This Regulation applies to:
- (1)
those persons described in Article 1(2) of Regulation 600/2014/EU; and
- (2)
the Financial Conduct Authority as a competent authority.
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Where a term is defined in Directive 2014/65/EU (as that directive applied in the European Union immediately before IP completion day) that definition shall apply for the purposes of this Regulation except where it is defined in article 2 of Regulation 600/2014/EU in which case that definition shall apply for the purposes of this Regulation.
The definition of all other terms defined in article 2 of Regulation 600/2014/EU shall apply for the purposes of this Regulation save where the context otherwise requires.
Article 2(1)(62) of Regulation 600/2014/EU applies for the purposes of this Regulation unless otherwise stated.
The ‘relevant area’ in relation to a financial instrument means the United Kingdom and such other countries or regions as have been specified by the FCA by direction for the purposes of Article 5 or Article 14 of Regulation (EU) No 600/2014, as the context requires.
References to the date of application of Regulation (EU) No 600/2014 mean the date of application of that Regulation in the European Union.
For the purposes of this Regulation, the following definitions shall apply:
"package transaction" means either of the following:
a transaction in a derivative contract or other financial instrument contingent on the simultaneous execution of a transaction in an equivalent quantity of an underlying physical asset (Exchange for Physical or EFP);
a transaction which involves the execution of two or more component transactions in financial instruments; and:
which is executed between two or more counterparties;
where each component of the transaction bears meaningful economic or financial risk related to all the other components;
where the execution of each component is simultaneous and contingent upon the execution of all the other components;
"request-for-quote system" means a trading system where the following conditions are met:
a quote or quotes by a member or participant are provided in response to a request for a quote submitted by one or more other members or participants;
the quote is executable exclusively by the requesting member or participant;
the requesting member or market participant may conclude a transaction by accepting the quote or quotes provided to it on request;
"voice trading system" means a trading system where transactions between members are arranged through voice negotiation;
"the AIFM Regulations" means the Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773).