(13)

Article 14 is amended as follows: paragraphs 2 and 3 are replaced by the following: ‘2. This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes of up to and including the threshold determined in the regulatory technical standards adopted pursuant to paragraph 7, point (b), of this Article. 3. The minimum quote size of systematic internalisers shall be determined in the regulatory technical standards adopted pursuant to paragraph 7, point (c). For a particular share, depositary receipt, ETF, certificate or other similar financial instrument traded on a trading venue, each quote shall include a firm bid and offer price for a size which could be of up to and including the threshold referred to in paragraph 2. The price shall reflect the prevailing market conditions for that share, depositary receipt, ETF, certificate or other similar financial instrument.’ ; paragraph 7 is replaced by the following: ‘7. In order to ensure the efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments and maximise the possibility of investment firms to obtain the best deal for their clients, ESMA shall develop draft regulatory technical standards to specify: ; the arrangements for the publication of a firm quote as referred to in paragraph 1; the determination of the threshold referred to in paragraph 2, which shall take into account the international best practices, the competitiveness of Union firms, the significance of the market impact and the efficiency of price formation and which shall not be below twice the standard market size; the determination of the minimum quote size as referred to in paragraph 3, which shall not exceed 90 % of the threshold referred to in paragraph 2 and which shall not be below the standard market size; the determination of whether prices reflect prevailing market conditions as referred to in paragraph 3; and the standard market size as referred to in paragraph 4. ESMA shall submit those draft regulatory technical standards to the Commission by 29 March 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.