energy market activity
- (a) any regulated activity other than bidding in emissions auctions73 in relation to an energy investment or to energy, or in relation to a biomass investment or biomass that is ancillary to activities related to energy investments or energy, 50 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 not46 retail clients 46 ;
- (b) establishing, operating or winding up a collective investment scheme which is an energy collective investment scheme in which46 retail clients 46 do not participate.2