the person is a member of a regulated market on which stock of that kind is regularly traded; and

the person is an intermediary and is recognised as such by the market in accordance with arrangements approved by the Commissioners.

the person is a member of a multilateral trading facility, or a recognised foreign exchange, on which stock of that kind is regularly traded;

the person is an intermediary and is recognised as such by the facility or exchange in accordance with arrangements approved by the Commissioners; and

the sale is effected on the facility or exchange.

the person is an intermediary who is approved for the purposes of this section by the Commissioners; and

stock of that kind is regularly traded on a regulated market.

the person is an intermediary who is approved for the purposes of this section by the Commissioners;

stock of that kind is regularly traded on a multilateral trading facility or a recognised foreign exchange; and

the sale is effected on the facility or exchange.

the person is a member of a regulated market, a multilateral trading facility or a recognised foreign options exchange;

options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, that market, facility or exchange;

the person is an options intermediary and is recognised as such by that market, facility or exchange in accordance with arrangements approved by the Commissioners; and

stock of that kind is regularly traded on a regulated market.

the person is a member of a regulated market, a multilateral trading facility or a recognised foreign options exchange;

options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, that market, facility or exchange;

the person is an options intermediary and is recognised as such by that market, facility or exchange in accordance with arrangements approved by the Commissioners; and

the sale is effected on a relevant qualifying exchange on which stock of that kind is regularly traded or is effected on a relevant qualifying exchange pursuant to the exercise of a relevant option and options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, that exchange;

the person is an options intermediary who is approved for the purposes of this section by the Commissioners;

options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, a regulated market, a multilateral trading facility or a recognised foreign options exchange; and

stock of that kind is regularly traded on a regulated market.

the person is an options intermediary who is approved for the purposes of this section by the Commissioners;

options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, a regulated market, a multilateral trading facility or a recognised foreign options exchange; and

the sale is effected on a relevant qualifying exchange on which stock of that kind is regularly traded or is effected on a relevant qualifying exchange pursuant to the exercise of a relevant option and options to buy or sell stock of that kind are regularly traded on, and are listed by or quoted on, that exchange;

an intermediary is a person who carries on a bona fide business of dealing in stock and does not carry on an excluded business; and

an options intermediary is a person who carries on a bona fide business of dealing in quoted or listed options to buy or sell stock and does not carry on an excluded business.

any business which consists wholly or mainly in the making or managing of investments;

any business which consists wholly or mainly in, or is carried on wholly or mainly for the purpose of, providing services to persons who are connected with the person carrying on the business;

any business which consists in insurance business;

any business which consists in managing or acting as trustee in relation to a pension scheme or which is carried on by the manager or trustee of such a scheme in connection with or for the purposes of the scheme;

any business which consists in operating or acting as trustee in relation to a collective investment scheme or is carried on by the operator or trustee of such a scheme in connection with or for the purposes of the scheme.

it is subject to the rules of F6the facility or exchange; and

it is reported to F6the facility or exchange in accordance with the rules of F6the facility or exchange.

is authorised under the law of an EEA State F9or Gibraltar to provide any of the investment services or activities listed in Section A 2 or 3 of Annex I to the Directive (execution of orders on behalf of clients and dealing on own account), whether or not the person is authorised under the DirectiveF7or

has permission under the Financial Services and Markets Act 2000 to carry on any of the investment services or activities in paragraph 2 or 3 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.