Recital 41

Exclusion of natural and legal persons according to MiFID 2


Similarly, in order to align this Regulation to the scope of Directive 2014/65/EU of the European Parliament and of the Council (18)Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349)., it is also appropriate to exclude from the scope of this Regulation natural and legal persons referred in Articles 2 and 3 of that Directive which are allowed to provide investment services without having to obtain an authorisation under Directive 2014/65/EU. However, Article 2 of Directive 2014/65/EU also excludes from the scope of that Directive entities which qualify as financial entitiesas defined in Article 2, points (a) to (t) for the purposes of this Regulation such as, central securities depositoriesa central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014, collective investment undertakings or insurance and reinsurance undertakingsa reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC. The exclusion from the scope of this Regulation of the persons and entities referred to in Articles 2 and 3 of that Directive should not encompass those central securities depositoriesa central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014, collective investment undertakings or insurance and reinsurance undertakingsa reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC.