EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/4.V.2.3:4.V.2.3 MiFID I SI Register

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/4.V.2.3

4.V.2.3 MiFID I SI Register

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MiFID I also laid down rules for an SI register. The determination of an SI under MiFID I was a qualitative assessment. Accordingly, no SI calculations and estimates were laid down in MiFID I.1 MiFID I did require NCAs, for the investment firms it authorised, to ensure that there was a list (i.e. register) of all SIs in respect of shares admitted to trading on an RM. The list needed to be published and reviewed at least annually.2 CESR added that the list needed to include (i) the identity of the SI and (ii) the name of the authorising NCA.3 MiFID I required the NCA to publish the list, similar to the calculations and estimates (paragraph above), through the CESR website. The CESR website functioned as the MiFID I SI Register.4 CESR consolidated the national SI lists into one European list through the MiFID I SI Register.5 The SI Register enabled to identify the investment firm acting as an SI and, depending on the business model of the firm, its branches in other Member States where the firm has its own internalisation activity.6 The purpose of the MiFID I SI Register was to provide the market with information regarding the firms engaged in systematic internalisation in Europe.7

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