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

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers

    PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.

    July 13, 2020 WebPage Regulatory News
    News

    CPMI Report Sets Out Building Blocks to Enhance Cross-Border Payments

    CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    ESMA Guides on Securitization Repository Data Consistency Thresholds

    ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5480