Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.
The purpose of this chapter is to implement article 27(3)1of MiFID, which deals with the requirements on systematic internalisersto make available to the public data relating to the quality of execution of transactions1. It also provides a rule (MAR 6.4.1R)1requiring investment firms to notify the FCA when they become, or cease to be, a systematic internaliser, and which gives effect to articles 15(1) and 18(4)1 of MiFIR. Finally, MAR 6.4A.1R makes clear that a firm is not subject to the publication obligations of article 18 of MiFIR if it satisfies the conditions set out in that rule.1