Regulation (EU) No 600/2014 is amended as follows:

(1) Article 1 is amended as follows:

(a) paragraph 3 is replaced by the following:

'3. Title V of this Regulation also applies to all financial counterparties and non-financial counterparties that are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012.';

(b) the following paragraph is inserted:

'5b. All multilateral systems shall operate either in accordance with the provisions of Title II of Directive 2014/65/EU concerning MTFs or OTFs or in accordance with the provisions of Title III of that Directive concerning regulated markets.

Systematic internalisers shall operate in accordance with Title III of this Regulation.

Without prejudice to Articles 23 and 28, all investment firms concluding transactions in financial instruments which are not concluded on multilateral systems or on systematic internalisers shall comply with Articles 20 and 21.';

(c) paragraphs 6, 7 and 8 are replaced by the following: