Updated 16/09/2024
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Delegated Regulation 2017/565 published in OJ
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MiFID II ToolDelegated Regulation 2017/565

Delegated Regulation 2017/565

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)

Recitals
Article 1 - Subject-matter and scopeArticle 2 - Definitions Q&AGLArticle 3 - Conditions applying to the provision of information Q&AGLArticle 4 - Provision of investment service in an incidental manner (Article 2(1) of Directive 2014/65/EU)Article 5 - Wholesale energy products that must be physically settled (Article 4(1)(2) of Directive 2014/65/EU)Article 6 - Energy derivative contracts relating to oil and coal and wholesale energy products (Article 4(1)(2) of Directive 2014/65/EU) Q&AArticle 7 - Other derivative financial instruments (Article 4(1)(2) of Directive 2014/65/EU) GLArticle 8 - Derivatives under Section C(10) of Annex I to Directive 2014/65/EU (Article 4(1)(2) of Directive 2014/65/EU) Article 9 - Investment advice (Article 4(1)(4) of Directive 2014/65/EU) Article 10 - Characteristics of other derivative contracts relating to currencies Article 11 - Money-market instruments (Article 4(1)(17) of Directive 2014/65/EU) Q&AArticle 12 - Systematic internalisers for shares, depositary receipts, ETFs, certificates and other similar financial instruments (Article 4(1)(20) of Directive 2014/65/EU) Q&AArticle 13 - Systematic internalisers for bonds (Article 4(1)(20) of Directive 2014/65/EU) Q&AArticle 14 - Systematic internalisers for structured finance products (Article 4(1)(20) of Directive 2014/65/EU) Q&AArticle 15 - Systematic internalisers for derivatives (Article 4(1)(20) of Directive 2014/65/EU) Q&AArticle 16 - Systematic internalisers for emission allowances (Article 4(1)(20) of Directive 2014/65/EU) Q&AArticle 16a - Participation in matching arrangements Q&AArticle 17 - Relevant assessment periods (Article 4(1)(20) of Directive 2014/65/EU) Q&AArticle 18 - Algorithmic trading (Article 4(1)(39) of Directive 2014/65/EU) Q&AArticle 19 - High frequency algorithmic trading technique (Article 4(1)(40) of Directive 2014/65/EU) Q&AArticle 20 - Direct electronic access (Article 4(1)(41) of Directive 2014/65/EU) Q&A
Article 21 - General organisational requirements (Article 16(2) to (10) of Directive 2014/65/EU) GLArticle 22 - Compliance (Article 16(2) of Directive 2014/65/EU) Q&AGLArticle 23 - Risk management (Article 16(5) of Directive 2014/65/EU) GLArticle 24 - Internal audit (Article 16(5) of Directive 2014/65/EU) GLArticle 25 - Responsibility of senior management (Article 16(2) of Directive 2014/65/EU) GLArticle 26 - Complaints handling (Article 16(2) of Directive 2014/65/EU) GLArticle 27 - Remuneration policies and practices (Articles 16, 23 and 24 of Directive 2014/65/EU) Q&AGLArticle 28 - Scope of personal transactions (Article 16(2) of Directive 2014/65/EU) Article 29 - Personal transactions (Article 16(2) of Directive 2014/65/EU) Q&AGL
Article 33 - Conflicts of interest potentially detrimental to a client (Article 16(3) and Article 23 of Directive 2014/65/EU)Article 34 - Conflicts of interest policy (Articles 16(3) and 23 of Directive 2014/65/EU) Q&AGLArticle 35 - Record of services or activities giving rise to detrimental conflict of interest (Article 16(6) of Directive 2014/65/EU)Article 36 - Investment research and marketing communications (Article 24(3) of Directive 2014/65/EU)Article 37 - Additional organisational requirements in relation to investment research or marketing communications (Article 16(3) of Directive 2014/65/EU) Article 38 - Additional general requirements in relation to underwriting or placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU) Q&AArticle 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)Article 40 - Additional requirements in relation to placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU)Article 41 - Additional requirements in relation to advice, distribution and self-placement (Articles 16(3), 23 and 24 of Directive 2014/65/EU)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)Article 43 - Record keeping in relation to underwriting or placing (Articles 16(3), 23 and 24 of Directive 2014/65/EU) Q&A
