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(as defined in article 2(1)(k) of the short selling regulation) the activities of an investment firm, a credit institution, a third-country entity, or a firm as referred to in point (l) of article 2(1) of MIFID, which is a member of a trading venue or of a market in a third country, the legal and supervisory framework of which has been declared equivalent by the European Commission pursuant to article 17(2) of the short selling regulation where it deals as principal in a financial instrument, whether traded on or outside a trading venue, in any of the following capacities:(a) by posting firm, simultaneous two-way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market; or(b) as part of its usual business, by fulfilling orders initiated by clients or in response to clients' requests to trade; or(c) by hedging positions arising from the fulfilment of tasks under points (a) and (b).
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(1) any of the following investments:(a) a debenture which is issued on terms requiring repayment not later than five years from the date of issue;(b) any government and public security which is issued on terms requiring repayment not later than one year or, if issued by a local authority in the United Kingdom , five years from the date of issue;(d) a certificate representing certain securities or rights to or interests in investments relating, in either case, to an investment within (a) or (b);(e) an option relating to:(i) an instrument in (a) or (b); or(ii) currency of the United Kingdom or of any other country or territory; or(iii) gold or silver;(f) a future for the sale of:(i) an instrument in (a) or (b); or(ii) currency of the United Kingdom or of any other country or territory; or(iii) gold or silver;(g) a contract for differences by reference to fluctuations in:(i) the value or price of any instrument within any of (a) to (f); or(ii) currency of the United Kingdom or of any other country or territory; or(iii) the rate of interest on loans in any such currency or any index of such rates;(h) an option to acquire or dispose of an instrument within (e), (f) or (g).(2) those classes of financial instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and excluding instruments of payment.[Note: article 4(1)(19) of MiFID]
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(for the purposes only of COBS TP 1 (Transitional Provisions in relation to Client Categorisation));(1) (except in COB 3) a client who is:(a) a properly constituted government (including a quasi-governmental body or a government agency) of any country or territory;(b) a central bank or other national monetary authority of any country or territory;(c) a supranational whose members are either countries or central banks or national monetary authorities;(d) a State investment body, or a body charged with, or intervening in, the management of the public debt;(e) another firm, or an overseas financial services institution, except in relation to designated investment business, and related ancillary activities, conducted with or for that firm or institution, when that firm or institution is an intermediate customer in accordance with COB 4.1.7 R (Classification of another firm or an overseas financial services institution);(f) any associate of a firm (except an OPS firm), or of an overseas financial services institution, if the firm or institution consents;(g) a client when he is classified as a market counterparty in accordance with COB 4.1.12 R (Large intermediate customer classified as a market counterparty);(h) a recognised investment exchange, designated investment exchange, regulated market or clearing house when it is classified as a market counterparty in accordance with COB 4.1.8A R (Classification of an exchange or clearing house);but excluding:(A) a regulated collective investment scheme; and(B) (except for the purposes of DISP) a client, who would otherwise be a market counterparty, when he is classified as a private customer in accordance with COB 4.1.14 R (Client classified as private customer).
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(1) (in accordance with section 118 of the Act (Market abuse)) behaviour (whether by one person alone or by two or more persons jointly or in concert) which:(a) occurs in relation to qualifying investments traded or admitted to trading on a prescribed market or in respect of which a request for admission to trading on such a market has been made; and(b) falls within any one or more of the types of behaviour set out in section 118(2) to (8) of the Act.(2) (in accordance with section 118 of the Act (Market abuse) as modified by the RAP Regulations) behaviour (whether by one person alone or by two or more persons jointly or in concert) which:(a) occurs in relation to qualifying investments which are offered for sale on a prescribed auction platform; and
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(1) (in accordance with section 118(6) of the Act (Market abuse)) the behaviour described in section 118(6) of the Act, which is effecting transactions or orders to trade which employ fictitious devices or any other form of deception or contrivance.(2) (in accordance with section 118(6) of the Act (Market abuse) as modified by the RAP Regulations)) the behaviour described in section 118(6) of the Act, which is effecting transactions, bids or orders to trade which employ fictitious devices or any other form of deception or contrivance.
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(1) (in accordance with section 118(8) of the Act (Market abuse)) the behaviour described in section 118(8) of the Act which satisfies the condition in section 118(8)(a) and is behaviour (not falling within sections 118(5), (6) or (7)) which:(a) is likely to give a regular user of the market a false or misleading impression as to the supply of, demand for or price or value of, qualifying investments, and(b) is likely to be regarded by a regular user of the market as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market.(2) (in accordance with section 118(8) of the Act (Market abuse) as modified by the RAP Regulations) the behaviour described in section 118(8) of the Act which satisfies the condition in section 118(8)(a) and is behaviour (not falling within sections 118(5), (6) or (7)) which:(a) is likely to give a regular user of the auction platform a false or misleading impression as to the supply of, demand for or price or value of, qualifying investments, or(b) and is likely to be regarded by a regular user of the auction platform as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market.
