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Template:Nutshell MiFID 2 39: Difference between revisions
Template:Nutshell MiFID 2 39 (view source)
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Amwelladmin (talk | contribs) (Created page with "Article {{mifid2prov|39}} '''{{mifid2prov|Establishment of a branch}}''' 1. A {{mifid2prov|Member State}} may require that a {{mifid2prov|third-country firm}} intending to...") |
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2. In such a case, the {{mifid2prov|branch}} must have the necessary regulatory authorisation in that {{mifid2prov|Member State}} on the following conditions: | 2. In such a case, the {{mifid2prov|branch}} must have the necessary regulatory authorisation in that {{mifid2prov|Member State}} on the following conditions: | ||
:(a) The {{mifid2prov|third-country firm}} is appropriately regulated for the services in question in its own jurisdiction, and its local regulator has [[AML]] rules consistent with [[FATF]] recommendations<ref>The original sentence is a horror-show — this is a best guess at summarising it</ref>; | :(a) '''Sufficient local recognition esp. re AML''': The {{mifid2prov|third-country firm}} is appropriately regulated for the services in question in its own jurisdiction, and its local regulator has [[AML]] rules consistent with [[FATF]] recommendations<ref>The original sentence is a horror-show — this is a best guess at summarising it</ref>; | ||
:(b) | :(b) '''Information sharing between regulators''': The {{mifid2prov|third-country firm}}’s home regulator co-operates and shares information with competent authorities in the relevant {{mifid2prov|Member State}}; | ||
:(c) | :(c) '''Sufficient capitalisation''': Sufficient initial [[capital]] is at free disposal of the {{mifid2prov|branch}}; | ||
:(d) there is | :(d) '''Responsible individuals''': there is at least one responsible manager of the {{mifid2prov|branch}} and all who are responsible complies with the requirement of Article {{mifid2prov|9}}(1); | ||
(e) : | :(e) '''Tax sharing''': The {{mifid2prov|third-country firm}}’s home jurisdiction shares necessary tax information with the relevant {{mifid2prov|Member State}} in compliance with Article 26 of the OECD Model Tax Convention on Income and on Capital ; | ||
:(f) | :(f) '''Investor compensation schemes''': The {{mifid2prov|third-country firm}} belongs to an investor-compensation scheme recognised under the Investor Compensation Schemes Directive ({{eudirective|97|9|EC}}). | ||
3. The {{mifid2prov|third-country firm}} applies to the competent authority in the relevant {{mifid2prov|Member State}}. | 3. The {{mifid2prov|third-country firm}} applies to the competent authority in the relevant {{mifid2prov|Member State}}. | ||