AI Summary of Article 34 Freedom to provide investment services and activities
This Directive mandates that Member States allow investment firms and credit institutions, authorised in one Member State, to freely offer services across borders without additional local requirements. These entities must notify their home Member State of their intended operations and any changes to their service offerings, including the use of tied agents.
Moreover, Member States are required to facilitate access to markets operated by MTFs and OTFs, ensuring remote trading participants can access these venues. The competent authorities must cooperate in communicating necessary information regarding operations. ESMA is tasked with developing regulatory standards to streamline these notification processes.
Article 34 Freedom to provide investment services and activities
1. Member States shall ensure that any investment firm authorised and supervised by the competent authorities of another Member State in accordance with this Directive, and in respect of credit institutions in accordance with Directive 2013/36/EU, may freely provide investment services and/or perform investment activities as well as ancillary services within their territories, provided that such services and activities are covered by its authorisation. Ancillary services may only be provided together with an investment service and/or activity.
Member States shall not impose any additional requirements on such an investment firm or credit institution in respect of the matters covered by this Directive.
2. Any investment firm wishing to provide services or activities within the territory of another Member State for the first time, or which wishes to change the range of services or activities so provided, shall communicate the following information to the competent authorities of its home Member State:
(a) the Member State in which it intends to operate;