(1)Directive (EU) 2024/790 of the European Parliament and of the Councilnote amended the definition of ‘systematic internaliser’ laid down in Article 4(1), point (20), of Directive 2014/65/EU of the European Parliament and the Councilnote. That amendment replaced the quantitative criteria to determine what constitutes a frequent, systematic and substantial basis with a qualitative assessment and limited that assessment to equity instruments only, while leaving the possibility for an investment firm to choose to opt in to become a systematic internaliser for non-equity instruments. It is therefore necessary to delete from Commission Delegated Regulation (EU) 2017/577note the obligation for trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs) to provide their competent authorities with the data required to perform the calculations set out in Articles 12 to 15 of Commission Delegated Regulation (EU) 2017/565note that were used to assess whether the relevant quantitative criteria were met.
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.