The Cyprus Securities and Exchange Commission
("CySEC") has issued a circular (C283 dated 24 October
2018) to Cyprus Investment Firms ("CIFs") that it
regulates regarding their obligation to provide information to
CySEC if they fall within the definition of "systemic
internaliser" ("SI") set out in article 2(1) of the
Investment Services and Activities and Regulated Markets Law of
2017.
The definition of an SI contained in the Investment Services Law
is a word-for-word reproduction of the definition set out in
Directive 2014/65/EU on markets in financial instruments, namely an
investment firm which, on an organised, frequent systematic and
substantial basis, deals on own account when executing client
orders outside a regulated market, an MTF or an OTF without
operating a multilateral system. According to the Investment
Services Law and the directive, the frequent and systematic basis
is to be measured by the number of OTC trades in the financial
instrument carried
