algorithmic trading — trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions Section 2(1)

ancillary services — any of the services and activities listed in Part 3A of Schedule 2 to the Regulated Activities Order; “appropriate regulator” has the meaning given in section 55A of the Act; “authorised person” has the same meaning as in section 31(2) (authorised persons) of the Act; “branch” has the meaning given by Article 2.1.20 of the markets in financial instruments regulation; “client” has the meaning given by Article 2.1.7 of the markets in financial instruments regulation Section 2(1)

applicable OTC commodity derivative — an option, future or contract for difference which— where “option”, “future” and Section 29(2)

appropriate regulator — — in relation to a requirement imposed by the PRA on a PRA-authorised person under Part 5 of these Regulations, the PRA, and in any other case, the FCA Schedule 1, Part 2, paragraph 8(4)

appropriate regulator — — in relation to a contravention of a requirement imposed by the PRA on a PRA-authorised person under Part 5 of these Regulations, the PRA; and in relation to any other contravention of these Regulations or of Article 28 of the markets in financial instruments regulation, the FCA Schedule 1, Part 3, paragraph 9(2)

appropriate regulator — the appropriate regulator for the purposes of section 55A in relation to an application under regulation 4(1) Section 6(6)

approved form — a form specified as an approved form by Article 28 of Regulation (EU) 2017/589 Section 30(12)

April 2004 — borrowed from another act; this instrument states no meaning of its own Schedule 5, paragraph 22

Article — borrowed from another act; this instrument states no meaning of its own Schedule 4, paragraph 1

Article — borrowed from another act; this instrument states no meaning of its own Schedule 4, paragraph 5

clearing services — the services provided by M in the course of acting as a general clearing member for other persons Section 34(4)

clients considered to be professionals — professional clients (as defined by Article 2(1)(8) of the markets in financial instruments regulation) who fall within Part 2 of Schedule 1 to that regulation Section 15

competent authority — borrowed from another act; this instrument states no meaning of its own Schedule 5, paragraph 12

competent authority — the authority designated by regulation 3; “credit institution” has the meaning given by Article 2.1.19 of the markets in financial instruments regulation Section 2(1)

contract for difference — the investments of the kind specified in articles 83 (options), 84 (futures) and 85 (contracts for differences etc.) of the Regulated Activities Order; relates, either directly or indirectly, to a commodity derivative traded on a trading venue established in the United Kingdom, and is not a financial instrument; “market operator” has the same meaning as in the markets in financial instruments regulation Section 29(2)

dealing on own account — trading against proprietary capital resulting in the conclusion of transactions in one or more financial instruments Section 2B(8)

derivative — a derivative referred to in points (4) to (10) of Section C of Annex 1 to the markets in financial instruments directive Schedule 2, paragraph 42(3)

derivative — a financial instrument defined in Article 4.1.44(c) of the markets in financial instruments directive and listed in Section C(4) to (10) of Annex 1 to that directive; “direct electronic access” has the meaning given in Article 4.1.41 of the markets in financial instruments directive; “emission allowances” has the same meaning as in the markets in financial instruments directive; “exchange-traded fund” has the meaning given in Article 4.1.46 of the markets in financial instruments directive; “group” has the meaning given in Article 4.1.34 of the markets in financial instruments directive; “high-frequency algorithmic trading technique” has the meaning given in Article 4.1.40 of the markets in financial instruments directive; “liquid market” has the meaning given in Article 4.1.25 of the markets in financial instruments directive; “management body” in relation to an exchange means— the board of directors, or if there is no such board, the equivalent body responsible for the management of the exchange; and any other person who effectively directs the business of the exchange; “matched principal trading” has the meaning given in Article 4.1.38 of the markets in financial instruments… Schedule 3, paragraph 1(2)

derivative — a financial instrument referred to in paragraphs 4 to 10 of Part 1 of Schedule 2 to the Regulated Activities Order Section 2(1)

direct electronic access — an arrangement where a member or participant or client of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue and includes arrangements which involve the use by a person of the infrastructure of the member or participant or client, or any connecting system provided by the member or participant or client, to transmit the orders (direct market access) and arrangements where such an infrastructure is not used by a person (sponsored access) Section 2(1)

EEA — the European Economic Area created by the EEA agreement Section 2(1)

EEA credit institution — a credit institution (as defined by Article 4.1.27 of the markets in financial instruments directive) authorised in another EEA State under the capital requirements directive Schedule 2, paragraph 30(4)

EEA credit institution — a credit institution, as defined by Article 4.1.27 of the markets in financial instruments directive, authorised in another EEA State pursuant to Title III of the capital requirements directive Schedule 2, paragraph 5(4)

