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Commission Delegated Regulation (EU) 2017/565 of 25 April 2016
Supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
(Text with EEA relevance)- Recitals
CHAPTER I — SCOPE AND DEFINITIONS- Article 1 — Subject-matter and scope
- Article 2 — Definitions
- Article 3 — Conditions applying to the provision of information
- Article 4 — Provision of investment service in an incidental manner
- Article 5 — Wholesale energy products that must be physically settled
- Article 6 — Energy derivative contracts relating to oil and coal and wholesale energy products
- Article 7 — Other derivative financial instruments
- Article 8 — Derivatives under Section C(10) of Annex I to Directive 2014/65/EU
- Article 9 — Investment advice
- Article 10 — Characteristics of other derivative contracts relating to currencies
- Article 11 — Money-market instruments
- Article 12 — Systematic internalisers for shares, depositary receipts, ETFs, certificates and other similar financial instruments
- Article 13 — Systematic internalisers for bonds
- Article 14 — Systematic internalisers for structured finance products
- Article 15 — Systematic internalisers for derivatives
- Article 16 — Systematic internalisers for emission allowances
- Article 16a — Participation in matching arrangements
- Article 17 — Relevant assessment periods
- Article 18 — Algorithmic trading
- Article 19 — High frequency algorithmic trading technique
- Article 20 — Direct electronic access
- CHAPTER II — ORGANISATIONAL REQUIREMENTS
- SECTION 1 — Organisation
- Article 21 — General organisational requirements
- Article 22 — Compliance
- Article 23 — Risk management
- Article 24 — Internal audit
- Article 25 — Responsibility of senior management
- Article 26 — Complaints handling
- Article 27 — Remuneration policies and practices
- Article 28 — Scope of personal transactions
- Article 29 — Personal transactions
- SECTION 2 — Outsourcing
- SECTION 3 — Conflicts of interest
- Article 33 — Conflicts of interest potentially detrimental to a client
- Article 34 — Conflicts of interest policy
- Article 35 — Record of services or activities giving rise to detrimental conflict of interest
- Article 36 — Investment research and marketing communications
- Article 37 — Additional organisational requirements in relation to investment research or marketing communications
- Article 38 — Additional general requirements in relation to underwriting or placing
- Article 39 — Additional requirements in relation to pricing of offerings in relation to issuance of financial instruments
- Article 40 — Additional requirements in relation to placing
- Article 41 — Additional requirements in relation to advice, distribution and self-placement
- Article 42 — Additional requirements in relation to lending or provision of credit in the context of underwriting or placement
- Article 43 — Record keeping in relation to underwriting or placing
- CHAPTER III — OPERATING CONDITIONS FOR INVESTMENT FIRMS
- SECTION 1 — Information to clients and potential clients
- Article 44 — Fair, clear and not misleading information requirements
- Article 45 — Information concerning client categorisation
- Article 46 — General requirements for information to clients
- Article 47 — Information about the investment firm and its services for clients and potential clients
- Article 48 — Information about financial instruments
- Article 49 — Information concerning safeguarding of client financial instruments or client funds
- Article 50 — Information on costs and associated charges
- Article 51 — Information provided in accordance with Directive 2009/65/EU and Regulation (EU) No 1286/2014
- SECTION 2 — Investment advice
- SECTION 3 — Assessment of suitability and appropriateness
- Article 54 — Assessment of suitability and suitability reports
- Article 55 — Provisions common to the assessment of suitability or appropriateness
- Article 56 — Assessment of appropriateness and related record-keeping obligations
- Article 57 — Provision of services in non-complex instruments
- Article 58 — Retail and Professional Client agreements
- SECTION 4 — Reporting to clients
- Article 59 — Reporting obligations in respect of execution of orders other than for portfolio management
- Article 60 — Reporting obligations in respect of portfolio management
- Article 61 — Reporting obligations in respect of eligible counterparties
- Article 62 — Additional reporting obligations for portfolio management or contingent liability transactions
- Article 63 — Statements of client financial instruments or client funds
- SECTION 5 — Best execution
- SECTION 6 — Client order handling
- Article 67 — General principles
- Article 68 — Aggregation and allocation of orders
- Article 69 — Aggregation and allocation of transactions for own account
- Article 70 — Prompt fair and expeditious execution of client orders and publication of unexecuted client limit orders for shares traded on a trading venue
- SECTION 7 — Eligible counterparties
- SECTION 8 — Record-keeping
- Article 72 — Retention of records
- Article 73 — Record keeping of rights and obligations of the investment firm and the client
- Article 74 — Record keeping of client orders and decision to deal
- Article 75 — Record keeping of transactions and order processing
- Article 76 — Recording of telephone conversations or electronic communications
- SECTION 9 — SME growth markets
- CHAPTER IV — OPERATING OBLIGATIONS FOR TRADING VENUES
- Article 80 — Circumstances constituting significant damage to investors' interests and the orderly functioning of the market
- Article 81 — Circumstances where significant infringements of the rules of a trading venue or disorderly trading conditions or system disruptions in relation to a financial instrument may be assumed
- Article 82 — Circumstances where a conduct indicating behaviour that is prohibited under Regulation (EU) No 596/2014 may be assumed
- CHAPTER V — POSITION REPORTING IN COMMODITY DERIVATIVES
- CHAPTER VI — DATA PROVISION OBLIGATIONS FOR DATA REPORTING SERVICE PROVIDERS
- Article 84 — Obligation to provide market data on a reasonable commercial basis
- Article 85 — Provision of market data on the basis of cost
- Article 86 — Obligation to provide market data on a non-discriminatory basis
- Article 87 — Per user fees
- Article 88 — Unbundling and disaggregating market data
- Article 89 — Transparency obligation
- CHAPTER VII — COMPETENT AUTHORITIES AND FINAL PROVISIONS
- CHAPTER VIII — FINAL PROVISIONS
- Final
- ANNEX I — Record-keeping
- ANNEX II — Costs and charges
- ANNEX III — Requirement for operators of trading venues to immediately inform their national competent authority
- ANNEX IV — SECTION 1