2017R0565 - Summary
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)
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🇫🇷 French Version: 2017R0565_FR.0. Open the PDF. Direct link to EUR-LEX.
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
Article 30 - Scope of critical and important operational functions
Article 31 - Outsourcing critical or important operational functions
Article 32 - Service providers located in third countries
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
Article 52 - Information about investment advice
Article 53 - Investment advice on an independent basis
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
Article 64 - Best execution criteria
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 66 - Execution policy
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
Article 71 - 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
Article 77 - Qualification as an SME
Article 78 - Registration as an SME growth market
Article 79 - Deregistration as an SME growth market
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
Article 83 - Position reporting
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
Article 90 - Determination of the substantial importance of the operations of a trading venue in a host Member State
CHAPTER VIII - FINAL PROVISIONS
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
Annex II - Costs and charges
Annex III - Requirement for operators of trading venues to immediately inform their national competent authority
Annex IIII - Record keeping of client orders and decision to deal