EU · MiFID II · TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS · CHAPTER IV Provision of investment services and activities by third country firms · Section 1 Provision of services or performance of activities through the establishment of a branch
Article 39 MiFID IIEstablishment of a branch
Lets a Member State require third-country firms serving retail or elective professional clients in its territory to establish a branch, which then needs prior authorisation subject to conditions: home-country authorisation and supervision (with regard to FATF standards), cooperation arrangements between supervisors, sufficient initial capital, suitable branch managers, an OECD-standard tax information agreement, and membership of an investor compensation scheme.
Level 3: ESMA Q&As, guidelines and opinions
- Q&ARejectedInferred · 70%
AI summaryAsked whether EU branches of third-country credit institutions registered as MiFID investment firms must meet the full MiFID II, MiFIR and EMIR regime and may passport services to per se professional clients and eligible counterparties under Article 34(2). ESMA rejected the question, so there is no answer.
Commentary
No law-firm commentary is linked to this provision yet.
393 more documents relate to MiFID II as a whole without naming an article.
UK counterpart
- DISP 1.1A.4G · Application: Who? What?EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). DISP 1.1A.4G transposes the article, so the wording differs.
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Version history
- From 17 Sept 2014
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.