1. The prohibition in Article 15 shall not apply to the activities referred to in Article 12(1)(a), provided that the person entering into a transaction, placing an order to trade or engaging in any other behaviour establishes that such transaction, order or behaviour have been carried out for legitimate reasons, and conform with an accepted market practice as established -

(a) in relation to a UK market in accordance with this Article;

(b) in relation to a market in an EEA state, in accordance with Article 13 of the EU Market Abuse Regulation;

or

(c) in relation to a market in Gibraltar, in accordance with Article 13 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse as it applies in Gibraltar after IP completion day.

2. The FCA may establish an accepted market practice, taking into account the following criteria:

(a) whether the market practice provides for a substantial level of transparency to the UK market;