(1) In addition to the requirements in Regulations 23 and 25 investment firms and market operators operating an MTF shall establish and implement non-discretionary rules for the execution of orders in the system.

(2) An investment firm or market operator operating an MTF shall require that the rules governing access to its MTF comply with the conditions established in Regulation 77(3).

(3) An investment firm or market operator operating an MTF shall have arrangements -

(a) to be adequately equipped to manage the risks to which it is exposed, to implement appropriate arrangements and systems to identify all significant risks to the operation and to put in place effective measures to mitigate those risks,

(b) to effectively facilitate the efficient and timely finalisation of the transactions executed under its systems, and

(c) to have available, at the time of authorisation and on an ongoing basis, sufficient financial resources to facilitate its orderly functioning, having regard to the nature and extent of the transactions concluded on the market and the range and degree of the risks to which it is exposed.