ESMA · ESMA_QA_1578 Published Answer Updated

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

Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
Topic
Systematic internaliser regime
Submitted
2017-01-31
Answered
2017-01-31
Browse MiFID Register → More Q&As on this regulation →

Question

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?

Answer

This question was deleted on 10 October 2025.
View original on European Securities and Markets Authority ↗

This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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