Commission Delegated Regulation (EU) 2017/565

Preamble

Recitals

Chapter I - SCOPE AND DEFINITIONS

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

Chapter II - ORGANISATIONAL REQUIREMENTS

• amendedrenamed Article 21 Chapter II › Section 1 was “Article 21 - General organisational requirements (Article 16(2) to (10) of Directive 2014/65/EU)”
• amendedrenamed Article 22 - Compliance Chapter II › Section 1 was “Article 22 - Compliance (Article 16(2) of Directive 2014/65/EU)”
• amendedrenamed Article 23 Chapter II › Section 1 was “Article 23 - Risk management (Article 16(5) of Directive 2014/65/EU)”
• amendedrenamed Article 24 Chapter II › Section 1 was “Article 24 - Internal audit (Article 16(5) of Directive 2014/65/EU)”
• amendedrenamed Article 25 Chapter II › Section 1 was “Article 25 - Responsibility of senior management (Article 16(2) of Directive 2014/65/EU)”
• amendedrenamed Article 26 Chapter II › Section 1 was “Article 26 - Complaints handling (Article 16(2) of Directive 2014/65/EU)”
• amendedrenamed Article 27 Chapter II › Section 1 was “Article 27 - Remuneration policies and practices (Articles 16, 23 and 24 of Directive 2014/65/EU)”
• amendedrenamed Article 28 Chapter II › Section 1 was “Article 28 - Scope of personal transactions (Article 16(2) of Directive 2014/65/EU)”
• amendedrenamed Article 29 Chapter II › Section 1 was “Article 29 - Personal transactions (Article 16(2) of Directive 2014/65/EU)”
• amendedrenamed Article 30 Chapter II › Section 2 was “Article 30 - Scope of critical and important operational functions (Article 16(2) and first subparagraph of Article 16(5) of Directive 2014/65/EU)”
• amendedrenamed Article 31 Chapter II › Section 2 was “Article 31 - Outsourcing critical or important operational functions (Article 16(2) and of Article 16(5) first subparagraph of Directive 2014/65/EU)”
• amendedrenamed Article 32 Chapter II › Section 2 was “Article 32 - Service providers located in third countries (Article 16(2) and first subparagraph of Article 16(5) of Directive 2014/65/EU)”
• amendedrenamed Article 33 Chapter II › Section 3 was “Article 33 - Conflicts of interest potentially detrimental to a client (Articles 16(3) and 23 of Directive 2014/65/EU)”
• amendedrenamed Article 34 Chapter II › Section 3 was “Article 34 - Conflicts of interest policy (Articles 16(3) and 23 of Directive 2014/65/EU)”
• amendedrenamed Article 35 Chapter II › Section 3 was “Article 35 - Record of services or activities giving rise to detrimental conflict of interest (Article 16(6) of Directive 2014/65/EU)”
• amendedrenamed Article 36 Chapter II › Section 3 was “Article 36 - Investment research and marketing communications (Article 24(3) of Directive 2014/65/EU)”
• amendedrenamed Article 37 Chapter II › Section 3 was “Article 37 - Additional organisational requirements in relation to investment research or marketing communications (Article 16(3) of Directive 2014/65/EU)”
• amendedrenamed Article 38 Chapter II › Section 3 was “Article 38 - Additional general requirements in relation to underwriting or placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU)”
• amendedrenamed Article 39 Chapter II › Section 3 was “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)”
• amendedrenamed Article 40 Chapter II › Section 3 was “Article 40 - Additional requirements in relation to placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU)”
• amendedrenamed Article 41 Chapter II › Section 3 was “Article 41 - Additional requirements in relation to advice, distribution and self-placement (Articles 16(3), 23 and 24 of Directive 2014/65/EU)”
• amendedrenamed Article 42 Chapter II › Section 3 was “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)”
• amendedrenamed Article 43 Chapter II › Section 3 was “Article 43 - Record keeping in relation to underwriting or placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU)”