Article 44 - Fair, clear and not misleading information requirements (Article 24(3) of Directive 2014/65/EU) Q&AArticle 45 - Information concerning client categorisation (Article 24(4) of Directive 2014/65/EU) Q&AArticle 46 - General requirements for information to clients (Article 24(4) of Directive 2014/65/EU) Q&AArticle 47 - Information about the investment firm and its services for clients and potential clients (Article 24(4) of Directive 2014/65/EU) Article 48 - Information about financial instruments (Article 24(4) of Directive 2014/65/EU)Article 49 - Information concerning safeguarding of client financial instruments or client funds (Article 24(4) of Directive 2014/65/EU) Article 50 - Information on costs and associated charges (Article 24(4) of Directive 2014/65/EU) Q&AArticle 51 - Information provided in accordance with Directive 2009/65/EU and Regulation (EU) No 1286/2014(Article 24(4) of Directive 2014/65/EU)
Article 54 - Assessment of suitability and suitability reports (Article 25(2) of Directive 2014/65/EU) Q&AGLArticle 55 - Provisions common to the assessment of suitability or appropriateness (Article 25(2) and 25(3) of Directive 2014/65/EU) Q&AGLArticle 56 - Assessment of appropriateness and related record-keeping obligations (Article 25(3) and 25(5) of Directive 2014/65/EU) Article 57 - Provision of services in non-complex instruments (Article 25(4) of Directive 2014/65/EU) Q&AGLArticle 58 - Retail and Professional Client agreements (Article 24(1) and 25(5) of Directive 2014/65/EU)
Article 59 - Reporting obligations in respect of execution of orders other than for portfolio management (Article 25(6) of Directive 2014/65/EU) Q&AArticle 60 - Reporting obligations in respect of portfolio management (Article 25(6) of Directive 2014/65/EU) Q&AArticle 61 - Reporting obligations in respect of eligible counterparties (Article 24(4) and Article 25(6) of Directive 2014/65/EU)Article 62 - Additional reporting obligations for portfolio management or contingent liability transactions (Article 25(6) of Directive 2014/65/EU) Q&AArticle 63 - Statements of client financial instruments or client funds (Article 25(6) of Directive 2014/65/EU) Q&A
Article 67 - General principles (Articles 28(1) and 24(1) of Directive 2014/65/EU) Q&AArticle 68 - Aggregation and allocation of orders (Articles 28(1) and 24(1) of Directive 2014/65/EU)Article 69 - Aggregation and allocation of transactions for own account (Articles 28(1) and 24(1) of Directive 2014/65/EU)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)
Article 72 - Retention of records (Article 16(6) of Directive 2014/65/EU) Q&AGLArticle 73 - Record keeping of rights and obligations of the investment firm and the client (Article 25(5) of Directive 2014/65/EU)Article 74 - Record keeping of client orders and decision to deal (Article 16(6) of Directive 2014/65/EU) Q&AArticle 75 - Record keeping of transactions and order processing (Article 16(6) of Directive 2014/65/EU) Q&AArticle 76 - Recording of telephone conversations or electronic communications (Article 16(7) of Directive 2014/65/EU) Q&AGL
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)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)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)
Article 84 - Obligation to provide market data on a reasonable commercial basis (Article 64(1) and 65(1) of Directive 2014/65/EU) GLArticle 85 - Provision of market data on the basis of cost (Article 64(1) and 65(1) of Directive 2014/65/EU) GLArticle 86 - Obligation to provide market data on a non-discriminatory basis (Article 64(1) and 65(1) of Directive 2014/65/EU) GLArticle 87 - Per user fees (Article 64(1) and 65(1) of Directive 2014/65/EU) GLArticle 88 - Unbundling and disaggregating market data (Article 64(1) and 65(1) of Directive 2014/65/EU) GLArticle 89 - Transparency obligation (Article 64(1) and 65(1) of Directive 2014/65/EU) GL
ANNEX I ANNEX II Q&AANNEX IIIANNEX IV