Głowacki Law Firm

SI calculations to be made at the entity level
Legal Alert
Thursday, 02 February 2017 13:54


On 31 January 2017 ESMA explained that the calculations for the purposes of the definition of systematic internaliser under MiFID II should be carried out at the legal entity level and not at the group level (Questions and Answers on MiFID II and MiFIR transparency topics, 31 January 2017, ESMA70-872942901-35).


Moreover, according to ESMA for EU investment firms operating branches in the Union, the activity of those branches would need to be consolidated for the purpose of the systematic internaliser calculations.




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