• COBS 8.2.1 COBS 8.2.1

    In addition to the general requirements applicable to Authorised Persons in COBS, GEN and elsewhere in the Rules, an Authorised Person carrying on the Regulated Activity of Operating an MTF (an "MTF Operator") must comply with the following requirements applicable to a Recognised Body or Recognised Investment Exchange set out in the MIR rulebook, reading references to Recognised Bodies or Recognised Investment Exchanges in the relevant rules as if they were references to the MTF:

    (a) MIR 2.6 (Operational systems and controls);
    (b) MIR 2.7.1 and 2.7.2 (Transaction recording);
    (c) MIR 2.8 (Membership criteria and access);
    (d) MIR 2.9 (Financial crime and market abuse);
    (e) MIR 2.11 (Rules and consultation);
    (f) MIR 3.3 (Fair and orderly trading);
    (g) MIR 3.7 (Public disclosure);
    (h) MIR 3.8 (Settlement and Clearing facilitation services);
    (i) MIR 3.10 (Default Rules).

    • Guidance

      In assessing whether an MTF Operator complies with the requirements set out above, the Regulator will take into account the general principle that users of an MTF anticipate less comprehensive regulatory protections.