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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.

multilateral trading facility

      118(in accordance with article 3(1) of the Regulated Activities Order):

          1. 118(a) a UK132 multilateral trading facility (within the meaning of article 2(1)(14A) of MiFIR132) operated by an investment firm, a credit institution or a market operator; or
          1. 118(b) a facility which:
            1. 118(i) is operated by an investment firm, a qualifying credit institution132 or a market operator whose home State is not the United Kingdom132; and
            1. (ii) if its operator’s home State was the United Kingdom,132 would be a UK multilateral trading facility132 within the meaning of article 2(1)(14A) of MiFIR132. 118
            [Note: article 2(1)(14A) of MiFIR132]118