(1) In Article 18 -
(a) omit the sub-heading in brackets;
(b) for "Article 4(1)(39) of Directive 2014/65/EU" substitute "regulation 2(1) of the Markets in Financial Instruments Regulations 2017".
(2) In Article 19 -
(a) omit the sub-heading in brackets;
(b) in paragraph 1, in the opening words, for "in accordance with Article 4(1)(40) of Directive 2014/65/EU" substitute "for the purposes of the definition of "high-frequency algorithmic trading technique" in regulation 2(1) of the Markets in Financial Instruments Regulations 2017 [S.I, 2017/701. The definition of "high-frequency algorithmic trading technique" was inserted by these regulations.] and regulation 3(1) of the Recognition Requirements Regulations";
(c) in paragraph 2, for "the criteria in Article 17(4) of Directive 2014/65/EU" substitute "the criteria described in paragraph 2A.";
(d) after paragraph 2, insert -
"2A A market making strategy satisfies the criteria in this paragraph where the strategy (pursued by the invest