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Article 71
Transitional provisions
1. Investment firms already authorised in their home Member State to provide investment services before the...... (*), shall be deemed to be so authorised for the purpose of this Directive, if the laws of those Member States provide that to take up such activities they must comply with conditions comparable to those imposed in Articles 9 to 14.
2. A regulated market or a market operator already authorised in its home Member State before the........ (*), shall be deemed to be so authorised for the purposes of this
Directive, if the laws of such Member State provide that the regulated market or market operator (as the case may be) must comply with conditions comparable to those imposed in Title III.
3. Tied agents already entered in a public register before the........ (*), shall be deemed to be so registered for the purposes of this Directive, if the laws of those Member States
provide that tied agents must comply with conditions comparable to those imposed in Article 23.
4. Information communicated before the......... (*), for the purposes of Articles 17, 18 or 30 of Directive 93/22/EEC shall be deemed to have been communicated for the purposes of Articles 31 and 32 of this Directive.
5. Any existing system falling under the definition of an MTF operated by a market operator of a regulated market, shall be authorised as an MTF at the request of the market operator of the regulated market provided it complies with rules equivalent to those required by this Directive for the authorisation and operation of MTFs, and provided that the request concerned is made within 18 months of the date referred to in Article 70.
6. Investment firms shall be authorised to continue considering existing professional clients as such provided that this categorisation has been granted by the investment firm on the basis of an adequate assessment of the expertise, experience and knowledge of the client which gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the client is capable of making his own investment decisions and understands the risks involved.
Those investment firms shall inform their clients about the conditions established in the Directive for the categorisation of clients.
Article 71
Transitional provisions
1. Investment firms already authorised in their home Member State to provide investment services before the...... (*), shall be deemed to be so authorised for the purpose of this Directive, if the laws of those Member States provide that to take up such activities they must comply with conditions comparable to those imposed in Articles 9 to 14.
2. A regulated market or a market operator already authorised in its home Member State before the........ (*), shall be deemed to be so authorised for the purposes of this
Directive, if the laws of such Member State provide that the regulated market or market operator (as the case may be) must comply with conditions comparable to those imposed in Title III.
3. Tied agents already entered in a public register before the........ (*), shall be deemed to be so registered for the purposes of this Directive, if the laws of those Member States
provide that tied agents must comply with conditions comparable to those imposed in Article 23.
4. Information communicated before the......... (*), for the purposes of Articles 17, 18 or 30 of Directive 93/22/EEC shall be deemed to have been communicated for the purposes of Articles 31 and 32 of this Directive.
5. Any existing system falling under the definition of an MTF operated by a market operator of a regulated market, shall be authorised as an MTF at the request of the market operator of the regulated market provided it complies with rules equivalent to those required by this Directive for the authorisation and operation of MTFs, and provided that the request concerned is made within 18 months of the date referred to in Article 70.
6. Investment firms shall be authorised to continue considering existing professional clients as such provided that this categorisation has been granted by the investment firm on the basis of an adequate assessment of the expertise, experience and knowledge of the client which gives reasonable assurance, in light of the nature of the transactions or services envisaged, that the client is capable of making his own investment decisions and understands the risks involved.
Those investment firms shall inform their clients about the conditions established in the Directive for the categorisation of clients.
