EU · MiFID II · TITLE III REGULATED MARKETS
Article 45 MiFID IIRequirements for the management body of a market operator
Requires members of a market operator's management body to be of good repute with sufficient knowledge, skills, experience and time, limits directorships for significant market operators (one executive plus two non-executive, or four non-executive), and requires collective competence, independence of mind, induction and training. Significant market operators must have a nomination committee that also sets a target for the under-represented gender; the management body must ensure sound governance.
Level 3: ESMA Q&As, guidelines and opinions
- GuidelinesPublishedESMA rulebook
AI summaryESMA guidelines (ESMA70-154-271), applying from 3 January 2018, on the suitability of management body members of market operators and data reporting services providers: time commitment and counting directorships, knowledge, skills and experience, honesty, integrity and independence of mind, induction and training, diversity, and record keeping for supervisors.
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
- REC 3.4.2AR · PurposeEquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). REC 3.4.2AR transposes the article, so the wording differs.
- REC 3.4.4AR · PurposeDivergedExplicit reference · 90%
UK changes after exit to REC 3.4.4AR: FCA 2021/15 (from 30 Apr 2021).
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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.