What changes on 20/04/2017

The text in force from 19/09/2012 compared with the text from 20/04/2017.

Read the act as of 20/04/2017 · other versions: 14/12/2017 · 11/10/2019 · 29/03/2021 · 22/08/2021 · 02/08/2022

Chapter I

• inserted Article 1 - Subject-matter and scope
• inserted Article 2 - Definitions
• inserted Article 3 - Conditions applying to the provision of information
• inserted Article 4 - Provision of investment service in an incidental manner (Article 2(1) of Directive 2014/65/EU)
• inserted Article 5 - Wholesale energy products that must be physically settled (Article 4(1)(2) of Directive 2014/65/EU)
• inserted Article 6 - Energy derivative contracts relating to oil and coal and wholesale energy products (Article 4(1)(2) of Directive 2014/65/EU)
• inserted Article 7 - Other derivative financial instruments (Article 4(1)(2) of Directive 2014/65/EU)
• inserted Article 8 - Derivatives under Section C(10) of Annex I to Directive 2014/65/EU (Article 4(1)(2) of Directive 2014/65/EU)
• inserted Article 9 - Investment advice (Article 4(1)(4) of Directive 2014/65/EU)
• inserted Article 10 - Characteristics of other derivative contracts relating to currencies
• inserted Article 11 - Money-market instruments (Article 4(1)(17) of Directive 2014/65/EU)
• inserted Article 12 - Systematic internalisers for shares, depositary receipts, ETFs, certificates and other similar financial instruments (Article 4(1)(20) of Directive 2014/65/EU)
• inserted Article 13 - Systematic internalisers for bonds (Article 4(1)(20) of Directive 2014/65/EU)
• inserted Article 14 - Systematic internalisers for structured finance products (Article 4(1)(20) of Directive 2014/65/EU)
• inserted Article 15 - Systematic internalisers for derivatives (Article 4(1)(20) of Directive 2014/65/EU)
• inserted Article 16 - Systematic internalisers for emission allowances (Article 4(1)(20) of Directive 2014/65/EU)
• inserted Article 17 - Relevant assessment periods (Article 4(1)(20) of Directive 2014/65/EU)
• inserted Article 18 - Algorithmic trading (Article 4(1)(39) of Directive 2014/65/EU)
• inserted Article 19 - High frequency algorithmic trading technique (Article 4(1)(40) of Directive 2014/65/EU)
• inserted Article 20 - Direct electronic access (Article 4(1)(41) of Directive 2014/65/EU)

Chapter II › Section 1

• inserted Article 21 - General organisational requirements (Article 16(2) to (10) of Directive 2014/65/EU)
• inserted Article 22 - Compliance (Article 16(2) of Directive 2014/65/EU)
• inserted Article 23 - Risk management (Article 16(5) of Directive 2014/65/EU)
• inserted Article 24 - Internal audit (Article 16(5) of Directive 2014/65/EU)
• inserted Article 25 - Responsibility of senior management (Article 16(2) of Directive 2014/65/EU)
• inserted Article 26 - Complaints handling (Article 16(2) of Directive 2014/65/EU)
• inserted Article 27 - Remuneration policies and practices (Articles 16, 23 and 24 of Directive 2014/65/EU)
• inserted Article 28 - Scope of personal transactions (Article 16(2) of Directive 2014/65/EU)
• inserted Article 29 - Personal transactions (Article 16(2) of Directive 2014/65/EU)

Chapter II › Section 2

• inserted Article 30 - Scope of critical and important operational functions (Article 16(2) and first subparagraph of Article 16(5) of Directive 2014/65/EU)
• inserted Article 31 - Outsourcing critical or important operational functions (Article 16(2) and of Article 16(5) first subparagraph of Directive 2014/65/EU)
• inserted Article 32 - Service providers located in third countries (Article 16(2) and first subparagraph of Article 16(5) of Directive 2014/65/EU)

Chapter II › Section 3

• inserted Article 33 - Conflicts of interest potentially detrimental to a client (Articles 16(3) and 23 of Directive 2014/65/EU)
• inserted Article 34 - Conflicts of interest policy (Articles 16(3) and 23 of Directive 2014/65/EU)
• inserted Article 35 - Record of services or activities giving rise to detrimental conflict of interest (Article 16(6) of Directive 2014/65/EU)
• inserted Article 36 - Investment research and marketing communications (Article 24(3) of Directive 2014/65/EU)
• inserted Article 37 - Additional organisational requirements in relation to investment research or marketing communications (Article 16(3) of Directive 2014/65/EU)
• inserted Article 38 - Additional general requirements in relation to underwriting or placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
• inserted 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)
• inserted Article 40 - Additional requirements in relation to placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
• inserted Article 41 - Additional requirements in relation to advice, distribution and self-placement (Articles 16(3), 23 and 24 of Directive 2014/65/EU)
• inserted 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)
• inserted Article 43 - Record keeping in relation to underwriting or placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU)

Chapter III › Section 1

• inserted Article 44 - Fair, clear and not misleading information requirements (Article 24(3) of Directive 2014/65/EU)
• inserted Article 45 - Information concerning client categorisation (Article 24(4) of Directive 2014/65/EU)
• inserted Article 46 - General requirements for information to clients (Article 24(4) of Directive 2014/65/EU)
• inserted Article 47 - Information about the investment firm and its services for clients and potential clients (Article 24(4) of Directive 2014/65/EU)
• inserted Article 48 - Information about financial instruments (Article 24(4) of Directive 2014/65/EU)
• inserted Article 49 - Information concerning safeguarding of client financial instruments or client funds (Article 24(4) of Directive 2014/65/EU)
• inserted Article 50 - Information on costs and associated charges (Article 24(4) of Directive 2014/65/EU)
• inserted 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)

