> 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/mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/5.md).

# Art. 5 — Requirement for authorisation

1. Each Member State shall require that the provision of investment services and/or the performance of investment activities as a regular occupation or business on a professional basis be subject to prior authorisation in accordance with this Chapter. Such authorisation shall be granted by the home Member State competent authority designated in accordance with [Article 67](/mica.wtf/mifid-ii/title-vi-competent-authorities-art.-67-88/67.md).
2. By way of derogation from paragraph 1, Member States shall authorise any market operator to operate an MTF or an OTF, subject to the prior verification of their compliance with this Chapter.
3. Member States shall register all investment firms. The register shall be publicly accessible and shall contain information on the services or activities for which the [investment firm](https://headlesslaw.com/definitions/mifid-ii/investment-firm/) is authorised. It shall be updated on a regular basis. Every authorisation shall be notified to ESMA.

   ESMA shall establish a list of all investment firms in the Union. That list shall contain information on the services or activities for which each investment firm is authorised and it shall be updated on a regular basis. ESMA shall publish and keep up-to-date that list on its website.

   Where a competent authority has withdrawn an authorisation in accordance with points (b), (c) and (d) of [Article 8](/mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/8.md), that withdrawal shall be published on the list for a period of five years.
4. Each Member State shall require that:
   1. any investment firm which is a legal person have its head office in the same Member State as its registered office;
   2. any investment firm which is not a legal person or any investment firm which is a legal person but under its national law has no registered office, have its head office in the Member State in which it actually carries out its business.


---

# 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/mica.wtf/mifid-ii/title-ii-authorisation-and-operating-conditions-for-investment-firms-art.-5-43/5.md?ask=<question>&goal=<endgoal>
```

`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.