Regulation 48 Best execution

(1)

In Article 64—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1, for “Article 27(1) of the Directive 2014/65/EU” substitute “rule 11.2A.2 of the Conduct of Business sourcebook”;

(c)

in paragraph 2, for “Article 27(1) of Directive 2014/65/EU” substitute “rules 11.2A.2, 11.2A.3, 11.2A.9, 11.2A.12 and 11.2A.15 of the Conduct of Business sourcebook”.

(2)

In Article 65—

(a)

omit the sub-heading in brackets;

(b)

in paragraphs 1 and 2, for “Article 24(1) of Directive 2014/65/EU” substitute “rule 2.1.1. of the Conduct of Business sourcebook”;

(c)

in paragraph 4—

(i)

for “Article 27(1) of Directive 2014/65/EU”, the first time it occurs, substitute “rule 11.2A.2 of the Conduct of Business sourcebook”;

(ii)

for “Article 27(1) of Directive 2014/65/EU” the second time it occurs, substitute “rule 11.2A.9 of the Conduct of Business sourcebook”;

(d)

in paragraph 6, for “the technical standards developed under Article 27(10)(b) of Article 2014/65/EU” substitute “Commission Delegated Regulation (EU) 2017/576 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution, or any technical standards made by the Financial Conduct Authority under paragraph 20(b) of Schedule 3 to Regulation (EU) No 600/2014”;

(e)

in paragraph 8, for the last sentence, substitute “In those cases, Articles 64 and 66 of this Regulation, technical standards made under Article 27(10) of Directive 2014/65/EC and rules in the Conduct of Business sourcebook which were relied on by the United Kingdom immediately before exit day to implement Article 27 of Directive 2014/65/EU shall apply.”.

(3)

In Article 66—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1, for “Article 27(4) of Directive 2014/65/EU” substitute “rule 11.2A.20 of the Conduct of Business sourcebook”;

(c)

in paragraph 3, in point (a), for “Article 27(1) of Directive 2014/65/EU” substitute “rule 11.2A.2 of the Conduct of Business sourcebook”;

(d)

in paragraph 6, for “Article 24(9) of Directive 2014/65/EU” substitute “rules 2.3A.5, 2.3A.6 and 2.3A.7E of the Conduct of Business sourcebook”;

(e)

in paragraph 7, for “Article 24(9) of Directive 2014/65/EU and its implementing measures” substitute “rules 2.3A.5, 2.3A.6 and 2.3A.7E of the Conduct of Business sourcebook”;

(f)

in paragraph 9, for “Article 27(3) of Directive 2014/65/EU” substitute “rule 11.2C.1 of the Conduct of Business sourcebook, rules 5.3.1A(5), 5A.4.2(3) and 6.3A.1 of the Market Conduct sourcebook and paragraph 4C of the Schedule to the Recognition Requirements Regulations^f1”.

(4)

In Article 67, omit the sub-heading in brackets.

(5)

In Article 68, omit the sub-heading in brackets.

(6)

In Article 69, omit the sub-heading in brackets.

(7)

In Article 70—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1—

(i)

for “Article 28(2) of Directive 2014/65/EU” substitute “rule 11.4.1 of the Conduct of Business sourcebook”;

(ii)

for “a data reporting services provider located in one Member State” substitute “a person authorised to provide data reporting services under the Data Reporting Services Regulations 2017^f2”.

Annotations

Footnotes

f1: S.I. 2001/995. Paragraph 4C was inserted by S.I. 2017/701.
f2: S.I. 2017/699.