The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory 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
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