The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). 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 acting as an SI, provided they comply with firm quote and other requirements. In the UK, these requirements have been implemented in
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