energy market activity
- (a) any regulated activity 137in 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, 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 retail clients;
- (b) [deleted]91