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Commission Delegated Regulation (EU) 2016/908Show full title
Commission Delegated Regulation (EU) 2016/908 of 26 February 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council laying down regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance (Text with EEA relevance)
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Commission Delegated Regulation (EU) 2016/908, Article 4 is up to date with all changes known to be in force on or before 22 May 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 2016 No. 908 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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- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1 3
Article 4U.K.Safeguards of the operations of the market forces and interplay of the forces of supply and demand
1.In determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (b) of Article 13(2) of Regulation (EU) No 596/2014, competent authorities shall consider whether the market practice limits the opportunities for other market participants to respond to transactions. Competent authorities shall also consider at a minimum the following criteria relating to the types of persons who will perform the market practice once established as an AMP:
(a)whether they are supervised persons;
(b)whether they are members of a trading venue where the AMP will be performed;
(c)whether they maintain records of orders and transactions relating to the market practice performed in a way that allows it to be easily distinguished from other trading activities, including through the maintenance of separate accounts for the performance of the AMP, in particular to demonstrate that orders introduced are entered separately and individually without aggregating orders from several clients;
(d)whether they have put in place specific internal procedures allowing:
(i)
immediate identification of the activities relating to the market practice;
(ii)
ready availability of the relevant orders and transaction records to the competent authority upon request;
(e)whether they possess the compliance and audit resources necessary to be able to monitor and ensure compliance at all times with the conditions set for the AMP;
(f)whether they keep the records mentioned in point (c) for a period of at least five years.
2.Competent authorities shall consider the extent to which the market practice establishes an ex ante list of trading conditions for its performance as an AMP, including limits with regard to prices and volumes and limits on positions.
3.Competent authorities shall assess the extent to which the market practice and the arrangement or contract for its performance:
(a)enables the person performing the AMP to act independently from the beneficiary without being subject to instructions, information or influence from the beneficiary as regards the manner in which trading is to be conducted;
(b)allows for the avoidance of conflicts of interest between the beneficiary and the clients of the person performing the AMP.
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