EEA insurance undertaking — an insurance undertaking (as defined by Article 13.1 of the Solvency 2 Directive) authorised in another EEA State Schedule 2, paragraph 30(4)

EEA insurance undertaking — an insurance undertaking, as defined by Article 13.1 of the Solvency 2 Directive, authorised in another EEA State Schedule 2, paragraph 5(4)

EEA investment firm — an investment firm, as defined by Article 4.1.1 of the markets in financial instruments directive, authorised in another EEA State pursuant to Chapter 1 of Title II of that directive Schedule 2, paragraph 5(4)

EEA regulated market — borrowed from another act; this instrument states no meaning of its own Schedule 4, paragraph 5

emission allowance — an emission allowance as described in paragraph 11 of Part 1 of Schedule 2 to the Regulated Activities Order; .. Section 2(1)

equivalence determination — — a decision adopted by the Commission in relation to a country under paragraph 1 of Article 47 of the markets in financial instruments regulation before IP completion day which has not been withdrawn by a subsequent decision adopted by the Commission under that Article before exit day; or regulations made by the Treasury in relation to a country under that paragraph after IP completion day which have not subsequently been revoked; a country is subject to an equivalence determination if a period of more than three years has elapsed since— the adoption of the decision by the Commission, beginning on the day after the date of the adoption of the decision; or the making of the regulations by the Treasury, beginning on the day after the day on which the regulations were made Section 14(4)

exceptional circumstances — circumstances specified in Article 3 of Regulation (EU) 2017/578 Section 30(12)

exempt investment firm — an authorised person who— but to whom Title II of the markets in financial instruments directive does not apply by virtue of Article 3 of the directive.. is an investment firm; and has a Part 4A permission Schedule 2, paragraph 44(7)

exempt investment firm — an authorised person who— but to whom the appropriate regulator has granted exemption from authorisation and operating conditions which usually apply to investment firms. is an investment firm; and has a Part 4A permission Section 8

financial instrument — those instruments specified in Part 1 of Schedule 2 to the Regulated Activities Order, read with Part 2 of that Schedule Section 2(1)

General guidance — guidance given by the FCA under paragraph 7 of Schedule 1 to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 which is— given to persons generally, to persons to whom those Regulations apply generally or to a class of persons to whom those Regulations apply, intended to have continuing effect, and given in writing or other legible form. subsection (6) were omitted Schedule 1, Part 2, paragraph 7(3)

high-frequency algorithmic trading technique — an algorithmic trading technique characterised by— infrastructure intended to minimise network and other types of latencies, including at least one of the following facilities for algorithmic order entry— co-location; proximity hosting; or high-speed direct electronic access; system-determination of order initiation, generation, routing or execution without human intervention for individual trades or orders; and high message intraday rates (see regulation 2B) which constitute orders, quotes or cancellations Section 2(1)

Investigating authority — the FCA or the PRA Schedule 1, Part 4, paragraph 19(7)

investment activity — an activity listed in Part 3 of Schedule 2 to the Regulated Activities Order relating to a financial instrument; “investment firm” has the meaning given by Article 2.1A of the markets in financial instruments regulation Section 2(1)

investment company with fixed capital — a company— the exclusive object of which is to invest its funds in various stocks and shares, land or other assets with the sole aim of spreading investment risks and giving its shareholders the benefit of the results of the management of their assets; and which offers its own shares for subscription by the public Section 6(4)

investment service — any service listed in Part 3 of Schedule 2 to the Regulated Activities Order relating to a financial instrument Section 2(1)

investment services and activities — any of the services and activities listed in Part 3 of Schedule 2 to the Regulated Activities Order relating to a financial instrument Section 2(1)

market abuse — a contravention of Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or 15 (prohibition of market manipulation) of the market abuse regulation; “systematic internaliser” has the meaning given in Article 4.1.20 of the markets in financial instruments directive; “trading venue” has the meaning given in Article 4.1.24 of the markets in financial instruments directive Schedule 2, paragraph 42(3)

market abuse — a contravention of Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or 15 (prohibition of market manipulation) of the market abuse regulation Section 2(1)

market abuse regulation — Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) Section 2(1)

markets in financial instruments directive — Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (recast) Section 2(1)

markets in financial instruments regulation — Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2004 on markets in financial instruments Schedule 2, paragraph 51(3)

markets in financial instruments regulation — Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments ; “multilateral trading facility” or “MTF”, “UK multilateral trading facility” or “UK MTF” and “EU multilateral trading facility” or “EU MTF” have the meanings given in Article 2.1.14, 2.1.14A and 2.1.14B respectively of the markets in financial instruments regulation; “OTF” has the meaning given in Article 2.1.15 of the markets in financial instruments regulation Section 2(1)

non-authorised counterparty — — a financial counterparty (within the meaning of Article 2.8 of the EMIR regulation) who is neither an authorised person nor a recognised body; or a non-financial counterparty (within the meaning of Article 2.9 of the EMIR regulation) who meets the conditions in Article 10.1.b of that regulation; “PRA-authorised person” has the meaning given in section 2B(5) of the Act ; “recognised body” has the meaning given in section 313(1) of the Act Schedule 1, Part 1, paragraph 1

non-disclosure of inside information — a failure to disclose inside information, as defined by Article 7 (inside information) of the market abuse regulation, in contravention of Article 17 (public disclosure of inside information) of that Regulation Schedule 2, paragraph 42(3)

non-equities — bonds, structured finance products, emission allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies. The rules of the exchange must provide that where it, without obtaining the consent of the issuer, admits to trading on an organised trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the exchange may not require the issuer of that security to demonstrate compliance with the disclosure obligations. The exchange must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of an organised trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded. In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. An exchange must, when requested to do so, provide the FCA with a detailed explanation in respect of an organised trading facility operated by it, or such a facility it proposes to operate, of— why the organised trading… Schedule 3, paragraph 1(17)

non-equities — bonds, structured finance products, emission allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies Schedule 3, paragraph 9F(11)

operating licence — an operating licence issued by the Gambling Commission under Part 5 of the Gambling Act 2005 Section 48(2)

Overseas regulator — an authority in a country or territory outside the United Kingdom which has functions corresponding to those of the FCA or the PRA under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 or with respect to Article 28 of the markets in financial instruments regulation Schedule 1, Part 4, paragraph 19(8)

point (14) — borrowed from another act; this instrument states no meaning of its own Schedule 5, paragraph 22

position — a net position in a commodity derivative traded on a trading venue in the United Kingdom and for the purposes of regulations 27 and 28 any applicable OTC commodity derivative Section 29(2)

position limit — a limit on the maximum size of a position which a person may hold at any time; and “relevant person” has the meaning given by regulation 15A(10) “significant volumes” has the meaning given by Article 5 of Regulation (EU) 2017/591. “trading venue” has the meaning given in regulation 2 but also includes a facility mentioned in— paragraph (b) of the definition of “multilateral trading facility” in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ; or paragraph (b) of the definition of “organised trading facility” in that article Section 29(2)

power of intervention — the power of the regulator to impose any requirement in relation to the firm in respect of which the power is exercisable which the regulator could impose if— the firm's permission was a Part 4A permission, within the meaning of the Act; and the regulator was entitled to exercise its power under section 55L(3) or 55M(3) of the Act; “third country firm” has the same meaning as in Article 2.1.42 of the markets in financial instruments regulation Section 15

public interest entity — borrowed from another act; this instrument states no meaning of its own Schedule 5, paragraph 22

registered third country auditor — borrowed from another act; this instrument states no meaning of its own Schedule 4, paragraph 9(8)

Regulated Activities Order — the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Section 2(1)

regulated activity relating to a trading facility — — the regulated activity of operating a multilateral trading facility; or the regulated activity of operating an organised trading facility Schedule 2, paragraph 23(6)

regulated market — borrowed from another act; this instrument states no meaning of its own Schedule 4, paragraph 1

regulated market — borrowed from another act; this instrument states no meaning of its own Schedule 4, paragraph 9(8)

Regulation (EU) 2017/578 — Commission Delegated Regulation (EU) 2017/578 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying the requirements on market making agreements and schemes Section 2(1)

Regulation (EU) 2017/589 — Commission Delegated Regulation (EU) 2017/589 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the organisational requirements of investment firms engaged in algorithmic trading Section 2(1)

Regulation (EU) 2017/591 — Commission Delegated Regulation (EU) 2017/591 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives Section 2(1)

regulator — the FCA or the PRA Schedule 1, Part 3, paragraph 9(1)

regulator — the FCA or the PRA Schedule 1, Part 4, paragraph 19(2)

regulator — the FCA or the PRA Schedule 1, Part 4, paragraph 22(3)

relevant auctioned product — an auctioned product (as defined by Article 4 (auctioned products) of the emission allowance auctioning regulation) which is an emission allowance or based on an emission allowance Schedule 2, paragraph 11(7)

relevant exchange — a body corporate or unincorporated association which was a recognised investment exchange carrying on a regulated activity relating to a trading facility at the time the act or omission giving rise to the claim against it, or against a successor falling within subsection (1)(b), took place. In this Part Schedule 2, paragraph 23(6)

