. 43 — Withdrawal of authorisations](https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/43.md): MiFID II Article 43 — Withdrawal of authorisations. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://www.mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.