(1) A member of, or participant in, a regulated market or multilateral trading facility ("M") that engages in algorithmic trading must comply with the requirements of this regulation if -

(a) M is established in the United Kingdom;

(b) M falls within paragraph (1A); and

(c) M does not have a Part 4A permission to carry on a regulated activity which is any of the investment services and activities.

(1A) M falls within this paragraph if M is -

(a) the society incorporated by Lloyd's Act 1871 [1871 c.xxi.] known by the name of Lloyd's;

(b) an authorised person with a Part 4A permission to carry on the regulated activity of -

(i) effecting or carrying out contracts of insurance under article 10 of the Regulated Activities Order;

(ii) insurance risk transformation under article 13A of the Regulated Activities Order;

(iii) managing the underwriting capacity of a Lloyd's syndicate under article 57 of the Regulated Activities Order,