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(1) (in accordance with section 118(5) of the Act (Market abuse)) the behaviour described in section 118(5) of the Act, which is behaviour effecting transactions or orders to trade (otherwise than for legitimate reasons and in conformity with accepted market practices on the relevant market) which:(a) give, or are likely to give a false or misleading impression as to the supply of, or demand for, or as to the price of, one or more qualifying investments; or(b) secure the price of one or more such investments at an abnormal or artificial level.(2) (in accordance with section 118(5) of the Act (Market abuse) as modified by the RAP Regulations) the behaviour described in section 118(5) of the Act as modified by the RAP Regulations, which is behaviour effecting transactions, bids or orders to trade (otherwise than for legitimate reasons and in conformity with accepted market practices on the relevant auction platform) which:(a) give, or are likely to give a false or misleading impression as to the supply of, or demand for, or as to the price of, one or more qualifying investments; or(b) secure the price of one or more such investments at an abnormal or artificial level.
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the part of the capital resources requirement of a BIPRU firm in respect of market risk, calculated in accordance with GENPRU 2.1.52R (Calculation of the market risk capital requirement).
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(1) (in accordance with section 118(8) of the Act (Market abuse)) the behaviour described in section 118(8) of the Act which satisfies the condition in section 118(8)(b) and is behaviour (not falling within sections 118(5), (6) or (7)) which:(a) would be, or would be likely to be, regarded by a regular user of the market as behaviour that would distort, or would be likely to distort, the market in a qualifying investment; and(b) is likely to be regarded by a regular user of the market as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market.(2) (in accordance with section 118(8) of the Act (Market abuse) as modified by the RAP Regulations) the behaviour described in section 118(8) of the Act as modified by the RAP Regulations which satisfies the condition in section 118(8)(b) and is behaviour (not falling within sections 118(5), (6) or (7)) which:(a) would be, or would be likely to be, regarded by a regular user of the auction platform as behaviour that would distort, or would be likely to distort, the auction of such an investment,(b) and is likely to be regarded by a regular user of the auction platform as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market.
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(in COLL) (in relation to marketing units in a regulated collective investment scheme in a particular country or territory):(a) communicating to a person in that country or territory an invitation or inducement to become, or offer to become, a holder in that regulated collective investment scheme ;(b) giving advice on investments to, or arranging (bringing about) a deal in an investment for a person in that country or territory to become a holder in that regulated collective investment scheme .
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(1) (in accordance with section 118(4) of the Act (Market abuse)) the behaviour described in section 118(4) of the Act, which is behaviour (not falling within sections 118 (2) or (3) of the Act):(a) based on information which is not generally available to those using the market but which, if available to a regular user of the market, would be, or would be likely to be, regarded by him as relevant when deciding the terms on which transactions in qualifying investments should be effected; and(b) likely to be regarded by a regular user of the market as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market(2) (in accordance with section 118(4) of the Act (Market abuse) as modified by the RAP Regulations) the behaviour described in section 118(4) of the Act as modified by the RAP Regulations, which is behaviour (not falling within sections 118 (2) or (3) of the Act):(a) based on information which is not generally available to those using the auction platform but which, if available to a regular user of the auction platform, would be, or would be likely to be, regarded by him as relevant when deciding the terms on which transactions in qualifying investments should be effected, and(b) is likely to be regarded by a regular user of the auction platform as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the auction platform.
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the regulated activity, specified in article 25A(2) of the Regulated Activities Order, which is in summary: making arrangements with a view to a person who participates in the arrangements entering into a regulated mortgage contract as borrower.(see also arranging (in relation to regulated mortgage contracts) and arranging (bringing about) regulated mortgage contracts.)
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Directive of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) (No 2003/6/EC).
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the behaviour described in section 118(2) of the Act, which is an insider dealing , or attempting to deal , in a qualifying investment or related investment on the basis of inside information relating to the investment in question.
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the behaviour described in section 118(3) of the Act, which is an insider disclosing inside information to another person otherwise than in the proper course of the exercise of employment, profession or duties.
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an authorised fund or, in the case of an umbrella, a sub-fund (if it were a separate fund) which satisfies the conditions in COLL 5.9.5 R (Investment conditions: money market funds) and is not a qualifying money market fund.
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the regulated activity, specified in article 25C(2) of the Regulated Activities Order, which is in summary: making arrangements with a view to a person who participates in the arrangements entering into a home purchase plan as home purchaser.
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an exemption from articles 5, 6, 7, 12, 13 and 14 of the short selling regulation for transactions performed due to market making activities pursuant to article 17 of the short selling regulation.
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a group of persons who:(a) are allied together (either formally or informally) for the purposes of marketing packaged products of the marketing group; and(b) each of whom, if it holds itself out in the United Kingdom as marketing packaged products to private customers, does so only as an investment manager or in relation to packaged products of the marketing group.