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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) (revoked)

EU Regulation 2017/565 · Adopted 25 April 2016 · Extends to United Kingdom

Original text. legislation.gov.uk does not revise this item, so later amendments are not shown here. Changes made to it are listed under each provision when known.

F1Commission 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) (revoked)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations to the whole text

Textual amendments

F1

Regulation revoked (5.4.2024 for the revocation of Arts. 84-89, 23.10.2025 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 3 (with s. 1(4)); S.I. 2023/1382, reg. 4(d)(i); S.I. 2025/1078, reg. 2(b) (with reg. 11)

Contents

  1. Chapter I: SCOPE AND DEFINITIONS Repealed
  2. A1Application Repealed
  3. 1Subject-matter and scope Repealed
  4. 2Definitions Repealed
  5. 3Conditions applying to the provision of information Repealed
  6. 4Provision of investment service in an incidental manner ... Repealed
  7. 5Wholesale energy products that must be physically settled ... Repealed
  8. 6Energy derivative contracts relating to oil and coal and wholesale energy products ... Repealed
  9. 7Other derivative financial instruments ... Repealed
  10. 8Derivatives under paragraph 10 of Part 1 of Schedule 2 to the Regulated Activities Order ... Repealed
  11. 9Investment advice ... Repealed
  12. 10Characteristics of other derivative contracts relating to currencies Repealed
  13. 11Money-market instruments ... Repealed
  14. 12Systematic internalisers for shares, depositary receipts, ETFs, certificates and other similar financial instruments ... Repealed
  15. 13Systematic internalisers for bonds ... Repealed
  16. 14Systematic internalisers for structured finance products ... Repealed
  17. 15Systematic internalisers for derivatives ... Repealed
  18. 16Systematic internalisers for emission allowances ... Repealed
  19. 16ZATransitional period: data for calculations Repealed
  20. 16aParticipation in matching arrangements Repealed
  21. 17Relevant assessment periods ... Repealed
  22. 18Algorithmic trading ... Repealed
  23. 19High frequency algorithmic trading technique ... Repealed
  24. 20Direct electronic access ... Repealed
  25. Chapter II: ORGANISATIONAL REQUIREMENTS Repealed
  26. Organisation Repealed
  27. 21General organisational requirements ... Repealed
  28. 22Compliance ... Repealed
  29. 23Risk management ... Repealed
  30. 24Internal audit ... Repealed
  31. 25Responsibility of senior management ... Repealed
  32. 26Complaints handling ... Repealed
  33. 27Remuneration policies and practices ... Repealed
  34. 28Scope of personal transactions ... Repealed
  35. 29Personal transactions ... Repealed
  36. Outsourcing Repealed
  37. 30Scope of critical and important operational functions ... Repealed
  38. 31Outsourcing critical or important operational functions ... Repealed
  39. 32Service providers located in third countries ... Repealed
  40. Conflicts of interest Repealed
  41. 33Conflicts of interest potentially detrimental to a client ... Repealed
  42. 34Conflicts of interest policy ... Repealed
  43. 35Record of services or activities giving rise to detrimental conflict of interest ... Repealed
  44. 36Investment research and marketing communications ... Repealed
  45. 37Additional organisational requirements in relation to investment research or marketing communications ... Repealed
  46. 38Additional general requirements in relation to underwriting or placing ... Repealed
  47. 39Additional requirements in relation to pricing of offerings in relation to issuance of financial instruments ... Repealed
  48. 40Additional requirements in relation to placing ... Repealed
  49. 41Additional requirements in relation to advice, distribution and self-placement ... Repealed
  50. 42Additional requirements in relation to lending or provision of credit in the context of underwriting or placement ... Repealed
  51. 43Record keeping in relation to underwriting or placing ... Repealed
  52. Chapter III: OPERATING CONDITIONS FOR INVESTMENT FIRMS Repealed
  53. Information to clients and potential clients Repealed
  54. 44Fair, clear and not misleading information requirements ... Repealed
  55. 45Information concerning client categorisation ... Repealed
  56. 46General requirements for information to clients ... Repealed
  57. 47Information about the investment firm and its services for clients and potential clients ... Repealed
  58. 48Information about financial instruments ... Repealed
  59. 49Information concerning safeguarding of client financial instruments or client funds ... Repealed
  60. 50Information on costs and associated charges ... Repealed
  61. 51Information provided in relation to units in collective investment undertakings or PRIIPs ... Repealed
  62. Investment advice Repealed
  63. 52Information about investment advice ... Repealed
  64. 53Investment advice on an independent basis ... Repealed
  65. Assessment of suitability and appropriateness Repealed
  66. 54Assessment of suitability and suitability reports ... Repealed
  67. 55Provisions common to the assessment of suitability or appropriateness ... Repealed
  68. 56Assessment of appropriateness and related record-keeping obligations ... Repealed
  69. 57Provision of services in non-complex instruments ... Repealed
  70. 58Retail and Professional Client agreements ... Repealed
  71. Reporting to clients Repealed
  72. 59Reporting obligations in respect of execution of orders other than for portfolio management ... Repealed
  73. 60Reporting obligations in respect of portfolio management ... Repealed
  74. 61Reporting obligations in respect of eligible counterparties ... Repealed
  75. 62Additional reporting obligations for portfolio management or contingent liability transactions ... Repealed
  76. 63Statements of client financial instruments or client funds ... Repealed
  77. Best execution Repealed
  78. 64Best execution criteria ... Repealed
  79. 65Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client ... Repealed
  80. 66Execution policy ... Repealed
  81. Client order handling Repealed
  82. 67General principles ... Repealed
  83. 68Aggregation and allocation of orders ... Repealed
  84. 69Aggregation and allocation of transactions for own account ... Repealed
  85. 70Prompt fair and expeditious execution of client orders and publication of unexecuted client limit orders for shares traded on a trading venue ... Repealed
  86. Eligible counterparties Repealed
  87. 71Eligible counterparties ... Repealed
  88. Record-keeping Repealed
  89. 72Retention of records ... Repealed
  90. 73Record keeping of rights and obligations of the investment firm and the client ... Repealed
  91. 74Record keeping of client orders and decision to deal ... Repealed
  92. 75Record keeping of transactions and order processing ... Repealed
  93. 76Recording of telephone conversations or electronic communications ... Repealed
  94. SME growth markets Repealed
  95. 77Qualification as an SME ... Repealed
  96. 78Registration as an SME growth market ... Repealed
  97. 79Deregistration as an SME growth market ... Repealed
  98. Chapter IV: OPERATING OBLIGATIONS FOR TRADING VENUES Repealed
  99. 80Circumstances constituting significant damage to investors' interests and the orderly functioning of the market ... Repealed
  100. 81Circumstances 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 ... Repealed
  101. 82Circumstances where a conduct indicating behaviour that is prohibited under Regulation (EU) No 596/2014 may be assumed ... Repealed
  102. Chapter V: POSITION REPORTING IN COMMODITY DERIVATIVES Repealed
  103. 83Position reporting ... Repealed
  104. Chapter VI: DATA PROVISION OBLIGATIONS FOR DATA REPORTING SERVICE PROVIDERS Repealed
  105. 84Obligation to provide market data on a reasonable commercial basis ... Repealed
  106. 85Provision of market data on the basis of cost ... Repealed
  107. 86Obligation to provide market data on a non-discriminatory basis ... Repealed
  108. 87Per user fees ... Repealed
  109. 88Unbundling and disaggregating market data ... Repealed
  110. 89Transparency obligation ... Repealed
  111. Chapter VII: COMPETENT AUTHORITIES AND FINAL PROVISIONS Repealed
  112. 90Determination of the substantial importance of the operations of a trading venue in a host Member State(Article 79(2) of Directive 2014/65/EU) Repealed
  113. Chapter VIII: FINAL PROVISIONS Repealed
  114. 91Entry into force and application Repealed
  115. Signature
