Revocation of retained EU law Transitional amendments Amendments to the Markets in Financial Instruments Regulation (MiFIR) and the European Market Infrastructure Regulation (EMIR) Systematic internalisers
A systematic internaliser is an investment firm which, on an organised, frequent, systematic and substantial basis, deals on own account when executing client orders outside of an RM, MTF or an OTF, without operating a multilateral system. 11
	Under MiFIR, systematic internalisers are subject to bespoke pre-trade transparency requirements and, alongside other investment firms, to post-trade disclosure requirements. Before a trade takes place, systematic internalisers must make public the prices they are prepared to buy and/or sell an equity instrument at (see Article 14(1); for the corresponding obligation in respect of non-equities, see Article 18(1)). After a trade has taken place, systematic internalisers (like other investment firms) must make public the price and volume of certain transactions completed (see Article 20(1) for transactions in equities and Article 21(1) for transactions in non-equities). Commission Delegated Regulation (EU) 2017/58712, made under MiFIR, sets out the detail of the pre- and post- trade transparency requirements for trading venues and investment firms (including systematic internalisers).