proprietary trading

(in SYSC 27 (Senior managers and certification regime:173 (Certification regime) and COCON193) dealing in investments as principal as part of a business of trading in specified investments. For these purposes dealing in investments as principal includes any activities that would be included but for the exclusion in Article 15 (Absence of holding out),104 Article 16 (Dealing in contractually based investments) or, for a UK AIFM or UK UCITS management company, article 72AA (Managers of UCITS and AIFs)104 of the Regulated Activities Order.