Schedule 2: Transitional amendments Part 1 – Amendments to the Markets in Financial Instruments Regulation Paragraph 8: Systematic Internalisers (definition)
This paragraph of the Schedule amends the definition of a systematic internaliser in Article 2(1) MiFIR.
	It retains the current high-level component of the definition of a systematic internaliser in MiFIR (an investment firm which, on an organised, frequent, systematic and substantial basis, deals on own account when executing client orders outside of a UK regulated market, a UK multilateral trading facility (MTF) or a UK organised trading facility (OTF)), and the ability for investment firms to opt in to be a systematic internaliser. It removes the need for investment firms to undertake complex calculations to determine if they are operating on an organised, frequent, systematic and substantial basis and instead gives the FCA the power to make rules to determine the meaning of organised, frequent, systematic and substantial. This determination can be entirely qualitative, if the FCA sees fit.