Recital 15

(15) Under the current legal framework, where one of the two parties to a transaction is a systematic internaliser, the systematic internaliser is required to report the trade to an APA, while its counterparty is not required to do so. This has led many investment firms to opt in to the status of systematic internaliser in particular for the purpose of reporting trades for their clients while not dealing on own account on a systematic basis, which has placed disproportionate requirements on such investment firms. Therefore, it is appropriate to introduce a status of designated publishing entity allowing an investment firm to be responsible for making a transaction public through an APA without the need to opt in to the status of systematic internaliser. Furthermore, competent authorities should grant investment firms the status of designated publishing entity for specific classes of financial instrument, in line with the request of those investment firms and should communicate such requests to ESMA. ESMA should maintain a public register of such designated publishing entities by class of financial instrument so that market participants can identify them.

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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.