# Article 3 — Exceptional circumstances **Commission Delegated Regulation (EU) 2017/578 · binding · OJ L 87, 31.3.2017 · dated 13 Jun 2016 [in force]** *In force · Commission Delegated Regulation (EU) 2017/578, OJ L 87, 31.3.2017 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg_del/2017/578/oj/eng)* The obligation for investment firms to provide liquidity on a regular and predictable basis laid down in Article 17(3)(a) of Directive 2014/65/EU shall not apply in any of the following exceptional circumstances:\ **(a)** a situation of extreme volatility triggering volatility mechanisms for the majority of financial instruments or underlyings of financial instruments traded on a trading segment within the trading venue in relation to which the obligation to sign a market making agreement applies; **(b)** war, industrial action, civil unrest or cyber sabotage; **(c)** disorderly trading conditions where the maintenance of fair, orderly and transparent execution of trades is compromised, and evidence of any of the following is provided: > **(i)** the performance of the trading venue's system being significantly affected by delays and interruptions; > **(ii)** multiple erroneous orders or transactions; > **(iii)** the capacity of a trading venue to provide services becoming insufficient; **(d)** where the investment firm's ability to maintain prudent risk management practices is prevented by any of the following: > **(i)** technological issues, including problems with a data feed or other system that is essential to carry out a market making strategy; > **(ii)** risk management issues in relation to regulatory capital, margining and access to clearing, > **(iii)** the inability to hedge a position due to a short selling ban; **(e)** for non-equity instruments, during the suspension period referred to in Article 9(4) of Regulation (EU) No 600/2014 of the European Parliament and of the Council.