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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

operating a multilateral trading facility

    30the regulated activity in article 25D of the Regulated Activities Order, which is, in summary, the operation of a multilateral trading facility on which MiFID instruments are traded.

    In this definition "MiFID instrument" means any investment:

      1. (a) of the kind specified by articles 76, 77, 78, 79, 80, 81, 82B86111, 83, 84 or 85 of the Regulated Activities Order; or
      1. (b) of the kind specified by article 89 of the Regulated Activities Order, so far as relevant to an investment falling within (a);86111

    that is a financial instrument.