organised trading facility
- (a) an organised trading facility (within the meaning of article 4(1)(23) of MiFID II) operated by an investment firm, a credit institution or a market operator; or
- (b) a facility which:
- (i) is operated by an investment firm, a credit institution or a market operator which does not have a Home State; and
- (ii) if its operator had a Home State, would be an organised trading facility within the meaning of article 4(1)(23) of MiFID II.
85(in relation to FEES 3), (in accordance with article 3(1) of the Regulated Activities Order):
[Note: article 4(1)(23) of MiFID II]