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Commission Delegated Regulation (EU) 2017/589Show full title
Commission Delegated Regulation (EU) 2017/589 of 19 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the organisational requirements of investment firms engaged in algorithmic trading (Text with EEA relevance)
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Changes over time for: Article 22
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Commission Delegated Regulation (EU) 2017/589, Article 22 is up to date with all changes known to be in force on or before 18 July 2024. 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. 589 may be subject to amendment by EU Exit Instruments made by both the Prudential Regulation Authority and 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. 4. 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 22:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 3
Article 22U.K.Due diligence assessment of prospective DEA clients(Article 17(5) of Directive 2014/65/EU)
1.A DEA provider shall conduct a due diligence assessment of its prospective DEA clients to ensure that they meet the requirements set out in this Regulation and the rules of the trading venue to which it offers access.
2.The due diligence assessment referred to in paragraph 1 shall cover:
(a)the governance and ownership structure of the prospective DEA client;
(b)the types of strategies to be undertaken by the prospective DEA client;
(c)the operational set-up, the systems, the pre-trade and post-trade controls and the real time monitoring of the prospective DEA client. The investment firm offering DEA allowing DEA clients to use third-party trading software for accessing trading venues shall ensure that the software includes pre-trade controls that are equivalent to the pre-trade controls set out in this Regulation.
(d)the responsibilities within the prospective DEA client for dealing with actions and errors;
(e)the historical trading pattern and behaviour of the prospective DEA client;
(f)the level of expected trading and order volume of the prospective DEA client;
(g)the ability of the prospective DEA client to meet its financial obligations to the DEA provider;
(h)the disciplinary history of the prospective DEA client, where available.
3.A DEA provider allowing sub-delegation shall ensure that a prospective DEA client, before granting that client access, has a due diligence framework in place that is at least equivalent to the one described in paragraphs 1 and 2.
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