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