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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)


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

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