The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.
This Practice Note focuses on the regulatory framework for systematic internalisers (SIs) under the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which came into effect on 3 January 2018. It examines how the MiFID II regime has been implemented in the UK, and summarises the principal changes from the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) and the MiFID I implementing regulation (Commission Regulation (EC) 1287/2006).
For more information about trading venues under MiFID II and MiFIR (regulated markets (RMs), multilateral trading facilities (MTFs) and organised trading facilities (OTFs), see Practice Notes: Regulated Markets under MiFID II and MiFIR, Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs).
MiFID I introduced SIs as an alternative trading regime to RMs and MTFs. The SI regime permits organised trading in financial instruments to be carried out internally by firms
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