Article 15 | MiFID II | Directive 2014/65/EU

Article 15 - Initial capital endowment

Article 15

Initial capital endowment

Member States shall ensure that the competent authorities do not grant authorisation unless the investment firm has sufficient initial capital in accordance with the requirements of Article 9 of Directive (EU) 2019/2034 of the European Parliament and of the Council ( 11 ), having regard to the nature of the investment service or activity in question.

( 11 ) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).

TITLE I - SCOPE AND DEFINITIONS (Article 1-4)

TITLE II - AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS (Article 5-43)

CHAPTER I - Conditions and procedures for authorisation (Article 5-20)Article 5 - Requirement for authorisation Q&A Article 6 - Scope of authorisation Q&A Article 7 - Procedures for granting and refusing requests for authorisation ITSRTSQ&AGL Article 8 - Withdrawal of authorisations Q&A Article 9 - Management body ITSRTSQ&AGL Article 10 - Shareholders and members with qualifying holdings RTS Article 11 - Notification of proposed acquisitions ITSGL Article 12 - Assessment period ITSRTSGL Article 13 - Assessment RTSGL Article 14 - Membership of an authorised investor compensation scheme Article 15 - Initial capital endowment Q&A Article 16 - Organisational requirements DAQ&AGL Article 16a - Exemptions from product governance requirements Q&A Article 17 - Algorithmic trading RTSQ&A Article 18 - Trading process and finalisation of transactions in an MTF and an OTF ITSQ&AGL Article 19 - Specific requirements for MTFs ITSQ&AGL Article 20 - Specific requirements for OTFs Q&A

CHAPTER II - Operating conditions for investment firms (Article 21-33)

CHAPTER III - Rights of investment firms (Article 34-38)

CHAPTER IV - Provision of investment services and activities by third country firms (Article 39-43)

TITLE III - REGULATED MARKETS (Article 44-56)

TITLE IV - POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY DERIVATIVES AND REPORTING (Article 57-58)

TITLE V - DATA REPORTING SERVICES (Article 59-66)

TITLE VI - COMPETENT AUTHORITIES (Article 67-88)

TITLE VII - DELEGATED ACTS (Article 89-89a)

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Level 2 legal acts

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Article 15 - Initial capital endowment

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