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(EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU 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)","document_date":"2016-04-25"},"position":{"kind":"article","key":"30","index":31,"articles":92,"annexes":4},"prev":{"path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/29","key":"29","title":"Article 29 — Personal transactions (Article 16(2) of Directive 2014/65/EU)"},"next":{"path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/31","key":"31","title":"Article 31 — Outsourcing critical or important operational functions (Article 16(2) and of Article 16(5) first subparagraph of Directive 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Directive 2014/65/EU)\n\n1. <a id=\"art-30-p-1\"></a>For the purposes of the first subparagraph of Article 16(5) of Directive 2014/65/EU, an operational function shall be regarded as critical or important where a defect or failure in its performance would materially impair the continuing compliance of an investment firm with the conditions and obligations of its authorisation or its other obligations under Directive 2014/65/EU, or its financial performance, or the soundness or the continuity of its investment services and activities.\n\n2. <a id=\"art-30-p-2\"></a>Without prejudice to the status of any other function, the following functions shall not be considered as critical or important for the purposes of paragraph 1:\n\n    <a id=\"art-30-p-2-a\"></a>**(a)** the provision to the firm of advisory services, and other services which do not form part of the investment business of the firm, including the provision of legal advice to the firm, the training of personnel of the firm, 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