In this act Article 14 of 92
Article 14 — Systematic internalisers for structured finance products (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 all structured finance products belonging to a class of structured finance products issued by the same entity or by any entity within the same group where, in relation to any such structured finance product, it internalises according to the following criteria:
14(a)
(a)on a frequent and systematic basis in a structured finance product for which there is a liquid market as defined in Article 2(1)(17)(a) of Regulation (EU) No 600/2014 where during the past 6 months:
Copy link14(a)(i)
(i)the number of OTC transactions carried out by it on own account when executing client orders is equal to or larger than 4 % of the total number of transactions in the relevant structured finance product executed in the Union on any trading venue or OTC during the same period;
Copy link14(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 once a week;
Copy link14(b)
(b)on a frequent and systematic basis in a structured finance product for which there is not a liquid market as defined in Article 2(1)(17)(a) 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 take place on average once a week;
Copy link14(c)
(c)on a substantial basis in a structured finance product 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 any of the following:
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