ESMA_QA_1578

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1578

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Regulatory Context

Regulation : MIF2

Level 1 Regulation: Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets

Level 2 Regulation: Regulation 2017/565 - MiFID II Delegated Regulation

Level 3 Regulation: No information available

Topic: Systematic internaliser regime

Subject Matter: Level at which the firm must perform the calculation where it is part of a group or operates EU branches

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Question

Submission Date: 31 January 2017

Do the calculations to identify if an investment firm is systematic internaliser have to be carried out at legal entity level or a group level? How are branches of investment firms being treated?

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ESMA Answer

Answer Date: 31-01-2017

This question was deleted on 10 October 2025.

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This document was automatically extracted from the ESMA EMIR Q&A database.