Directive 2014/65/EU is amended as follows:

(1) in Article 1, paragraph 7 is deleted;

(2) in Article 2(1), point (d), point (ii) is replaced by the following:

'(ii) are members of or participants in a regulated market or an MTF, except for non-financial entities that execute transactions on a trading venue where such transactions are part of liquidity management or are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups;';

(3) in Article 4, paragraph 1 is amended as follows:

(a) point (19) is replaced by the following:

'(19) "multilateral system" means a multilateral system as defined in Article 2(1), point (11), of Regulation (EU) No 600/2014;';

(b) point (20) is replaced by the following: