Recital 6 Amendments to the markets in financial instruments directive (MiFID II)

Directive 2014/65/EU sets out more stringent ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; rules for investment firms means an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU; and trading venues means a trading venue as defined in Article 4(1), point (24), of Directive 2014/65/EU; that are engaging in algorithmic trading. Less detailed requirements apply to data reporting services and to trade repositories means a trade repository as defined in Article 2, point (2), of Regulation (EU) No 648/2012;. Also, Directive 2014/65/EU contains only limited references to control and safeguard arrangements for information processing systems and to the use of appropriate systems, resources and procedures to ensure continuity and regularity of business services. Furthermore, that Directive should be aligned with Regulation (EU) 2022/2554 as regards continuity and regularity in the provision of investment services and in the performance of investment activities, operational resilience, the capacity of trading systems, and the effectiveness of business continuity arrangements and risk means the potential for loss or disruption caused by an incident and is to be expressed as a combination of the magnitude of such loss or disruption and the likelihood of occurrence of the incident; management.