(1) In this section -

'Directive' means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 [OJ No. L173, 12.6.2014, p.349] on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU;

'issuer' has the meaning given to it by subsection (2)(a)(ii);

'multilateral trading facility' has the same meaning as it has in Article 4(1), point (22), of the Directive;

'notification' means a notification made under paragraph (a) or (b), as the case may be, of subsection (2);

'notification date' shall be construed in accordance with subsection (6);

'operator' has the meaning given to it by subsection (2)(a);

'rate of exchange' means a rate at which 2 currencies might reasonably be expected to be exchanged for each other by persons dealing at arm's length;

'regulated market' has the same meaning as it has in Article 4(1), point (21), of the Directive;

'relevant market' means -

(a) a regulated market,

(b) a multilateral trading facility, or