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proprietary trading

    (in SYSC 5.2 (Certification regime), SUP 10A (FCA 138Approved Persons), COCON138 and APER) dealing in investments as principal as part of a business of trading in specified investments. For these purposes dealing in investments as principal includes any activities that would be included but for the exclusion in Article 15 (Absence of holding out),104 Article 16 (Dealing in contractually based investments) or, for a UK AIFM or UK UCITS management company, article 72AA (Managers of UCITS and AIFs)104 of the Regulated Activities Order.