(1) In addition to complying with the requirements of Regulation 23, an investment firm or market operator, when operating an MTF or OTF, shall -

(a) establish -

(i) transparent rules and procedures for fair and orderly trading, and

(ii) objective criteria for the efficient execution of orders,

(b) have arrangements for the sound management of the technical operations of the facility, including the establishment of effective contingency arrangements to cope with risks of systems disruptions,

(c) establish transparent rules regarding the criteria for determining the financial instruments that can be traded under its systems,

(d) ensure that there is access to sufficient publicly available information to enable the users of the MTF or an OTF to form an investment judgement, taking into account both the nature of the users and the types of instruments traded,

(e) establish, publish, maintain and implement transparent and non-discriminatory rules, based on objective criteria, governing access to the MTF or OTF,