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Commission Delegated Regulation (EU) 2017/568Dangos y teitl llawn
Commission Delegated Regulation (EU) 2017/568 of 24 May 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets (Text with EEA relevance)
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- Rheoliadau yn deillio o’r UE
- 2017 No. 568
- Article 5
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Changes over time for: Article 5
Changes to legislation:
Commission Delegated Regulation (EU) 2017/568, Article 5 is up to date with all changes known to be in force on or before 31 January 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.
EUR 2017 No. 568 may be subject to amendment by EU Exit Instruments made by the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 1. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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Changes and effects yet to be applied to Article 5:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 3
Article 5U.K.Derivatives
1.When assessing whether a financial instrument referred to in points 4 to 10 of Section C of Annex I to Directive 2014/65/EU are capable of being traded in a fair, orderly and efficient manner, a regulated market shall verify that the following conditions are satisfied:
(a)the terms of the contract establishing the financial instrument are clear and unambiguous, and enable a correlation between the price of the financial instrument and the price or other value measure of the underlying;
(b)the price or other value measure of the underlying is reliable and publicly available;
(c)sufficient information of a kind needed to value the derivative is publicly available;
(d)the arrangements for determining the settlement price of the contract is such that the price properly reflects the price or other value measures of the underlying;
(e)where the settlement of the derivative requires or provides for the possibility of the delivery of an underlying security or asset rather than cash settlement, there are adequate arrangements to enable market participants to obtain relevant information about that underlying as well as adequate settlement and delivery procedures for the underlying.
2.Point (b) of paragraph 1 of this Article shall not apply to financial instruments referred to in points 5, 6, 7 and 10 of Section C of Annex I to Directive 2014/65/EU, where the following conditions are fulfilled:
(a)the contract establishing that instrument is likely to provide a means of disclosing to the market, or enabling the market to assess, the price or other value measure of the underlying, where the price or value measure is not otherwise publicly available;
(b)the regulated market ensures that appropriate supervisory arrangements are in place to monitor trading and settlement in such financial instruments;
(c)the regulated market ensures that settlement and delivery, whether physical delivery or by cash settlement, can be effected in accordance with the contract terms and conditions of those financial instruments.
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