Pursuant to Directive 2004/39/EC-MiFID, a systematic internaliser is defined as an investment firm that “[…] on an organised, frequent and systematic basis deals on its own account by executing client orders outside a regulated market or an MTF ” (article 4, paragraph 1, number 7). Article 1, paragraph 5-ter, of the Italian Law Decree of 24 February 1998, no. 58 (Consolidated Law on Financial Intermediation, or TUF) faithfully repeats the Directive's definition.
Editor: Maria Giovanni CERINI
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