Recital 1

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(1)Directive (EU) 2024/790 of the European Parliament and of the Council ² amended the definition of ‘systematic internaliser’ laid down in Article 4(1), point (20), of Directive 2014/65/EU of the European Parliament and the Council ³ . That amendment replaced the quantitative criteria to determine what constitutes a frequent, systematic and substantial basis with a qualitative assessment and limited that assessment to equity instruments only, while leaving the possibility for an investment firm to choose to opt in to become a systematic internaliser for non-equity instruments. It is therefore necessary to delete from Commission Delegated Regulation (EU) 2017/577 ⁴ the obligation for trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs) to provide their competent authorities with the data required to perform the calculations set out in Articles 12 to 15 of Commission Delegated Regulation (EU) 2017/565 ⁵ that were used to assess whether the relevant quantitative criteria were met.

5 Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive ( OJ L 87, 31.3.2017, p. 1 , ELI: http://data.europa.eu/eli/reg_del/2017/565/oj ). ↩
3 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU ( OJ L 173, 12.6.2014, p. 349 , ELI: http://data.europa.eu/eli/dir/2014/65/oj ). ↩
4 Commission Delegated Regulation (EU) 2017/577 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations ( OJ L 87, 31.3.2017, p. 174 , ELI: http://data.europa.eu/eli/reg_del/2017/577/oj ). ↩
2 Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 amending Directive 2014/65/EU on markets in financial instruments ( OJ L, 2024/790, 8.3.2024, ELI: http://data.europa.eu/eli/dir/2024/790/oj ). ↩