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MiFID II Delegated Regulation In force since 25 April 2016

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
32017R0565 · official text on EUR-Lex

This English text is a careful, terminology-researched translation prepared by eucite.com — not an official government translation. The German original linked above is the legally authoritative text.

Articles

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 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