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

EBA Report Assesses Regulatory Framework for Fintech Activities

EBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.

July 18, 2019 WebPage Regulatory News
News

OSFI Revises Capital Requirements for Operational Risk for Banks

OSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.

July 18, 2019 WebPage Regulatory News
News

OSFI Consults on Revised Principles for Management of Liquidity Risk

OSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.

July 18, 2019 WebPage Regulatory News
News

ESMA Guidance on Disclosures for Credit Rating Sustainability Issues

ESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.

July 18, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimation of Expected Credit Losses by Firms

FASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

July 17, 2019 WebPage Regulatory News
News

US Agencies Delay Enforcing Volcker Rule Restrictions on Foreign Funds

US Agencies (FDIC, FED, and OCC) announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.

July 17, 2019 WebPage Regulatory News
News

SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billion

SRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion.

July 17, 2019 WebPage Regulatory News
News

FASB to Propose to Delay CECL Compliance Deadline for Certain Entities

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

July 17, 2019 WebPage Regulatory News
News

IMF Publishes Report on 2019 Article IV Consultation with Vietnam

IMF published its staff report in context of the 2019 Article IV consultation with Vietnam.

July 16, 2019 WebPage Regulatory News
News

European Parliament Elects Next President of European Commission

European Parliament elected Ursula von der Leyen from Germany as the first female President of the next European Commission for a five-year term from November 01, 2019.

July 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3476