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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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)