(1) The operation of an organised trading facility on which non-equity MiFID instruments are traded is a specified kind of activity.
(1A) Paragraph (1) does not apply to a kind of activity to which article 25DB applies.
(2) In paragraph (1) a “non-equity MiFID instrument” means any investment -
(a) of the kind specified by article 77, 77A, 78, 79, 80, 81, 82B, 83, 84 or 85; or
(b) of the kind specified by article 89 so far as relevant to an investment falling within sub-paragraph (a),
that is a bond, a structured finance product (within the meaning of Article 2.1.28 of the markets in financial instruments regulation [OJ L173, 12/6/2014, p.84.]), an emission allowance, or a derivative (within the meaning of Article 2.1.29 of the markets in financial instruments regulation).