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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)(15A) of MiFIR) means a multilateral system:

      1. (a) which is not a regulated market or an MTF;
      1. (b) in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract, and 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 OTFs.