(3)

in Article 4, paragraph 1 is amended as follows: point (19) is replaced by the following: “multilateral system” means a multilateral system as defined in Article 2(1), point (11), of Regulation (EU) No 600/2014;’; point (20) is replaced by the following: “systematic internaliser” means an investment firm which, on an organised, frequent and systematic basis, deals on own account in equity instruments by executing client orders outside a regulated market, an MTF or an OTF, without operating a multilateral system, or which opts in to the status of systematic internaliser;’;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.