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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 an organised trading facility

    86 the regulated activity in article 25DA of the Regulated Activities Order, which is in summary, the operation of an organised trading facility on which non-equity MiFID instruments are traded.

    In this definition “non-equity MiFID instrument” means any investment

      1. (a) of the kind specified by articles 77, 77A, 78, 79, 80, 81, 82B, 83, 84 or 85; 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);

    that is a bond, a structured finance product (within the meaning of article 2(1)(28) of MiFIR), an emission allowance86, or a derivative (within the meaning of article 2(1)(29) of MiFIR).