(1) For the purposes of regulation 15(2)(a), "the qualified investor condition" is that the rules of the primary MTF provide that -

(a) only qualified investors are permitted to trade on the primary MTF, and

(b) no qualified investor is permitted to trade on the primary MTF when acting (directly or through one or more intermediaries) on behalf of persons who are not themselves qualified investors.

(2) Where -

(a) a person who is not a qualified investor ("the client") has engaged a qualified investor falling within paragraph 3(a) of Schedule 1 to the markets in financial instruments regulation to act as the client’s agent, and

(b) the terms on which the qualified investor is engaged enable the qualified investor to make decisions concerning trading on a primary MTF on the client’s behalf without reference to the client,

trading on the primary MTF by or on behalf of the qualified investor is not to be treated for the purposes of paragraph (1) as done on behalf of the client.

(3) In this regulation "qualified investor" means -