Recital 7

(7) Directive 2014/65/EU provides that an investment firm is to be considered to be a systematic internaliser only where it is deemed to perform its activities on an organised, frequent, systematic and substantial basis or where it chooses to opt in under the systematic internaliser regime. A frequent, systematic and substantial basis is determined by quantitative criteria. This has led to an excessive burden for the investment firms that are required to perform the assessment, and for ESMA, which is required to publish data for the purposes of the assessment. The assessment on the basis of those criteria should therefore be replaced by a qualitative assessment. Taking into account that Regulation (EU) No 600/2014 is amended to exclude systematic internalisers from the scope of the pre-trade transparency requirements for non-equity instruments, the qualitative assessment of systematic internalisers should apply only to equity instruments. It should, however, be possible for an investment firm to opt in to become a systematic internaliser for non-equity instruments.

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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.