(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 [S.I. 2001/544.] is amended as follows.
(2) In article 25 (arranging deals in investments) [Article 25 was amended by S.I. 2003/1476, S.I. 2006/3384 and S.I. 2017/488.], in paragraph (3), for "or 25DA" substitute ", 25DA or 25DB,".
(3) In article 25D (operating a multilateral trading facility) [Article 25D was inserted by S.I. 2006/3384 and amended by S.I. 2010/86 and S.I. 2017/488.], after paragraph (1) insert -
"(1A) Paragraph (1) does not apply to a kind of activity to which article 25DB applies.".
(4) In article 25DA (operating an organised trading facility) [Article 25DA was inserted by S.I. 2017/488.], after paragraph (1) insert -
"(1A) Paragraph (1) does not apply to a kind of activity to which article 25DB applies.".
(5) After article 25DA insert -
"25DB. Operating an electronic system for public offers of relevant securities
(1) Operating an electronic system by means of which a qualifying public
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