(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,
when carrying on those activities (and any other activities p
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