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Version status: Applicable | Document consolidation status: No known changes
Version date: 3 July 2016 - onwards
Version 3 of 3

Article 9 Structural characteristics of the market

In taking into account, in accordance with point (g) of Article 13(2) of Regulation (EU) No 596/2014, the participation of retail investors in the relevant market, competent authorities shall assess at a minimum:

(a) the impact the market practice might have on retail investors' interests where the market practice concerns financial instruments traded on markets in which retail investors participate;

(b) whether the market practice increases the probability of retail investors to find counterparties in low-liquidity financial instruments, without increasing the risks borne by them.