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(1) (except in COBS and FINMAR) (in relation to an investment) a person who (otherwise than in his capacity as the operator of a regulated collective investment scheme) holds himself out as able and willing to enter into transactions of sale and purchase in investments of that description at prices determined by him generally and continuously rather than in respect of each particular transaction.(2) (in COBS) a person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital at prices defined by him.[Note: article 4 (1)(8) of MiFID](3) (in FINMAR) a person who, ordinarily as part of his business, deals as principal in financial instruments (whether OTC or exchange traded):(a) to fulfil orders received from another person in response to that person's request to trade or to hedge positions arising out of those dealings; or(b) in a way that ordinarily has the effect of providing liquidity on a regular basis to the financial markets on both bid and offer sides of the market in comparable size.
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a person who manages and/or operates the business of a regulated market. The market operator may be the regulated market itself.[Note: article 4(1)(13) of MiFID]
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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.
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the regime established under the provisions of Part VIII of the Act (Penalties for market abuse).
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(in relation to a firm) the risks that arise from fluctuations in values of, or income from, assets or in interest or exchange rates.
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an activity in respect of a transaction:(a) which involves any of the following investments and is not regulated by the rules of a recognised investment exchange:(i) a debenture which is issued on terms requiring repayment not later than five years from the date of issue;(ii) 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; or(b) which involves any of the following investments and is not made on a recognised investment exchange or expressed to be so made:(i) a certificate representing certain securities or rights to or interests in investments relating, in either case, to an investment within (a)(i) or (a)(ii);(ii) an option relating to:(A) an instrument in (a)(i) or (a)(ii); or(B) currency of the United Kingdom or of any other country or territory; or(C) gold or silver;(iii) a future for the sale of:(A) an instrument in (a)(i) or (a)(ii); or(B) currency of the United Kingdom or of any other country or territory; or(C) gold or silver;(iv) a contract for differences by reference to fluctuations in:(A) the value or price of any instrument within any of (a)(i) to (a)(iii) or (b)(i) to (b)(iii); or(B) currency of the United Kingdom or of any other country or territory; or(C) the rate of interest on loans in any such currency or any index of such rates; or(v) an option to acquire or dispose of an instrument within (b)(ii), (b)(iii) or (b)(iv); or(c) where one of the parties agrees to sell or transfer a debenture or government and public security and by the same or a collateral agreement that party agrees, or acquires an option, to buy back or re-acquire that investment or an equivalent amount of a similar investment within twelve months of the sale or transfer.For the purposes of (c) investments are regarded as similar if they entitle their holders to the same rights against the same persons as to capital and interest and the same remedies for the enforcement of those rights.
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the market value as determined in accordance with generally accepted accounting practice.
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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.
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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, 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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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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(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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(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
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the behaviour described in section 118(7) of the Act, which is the dissemination of information by any means which gives, or is likely to give, a false or misleading impression as to a qualifying investment by a person who knew or could reasonably be expected to have known that the information was false or misleading.
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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.
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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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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.
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a market contract as described in section 155 of the Companies Act 1989 or article 80 of the Companies (No2) (Northern Ireland) Order 1990 which is in summary:(a) a contract entered into by a member or designated non-member of an RIE which is either:(i) a contract made on the exchange or an exchange to whose undertaking the exchange has succeeded; or(ii) a contract in the making of which the member or designated non-member was subject to the rules of the exchange or of an exchange to whose undertaking the exchange has succeeded;(b) a contract entered into by an RIE or RCH, in its capacity as such, with one of its members, or with an RCH or with an RIE, for the purpose of:(i) enabling the rights and liabilities of that member, or clearing house or other investment exchange, under a transaction, to be settled; or(ii) providing central counterparty clearing services (as described in section 155(3A) of the Companies Act 1989) to that member or clearing house or other investment exchange.