Chapter III › Section 2

• inserted Article 52 - Information about investment advice (Article 24(4) of Directive 2014/65/EU)
• inserted Article 53 - Investment advice on an independent basis (Article 24(4) and 24(7) of Directive 2014/65/EU)

Chapter III › Section 3

• inserted Article 54 - Assessment of suitability and suitability reports (Article 25(2) of Directive 2014/65/EU)
• inserted Article 55 - Provisions common to the assessment of suitability or appropriateness (Article 25(2) and 25(3) of Directive 2014/65/EU)
• inserted Article 56 - Assessment of appropriateness and related record-keeping obligations (Article 25(3) and 25(5) of Directive 2014/65/EU)
• inserted Article 57 - Provision of services in non-complex instruments (Article 25(4) of Directive 2014/65/EU)
• inserted Article 58 - Retail and Professional Client agreements (Article 24(1) and 25(5) of Directive 2014/65/EU)

Chapter III › Section 4

• inserted Article 59 - Reporting obligations in respect of execution of orders other than for portfolio management (Article 25(6) of Directive 2014/65/EU)
• inserted Article 60 - Reporting obligations in respect of portfolio management (Article 25(6) of Directive 2014/65/EU)
• inserted Article 61 - Reporting obligations in respect of eligible counterparties (Article 24(4) and Article 25(6) of Directive 2014/65/EU)
• inserted Article 62 - Additional reporting obligations for portfolio management or contingent liability transactions (Article 25(6) of Directive 2014/65/EU)
• inserted Article 63 - Statements of client financial instruments or client funds (Article 25(6) of Directive 2014/65/EU)

Chapter III › Section 5

• inserted Article 64 - Best execution criteria (Articles 27(1) and 24(1) of Directive 2014/65/EU)
• inserted 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)
• inserted Article 66 - Execution policy (Article 27(5) and (7) of Directive 2014/65/EU)

Chapter III › Section 6

• inserted Article 67 - General principles (Articles 28(1) and 24(1) of Directive 2014/65/EU)
• inserted Article 68 - Aggregation and allocation of orders (Articles 28(1) and 24(1) of Directive 2014/65/EU)
• inserted Article 69 - Aggregation and allocation of transactions for own account (Articles 28(1) and 24(1) of Directive 2014/65/EU)
• inserted 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)

Chapter III › Section 7

• inserted Article 71 - Eligible counterparties (Article 30 of Directive 2014/65/EU)

Chapter III › Section 8

• inserted Article 72 - Retention of records (Article 16(6) of Directive 2014/65/EU)
• inserted Article 73 - Record keeping of rights and obligations of the investment firm and the client (Article 25(5) of Directive 2014/65/EU)
• inserted Article 74 - Record keeping of client orders and decision to deal (Article 16(6) of Directive 2014/65/EU)
• inserted Article 75 - Record keeping of transactions and order processing (Article 16(6) of Directive 2014/65/EU)
• inserted Article 76 - Recording of telephone conversations or electronic communications (Article 16(7) of Directive 2014/65/EU)

Chapter III › Section 9

• inserted Article 77 - Qualification as an SME (Article 4(1)(13) of Directive 2014/65/EU)
• inserted Article 78 - Registration as an SME growth market (Article 33(3) of Directive 2014/65/EU)
• inserted Article 79 - Deregistration as an SME growth market (Article 33(3) of Directive 2014/65/EU)

Chapter IV

• inserted 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)
• inserted 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)
• inserted 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

• inserted Article 83 - Position reporting (Article 58(1) of Directive 2014/65/EU)

Chapter VI

• inserted Article 84 - Obligation to provide market data on a reasonable commercial basis (Article 64(1) and 65(1) of Directive 2014/65/EU)
• inserted Article 85 - Provision of market data on the basis of cost (Article 64(1) and 65(1) of Directive 2014/65/EU)
• inserted Article 86 - Obligation to provide market data on a non-discriminatory basis (Article 64(1) and 65(1) of Directive 2014/65/EU)
• inserted Article 87 - Per user fees (Article 64(1) and 65(1) of Directive 2014/65/EU)
• inserted Article 88 - Unbundling and disaggregating market data (Article 64(1) and 65(1) of Directive 2014/65/EU)
• inserted Article 89 - Transparency obligation (Article 64(1) and 65(1) of Directive 2014/65/EU)

Chapter VII

• inserted 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

• inserted Article 91 - Entry into force and application

Outside any heading

• inserted Recital 1
• inserted Recital 2
• inserted Recital 3
• inserted Recital 4
• inserted Recital 5
• inserted Recital 6
• inserted Recital 7
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• inserted Recital 11
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• inserted Recital 119
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• inserted Recital 121
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• inserted Recital 123
• inserted Recital 124
• inserted Recital 125
• inserted Recital 126
• inserted Recital 127
• inserted Recital 128
• inserted Recital 129
• inserted Recital 130
• inserted Recital 131
• inserted Preamble
• inserted Annex I
• inserted Annex II
• inserted Annex III
• inserted Annex IV