Q&A · ESMA
Multilateral and bilateral systems - Systematic internalisers
Answered
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An EU branch of a third-country firm may operate as a systematic internaliser if it meets the SI rules (Articles 14 to 27 MiFIR) and the criteria on centralised risk management, but without a Commission equivalence decision it may act as an SI only in the Member State where it is authorised and serve clients there.
Details
| Reference | ESMA_QA_1497 |
|---|---|
| Issuer | ESMA |
| Published | 1 Apr 2019 |
| Answered | 1 Apr 2019 |
| Submitted | 1 Apr 2019 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.30 |
Provisions it relates to
- Article 47 MiFIR · Equivalence decisionInferred · 70%
- MiFID II (whole act)Explicit reference