What changes on 02/08/2022

The text in force from 22/08/2021 compared with the text from 02/08/2022, which includes the changes made by Commission Delegated Regulation (EU) 2021/1253.

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

Chapter I

• amended Article 2 - Definitions
• amended Article 5 - Wholesale energy products that must be physically settled(Article 4(1)(2) of Directive 2014/65/EU)
• amended Article 6 - Energy derivative contracts relating to oil and coal and wholesale energy products(Article 4(1)(2) of Directive 2014/65/EU)
• amended Article 7 - Other derivative financial instruments(Article 4(1)(2) of Directive 2014/65/EU)
• amended Article 8 - Derivatives under Section C(10) of Annex I to Directive 2014/65/EU(Article 4(1)(2) of Directive 2014/65/EU)
• amended Article 10 - Characteristics of other derivative contracts relating to currencies
• amended Article 19 - High frequency algorithmic trading technique(Article 4(1)(40) of Directive 2014/65/EU)
• amended Article 20 - Direct electronic access(Article 4(1)(41) of Directive 2014/65/EU)

Chapter II › Section 1

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

Chapter II › Section 2

• amended Article 30 - Scope of critical and important operational functions(Article 16(2) and first subparagraph of Article 16(5) of Directive 2014/65/EU)
• amended Article 31 - Outsourcing critical or important operational functions(Article 16(2) and of Article 16(5) first subparagraph of Directive 2014/65/EU)
• amended 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

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

Chapter III › Section 1

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

Chapter III › Section 2

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

Chapter III › Section 3

• amended Article 54 - Assessment of suitability and suitability reports(Article 25(2) of Directive 2014/65/EU)
• amended Article 55 - Provisions common to the assessment of suitability or appropriateness(Article 25(2) and 25(3) of Directive 2014/65/EU)
• amended Article 56 - Assessment of appropriateness and related record-keeping obligations(Article 25(3) and 25(5) of Directive 2014/65/EU)

Chapter III › Section 4

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

Chapter III › Section 5

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

Chapter III › Section 6

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

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

Chapter III › Section 8

• amended Article 72 - Retention of records(Article 16(6) of Directive 2014/65/EU)
• amended Article 76 - Recording of telephone conversations or electronic communications(Article 16(7) of Directive 2014/65/EU)

Chapter III › Section 9

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

Chapter IV

• amended 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)
• amended 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)
• amended 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

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

Chapter VI

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

Chapter VII

• amended 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

• amended Article 91 - Entry into force and application

Outside any heading

• amended Annex II - Costs and charges
• amended Annex IV - SECTION 1