MAR 6.3A (Quality of execution) and MAR 6.4A (Quotes in respect of non-equity instruments) apply to the following firms when dealing in the United Kingdom:2

1. (1)

   a MiFID investment firm which is a systematic internaliser2; or

2. (2)

   a third country investment firm which is a systematic internaliser2.

[Note: article 35(8) of MiFID]2

The systematic internaliser reporting requirement in MAR 6.4.1 R applies to an investment firm which is authorised by the FCA .

[Note: articles 15(1) and 18(4) of MiFIR]2

2 GEN 2.2.22AR applies to ensure that a third country investment firm should not be treated in a more favourable way than an EEA firm.

1A systematic internaliser must make available the data in MAR 6.3A.2R to the public in the following manner:

1. (1)

   at least on an annual basis; and

2. (2)

   without any charges.

MAR 6.3A.1R applies to data relating to the quality of execution of transactions on that venue, including details about price, costs, speed and likelihood of execution for individual financial instruments.

[Note: article 27(3) of MiFID, MiFID RTS 27 and MiFID RTS 28]

An investment firm1must promptly notify the FCA in writing of its status as a systematic internaliser1:

1. (1)

   when it gains that status; or

2. (2)

   if it ceases to have that status.

[Note:articles 15(1) and 18(4) of MiFIR1]

1An investment firm is not subject to the publication obligations of article 18 of MiFIR if:

1. (1)

   it makes an assessment in writing certifying that it meets the conditions specified and measures adopted under article 9 of MiFIR for the waiver; and

2. (2)

   the FCA has not objected to the assessment.

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