energy market activity
- (a) any regulated activity in relation to an energy investment or to energy which:
- (i) is the executing of own account transactions on any recognised investment exchange or designated investment exchange; or
- (ii) if it is not the executing of transactions on such exchanges, is performed in connection with or for persons who are not private customers ;
- (b) establishing, operating or winding up a collective investment scheme which is an energy collective investment scheme in which private customers do not participate.2