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

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS267185:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

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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Although MiFID I required an investment firms engaged in internalisation to have a ‘material commercial size’, this threshold was not defined in numbers (recital 15 and art. 21(1)(a) MiFID I Implementing Regulation). The MiFID I definition of an SI was in effect qualitative in nature. For an examination of the MiFID I definition of SIs, reference is made to section III, paragraph 1 above.

Art. 21(4) MiFID I Implementing Regulation.

CESR, Guidebook on MiFID market transparency calculations, May 2007 (CESR/07-322), p. 4.

Art. 34(5) MiFID I Implementing Regulation and CESR, Guidebook on MiFID market transparency calculations, May 2007 (CESR/07-322), p. 4 and CESR, Protocol on the Operation of CESR MiFID Database, December 2010 (CESR/09-172d), p. 9.

CESR, Guidebook on MiFID market transparency calculations, May 2007 (CESR/07-322), p. 4 and CESR, Protocol on the Operation of CESR MiFID Database, December 2010 (CESR/09-172d), p. 9.

The entities were identified by their name and so-called Business Identifier Code (BIC) (CESR, Consultation Paper on improving the functioning of the MiFID database, December 2007(CESR/07-832), p. 3-4).

CESR, Press Release: Markets databases accessible to users for full functioning of new market structures under the MiFID, 2 November 2007 (CESR/07-748), p. 2.