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 entities for the purposes of this Regulation such as, central securities depositoriesmeans a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014;, collective investment undertakings or insurance and reinsurance undertakingsmeans a 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 depositoriesmeans a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014;, collective investment undertakings or insurance and reinsurance undertakingsmeans a reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC;.