Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/... (32006L0073)
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Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (Text with EEA relevance)
- COMMISSION DIRECTIVE 2006/73/EC
- of 10 August 2006
- implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
- (Text with EEA relevance)
- CHAPTER I
- Scope and definitions
- Article 1
- Subject-matter and scope
- Article 2
- Definitions
- Article 3
- Conditions applying to the provision of information
- Article 4
- Additional requirements on investment firms in certain cases
- CHAPTER II
- Organisational requirements
- Section 1
- Organisation
- Article 5
- (Article 13(2) to (8) of Directive 2004/39/EC)
- General organisational requirements
- Article 6
- (Article 13(2) of Directive 2004/39/EC)
- Compliance
- Article 7
- (second subparagraph of Article 13(5) of Directive 2004/39/EC)
- Risk management
- Article 8
- (second subparagraph of Article 13(5) of Directive 2004/39/EC)
- Internal audit
- Article 9
- (Article 13(2) of Directive 2004/39/EC)
- Responsibility of senior management
- Article 10
- (Article 13(2) of Directive 2004/39/EC)
- Complaints handling
- Article 11
- (Article 13(2) of Directive 2004/39/EC)
- Meaning of personal transaction
- Article 12
- (Article 13(2) of Directive 2004/39/EC)
- Personal transactions
- Section 2
- Outsourcing
- Article 13
- (Article 13(2) and first subparagraph of Article 13(5) of Directive 2004/39/EC)
- Meaning of critical and important operational functions
- Article 14
- (Article 13(2) and first subparagraph of Article 13(5) of Directive 2004/39/EC)
- Conditions for outsourcing critical or important operational functions or investment services or activities
- Article 15
- (Article 13(2) and first subparagraph of Article 13(5) of Directive 2004/39/EC)
- Service providers located in third countries
- Section 3
- Safeguarding of client assets
- Article 16
- (Article 13(7) and (8) of Directive 2004/39/EC)
- Safeguarding of client financial instruments and funds
- Article 17
- (Article 13(7) of Directive 2004/39/EC)
- Depositing client financial instruments
- Article 18
- (Article 13(8) of Directive 2004/39/EC)
- Depositing client funds
- Article 19
- (Article 13(7) of Directive 2004/39/EC)
- Use of client financial instruments
- Article 20
- (Article 13(7) and (8) of Directive 2004/39/EC)
- Reports by external auditors
- Section 4
- Conflicts of interest
- Article 21
- (Articles 13(3) and 18 of Directive 2004/39/EC)
- Conflicts of interest potentially detrimental to a client
- Article 22
- (Articles 13(3) and 18(1) of Directive 2004/39/EC)
- Conflicts of interest policy
- Article 23
- (Article 13(6) of Directive 2004/39/EC)
- Record of services or activities giving rise to detrimental conflict of interest
- Article 24
- (Article 19(2) of Directive 2004/39/EC)
- Investment research
- Article 25
- (Article 13(3) of Directive 2004/39/EC)
- Additional organisational requirements where a firm produces and disseminates investment research
- CHAPTER III
- OPERATING CONDITIONS FOR INVESTMENT FIRMS
- Section 1
- Inducements
- Article 26
- (Article 19(1) of Directive 2004/39/EC)
- Inducements
- Section 2
- Information to clients and potential clients
- Article 27
- (Article 19(2) of Directive 2004/39/EC)
- Conditions with which information must comply in order to be fair, clear and not misleading
- Article 28
- (Article 19(3) of Directive 2004/39/EC)
- Information concerning client categorisation
- Article 29
- (Article 19(3) of Directive 2004/39/EC)
- General requirements for information to clients
- Article 30
- (first indent of Article 19(3) of Directive 2004/39/EC)
- Information about the investment firm and its services for retail clients and potential retail clients
- Article 31
- (second indent of Article 19(3) of Directive 2004/39/EC)
- Information about financial instruments
- Article 32
- (first indent of Article 19(3) of Directive 2004/39/EC)
- Article 33
- (fourth indent of Article 19(3) of Directive 2004/39/EC)
- Information about costs and associated charges
- Article 34
- (second and fourth indent of Article 19(3) of Directive 2004/39/EC)
- Information drawn up in accordance with Directive 85/611/EEC
- Section 3
- Assessment of suitability and appropriateness
- Article 35
- (Article 19(4) of Directive 2004/39/EC)
- Assessment of suitability
- Article 36
- (Article 19(5) of Directive 2004/39/EC)
- Assessment of appropriateness
- Article 37
- (Article 19(4) and (5) of Directive 2004/39/EC)
- Provisions common to the assessment of suitability or appropriateness
- Article 38
- (first indent of Article 19(6) of Directive 2004/39/EC)
- Provision of services in non-complex instruments
- Article 39
- (Article 19(1) and 19(7) of Directive 2004/39/EC)
- Retail client agreement
- Section 4
- Reporting to clients
- Article 40
- (Article 19(8) of Directive 2004/39/EC)
- Reporting obligations in respect of execution of orders other than for portfolio management
- Article 41
- (Article 19(8) of Directive 2004/39/EC)
- Reporting obligations in respect of portfolio management
- Article 42
- (Article 19(8) of Directive 2004/39/EC)
- Additional reporting obligations for portfolio management or contingent liability transactions
- Article 43
- (Article 19(8) of Directive 2004/39/EC)
- Statements of client financial instruments or client funds
- Section 5
- Best execution
- Article 44
- (Articles 21(1) and 19(1) of Directive 2004/39/EC)
- Best execution criteria
- Article 45
- (Article 19(1) of Directive 2004/39/EC)
- Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client
- Article 46
- (Article 21(3) and (4) of Directive 2004/39/EC)
- Execution policy
- Section 6
- Client order handling
- Article 47
- (Articles 22(1) and 19(1) of Directive 2004/39/EC)
- General principles
- Article 48
- (Articles 22(1) and 19(1) of Directive 2004/39/EC)
- Aggregation and allocation of orders
- Article 49
- (Articles 22(1) and 19(1) of Directive 2004/39/EC)
- Aggregation and allocation of transactions for own account
- Section 7
- Eligible counterparties
- Article 50
- (Article 24(3) of Directive 2004/39/EC)
- Eligible counterparties
- Section 8
- Record-keeping
- Article 51
- (Article 13(6) of Directive 2004/39(EC)
- Retention of records
- Section 9
- Defined terms for the purposes of Directive 2004/39/EC
- Article 52
- (Article 4(1)(4) of Directive 2004/39/EC)
- Investment advice
- CHAPTER IV
- FINAL PROVISIONS
- Article 53
- Transposition
- Article 54
- Entry into force
- Article 55
- Addressees
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