In this act Article 3 of 24

Article 3 — Governance of trading venues (Article 48(1) of Directive 2014/65/EU)

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

1.As part of their overall governance and decision making framework, trading venues shall establish and monitor their trading systems through a clear and formalised governance arrangement setting out:

Copy link

3(1)(a)

(a)their analysis of technical, risk and compliance issues when taking critical decisions.

Copy link

3(1)(b)

(b)clear lines of accountability, including procedures to approve the development, deployment and subsequent updates of trading systems and to resolve problems identified when monitoring the trading systems;

Copy link

3(1)(c)

(c)effective procedures for the communication of information such that instructions can be sought and implemented in an efficient and timely manner;

Copy link

3(1)(d)

(d)separation of tasks and responsibilities, to ensure effective supervision of compliance by the trading venues.

Copy link

3(2)

2.The management body or the senior management of trading venues shall approve:

Copy link

3(2)(a)

(a)the self-assessment of compliance in accordance with Article 2;

Copy link

3(2)(b)

(b)measures to expand the capacity of the trading venue where necessary in order to comply with Article 11;

Copy link

3(2)(c)

(c)actions to remedy any material shortcomings detected in the course of their monitoring in accordance with Articles 12 and 13 and after the periodic review of the performance and capacity of the trading systems in accordance with Article 14.

Copy link