Schedule 3, paragraph 1(2)

In regulation 3(1) (interpretation)— in the definition of “branch” for “Article 4.1.26” substitute “ Article 4.1.30 ”; omit the definition of “the Commission Regulation”; in the definition of “financial instrument” for “Article 4.1.17” substitute “ Article 4.1.15 ”; in the definition of “multilateral trading facility” for “Article 4.1.15” substitute “ Article 4.1.22 ”; in the definition of “regulated market” for “Article 4.1.14” substitute “ Article 4.1.21 ”; in the definition of “transferable securities” for “Article 4.1.18” substitute “ Article 4.1.44 ”; at the appropriate places insert— “algorithmic trading” has the meaning given in Article 4.1.39 of the markets in financial instruments directive; “certificates” has the meaning given in Article 2.1.27 of the markets in financial instruments regulation; “commodity derivatives” has the meaning given in Article 4.1.50 of the markets in financial instruments directive; “depositary receipts” has the meaning given in Article 4.1.45 of the markets in financial instruments directive; “derivative” means 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 directive; “multilateral system” has the meaning given as in Article 4.1.19 of the markets in financial instruments directive; “senior management” has the meaning given by Article 4.1.37 of the markets in financial instruments directive; “SME growth market” has the meaning given by Article 4.1.12 of the markets in financial instruments directive; “sovereign debt” has the meaning given by Article 4.1.61 of the markets in financial instruments directive; “structured finance products” has the meaning given in Article 4.1.48 of the markets in financial instruments directive; “systematic internaliser” has the meaning given in Article 4.1.20 of the markets in financial instruments directive; “third country firm” has the meaning given in Article 4.1.57 of the markets in financial instruments directive;

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Source: legislation.gov.uk · retrieved 2026-09-04