Med hensyn til spørgsmålet om, hvilken lov der finder anvendelse, når der ikke er foretaget et lovvalg, bør multilaterale systemer være systemer, hvor der drives handel, f.eks. regulerede markeder og multilaterale handelsfaciliteter som omhandlet i artikel 4 i Rådets og Europa-Parlamentets direktiv 2004/39/EF af 21. april 2004 om markeder for finansielle instrumenter, uanset om de er afhængige af en central modpart eller ej.
As far as the applicable law in the absence of choice is concerned, multilateral systems should be those in which trading is conducted, such as regulated markets and multilateral trading facilities as referred to in Article 4 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, regardless of whether or not they rely on a central counterparty.