Chapter III - OPERATING CONDITIONS FOR INVESTMENT FIRMS

• amendedrenamed Article 44 Chapter III › Section 1 was “Article 44 - Fair, clear and not misleading information requirements (Article 24(3) of Directive 2014/65/EU)”
• amendedrenamed Article 45 Chapter III › Section 1 was “Article 45 - Information concerning client categorisation (Article 24(4) of Directive 2014/65/EU)”
• amendedrenamed Article 46 Chapter III › Section 1 was “Article 46 - General requirements for information to clients (Article 24(4) of Directive 2014/65/EU)”
• amendedrenamed Article 47 Chapter III › Section 1 was “Article 47 - Information about the investment firm and its services for clients and potential clients (Article 24(4) of Directive 2014/65/EU)”
• amendedrenamed Article 48 Chapter III › Section 1 was “Article 48 - Information about financial instruments (Article 24(4) of Directive 2014/65/EU)”
• amendedrenamed Article 49 Chapter III › Section 1 was “Article 49 - Information concerning safeguarding of client financial instruments or client funds (Article 24(4) of Directive 2014/65/EU)”
• amendedrenamed Article 50 Chapter III › Section 1 was “Article 50 - Information on costs and associated charges (Article 24(4) of Directive 2014/65/EU)”
• amendedrenamed Article 51 Chapter III › Section 1 was “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)”
• amendedrenamed Article 52 Chapter III › Section 2 was “Article 52 - Information about investment advice (Article 24(4) of Directive 2014/65/EU)”
• amendedrenamed Article 53 Chapter III › Section 2 was “Article 53 - Investment advice on an independent basis (Article 24(4) and 24(7) of Directive 2014/65/EU)”
• amendedrenamed Article 54 Chapter III › Section 3 was “Article 54 - Assessment of suitability and suitability reports (Article 25(2) of Directive 2014/65/EU)”
• amendedrenamed Article 55 Chapter III › Section 3 was “Article 55 - Provisions common to the assessment of suitability or appropriateness (Article 25(2) and 25(3) of Directive 2014/65/EU)”
• amendedrenamed Article 56 Chapter III › Section 3 was “Article 56 - Assessment of appropriateness and related record-keeping obligations (Article 25(3) and 25(5) of Directive 2014/65/EU)”
• amendedrenamed Article 57 Chapter III › Section 3 was “Article 57 - Provision of services in non-complex instruments (Article 25(4) of Directive 2014/65/EU)”
• amendedrenamed Article 58 Chapter III › Section 3 was “Article 58 - Retail and Professional Client agreements (Article 24(1) and 25(5) of Directive 2014/65/EU)”
• amendedrenamed Article 59 Chapter III › Section 4 was “Article 59 - Reporting obligations in respect of execution of orders other than for portfolio management (Article 25(6) of Directive 2014/65/EU)”
• amendedrenamed Article 60 Chapter III › Section 4 was “Article 60 - Reporting obligations in respect of portfolio management (Article 25(6) of Directive 2014/65/EU)”
• amendedrenamed Article 61 Chapter III › Section 4 was “Article 61 - Reporting obligations in respect of eligible counterparties (Article 24(4) and Article 25(6) of Directive 2014/65/EU)”
• amendedrenamed Article 62 Chapter III › Section 4 was “Article 62 - Additional reporting obligations for portfolio management or contingent liability transactions (Article 25(6) of Directive 2014/65/EU)”
• amendedrenamed Article 63 Chapter III › Section 4 was “Article 63 - Statements of client financial instruments or client funds (Article 25(6) of Directive 2014/65/EU)”
• amendedrenamed Article 64 Chapter III › Section 5 was “Article 64 - Best execution criteria (Articles 27(1) and 24(1) of Directive 2014/65/EU)”
• amendedrenamed Article 65 Chapter III › Section 5 was “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)”
• amendedrenamed Article 66 Chapter III › Section 5 was “Article 66 - Execution policy (Article 27(5) and (7) of Directive 2014/65/EU)”
• amendedrenamed Article 67 Chapter III › Section 6 was “Article 67 - General principles (Articles 28(1) and 24(1) of Directive 2014/65/EU)”
• amendedrenamed Article 68 Chapter III › Section 6 was “Article 68 - Aggregation and allocation of orders (Articles 28(1) and 24(1) of Directive 2014/65/EU)”
• amendedrenamed Article 69 Chapter III › Section 6 was “Article 69 - Aggregation and allocation of transactions for own account (Articles 28(1) and 24(1) of Directive 2014/65/EU)”
• amendedrenamed Article 70 Chapter III › Section 6 was “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)”
• amendedrenamed Article 71 Chapter III › Section 7 was “Article 71 - Eligible counterparties (Article 30 of Directive 2014/65/EU)”
• amendedrenamed Article 72 Chapter III › Section 8 was “Article 72 - Retention of records (Article 16(6) of Directive 2014/65/EU)”
• amendedrenamed Article 73 Chapter III › Section 8 was “Article 73 - Record keeping of rights and obligations of the investment firm and the client (Article 25(5) of Directive 2014/65/EU)”
• amendedrenamed Article 74 Chapter III › Section 8 was “Article 74 - Record keeping of client orders and decision to deal (Article 16(6) of Directive 2014/65/EU)”
• amendedrenamed Article 75 Chapter III › Section 8 was “Article 75 - Record keeping of transactions and order processing (Article 16(6) of Directive 2014/65/EU)”
• amendedrenamed Article 76 Chapter III › Section 8 was “Article 76 - Recording of telephone conversations or electronic communications (Article 16(7) of Directive 2014/65/EU)”
• amendedrenamed Article 77 Chapter III › Section 9 was “Article 77 - Qualification as an SME (Article 4(1)(13) of Directive 2014/65/EU)”
• amendedrenamed Article 78 Chapter III › Section 9 was “Article 78 - Registration as an SME growth market (Article 33(3) of Directive 2014/65/EU)”
• amendedrenamed Article 79 Chapter III › Section 9 was “Article 79 - Deregistration as an SME growth market (Article 33(3) of Directive 2014/65/EU)”

Chapter IV - OPERATING OBLIGATIONS FOR TRADING VENUES

• amendedrenamed Article 80 Chapter IV was “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)”
• amendedrenamed Article 81 Chapter IV was “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)”
• amendedrenamed Article 82 Chapter IV was “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 - POSITION REPORTING IN COMMODITY DERIVATIVES

• amendedrenamed Article 83 Chapter V was “Article 83 - Position reporting (Article 58(1) of Directive 2014/65/EU)”

Chapter VI - DATA PROVISION OBLIGATIONS FOR DATA REPORTING SERVICE PROVIDERS

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

Chapter VII - COMPETENT AUTHORITIES AND FINAL PROVISIONS

• amendedrenamed Article 90 Chapter VII was “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 - FINAL PROVISIONS

• amended Article 91 - Entry into force and application Chapter VIII

Annexes

• amendedrenamed Annex I - Record-keeping was “Annex I”
• amendedrenamed Annex II - Costs and charges was “Annex II”
• amendedrenamed Annex III - Requirement for operators of trading venues to immediately inform their national competent authority was “Annex III”
• amendedrenamed Annex IV - SECTION 1 was “Annex IV”