[ParlTrack]

Nicola BEER, Ondřej KOVAŘÍK, Billy KELLEHER, Engin EROGLU

Proposal for a directive
Article 1 – paragraph 1 – point 2

Directive 2014/65/EU
Article 2 – paragraph 1 – point d – point ii

(ii) are members of or participants in a regulated market or an MTF with the exception for non-financial entities who execute transactions on a trading venue for the purpose of commercial activity or treasury financing activity;

2022/10/20
Committee: ECON

Nicola BEER, Ondřej KOVAŘÍK, Billy KELLEHER, Engin EROGLU

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point –a 1 (new)

Directive 2014/65/EU
Article 27 – paragraph 1 – subparagraph 2

~~Where an~~(-a1) in paragraph 1, second subparagraph is replaced by the following: "Third party payments may be received if conflicts of interests are properly managed and disclosed. This is assumed under the following circumstances: (a) the investment firm is execut~~es an order on behalf of a retail client, the best possible result shall be determined in terms of the to~~ing the order following a specific instruction from the client. (i) is executing the order following a specific instruction from the client (ii) does not steer the client to the use of an execution platform preferred by the investment firm (iii) does not advertise its services as costless towards retail consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the client which are directly relating to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20220228)lients. (b) The order is executed on a regulated market- (c) In case the investment firm acts on behalf of a retail client and the order is not executed on a regulated market the order process shall achieve best possible result as defined in the second subparagraph of Article 27 (1). (d) The investment firm must disclose to the client any remuneration, discount or non-monetary benefit for having routed the client orders to the particular trading venue or execution venue. (e) In the case of equities, the Investment firm must not systematically route its client orders to a single market maker, a systematic internaliser or other trading venue. At least one alternative execution venue must be offered. Such alternative venue must be a regulated market or a multilateral trading facility. Upon request, the client must be provided with the execution prices at these venues as well as the execution costs as defined in the third subparagraph of Article 27 (1). " Or. en

2022/10/20
Committee: ECON

Nicola BEER, Ondřej KOVAŘÍK, Billy KELLEHER, Engin EROGLU

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a

Directive 2014/65/EU
Article 27 – paragraph 3

(a) paragraph 3 is ~~deleted;~~replaced by the following: "3. Member States shall require that for financial instruments subject to the trading obligation in Articles 23 and 28 Regulation (EU) No 600/2014 that following execution of a transaction on behalf of a client the investment firm shall inform the client where the order was executed. "

2022/10/20
Committee: ECON

Nicola BEER, Ondřej KOVAŘÍK, Billy KELLEHER, Engin EROGLU

Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a a (new)

Directive 2014/65/EU
Article 27 – paragraph 6

(a a) paragraph 6 is deleted

2022/10/20
Committee: ECON

4 Amendments of Billy KELLEHER related to 2021/0384(COD)

ParlTrack - 2011-2024