Requirement (MIFID)
Article 67 Amendment of Directive 93/6/EEC
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
Directive 93/6/EEC shall be amended as follows:
1) Article 2(2) shall be replaced by the following:
‘2. Investment firms shall mean all institutions that satisfy the
definition in Article 4(1) of >C1 Directive 2004/39/EC of the
European Parliament and of the Council of 21 April 2004 on markets
in financial instruments < (*), which are subject to the requirements
imposed by the same Directive, excluding:
(a) credit institutions,
(b) local firms as defined in 20, and
(c) firms which are only authorised to provide the service of investment
advice and/or receive and transmit orders from investors
without in both cases holding money or securities belonging to
their clients and which for that reason may not at any time place
themselves in debit with their clients.
(*) >C1 OJ L 145, 30.4.2004, p. 1. <’
2) Article 3(4) shall be replaced by the following:
‘4. The firms referred to in point (b) of Article 2(2) shall have
initial capital of EUR 50 000 in so far as they benefit from the
freedom of establishment or to provide services under Articles 31 or
32 of Directive 2004/39/EC.’