(1) The operator of a MTF may apply to the Bank to have the MTF registered as an SME growth market.

(2) The Bank may register the MTF as an SME growth market where it is satisfied that -

(a) at least 50% of the issuers whose financial instruments are admitted to trading on the MTF are SMEs at the time when the MTF is registered as an SME growth market and in any calendar year thereafter,

(b) appropriate criteria are set for initial and ongoing admission to trading of financial instruments of issuers on the market,

(c) on initial admission to trading of financial instruments on the market there is sufficient information published to enable investors to make an informed judgment about whether or not to invest in the financial instruments, in the form of either an appropriate admission document or of a prospectus if the requirements laid down in the Prospectus (Directive 2003/71/EC) Regulations 2005 are applicable in respect of a public offer being made in conjunction with the initial admission to trading of the financial instrument on the MTF,