(1) Subject to paragraph (2), a person shall not act as an investment firm in the State, claim to be an investment firm in the State or represent that the person is an investment firm in the State, unless the person is -
(a) an authorised investment firm,
(b) is authorised to do so for the purposes of the Directive by a competent authority in another Member State, or
(c) is deemed authorised as described in Regulation 6(2),
and is acting as authorised.
(2) A market operator of a regulated market may operate an MTF in the State, subject to the prior verification of the market operator’s compliance with Part 4 and with Part 5 excluding Regulations 31 and 42.
(3) At the request of the market operator of a regulated market, the Bank may authorise as an MTF a multilateral system that, immediately before 1 November 2007, was both in existence and operated by the market operator if -
(a) the multilateral system is in compliance with rules equivalent to those required by these Regulatio