Template:Nutshell MiFID 2 39: Difference between revisions

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Template:Nutshell MiFID 2 39 (view source)

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 Article {{mifid2prov|39}} '''{{mifid2prov|Establishment of a branch}}'''
-.   A {{mifid2prov|Member State}} may require that a {{mifid2prov|third-country firm}} intending to provide {{mifid2prov|investment service}}s to {{mifid2prov|client}}s<ref>Strictly, [[retail client|retail clients]] or [[professional client|professional clients]]. Therefore [[ECP|ECPs]] are out of scope?</ref> in its territory establish a {{mifid2prov|branch}} in that {{mifid2prov|Member State}}.
+. A {{mifid2prov|Member State}} may require that a {{mifid2prov|third-country firm}} intending to provide {{mifid2prov|investment service}}s to {{mifid2prov|client}}s<ref>Strictly, [[retail client|retail clients]] or [[professional client|professional clients]]. Therefore [[ECP|ECPs]] are out of scope?</ref> in its territory establishes a {{mifid2prov|branch}} in that {{mifid2prov|Member State}}.
-.   In such a case, the {{mifid2prov|branch}} must have the necessary regulatory authorisation in that {{mifid2prov|Member State}} on the following conditions:
+. If so, the {{mifid2prov|branch}} must have the necessary regulatory authorisation in the relevant {{mifid2prov|Member State}} including:
-:(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>;
+:(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 [[anti-money laundering]] rules consistent with [[FATF]] recommendations<ref>The original sentence is a horror-show — this is a best guess at summarising it</ref>;
 :(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}};
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 :(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}}).
-.   The {{mifid2prov|third-country firm}} applies to the competent authority in the relevant {{mifid2prov|Member State}}.
+. The {{mifid2prov|third-country firm}} applies to the competent authority in the relevant {{mifid2prov|Member State}}.