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GEN 3.3.1 Guidance

Past version: effective from 01/09/2005 - 27/04/2011
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1. An Authorised Market Institution may in addition to the Financial Services set out in GEN Rule 3.3.1 also carry on one or more ancillary activities specified under GEN Rule 2.2.2 but only in circumstances where the relevant activity is carried on as a necessary part of the AMI's business as an Exchange or for the purpose of, or in connection with the provisions of clearing or settlement services.
2. The majority of these activities do not amount to Financial Services as the activities are not carried on by way of business (see GEN Rule 2.3.4). However, pursuant to GEN Rule 2.3.4 certain activities do amount to Financial Services. One of the activities is Operating an Alternative Trading System which cannot, pursuant to GEN Rule 3.3.1, be carried on by an AMI.
[Added][VER4/08-05]