MiFID II - Licence granting requirements
Under MiFID II, a Regulation sets the rules for the information that must be provided for the application. These requirements are largely included in the application form.
Consequently, the license application is tested with regard to against these more extensive or new requirements. For instance, the control of trading using algorithms or the composition of the management of the firm. The stricter requirements are also continuous requirements. Therefore, firms that already have a licence under MiFID I must also meet the stricter standards of MiFID II.