Article 1Participation in matching arrangements
Delegated Regulation (EU) 2017/565 is amended as follows:
(1)
the following Article 16a is inserted:
‘Article 16a
Participation in matching arrangements
An investment firm shall not be considered to be dealing on own account for the purposes of Article 4(1)(20) of Directive 2014/65/EU where that investment firm participates in matching arrangements entered into with entities outside its own group with the objective or consequence of carrying out de facto riskless back-to-back transactions in a financial instrument outside a trading venue.’;
(2)
in Article 91, the second paragraph is replaced by the following:
‘It shall apply from 3 January 2018.’.