{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2022-08-02","held_since":"2022-08-02","gaps":[],"covered":["2017/565 — Delegated act — Organisational requirements and operating conditions [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/7","url":"https://www.headlesslaw.com/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/7","title":"Article 7 — Other derivative financial instruments (Article 4(1)(2) of Directive 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Delegated Regulation (EU) 2017/565 · binding · OJ L 87, 31.3.2017 · dated 25 Apr 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-04-25","entry_into_force":"2017-04-20","locators":{"document_date":"CELLAR 32017R0565 work_date_document","entry_into_force":"CELLAR 32017R0565 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for","path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for","name":"Commission Delegated Regulation (EU) 2017/565","number":"2017/565","celex":"32017R0565","title_official":"COMMISSION DELEGATED REGULATION (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":"7","index":7,"articles":92,"annexes":4},"prev":{"path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/6","key":"6","title":"Article 6 — Energy derivative contracts relating to oil and coal and wholesale energy products (Article 4(1)(2) of Directive 2014/65/EU)"},"next":{"path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/8","key":"8","title":"Article 8 — Derivatives under Section C(10) of Annex I to Directive 2014/65/EU (Article 4(1)(2) of Directive 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2014/65/EU, a contract which is not a spot contract in accordance with paragraph 2 and which is not for commercial purposes as laid down in paragraph 4 shall be considered as having the characteristics of other derivative financial instruments where it satisfies the following conditions:\n\n    <a id=\"art-7-p-1-a\"></a>**(a)** it meets one of the following criteria:\n\n    <a id=\"art-7-p-1-a-i\"></a>**(i)** it is traded on a third country trading venue that performs a similar function to a regulated market, an MTF or an OTF;\n\n    <a id=\"art-7-p-1-a-ii\"></a>**(ii)** it is expressly stated to be traded on, or is subject to the rules of, a regulated market, an MTF, an OTF or such a third country trading venue;\n\n    <a id=\"art-7-p-1-a-iii\"></a>**(iii)** it is equivalent to a contract traded on a regulated market, MTF, an OTF or such a third country trading venue, with regards to the price, the lot, the delivery date and other contractual terms;\n\n    <a id=\"art-7-p-1-b\"></a>**(b)** it is standardised so that the price, the lot, the delivery date and other terms are determined principally by reference to regularly published prices, standard lots or standard delivery dates.\n\n2. <a id=\"art-7-p-2\"></a>A spot contract for the purposes of paragraph 1 shall be a contract for the sale of a commodity, asset or right, under the terms of which delivery is scheduled to be made within the longer of the following periods:\n\n    <a id=\"art-7-p-2-a\"></a>**(a)** 2 trading days;\n\n    <a id=\"art-7-p-2-b\"></a>**(b)** the period generally accepted in the market for that commodity, asset or right as the standard delivery period.\n\n    A contract shall not be considered a spot contract where, irrespective of its explicit terms, there is an understanding between the parties to the contract that delivery of the underlying is to be postponed and not to be performed within the period referred to in paragraph 2.\n\n3. <a id=\"art-7-p-3\"></a>For the purposes of Section C(10) of Annex I to Directive 2004/39/EC of the European Parliament and of the Council, a derivative contract relating to an underlying referred to in that Section or in Article 8 of this Regulation shall be considered to have the characteristics of other derivative financial instruments where one of the following conditions is satisfied:\n\n    <a id=\"art-7-p-3-a\"></a>**(a)** it is settled in cash or may be settled in cash at the option of one or more of the parties, otherwise than by reason of a default or other termination event;\n\n    <a id=\"art-7-p-3-b\"></a>**(b)** it is traded on a regulated market, an MTF, an OTF, or a third country trading venue that performs a similar function to a regulated market, MTF or an OTF;\n\n    <a id=\"art-7-p-3-c\"></a>**(c)** the conditions laid down in paragraph 1 are satisfied in relation to that contract.\n\n4. <a id=\"art-7-p-4\"></a>A contract shall be considered to be for commercial purposes for the purposes of Section C(7) of Annex I to Directive 2014/65/EU, and as not having the characteristics of other derivative financial instruments for the purposes of Sections C(7) and (10) of that Annex, where the following conditions are both met:\n\n    <a id=\"art-7-p-4-a\"></a>**(a)** it is entered into with or by an operator or administrator of an energy transmission grid, energy balancing mechanism or pipeline network,\n\n    <a id=\"art-7-p-4-b\"></a>**(b)** it is necessary to keep in balance the supplies and uses of energy at a given time, including the case when the reserve capacity contracted by an electricity transmission system operator as defined in Article 2(4) of Directive 2009/72/EC is being transferred from one prequalified balancing service provider to another prequalified balancing service provider with the consent of the relevant transmission system operator.\n\n","marks":[],"text_hash":"f16411938947ebcaa6c43787d089797e874d645b53c34d794244c6d67392e692","revision":1}}