Recital 5

(5) Article 2(1), point (d)(ii), of Directive 2014/65/EU exempts persons dealing on own account from the requirement to be authorised as an investment firm or credit institution, unless those persons are members of or participants in a regulated market or an MTF or have direct electronic access to a trading venue. Non-financial entities that are members of or participants in a regulated market or an MTF for the purpose of executing transactions with regard to liquidity management or for the purpose of reducing risks directly relating to the commercial activity or treasury financing activity should not be required to be authorised as an investment firm, as such a requirement would be disproportionate. With regard to direct electronic access to a trading venue, Article 17(5) and Article 48(7) of Directive 2014/65/EU require that providers of direct electronic access be authorised investment firms or credit institutions. Investment firms or credit institutions that provide direct electronic access are responsible for ensuring that their clients comply with the requirements laid down in Article 17(5) and Article 48(7) of Directive 2014/65/EU. That gatekeeper function is effective and makes it unnecessary for clients of the direct electronic access provider, including persons dealing on own account, to become subject to Directive 2014/65/EU. In addition, removing that requirement would contribute to a level playing field between, on the one hand, persons established in the Union, and, on the other, persons established in a third country who access Union venues via direct electronic access, for which Directive 2014/65/EU does not require authorisation.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.