Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Dire... (32017R0565)
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. )
- 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)
- CHAPTER I
- 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 2(1) of Directive 2014/65/EU)
- Article 5
- Wholesale energy products that must be physically settled
- (Article 4(1)(2) of Directive 2014/65/EU)
- Article 6
- Energy derivative contracts relating to oil and coal and wholesale energy products
- (Article 4(1)(2) of Directive 2014/65/EU)
- Article 7
- Other derivative financial instruments
- (Article 4(1)(2) of Directive 2014/65/EU)
- Article 8
- Derivatives under Section C(10) of Annex I to Directive 2014/65/EU
- (Article 4(1)(2) of Directive 2014/65/EU)
- Article 9
- Investment advice
- (Article 4(1)(4) of Directive 2014/65/EU)
- Article 10
- Characteristics of other derivative contracts relating to currencies
- Article 11
- Money-market instruments
- (Article 4(1)(17) of Directive 2014/65/EU)
- Article 12
- Systematic internalisers for shares, depositary receipts, ETFs, certificates and other similar financial instruments
- (Article 4(1)(20) of Directive 2014/65/EU)
- Article 13
- Systematic internalisers for bonds
- (Article 4(1)(20) of Directive 2014/65/EU)
- Article 14
- Systematic internalisers for structured finance products
- (Article 4(1)(20) of Directive 2014/65/EU)
- Article 15
- Systematic internalisers for derivatives
- (Article 4(1)(20) of Directive 2014/65/EU)
- Article 16
- Systematic internalisers for emission allowances
- (Article 4(1)(20) of Directive 2014/65/EU)
- Article 17
- Relevant assessment periods
- (Article 4(1)(20) of Directive 2014/65/EU)
- Article 18
- Algorithmic trading
- (Article 4(1)(39) of Directive 2014/65/EU)
- Article 19
- High frequency algorithmic trading technique
- (Article 4(1)(40) of Directive 2014/65/EU)
- Article 20
- Direct electronic access
- (Article 4(1)(41) of Directive 2014/65/EU)
- CHAPTER II
- Article 21
- General organisational requirements
- (Article 16(2) to (10) of Directive 2014/65/EU)
- Article 22
- Compliance
- (Article 16(2) of Directive 2014/65/EU)
- Article 23
- Risk management
- (Article 16(5) of Directive 2014/65/EU)
- Article 24
- Internal audit
- (Article 16(5) of Directive 2014/65/EU)
- Article 25
- Responsibility of senior management
- (Article 16(2) of Directive 2014/65/EU)
- Article 26
- Complaints handling
- (Article 16(2) of Directive 2014/65/EU)
- Article 27
- Remuneration policies and practices
- (Articles 16, 23 and 24 of Directive 2014/65/EU)
- Article 28
- Scope of personal transactions
- (Article 16(2) of Directive 2014/65/EU)
- Article 29
- Personal transactions
- (Article 16(2) of Directive 2014/65/EU)
- Article 30
- Scope of critical and important operational functions
- (Article 16(2) and first subparagraph of Article 16(5) of Directive 2014/65/EU)
- Article 31
- Outsourcing critical or important operational functions
- (Article 16(2) and of Article 16(5) first subparagraph of Directive 2014/65/EU)
- Article 32
- Service providers located in third countries
- (Article 16(2) and first subparagraph of Article 16(5) of Directive 2014/65/EU)
- Article 33
- Conflicts of interest potentially detrimental to a client
- (Articles 16(3) and 23 of Directive 2014/65/EU)
- Article 34
- Conflicts of interest policy
- (Articles 16(3) and 23 of Directive 2014/65/EU)
- Article 35
- Record of services or activities giving rise to detrimental conflict of interest
- (Article 16(6) of Directive 2014/65/EU)
- Article 36
- Investment research and marketing communications
- (Article 24(3) of Directive 2014/65/EU)
- Article 37
- Additional organisational requirements in relation to investment research or marketing communications
- (Article 16(3) of Directive 2014/65/EU)
- Article 38
- Additional general requirements in relation to underwriting or placing
- (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
- Article 39
- Additional requirements in relation to pricing of offerings in relation to issuance of financial instruments
- (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
- Article 40
- Additional requirements in relation to placing
- (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
- Article 41
- Additional requirements in relation to advice, distribution and self-placement
- (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
- Article 42
- Additional requirements in relation to lending or provision of credit in the context of underwriting or placement
- (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
- Article 43
- Record keeping in relation to underwriting or placing
- (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
- CHAPTER III
- Article 44
- Fair, clear and not misleading information requirements
- (Article 24(3) of Directive 2014/65/EU)
- Article 45
- Information concerning client categorisation
- (Article 24(4) of Directive 2014/65/EU)
- Article 46
- General requirements for information to clients
- (Article 24(4) of Directive 2014/65/EU)
- Article 47
- Information about the investment firm and its services for clients and potential clients
- (Article 24(4) of Directive 2014/65/EU)
- Article 48
- Information about financial instruments
- (Article 24(4) of Directive 2014/65/EU)
