Database on German and European Economic Law

 Directive 2004/39/EC

I. Description

The Investment Services Directive, adopted in 1993, sought to establish the conditions in which authorised investment firms and banks could provide specified services in other Member States on the basis of home country authorisation and supervision. Services eligible for a passport under the existing ISD include brokerage, dealing, individual portfolio management, reception and transmission of investor orders, and underwriting/placing
activities. In addition, the ISD enshrined the right of direct or remote access of any authorised ISD firm to participate in trading on exchanges/regulated markets in other Member States. To support the effective exercise of this right, the ISD introduced elements defining some characteristics for mutually recognised exchanges which imposed some conditions on the operation of those markets. The ISD is therefore the legal instrument which seeks to translate Treaty freedoms into practice in respect of investment services and organised trading of financial instruments.

The Directive was repealed with effect from 3 January 2018.

II. General Information

Title

Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC

Abbreviations
MiFID
Status
Repealed
Directive
2004/39/EC
Source
O.J. EC No L (Legislation), Edition 145, Year 2004, p.1-44
Adoption
04/21/2004
Promulgation
04/30/2004
Character
Lamfalussy Framework Act
Legal Basis
Art. 47 II, 57 EC
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text MiFID:
Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC

  2004/39/EC

Beschluss:
04/21/2004 (A)
Verkuendung:
04/30/2004 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
03/26/2004
Report of the European Parliament - 1st reading
ABL. C 77, p. 330
03/09/2004
Council Common Position
ABL. C 60E/2004 p. 1
02/25/2004
Report of the European Parliament - 2nd reading
A5 0114/2004
09/16/2003
Opinion of the European Economic and Social Committee
ABL. C 220/2003 p. 1
06/20/2003
Opinion of the European Central Bank
ABL. C 144/2003 p. 6
11/19/2002
Proposal
COM 2002/0625 final ABL. C 71E/2003 p. 62
11/16/2000
Communication from the Commission
COM (2000) 729 final

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 2000/12/EC
Amendment
  Directive 93/6/EEC
Repeal
  Directive 93/22/EEC
Amendment
  Directive 85/611/EEC

4. CESR Level 2

CESR´s Technical Advice on Possible Implementing Measures on the Directive on Markets in Financial Instruments - 2nd Set of Mandates
CESR/05-290b
4/2005
Feedback Statement
05-291b
10/2004
Consultation Paper
04-562

IV. CESR / ESMA Announcements (Level 3)

3/2012
Waivers from Pre-trade Transparency
CESR/2011/241
5/2009
Recommendations for securities settlement systems and recommendations for central counterparties in the European Union
CESR/09-446
5/2007
CESR Level 3 Guidelines on MiFID Transaction reporting
CESR/07-301
5/2007
Inducements under MiFID Recommendations
CESR/07-228b
5/2007
The Passport under MiFID - Recommendations for the implementation of the Directive 2004/39/EC
CESR/07-337
5/2007
Best Execution under MiFID - Questions & Answers
CESR/07-320
2/2007
CESR Level 3 Recommendations on the List of minimum records in article 51(3) of the MiFID implementing Directive
CESR/06-552c
2/2007
Publication and Consolidation of MiFID Market Transparency Data
CESR/07-043
3/2000
Implementation of Article 11 of the ISD: Categorisation of investors for the purpose of conduct of Business Rules
CESR/00-FESCO-A
12/1999
Market Conduct Standards for Participants in an Offering
CESR/99-FESCO-B
12/1999
Standards for Regulated Markets under the ISD
CESR/99-FESCO-C
4/1999
European Standards on Fitness and Properiety to provide Investment Services
CESR/99-FESCO-A

V. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

2. Implementation in other Member States

Übersicht zu den Umsetzungsakten in Frankreich

Autorité des marchés financiers (AMF)

Übersicht zu den Umsetzungsakten im Vereinigten Königreich

Financial Conduct Authority (FCA)

Übersicht zu den Umsetzungsakten in Italien

Übersicht zu den Umsetzungsakten in Österreich

Finanzmarktaufsichtsbehörde (FMA)

Übersicht zu den Umsetzungsakten in Spanien

Übersicht zu den Umsetzungsakten in Portugal

Ministério das Finanças

Agencia Estatal Boletín Oficial del Estado (BOE)

Finanssivalvonta - Financial Supervision Authority

Übersicht zu den Umsetzungsakten in Finnland

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact
4. CESR Level 2
IV. CESR / ESMA Announcements (Level 3)
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany
2. Implementation in other Member States