(1) A member of, or participant in, a regulated market or multilateral trading facility that provides direct electronic access to the market or facility ("M") must comply with the requirements set out in paragraphs (4) to (9) if condition A or B is met.
(2) Condition A is that -
(a) M is established in the United Kingdom;
(b) M falls within paragraph (1A) of regulation 30; 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.
(3) Condition B is that M provides direct electronic access in accordance with the law of the United Kingdom for the purposes of Article 54.1 (transitional provisions) of the markets in financial instruments regulation.
(4) M must have in place effective systems and controls which ensure -
(a) M conducts an assessment and review of the suitability of clients using the service;
(b) clients using the service are prevented from exceeding appropriate pre-set trading and credit thresholds;
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