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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.


    81(as defined in article 2(1)(14A) of MiFIR) means a multilateral system, operated by a UK investment firm or market operator, which:

      1. (a) brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract; and
      1. (b) complies, as applicable, with:
        1. (i) paragraph 9A of the Recognition Requirements Regulations;
        1. (ii) the EU regulations specified in Schedule 2 of MiFIR;
        1. (iii) rules made by the competent authority governing the operating conditions of investment firms so far as they apply to MTFs,

    and for the purposes of this definition, an investment firm or market operator is a UK investment firm or market operator if it has its registered office (or if it does not have a registered office, its head office) in the United Kingdom.