Pursuant to Article 4(1)(18) MiFID II market operator means a person or persons who manages and/or operates the business of a regulated market and may be the regulated market itself.
Article 45(2)(a) to (c) of MiFID II requires that all members of the management body of any market operator must at all times be of sufficiently good repute, possess sufficient knowledge, skills and experience to perform their duties, shall commit sufficient time to perform their functions in the market operator, shall act with honesty, integrity and independence of mind.
Article 45 also prescribes that market operators shall not only promote diversity, but also devote adequate human and financial resources to the induction and training of the management body.
Article 45(9) of MiFID II mandates ESMA to issue guidelines on the notions of "sufficient time commitment", "adequate collective knowledge, skills and experience", "honesty, integrity and independence of mind", "adequate human and financial resources allocated to the induction and training of members" and "diversity" in the context of the management body of a market operator as specified above - see Guidelines on specific notions under MiFID II related to the management body of market operators and data reporting services providers, 5 October 2016, ESMA/2016/1437.
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MiFID II, Article 4(1)(18), Article 45(2)(a) to (c), Article 45(9)
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