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energy market activity

      1. (a) any regulated activity other than bidding in emissions auctions in relation to an energy investment or to energy, or in relation to a biomass investment or biomass that is ancillary to activities related to energy investments or energy, which:
        1. (i) is the executing of own account transactions on any recognised investment exchange or designated investment exchange; or
        1. (ii) if it is not the executing of transactions on such exchanges, is performed in connection with or for persons who are not retail clients;
      1. (b) [deleted]91