relevant exchange — a body corporate or unincorporated association carrying on a regulated activity relating to a trading facility at the time the act or omission which may give rise to the liability mentioned in subsection (1)(a) took place Schedule 2, paragraph 28(3)

relevant market — — but not an overseas investment exchange, as defined by section 313 (interpretation of Part 18) of the Act.. a recognised investment exchange, as defined in section 285(1)(a) (exemption for recognised exemption exchanges and clearance houses) of the Financial Services and Markets Act 2000 (“the Act”); and any other market which is a regulated market Schedule 4, paragraph 9(6)

relevant office — — in relation to a body corporate, its registered office or, if it has no registered office, its head office; and in relation to a person, or authorised person other than a body corporate, the person's head office Section 4(4)

relevant person — borrowed from another act; this instrument states no meaning of its own Section 29(2)

relevant persons — market operators and investment firms operating a trading venue Section 15A(10)

relevant recognition requirement — a requirement set out in paragraph 2B(1)(a)(i) or (ii) of the Schedule to those Regulations Section 44(2)

relevant regulated activity — a regulated activity which relates to any specified activity or specified investment in Part 2 or 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 that was amended or inserted by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 Section 1(5)

senior management — natural persons who exercise executive functions within an investment firm, a market operator or a data reporting services provider and who are responsible, and accountable to the management body, for the day-to-day management of the entity, including for the implementation of the policies concerning the distribution of services and products to clients by the firm and its personnel Schedule 1, Part 1, paragraph 1

significant volumes — borrowed from another act; this instrument states no meaning of its own Section 29(2)

SME growth market — a MTF that is registered as an SME growth market in accordance with Part 5.10 of the Market Conduct sourcebook containing rules made by the FCA under the Act; “regulated market”, “UK regulated market” and “EU regulated market” have the meanings given in Article 2.1.13, 2.1.13A and 2.1.13B respectively of the markets in financial instruments regulation; “trading venue”, “UK trading venue” and “EU trading venue” have the meanings given in Article 2.1.16, 2.1.16A and 2.1.16B respectively of the markets in financial instruments regulation Section 2(1)

specified — specified by the FCA Schedule 2, paragraph 9(3)

Supervisory notice — a notice given in accordance with regulation 28(4) (FCA power to intervene), 36(4) (FCA power to impose requirements) or 40(3) or (6) (removal of persons from management boards: procedure) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 Schedule 1, Part 4, paragraph 22(9)

the Act — the Financial Services and Markets Act 2000 Section 2(1)

the appropriate regulator — — in a case where an investment firm or credit institution is a PRA-authorised person, the FCA or PRA; in any other case, the FCA Section 38(2)

the capital requirements regulation — Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; “CRR rules” has the meaning given in section 144A of the Act; “Part 9C rules” has the meaning given in section 143F(1) of the Act Section 6(6)

the Commission — the Commission of the European Union; “commodity derivative” has the meaning given by Article 2.1.30 of the markets in financial instruments regulation Section 2(1)

the EMIR regulation — Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories as last amended by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 ; “management body” in relation to a person (“P”) means— the board of directors, or if there is no such board, the equivalent body responsible for the management of P; and any other person who effectively directs the business of P Schedule 1, Part 1, paragraph 1

the FCA — the Financial Conduct Authority Section 2(1)

The markets in financial instruments directive — Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments Schedule 2, paragraph 54(2)

the PRA — the Prudential Regulation Authority; “Part 4A permission” has the meaning given by section 55A(5) (application for permission) of the Act; “recognised investment exchange” has the meaning given by section 285(1)(a) (exemption for recognised investment exchanges and clearing houses) of the Act; “regulated activity” has the meaning given by section 22 (regulated activities) of the Act Section 2(1)

the solvency 2 directive — Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) Section 6(6)

the specified circumstances — the circumstances specified in Article 1 of Regulation (EU) 2017/578 Section 30(12)

the specified content — the content specified by Article 2 of Regulation (EU) 2017/578 Section 30(12)

the Tribunal — the Upper Tribunal Section 2(1)

third country firm registered with the FCA — a third country firm which— is registered in the register of third-country firms kept by the FCA in accordance with Article 48 (register) of the markets in financial instruments regulation; and has the right under Article 46.1 (general provisions) of the markets in financial instruments regulation to provide investment services or perform investment activities with or without any ancillary services to eligible counterparties and to clients considered to be professionals; .. Section 15

trading venue — a multilateral trading facility, a regulated market or an organised trading facility Schedule 2, paragraph 38

UK credit institution — a UK firm— which is a credit institution; and whose EEA right derives from the markets in financial instruments directive Schedule 2, paragraph 54(7)

UK-traded non-EEA company — borrowed from another act; this instrument states no meaning of its own Schedule 4, paragraph 9(8)