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Regulation (EU) No 600/2014 of the European Parliament and of the CouncilDangos y teitl llawn
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance)
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Changes over time for: Article 17
Changes to legislation:
Regulation (EU) No 600/2014 of the European Parliament and of the Council, Article 17 is up to date with all changes known to be in force on or before 12 February 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Article 17:
- Sch. 3 para. 31 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Sch. 3 para. 32 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Art. 2.1(17) words omitted by 2023 c. 29 Sch. 2 para. 19(a)
- Art. 3(4)(5) inserted by 2023 c. 29 Sch. 2 para. 2
Newidiadau ac effeithiau heb eu gweithredu eto ar yr eitem ddeddfwriaeth gyfan a’r darpariaethau cysylltiedig.
- Sch. 3 para. 31 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Sch. 3 para. 32 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Art. 2.1(17) words omitted by 2023 c. 29 Sch. 2 para. 19(a)
- Art. 3(4)(5) inserted by 2023 c. 29 Sch. 2 para. 2
Article 17U.K.Access to quotes
1.Systematic internalisers shall be allowed to decide, on the basis of their commercial policy and in an objective non-discriminatory way, the clients to whom they give access to their quotes. To that end there shall be clear standards for governing access to their quotes. Systematic internalisers may refuse to enter into or discontinue business relationships with clients on the basis of commercial considerations such as the client credit status, the counterparty risk and the final settlement of the transaction.
2.In order to limit the risk of exposure to multiple transactions from the same client, systematic internalisers shall be allowed to limit in a non-discriminatory way the number of transactions from the same client which they undertake to enter at the published conditions. They may, in a non-discriminatory way and in accordance with [F1rules 11.3.1, 11.4.1, 11.4.4A and 11.4.5 of the Conduct of Business sourcebook F2...], limit the total number of transactions from different clients at the same time provided that this is allowable only where the number and/or volume of orders sought by clients considerably exceeds the norm.
3.In order to ensure the efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments and maximise the possibility for investment firms to obtain the best deal for their clients, [F3the Treasury may by regulations specify]:
(a)the criteria specifying when a quote is published on a regular and continuous basis and is easily accessible as referred to in Article 15(1) as well as the means by which investment firms may comply with their obligation to make public their quotes, which shall include the following possibilities:
(i)
through the facilities of any regulated market which has admitted the financial instrument in question to trading;
(ii)
through an APA;
(iii)
through proprietary arrangements;
(b)the criteria specifying those transactions where execution in several securities is part of one transaction or those orders that are subject to conditions other than current market price as referred to in Article 15(3);
(c)the criteria specifying what can be considered as exceptional market conditions that allow for the withdrawal of quotes as well as the conditions for updating quotes as referred to in Article 15(1);
(d)the criteria specifying when the number and/or volume of orders sought by clients considerably exceeds the norm as referred to in paragraph 2.
(e)the criteria specifying when prices fall within a public range close to market conditions as referred to in Article 15(2).
Textual Amendments
F1Words in Art. 17(2) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 28(4)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 17(2) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 15(4) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)
F3Words in Art. 17(3) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 28(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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