Translation of "entreprises d’investissement règles " (French → English) :

Failing banks and investment firms: rules and procedures

(155) In order to attain the objectives set out in this Directive, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of details concerning exemptions, the clarification of definitions, the criteria for the assessment of proposed acquisitions of an investment firm, the organisational requirements for investment firms, APAs and CTPs, the management of conflicts of interest, conduct of business obligations in the provision of investment services, the execution of orders on terms most favourable to the client, the handling of client orders, the transactions with eligible counterparti ...[+++]es, the circumstances that trigger an information requirement for investment firms or market operators operating an MTF or an OTF and operators of a regulated market, the circumstances constituting significant damage to the investors' interests and the orderly functioning of the market for the purposes of the suspension and removal of financial instruments from trading on an MTF, an OTF or a regulated market , the SME growth markets, the thresholds above which the position reporting obligations apply and the criteria under which the operations of a trading venue in a host Member State could be considered as of substantial importance for the functioning of the securities markets and the protection of the investors .

(15) Rules on clearing and reporting obligations and rules on risk mitigation techniques for derivative contracts not cleared by a CCP should apply to financial counterparties, namely investment firms authorised under Directive 2004/39/EC, credit institutions authorised under Directive 2006/48/EC, insurance undertakings authorised under Directive 73/239/EEC, assurance undertakings authorised under Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance, reinsurance undertakings authorised under Direc ...[+++]tive 2005/68/EC, undertakings for collective investments in transferable securities (UCITS) authorised under Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), and alternative investment funds managed by alternative investment fund managers authorised or registered under Directive 2011/61/EU of the European Parliament and of the Council on Alternative Investment Fund Managers.

(49) With a view to take into account further developments in the financial markets the Commission should submit reports to the European Parliament and the Council on the application of the provisions concerning the professional indemnity insurance, the scope of the transparency rules and the possible authorisation of specialized dealers in commodity derivatives as investment firms, which shall include, in the latter case, a review of whether it is appropriate to make changes to the rules on regulatory capital laid down in Directive 9 ...[+++]3/6/EEC on the capital adequacy of credit institutions and investment firms to ensure that those rules are proportionate in relation to the business of dealing in:

(1) The current Community legislation provides for a comprehensive set of rules on the prudential supervision of credit institutions, investment firms and insurance undertakings on a stand alone basis and credit institutions, investment firms and insurance undertakings that are part of respectively a banking/investment firm group or an insurance group, i.e. groups with homogeneous financial activities.

( 17 ) The existing sectoral rules for credit institutions, insurance undertakings and investment firms should be supplemented to a minimum level, in particular to avoid an unlevel playing field amongst regulated entities as well as regulatory arbitrage between the sectoral rules and those for financial conglomerates and between the sectoral rules themselves.