Version in force , Modified +98 −210§
Amended by Regulation (EU) 2024/791 32024R0791 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
The provision no longer lists two separate checkpoints for investment firms concerning updating bid and offer prices and maintaining prices reflecting market conditions; instead it now directs a single check that systematic internalisers comply with the order execution conditions in Article 15(1) and the price improvement conditions in Article 15(2).
The reference to price improvement under Article 15(2) is retained in both versions, but the actor subject to the check is now identified as systematic internalisers rather than investment firms in general, and a new reference to Article 15(1) order execution conditions has been added.
Cited: Art. 16, v1 (external, EUR-Lex) · Art. 16, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 9 January 2024 02014R0600-20240109 → this version, in force 28 March 2024 02014R0600-20240328
Article 16
Obligations of competent authorities
The competent authorities shall check that systematic internalisers comply with the following:
(a) that investment firms regularly update bid conditions for order execution laid down in Article 15(1) and offer prices published in accordance with Article 14 and maintain prices which reflect the prevailing market conditions;
(b) that investment firms comply with the conditions for price improvement laid down in Article 15(2).