In this act Article 12 of 92
Article 12 — Systematic internalisers for shares, depositary receipts, ETFs, certificates and other similar financial instruments (Article 4(1)(20) of Directive 2014/65/EU)
Financial servicesLevel 2Delegated RegulationMiFID IIIn forceOfficial source
An investment firm shall be considered to be a systematic internaliser in accordance with Article 4(1)(20) of Directive 2014/65/EU in respect of each share, depositary receipt, exchange traded fund (ETF), certificate and other similar financial instrument where it internalises according to the following criteria:
12(a)
(a)on a frequent and systematic basis in the financial instrument for which there is a liquid market as defined in Article 2(1)(17)(b) of Regulation (EU) No 600/2014 where during the past 6 months:
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(i)the number of OTC transactions carried out by it on own account when executing client orders is equal to or larger than 0,4 % of the total number of transactions in the relevant financial instrument executed in the Union on any trading venue or OTC during the same period;
Copy link12(a)(ii)
(ii)the OTC transactions carried out by it on own account when executing client orders in the relevant financial instrument take place on average on a daily basis;
Copy link12(b)
(b)on a frequent and systematic basis in the financial instrument for which there is not a liquid market as defined in Article 2(1)(17)(b) of Regulation (EU) No 600/2014 where during the past 6 months the OTC transactions carried out by it on own account when executing client orders takes place on average on a daily basis;
Copy link12(c)
(c)on a substantial basis in the financial instrument where the size of OTC trading carried out by it on own account when executing client orders is, during the past 6 months, equal to or larger than either:
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