Clause 192

by deleting paragraphs 1, 2 and 3 and substituting the following paragraphs:“Definition of organised market1.—

In this Act, “organised market” means —

a place at which, or a facility (whether electronic or otherwise) by means of which, offers or invitations to exchange, sell or purchase derivatives contracts, securities or units in collective investment schemes, are regularly made on a centralised basis, being offers or invitations that are intended or may reasonably be expected to result, whether directly or indirectly, in the acceptance or making, respectively, of offers to exchange, sell or purchase derivatives contracts, securities or units in collective investment schemes (whether through that place or facility or otherwise); or

such other facility or class of facilities as the Authority may, by order, prescribe.(2) Despite sub-paragraph (1), “organised market” does not include a place or facility used by only one person —

to regularly make offers or invitations to sell, purchase or exchange derivatives contracts, securities or units in collective investment schemes; or

to regularly accept offers to sell, purchase or exchange derivatives contracts, securities or units in collective investment schemes.”; and

by deleting paragraph (a) of the definition of “clearing facility” in paragraph 4(1) and substituting the following paragraph:“(a)a facility for the clearing or settlement of transactions in derivatives contracts, securities or units in collective investment schemes; or”.