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)Text with EEA relevance

Published date31 March 2017
Subject Matterlibera circolazione dei capitali,libre circulación de capitales,libre circulation des capitaux
Official Gazette PublicationGazzetta ufficiale dell'Unione europea, L 87, 31 marzo 2017,Diario Oficial de la Unión Europea, L 87, 31 de marzo de 2017,Journal officiel de l'Union européenne, L 87, 31 mars 2017
Consolidated TEXT: 32017R0565 — EN — 02.08.2022

02017R0565 — EN — 02.08.2022 — 005.001


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►B 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) (OJ L 087 31.3.2017, p. 1)

Amended by:

Official Journal
No page date
►M1 COMMISSION DELEGATED REGULATION (EU) 2017/2294 of 28 August 2017 L 329 4 13.12.2017
►M2 COMMISSION DELEGATED REGULATION (EU) 2019/1011 of 13 December 2018 L 165 1 21.6.2019
►M3 COMMISSION DELEGATED REGULATION (EU) 2021/527 of 15 December 2020 L 106 30 26.3.2021
►M4 COMMISSION DELEGATED REGULATION (EU) 2021/1253 of 21 April 2021 L 277 1 2.8.2021
►M5 COMMISSION DELEGATED REGULATION (EU) 2021/1254 of 21 April 2021 L 277 6 2.8.2021




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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)



CHAPTER I

SCOPE AND DEFINITIONS

Article 1

Subject-matter and scope

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1.
Chapter II, and Sections 1 to 4, Article 64(4), Article 65 and Sections 6 to 8 of Chapter III and, to the extent they relate to those provisions, Chapter I and Chapter VIII of this Regulation shall apply to management companies when providing services in accordance with Article 6(4) of Directive 2009/65/EC and Article 6(6) of Directive 2011/61/EU of the European Parliament and of the Council ( 1 ).

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2.
References to investment firms shall encompass credit institutions and references to financial instruments shall encompass structured deposits in relation to all the requirements referred to in Article 1(3) and 1(4) of Directive 2014/65/EU and their implementing provisions as set out under this Regulation.

Article 2

Definitions

For the purposes of this Regulation, the following definitions shall apply:

(1)

‘relevant person’ in relation to an investment firm, means any of the following:

(a)

a director, partner or equivalent, manager or tied agent of the firm;

(b)

a director, partner or equivalent, or manager of any tied agent of the firm;

(c)

an employee of the firm or of a tied agent of the firm, as well as any other natural person whose services are placed at the disposal and under the control of the firm or a tied agent of the firm and who is involved in the provision by the firm of investment services and activities;

(d)

a natural person who is directly involved in the provision of services to the investment firm or to its tied agent under an outsourcing arrangement for the purpose of the provision by the firm of investment services and activities;

(2)

‘financial analyst’ means a relevant person who produces the substance of investment research;

(3)

‘outsourcing’ means an arrangement of any form between an investment firm and a service provider by which that service provider performs a process, a service or an activity which would otherwise be undertaken by the investment firm itself;

(3a)

‘person with whom a relevant person has a family relationship’ means any of the following:

(a)

the spouse of the relevant person or any partner of that person considered by national law as equivalent to a spouse;

(b)

a dependent child or stepchild of the relevant person;

(c)

any other relative of the relevant person who has shared the same household as that person for at least one year on the date of the personal transaction concerned;

(4)

‘securities financing transaction’ means security financing transaction as defined in Article 3(11) of Regulation (EU) 2015/2365 of the European Parliament and of the Council ( 2 );

(5)

‘remuneration’ means all forms of payments or financial or non-financial benefits provided directly or indirectly by firms to relevant persons in the provision of investment or ancillary services to clients;

(6)

‘commodity’ means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity;

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(7)

‘sustainability preferences’ means a client’s or potential client’s choice as to whether and, if so, to what extent, one or more of the following financial instruments shall be integrated into his or her investment:

(a)

a financial instrument for which the client or potential client determines that a minimum proportion shall be invested in environmentally sustainable investments as defined in Article 2, point (1), of Regulation (EU) 2020/852 of the European Parliament and of the Council ( 3 );

(b)

a financial instrument for which the client or potential client determines that a minimum proportion shall be invested in sustainable investments as defined in Article 2, point (17), of Regulation (EU) 2019/2088 of the European Parliament and of the Council ( 4 );

(c)

a financial instrument that considers principal adverse impacts on sustainability factors where qualitative or quantitative elements demonstrating that consideration are determined by the client or potential client;

(8)

‘sustainability factors’ means sustainability factors as defined in Article 2, point (24), of Regulation (EU) 2019/2088;

(9)

‘sustainability risks’ means sustainability risks as defined in Article 2, point (22), of Regulation (EU) 2019/2088.

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Article 3

Conditions applying to the provision of information

1.

Where, for the purposes of this Regulation, information is required to be provided in a durable medium as defined in Article 4(1) point 62 of Directive 2014/65/EU investment firms shall have the right to provide that information in a durable medium other than on paper only if:

(a)

the provision of that information in that medium is appropriate to the context in which the business between the firm and the client is, or is to be, carried on; and

(b)

the person to whom the information is to be provided, when offered the choice between information on paper or in that other durable medium, specifically chooses the provision of the information in that other medium.

2.

Where, pursuant to Article 46, 47, 48, 49, 50 or 66(3) of this Regulation, an investment firm provides information to a client by means of a website and that information is not addressed personally to the client, investment firms shall ensure that the following conditions are satisfied:

(a)

the provision of that information in that medium is appropriate to the context in which the business between the firm and the client is, or is to be, carried on;

(b)

the client must specifically consent to the provision of that information in that form;

(c)

the client must be notified electronically of the address of the website, and the place on the website where the information may be accessed;

(d)

the information must be up to date;

(e)

the information must be accessible continuously by means of that website for such period of time as the client may reasonably need to inspect it.

3.
For the purposes of this Article, the provision of information by means of electronic communications shall be treated as appropriate to the context in which the business between the firm and the client is, or is to be, carried on where there is evidence that the client has regular access to the internet. The provision by the client of an e-mail address for the purposes of the carrying on of that business shall be treated as such evidence.

Article 4

Provision of investment service in an incidental manner

(Article 2(1) of Directive 2014/65/EU)

For the purpose of the exemption in point (c) of Article 2(1) of Directive 2014/65/EU, an investment service shall be deemed to be provided in an incidental manner in the course of a professional activity where the following conditions are satisfied:

(a)

a close and factual connection exists between the professional activity and the provision of the investment service to the same client, such that the investment service can be regarded as accessory to the main professional activity;

(b)

the provision of investment services to the clients of the main professional activity does not aim to provide a systematic source of income to the person providing the professional activity; and

(c)

the person providing the professional activity does not market or otherwise promote his ability to provide investment services, except where these are disclosed to clients as being accessory to the main professional activity.

Article 5

Wholesale energy products that must be physically settled

(Article 4(1)(2) of Directive 2014/65/EU)

1.

For the purposes of Section C(6) of Annex I to Directive 2014/65/EU, a wholesale energy product must be physically settled where all the following conditions are satisfied:

(a)

it contains provisions which ensure that parties to the...

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