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) (MiFID II Delegated Regulation)

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Version status: Applicable | Document consolidation status: Updated to reflect all known changes

Published date: 31 March 2017

Consolidation Status: Updated to reflect all known changes

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	Recitals
	Chapter I Scope and Definitions (arts. 1-20)
Applicable	Article 1 Subject-matter and scope
Amended	Article 2 Definitions
Applicable	Article 3 Conditions applying to the provision of information
Applicable	Article 4 Provision of investment service in an incidental manner
Applicable	Article 5 Wholesale energy products that must be physically settled
Applicable	Article 6 Energy derivative contracts relating to oil and coal and wholesale energy products
Applicable	Article 7 Other derivative financial instruments
Applicable	Article 8 Derivatives under Section C(10) of Annex I to Directive 2014/65/EU
Applicable	Article 9 Investment advice
Applicable	Article 10 Characteristics of other derivative contracts relating to currencies
Applicable	Article 11 Money-market instruments
Applicable	Article 12 Systematic internalisers for shares, depositary receipts, ETFs, certificates and other similar financial instruments
Applicable	Article 13 Systematic internalisers for bonds
Applicable	Article 14 Systematic internalisers for structured finance products
Applicable	Article 15 Systematic internalisers for derivatives
Applicable	Article 16 Systematic internalisers for emission allowances
Inserted	Article 16a Participation in matching arrangements
Applicable	Article 17 Relevant assessment periods
Applicable	Article 18 Algorithmic trading
Applicable	Article 19 High frequency algorithmic trading technique
Applicable	Article 20 Direct electronic access
	Chapter II Organisational Requirements (arts. 21-43)
	Section 1 Organisation (arts. 21-29)
Amended	Article 21 General organisational requirements
Applicable	Article 22 Compliance
Amended	Article 23 Risk management
Applicable	Article 24 Internal audit
Applicable	Article 25 Responsibility of senior management
Applicable	Article 26 Complaints handling
Applicable	Article 27 Remuneration policies and practices
Applicable	Article 28 Scope of personal transactions
Applicable	Article 29 Personal transactions
	Section 2 Outsourcing (arts. 30-32)
Applicable	Article 30 Scope of critical and important operational functions
Applicable	Article 31 Outsourcing critical or important operational functions
Applicable	Article 32 Service providers located in third countries
	Section 3 Conflicts of interest (arts. 33-43)
Amended	Article 33 Conflicts of interest potentially detrimental to a client
Applicable	Article 34 Conflicts of interest policy
Applicable	Article 35 Record of services or activities giving rise to detrimental conflict of interest
Applicable	Article 36 Investment research and marketing communications
Applicable	Article 37 Additional organisational requirements in relation to investment research or marketing communications
Applicable	Article 38 Additional general requirements in relation to underwriting or placing
Applicable	Article 39 Additional requirements in relation to pricing of offerings in relation to issuance of financial instruments
Applicable	Article 40 Additional requirements in relation to placing
Applicable	Article 41 Additional requirements in relation to advice, distribution and self-placement
Applicable	Article 42 Additional requirements in relation to lending or provision of credit in the context of underwriting or placement
Applicable	Article 43 Record keeping in relation to underwriting or placing
	Chapter III Operating Conditions for Investment Firms (arts. 44-79)
	Section 1 Information to clients and potential clients (arts. 44-51)
Applicable	Article 44 Fair, clear and not misleading information requirements
Applicable	Article 45 Information concerning client categorisation
Applicable	Article 46 General requirements for information to clients
Applicable	Article 47 Information about the investment firm and its services for clients and potential clients
Applicable	Article 48 Information about financial instruments
Applicable	Article 49 Information concerning safeguarding of client financial instruments or client funds
Applicable	Article 50 Information on costs and associated charges
Applicable	Article 51 Information provided in accordance with Directive 2009/65/EU and Regulation (EU) No 1286/2014
	Section 2 Investment advice (arts. 52-53)
Amended	Article 52 Information about investment advice
Applicable	Article 53 Investment advice on an independent basis
	Section 3 Assessment of suitability and appropriateness (arts. 54-58)
Amended	Article 54 Assessment of suitability and suitability reports
Applicable	Article 55 Provisions common to the assessment of suitability or appropriateness
Applicable	Article 56 Assessment of appropriateness and related record-keeping obligations
Applicable	Article 57 Provision of services in non-complex instruments
Applicable	Article 58 Retail and Professional Client agreements
	Section 4 Reporting to clients (arts. 59-63)
Applicable	Article 59 Reporting obligations in respect of execution of orders other than for portfolio management
Applicable	Article 60 Reporting obligations in respect of portfolio management
Applicable	Article 61 Reporting obligations in respect of eligible counterparties
Applicable	Article 62 Additional reporting obligations for portfolio management or contingent liability transactions
Applicable	Article 63 Statements of client financial instruments or client funds
	Section 5 Best execution (arts. 64-66)
Applicable	Article 64 Best execution criteria
Applicable	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
Applicable	Article 66 Execution policy
	Section 6 Client order handling (arts. 67-70)
Applicable	Article 67 General principles
Applicable	Article 68 Aggregation and allocation of orders
Applicable	Article 69 Aggregation and allocation of transactions for own account
Applicable	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 (art. 71)
Applicable	Article 71 Eligible counterparties
	Section 8 Record-keeping (arts. 72-76)
Applicable	Article 72 Retention of records
Applicable	Article 73 Record keeping of rights and obligations of the investment firm and the client
Applicable	Article 74 Record keeping of client orders and decision to deal
Applicable	Article 75 Record keeping of transactions and order processing
Applicable	Article 76 Recording of telephone conversations or electronic communications
	Section 9 SME growth markets (arts. 77-79)
Amended	Article 77 Qualification as an SME
Amended	Article 78 Registration as an SME growth market
Applicable	Article 79 Deregistration as an SME growth market
	Chapter IV Operating Obligations for Trading Venues (arts. 80-82)
Applicable	Article 80 Circumstances constituting significant damage to investors' interests and the orderly functioning of the market
Applicable	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
Applicable	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 (art. 83)
Amended	Article 83 Position reporting
	Chapter VI Data Provision Obligations for Data Reporting Service Providers (arts. 84-89)
Applicable	Article 84 Obligation to provide market data on a reasonable commercial basis
Applicable	Article 85 Provision of market data on the basis of cost
Applicable	Article 86 Obligation to provide market data on a non-discriminatory basis
Applicable	Article 87 Per user fees
Applicable	Article 88 Unbundling and disaggregating market data
Applicable	Article 89 Transparency obligation
	Chapter VII Competent Authorities and Final Provisions (art. 90)
Applicable	Article 90 Determination of the substantial importance of the operations of a trading venue in a host Member State
	Chapter VIII Final Provisions (art. 91)
AmendedApplicable	Article 91 Entry into force and application
Applicable	Annex I Record-keeping
Applicable	Annex II Costs and charges
	Annex III Requirement for operators of trading venues to immediately inform their national competent authority
Applicable	Annex III, Section A 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
Applicable	Annex III, Section B Signals that may indicate abusive behaviour under Regulation (EU) No 596/2014
	Annex IV
Applicable	Annex IV, Section 1 Record keeping of client orders and decision to deal
Applicable	Annex IV, Section 2 Record keeping of transactions and order processing
	Done at

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