Schedule 2: Transitional amendments Part 1 – Amendments to the Markets in Financial Instruments Regulation Paragraphs 13 and 14: Share Trading Obligation
Paragraph 13 of the Schedule amends Article 23 MiFIR. Subparagraph (2) of this paragraph removes the requirement (known as the Share Trading Obligation or STO) for investment firms to ensure that the trades they undertake in shares admitted to trading on a venue take place on a UK regulated market, UK MTF, UK systematic internaliser, or an overseas trading venue assessed as equivalent.
	Subparagraph (3) changes the title of Article 23 MiFIR to reflect the removal of the STO. The only remaining requirement in Article 23 is the requirement for investment firms that operate an internal matching system which executes client orders in shares, depositary receipts, ETFs, certificates and other similar financial instruments on a multilateral basis to ensure that they have permission to operate as an MTF.
	Paragraph 14 of the Schedule removes a reference to Article 23 in Article 1 of MiFIR which is no longer needed as a result of the removal of the STO.