CHAPTER I

SCOPE AND DEFINITIONS

Application
Article A1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subject-matter and scope
Article 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Definitions
Article 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Conditions applying to the provision of information
Article 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision of investment service in an incidental manner ...
Article 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Wholesale energy products that must be physically settled ...
Article 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Energy derivative contracts relating to oil and coal and wholesale energy products ...
Article 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other derivative financial instruments ...
Article 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivatives under paragraph 10 of Part 1 of Schedule 2 to the Regulated Activities Order ...
Article 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investment advice ...
Article 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Characteristics of other derivative contracts relating to currencies
Article 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Money-market instruments ...
Article 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Systematic internalisers for shares, depositary receipts, ETFs, certificates and other similar financial instruments ...
Article 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Systematic internalisers for bonds ...
Article 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Systematic internalisers for structured finance products ...
Article 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Systematic internalisers for derivatives ...
Article 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Systematic internalisers for emission allowances ...
Article 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transitional period: data for calculations
Article 16ZA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Participation in matching arrangements
Article 16a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Relevant assessment periods ...
Article 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Algorithmic trading ...
Article 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

High frequency algorithmic trading technique ...
Article 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Direct electronic access ...
Article 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER II

ORGANISATIONAL REQUIREMENTS
SECTION 1

Organisation

General organisational requirements ...
Article 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Compliance ...
Article 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Risk management ...
Article 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Internal audit ...
Article 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Responsibility of senior management ...
Article 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Complaints handling ...
Article 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Remuneration policies and practices ...
Article 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Scope of personal transactions ...
Article 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Personal transactions ...
Article 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 2

Outsourcing

Scope of critical and important operational functions ...
Article 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Outsourcing critical or important operational functions ...
Article 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Service providers located in third countries ...
Article 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 3

Conflicts of interest

Conflicts of interest potentially detrimental to a client ...
Article 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Conflicts of interest policy ...
Article 34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Record of services or activities giving rise to detrimental conflict of interest ...
Article 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investment research and marketing communications ...
Article 36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional organisational requirements in relation to investment research or marketing communications ...
Article 37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional general requirements in relation to underwriting or placing ...
Article 38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional requirements in relation to pricing of offerings in relation to issuance of financial instruments ...
Article 39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional requirements in relation to placing ...
Article 40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional requirements in relation to advice, distribution and self-placement ...
Article 41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional requirements in relation to lending or provision of credit in the context of underwriting or placement ...
Article 42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Record keeping in relation to underwriting or placing ...
Article 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER III

OPERATING CONDITIONS FOR INVESTMENT FIRMS
SECTION 1

Information to clients and potential clients

Fair, clear and not misleading information requirements ...
Article 44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information concerning client categorisation ...
Article 45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

General requirements for information to clients ...
Article 46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information about the investment firm and its services for clients and potential clients ...
Article 47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information about financial instruments ...
Article 48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information concerning safeguarding of client financial instruments or client funds ...
Article 49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information on costs and associated charges ...
Article 50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information provided in relation to units in collective investment undertakings or PRIIPs ...
Article 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 2

Investment advice

Information about investment advice ...
Article 52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investment advice on an independent basis ...
Article 53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 3

Assessment of suitability and appropriateness

Assessment of suitability and suitability reports ...
Article 54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provisions common to the assessment of suitability or appropriateness ...
Article 55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assessment of appropriateness and related record-keeping obligations ...
Article 56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision of services in non-complex instruments ...
Article 57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retail and Professional Client agreements ...
Article 58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 4

Reporting to clients

Reporting obligations in respect of execution of orders other than for portfolio management ...
Article 59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reporting obligations in respect of portfolio management ...
Article 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reporting obligations in respect of eligible counterparties ...
Article 61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Additional reporting obligations for portfolio management or contingent liability transactions ...
Article 62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Statements of client financial instruments or client funds ...
Article 63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 5

Best execution

Best execution criteria ...
Article 64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client ...
Article 65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Execution policy ...
Article 66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 6

Client order handling

General principles ...
Article 67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Aggregation and allocation of orders ...
Article 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Aggregation and allocation of transactions for own account ...
Article 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prompt fair and expeditious execution of client orders and publication of unexecuted client limit orders for shares traded on a trading venue ...
Article 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 7

Eligible counterparties

Eligible counterparties ...
Article 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 8

Record-keeping

Retention of records ...
Article 72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Record keeping of rights and obligations of the investment firm and the client ...
Article 73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Record keeping of client orders and decision to deal ...
Article 74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Record keeping of transactions and order processing ...
Article 75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Recording of telephone conversations or electronic communications ...
Article 76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SECTION 9

SME growth markets

Qualification as an SME ...
Article 77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Registration as an SME growth market ...
Article 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deregistration as an SME growth market ...
Article 79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER IV

OPERATING OBLIGATIONS FOR TRADING VENUES

Circumstances constituting significant damage to investors' interests and the orderly functioning of the market ...
Article 80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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 ...
Article 81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Circumstances where a conduct indicating behaviour that is prohibited under Regulation (EU) No 596/2014 may be assumed ...
Article 82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER V

POSITION REPORTING IN COMMODITY DERIVATIVES

Position reporting ...
Article 83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER VI

DATA PROVISION OBLIGATIONS FOR DATA REPORTING SERVICE PROVIDERS

Obligation to provide market data on a reasonable commercial basis ...
Article 84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision of market data on the basis of cost ...
Article 85. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Obligation to provide market data on a non-discriminatory basis ...
Article 86. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Per user fees ...
Article 87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unbundling and disaggregating market data ...
Article 88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transparency obligation ...
Article 89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER VII

COMPETENT AUTHORITIES AND FINAL PROVISIONS

Determination of the substantial importance of the operations of a trading venue in a host Member State(Article 79(2) of Directive 2014/65/EU)
Article 90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER VIII

FINAL PROVISIONS

Entry into force and application
Article 91. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Regulation revoked (5.4.2024 for the revocation of Arts. 84-89, 23.10.2025 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 3 (with s. 1(4)); S.I. 2023/1382, reg. 4(d)(i); S.I. 2025/1078, reg. 2(b) (with reg. 11)