  116. Annex I: Record-keeping Repealed
  117. Minimum list of records to be kept by investment firms depending upon the nature of their activities . References to provisions in Directive 2014/65/EU are to be read as references to the provisions in the UK law on markets in financial instruments which implemented those provisions. Repealed
  118. Annex II: Costs and charges Repealed
  119. Identified costs that should form part of the costs to be disclosed to the clients Repealed
  120. Annex III: Requirement for operators of trading venues to immediately inform their national competent authority Repealed
  121. Signals that may indicate significant infringements of the rules of a trading venue or disorderly trading conditions or system disruptions in relation to a financial instrument Repealed
  122. Significant infringements of the rules of a trading venue Repealed
  123. 1Division 1 Repealed
  124. 2Division 2 Repealed
  125. Disorderly trading conditions Repealed
  126. 3Division 3 Repealed
  127. 4Division 4 Repealed
  128. 5Division 5 Repealed
  129. 6Division 6 Repealed
  130. System disruptions Repealed
  131. 7Division 7 Repealed
  132. 8Division 8 Repealed
  133. 9Division 9 Repealed
  134. 10Division 10 Repealed
  135. Signals that may indicate abusive behaviour under Regulation (EU) No 596/2014 Repealed
  136. Signals of possible insider dealing or market manipulation Repealed
  137. 1Division 1 Repealed
  138. 2Division 2 Repealed
  139. Signals of possible insider dealing Repealed
  140. 3Division 3 Repealed
  141. 4Division 4 Repealed
  142. Signals of possible market manipulation Repealed
  143. 5Division 5 Repealed
  144. 6Division 6 Repealed
  145. 7Division 7 Repealed
  146. 8Division 8 Repealed
  147. 9Division 9 Repealed
  148. 10Division 10 Repealed
  149. 11Division 11 Repealed
  150. 12Division 12 Repealed
  151. 13Division 13 Repealed
  152. 14Division 14 Repealed
  153. 15Division 15 Repealed
  154. 16Division 16 Repealed
  155. 17Division 17 Repealed
  156. 18Division 18 Repealed
  157. 19Division 19 Repealed
  158. 20Division 20 Repealed
  159. 21Division 21 Repealed
  160. 22Division 22 Repealed
  161. 23Division 23 Repealed
  162. 24Division 24 Repealed
  163. Signals for cross-product market manipulation, including across different trading venues Repealed
  164. 25Division 25 Repealed
  165. 26Division 26 Repealed
  166. 27Division 27 Repealed
  167. 28Division 28 Repealed
  168. 29Division 29 Repealed
  169. 30Division 30 Repealed
  170. 31Division 31 Repealed
  171. Annex IV Repealed
  172. Record keeping of client orders and decision to deal Repealed
  173. 1Division 1 Repealed
  174. 2Division 2 Repealed
  175. 3Division 3 Repealed
  176. 4Division 4 Repealed
  177. 5Division 5 Repealed
  178. 6Division 6 Repealed
  179. 7Division 7 Repealed
  180. 8Division 8 Repealed
  181. 9Division 9 Repealed
  182. 10Division 10 Repealed
  183. 11Division 11 Repealed
  184. 12Division 12 Repealed
  185. 13Division 13 Repealed
  186. 14Division 14 Repealed
  187. 15Division 15 Repealed
  188. 16Division 16 Repealed
  189. Record keeping of transactions and order processing Repealed
  190. 1Division 1 Repealed
  191. 2Division 2 Repealed
  192. 3Division 3 Repealed
  193. 4Division 4 Repealed
  194. 5Division 5 Repealed
  195. 6Division 6 Repealed
  196. 7Division 7 Repealed
  197. 8Division 8 Repealed
  198. 9Division 9 Repealed
  199. 10Division 10 Repealed
  200. 11Division 11 Repealed
  201. 12Division 12 Repealed
  202. 13Division 13 Repealed
  203. 14Division 14 Repealed
  204. 15Division 15 Repealed
  205. 16Division 16 Repealed
  206. 17Division 17 Repealed
  207. 18Division 18 Repealed
  208. 19Division 19 Repealed
  209. 20Division 20 Repealed
  210. 21Division 21 Repealed
  211. 22Division 22 Repealed
  212. 23Division 23 Repealed
  213. 24Division 24 Repealed
  214. 25Division 25 Repealed
  215. 26Division 26 Repealed
  216. 27Division 27 Repealed
  217. 28Division 28 Repealed
  218. 29Division 29 Repealed
  219. 30Division 30 Repealed
  220. 31Division 31 Repealed
  221. 32Division 32 Repealed
  222. 33Division 33 Repealed
  223. 34Division 34 Repealed
  224. 35Division 35 Repealed
  225. 36Division 36 Repealed
  226. 37Division 37 Repealed
  227. 38Division 38 Repealed
  228. 39Division 39 Repealed
  229. 40Division 40 Repealed