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In force since 25/12/2019

Version from: 09/01/2024

Level 2 legal acts in relation to IFD

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Procedure 2017/0358/COD

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Synchronised with EUR-Lex on 21/12/2024

IFD Tool Investment Firms Directive (IFD)

Investment Firms Directive (IFD)

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 (Text with EEA relevance)

TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-3)Article 1 - Subject matter Article 2 - Scope Article 3 - Definitions

TITLE II - COMPETENT AUTHORITIES (Article 4-8)Article 4 - Designation and powers of the competent authorities Article 5 - Discretion of competent authorities to subject certain investment firms to the requirements of Regulation (EU) No 575/2013 RTS Article 6 - Cooperation within a Member State Article 7 - Cooperation within the European System of Financial Supervision Article 8 - Union dimension of supervision

TITLE III - INITIAL CAPITAL (Article 9-11)Article 9 - Initial capital Article 10 - References to initial capital in Directive 2013/36/EU Article 11 - Composition of initial capital

TITLE IV - PRUDENTIAL SUPERVISION (Article 12-56)

CHAPTER 1 - Principles of prudential supervision (Article 12-23)

Section 1 - Competences and duties of home and host Member States (Article 12-14)Article 12 - Competence of the competent authorities of the home and host Member State Article 13 - Cooperation between competent authorities of different Member States ITSRTS Article 14 - On‐the‐spot checking and inspection of branches established in another Member State

Section 2 - Professional secrecy and duty to report (Article 15-17)Article 15 - Professional secrecy and exchange of confidential information Article 16 - Cooperation arrangements with third countries for the exchange of information Article 17 - Duties of persons responsible for the control of annual and consolidated accounts

Section 3 - Sanctions, investigatory powers and right of appeal (Article 18-23)Article 18 - Administrative sanctions and other administrative measures Article 19 - Investigatory powers Article 20 - Publication of administrative sanctions and other administrative measures Article 21 - Reporting sanctions to EBA Article 22 - Reporting of breaches Article 23 - Right of appeal

CHAPTER 2 - Review process (Article 24-45)

Section 1 - Internal capital adequacy assessment process and internal risk (Article 24)Article 24 - Internal capital and liquid assets

Section 2 - Internal governance, transparency, treatment of risks and remuneration (Article 25-35)Article 25 - Scope of application of this Section Article 26 - Internal governance GL Article 27 - Country‐by‐country reporting Article 28 - Role of the management body in risk management Article 29 - Treatment of risks GL Article 30 - Remuneration policies RTS Article 31 - Investment firms that benefit from extraordinary public financial support Article 32 - Variable remuneration RTSQ&AGL Article 33 - Remuneration committee Article 34 - Oversight of remuneration policies GL Article 35 - EBA report on environmental, social, and governance risks

Section 3 - Supervisory review and evaluation process (Article 36-37)Article 36 - Supervisory review and evaluation Article 37 - Ongoing review of the permission to use internal models

Section 4 - Supervisory measures and powers (Article 38-45)Article 38 - Supervisory measures Article 39 - Supervisory powers RTSGL Article 40 - Additional own funds requirement RTSGL Article 41 - Guidance on additional own funds GL Article 42 - Specific liquidity requirements RTSGL Article 43 - Cooperation with resolution authorities Article 44 - Publication requirements Article 44a - Accessibility of information on the European single access point Article 45 - Obligation to inform EBA GL

CHAPTER 3 - Supervision of investment firm groups (Article 46-56)

Section 1 - Supervision of investment firm groups on a consolidated basis and supervision of compliance with the group capital test (Article 46-50)Article 46 - Determination of the group supervisor Article 47 - Information requirements in emergency situations Article 48 - Colleges of supervisors RTS Article 49 - Cooperation requirements Article 50 - Verification of information concerning entities located in other Member States

Section 2 - Investment holding companies, mixed financial holding companies and mixed (Article 51-56)Article 51 - Inclusion of holding companies in supervision of compliance with the group capital test Article 52 - Qualifications of directors Article 53 - Mixed‐activity holding companies Article 54 - Sanctions Article 55 - Assessment of third‐country supervision and other supervisory techniques Article 56 - Cooperation with third‐country supervisory authorities

TITLE V - PUBLICATION BY COMPETENT AUTHORITIES (Article 57)Article 57 - Publication requirements ITS

TITLE VI - DELEGATED ACTS (Article 58)Article 58 - Exercise of the delegation

TITLE VII - AMENDMENTS TO OTHER DIRECTIVES (Article 59-64)Article 59 - Amendment to Directive 2002/87/EC Article 60 - Amendment to Directive 2009/65/EC Article 61 - Amendment to Directive 2011/61/EU Article 62 - Amendments to Directive 2013/36/EU Article 63 - Amendments to Directive 2014/59/EU Article 64 - Amendments to Directive 2014/65/EU

TITLE VIII - FINAL PROVISIONS (Article 65-69)Article 65 - References to Directive 2013/36/EU in other Union legal acts Article 66 - Review Article 67 - Transposition Article 68 - Entry into force Article 69 - Addressees

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