Featured Product

    EC Amends Definition of Systematic Internalisers Under MiFID II

    August 28, 2017

    EC published the Commission Delegated Regulation (CDR) that amends Delegated Regulation (EU) 2017/565 on specification of the definition of systematic internalisers for the second Markets in Financial Instruments Directive (MiFID II: Directive 2014/65/EU). The regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union. The measures provided for in this regulation are in accordance with the opinion of the Expert Group of the European Securities Committee.

    The definition of systematic internaliser is laid down in Article 4(1)(20) of Directive 2014/65/EU and is specified in Delegated Regulation (EU) No 2017/565 supplementing Directive 2014/65/EU regarding organizational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive. This CDR was not preceded by an impact assessment, since it neither has nor is intended to have the consequence of changing the regulatory requirements for investment firms. Instead, it merely clarifies the precise scope of the definition of systematic internaliser to ensure uniform application of this term and avoid circumvention. This CDR is based on the empowerment set out in Article 4(2) of Directive 2014/65/EU, which grants powers to the Commission to adopt delegated acts to specify some technical elements of the definitions laid down in Article 4(1) of Directive 2014/65/EU, to adjust them to market developments, technological developments, and experience of behavior that is prohibited under Regulation (EU) No 596/2014 (Market Abuse Regulation) and to ensure the uniform application of MiFID II. The Delegated Regulation (EU) 2017/565 is amended as follows:

    Article 16a specifying participation in matching arrangements has been inserted.

    The second paragraph of Article 91 has been replaced.


    Related Links

    CDR Amending Regulation (EU) 2017/565 (PDF)

    MiFID II (PDF)

    Keywords: Europe, Securities, MiFID II, Systematic Internaliser, CDR 2017/565, EC

    Related Articles
    News

    SEC Adopts Rules and Amendments Under Regulatory Regime for Swaps

    SEC announced that it took a significant step toward establishing the regulatory regime for security-based swap dealers (SBSDs) by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Act.

    September 19, 2019 WebPage Regulatory News
    News

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    BIS Formalizes Agreement to Set Up Innovation Hub in Hong Kong SAR

    BIS and HKMA signed the Operational Agreement on the BIS Innovation Hub Center in Hong Kong Special Administrative Region (SAR).

    September 18, 2019 WebPage Regulatory News
    News

    PRA Proposal on Probability of Default and LGD Estimation

    PRA proposed, via the consultation paper CP21/19, an approach to implementing EBA’s recent regulatory products relating to Probability of Default (PD) estimation, Loss Given Default (LGD) estimation, and the treatment of defaulted exposures in the internal ratings-based (IRB) approach to credit risk.

    September 18, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    CFTC Extends Comment Period for Proposals on Cross-Border Clearing

    CFTC announced that it is extending, until November 18, 2019, the comment period for the proposal for an alternative compliance framework for derivatives clearing organizations (DCOs) that are organized outside of U.S. and that do not pose substantial risk to the U.S. financial system.

    September 18, 2019 WebPage Regulatory News
    News

    BNM Publishes Financial Stability Review for the First Half of 2019

    BNM published Financial Stability Review for the first half of 2019.

    September 18, 2019 WebPage Regulatory News
    News

    APRA Observations from Thematic Review on Recovery Plans of Insurers

    APRA issued a letter to general insurers and life insurers, outlining observations from a recent thematic review on recovery planning by insurers.

    September 18, 2019 WebPage Regulatory News
    News

    FASB Issues Summary of Tentative Board Decisions at September Meeting

    FASB published a summary of the tentative decisions taken at its Board meeting in September 2019.

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3848