Exceptional circumstances
Article 3
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 ( 3 ) .