- Article 49
- Information concerning safeguarding of client financial instruments or client funds
- (Article 24(4) of Directive 2014/65/EU)
- Article 50
- Information on costs and associated charges
- (Article 24(4) of Directive 2014/65/EU)
- Article 51
- Information provided in accordance with Directive 2009/65/EU and Regulation (EU) No 1286/2014
- (Article 24(4) of Directive 2014/65/EU)
- Article 52
- Information about investment advice
- (Article 24(4) of Directive 2014/65/EU)
- Article 53
- Investment advice on an independent basis
- (Article 24(4) and 24(7) of Directive 2014/65/EU)
- Article 54
- Assessment of suitability and suitability reports
- (Article 25(2) of Directive 2014/65/EU)
- Article 55
- Provisions common to the assessment of suitability or appropriateness
- (Article 25(2) and 25(3) of Directive 2014/65/EU)
- Article 56
- Assessment of appropriateness and related record-keeping obligations
- (Article 25(3) and 25(5) of Directive 2014/65/EU)
- Article 57
- Provision of services in non-complex instruments
- (Article 25(4) of Directive 2014/65/EU)
- Article 58
- Retail and Professional Client agreements
- (Article 24(1) and 25(5) of Directive 2014/65/EU)
- Article 59
- Reporting obligations in respect of execution of orders other than for portfolio management
- (Article 25(6) of Directive 2014/65/EU)
- Article 60
- Reporting obligations in respect of portfolio management
- (Article 25(6) of Directive 2014/65/EU)
- Article 61
- Reporting obligations in respect of eligible counterparties
- (Article 24(4) and Article 25(6) of Directive 2014/65/EU)
- Article 62
- Additional reporting obligations for portfolio management or contingent liability transactions
- (Article 25(6) of Directive 2014/65/EU)
- Article 63
- Statements of client financial instruments or client funds
- (Article 25(6) of Directive 2014/65/EU)
- Article 64
- Best execution criteria
- (Articles 27(1) and 24(1) of Directive 2014/65/EU)
- Article 65
- Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client
- (Article 24(1) and 24(4) of Directive 2014/65/EU)
- Article 66
- Execution policy
- (Article 27(5) and (7) of Directive 2014/65/EU)
- Article 67
- General principles
- (Articles 28(1) and 24(1) of Directive 2014/65/EU)
- Article 68
- Aggregation and allocation of orders
- (Articles 28(1) and 24(1) of Directive 2014/65/EU)
- Article 69
- Aggregation and allocation of transactions for own account
- (Articles 28(1) and 24(1) of Directive 2014/65/EU)
- Article 70
- Prompt fair and expeditious execution of client orders and publication of unexecuted client limit orders for shares traded on a trading venue
- (Article 28 of Directive 2014/65/EU)
- Article 71
- Eligible counterparties
- (Article 30 of Directive 2014/65/EU)
- Article 72
- Retention of records
- (Article 16(6) of Directive 2014/65/EU)
- Article 73
- Record keeping of rights and obligations of the investment firm and the client
- (Article 25(5) of Directive 2014/65/EU)
- Article 74
- Record keeping of client orders and decision to deal
- (Article 16(6) of Directive 2014/65/EU)
- Article 75
- Record keeping of transactions and order processing
- (Article 16(6) of Directive 2014/65/EU)
- Article 76
- Recording of telephone conversations or electronic communications
- (Article 16(7) of Directive 2014/65/EU)
- Article 77
- Qualification as an SME
- (Article 4(1)(13) of Directive 2014/65/EU)
- Article 78
- Registration as an SME growth market
- (Article 33(3) of Directive 2014/65/EU)
- Article 79
- Deregistration as an SME growth market
- (Article 33(3) of Directive 2014/65/EU)
- CHAPTER IV
- Article 80
- Circumstances constituting significant damage to investors' interests and the orderly functioning of the market
- (Articles 32(1), 32(2), 52(1) and 52(2) of Directive 2014/65/EU)
- 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
- (Articles 31(2) and 54(2) of Directive 2014/65/EU)
- Article 82
- Circumstances where a conduct indicating behaviour that is prohibited under Regulation (EU) No 596/2014 may be assumed
- (Articles 31(2) and 54(2) of Directive 2014/65/EU)
- CHAPTER V
- Article 83
- Position reporting
- (Article 58(1) of Directive 2014/65/EU)
- CHAPTER VI
- Article 84
- Obligation to provide market data on a reasonable commercial basis
- (Article 64(1) and 65(1) of Directive 2014/65/EU)
- Article 85
- Provision of market data on the basis of cost
- (Article 64(1) and 65(1) of Directive 2014/65/EU)
- Article 86
- Obligation to provide market data on a non-discriminatory basis
- (Article 64(1) and 65(1) of Directive 2014/65/EU)
- Article 87
- Per user fees
- (Article 64(1) and 65(1) of Directive 2014/65/EU)
- Article 88
- Unbundling and disaggregating market data
- (Article 64(1) and 65(1) of Directive 2014/65/EU)
- Article 89
- Transparency obligation
- (Article 64(1) and 65(1) of Directive 2014/65/EU)
- CHAPTER VII
- Article 90
- Determination of the substantial importance of the operations of a trading venue in a host Member State
- (Article 79(2) of Directive 2014/65/EU)
- CHAPTER VIII
- Article 91
- Entry into force and application
- ANNEX I
- Minimum list of records to be kept by investment firms depending upon the nature of their activities
- ANNEX II
- ANNEX III
- ANNEX IV
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