Paragraph 8 Systematic internalisers and other investment firmsI1I2I3

In Article 2(1) (definitions), for points (12) and (12A) substitute—

“(12)

“systematic internaliser” means an investment firm which deals on own account when executing client orders outside a UK regulated market, UK MTF or UK OTF without operating a multilateral system and which—

(a)

does so on an organised, frequent, systematic and substantial basis, or

(b)

has chosen to opt in to the systematic internaliser regime;

(12A)

for the purposes of point (12), whether dealing is taking place on a basis that is organised, frequent, systematic and substantial is to be determined in accordance with rules made by the FCA (but the power to make such rules is subject to any provision contained in regulations in respect of point (12) under paragraph 2 of this Article);”.