EU · MiFID II · TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS · CHAPTER I Conditions and procedures for authorisation

Article 9 MiFID IIManagement body

In force

Read the official text on EUR-Lex(opens in a new tab)

AI-generated What this provision does

Requires investment firms' management bodies to meet the CRD governance and suitability rules, and to define, oversee and be accountable for governance arrangements, including the firm's organisation, its product and service policy and a client-focused remuneration policy. Authorisation is refused if members lack good repute, knowledge, skills, experience or time; changes must be notified, and at least two persons must direct the business, with alternatives for firms run by a single natural person.

Level 3: ESMA Q&As, guidelines and opinions

GuidelinesPublishedESMA rulebook
ESMA35-36-2319: Guidelines on the assessment of the suitability of members of the management body and key function holders
ESMA · the ESMA website
AI summaryJoint EBA and ESMA guidelines of July 2021 (EBA/GL/2021/06, ESMA35-36-2319) on assessing the suitability of management body members and key function holders of credit institutions and investment firms, covering individual and collective suitability, time commitment, reputation, honesty and integrity, independence of mind, diversity, induction and training, and assessments by institutions and competent authorities.

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

SYSC 4.2.1R · General requirement
SYSC Senior Management Arrangements, Systems and Controls · in force from 1 Jan 2021
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.2.1R transposes the article, so the wording differs.
SYSC 4.2.2R · Composition of management
SYSC Senior Management Arrangements, Systems and Controls · in force from 1 Jan 2021
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.2.2R transposes the article, so the wording differs.
SYSC 4.2.6R · Alternative arrangements
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.2.6R transposes the article, so the wording differs.
SYSC 4.3A.1R · Management body
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.1R transposes the article, so the wording differs.
SYSC 4.3A.1AR · Management body
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.1AR transposes the article, so the wording differs.
SYSC 4.3A.2R · Management body
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.2R transposes the article, so the wording differs.
SYSC 4.3A.3R · Management body
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.3R transposes the article, so the wording differs.
SYSC 4.3A.4R · Management body
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.4R transposes the article, so the wording differs.
SYSC 4.3A.5R · Management body
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.5R transposes the article, so the wording differs.
SYSC 4.3A.6R · Management body
SYSC Senior Management Arrangements, Systems and Controls · in force from 1 Jan 2022
DivergedExplicit reference · 90%
UK changes after exit to SYSC 4.3A.6R: FCA 2021/50 (from 1 Jan 2022).
SYSC 4.3A.7R · Management body
SYSC Senior Management Arrangements, Systems and Controls · in force from 1 Jan 2021
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.7R transposes the article, so the wording differs.
SYSC 4.3A.8R · Nomination Committee
SYSC Senior Management Arrangements, Systems and Controls · in force from 1 Jan 2022
DivergedExplicit reference · 90%
UK changes after exit to SYSC 4.3A.8R: FCA 2021/50 (from 1 Jan 2022).
SYSC 4.3A.9R · Nomination Committee
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.9R transposes the article, so the wording differs.
SYSC 4.3A.10R · Nomination Committee
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 4.3A.10R transposes the article, so the wording differs.
SYSC 5.1.7R · Segregation of functions
SYSC Senior Management Arrangements, Systems and Controls · in force from 3 Jan 2018
EquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). SYSC 5.1.7R 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.