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Commission Delegated Regulation (EU) 2017/565Show full title
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (Text with EEA relevance)
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- Revised 14/12/20170.68 MB
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Changes over time for: Article 16ZA
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[F1Article 16ZAU.K. Transitional period: data for calculations
1.During the transitional period, within the meaning of Article [F214(6D)] of Regulation (EU) No 600/2014, for the purposes of determining whether the criteria set out in Articles 12 to 16 are satisfied, firms must use data published by the FCA for the financial instrument in question to calculate—
(a)whether there is a liquid market for that financial instrument;
(b)the total number of transactions in that financial instrument executed in the relevant area on any trading venue or OTC;
(c)the total turnover for that financial instrument executed in the relevant area on a trading venue or OTC.
2.Where the FCA has not published relevant data for the financial instrument in question, firms must use the most recent data published before IP completion day by the European Securities and Markets Authority in relation to that financial instrument to calculate the questions set out in paragraph 1.
3.If neither the data described in paragraph 1 nor the data described in paragraph 2 are available in relation to the financial instrument in question, an investment firm is not a systematic internaliser within the definition given in Article 2(1)(12) of Regulation (EU) No 600/2014 unless it has chosen to opt in to the systematic internaliser regime.]
Textual Amendments
F1Art. 16ZA inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 40(6) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 12(o)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Word in Art. 16ZA(1) substituted (1.1.2024) by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 19(3)(e)
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