MIR 2.5.3

A Recognised Body must have rules, procedures and appropriate surveillance to ensure that its facilities are such as to afford proper protection to investors. The Regulator may have regard to the extent to which the Recognised Body's rules, procedures and arrangements for monitoring and overseeing the use of its facilities:

(a) include appropriate measures to prevent the use of its facilities for abusive or improper purposes;
(b) provide appropriate safeguards for investors against fraud or misconduct, recklessness, negligence or incompetence by users of its facilities;
(c) provide appropriate information to enable users of its facilities to monitor their use of the facilities;
(d) include appropriate arrangements to enable users of its facilities to raise queries about any use of those facilities which they are reported to have made;
(e) include appropriate arrangements to enable users of its facilities to comply with any relevant regulatory or legal requirements; and
(f) include appropriate arrangements to reduce the risk that those facilities will be used in ways which are incompatible with relevant regulatory or legal requirements,

and in this paragraph "appropriate" should be taken to mean appropriate having regard to the nature and scale of the Recognised Body's facilities, the types of Persons who will use the facilities and the use which they will make of those facilities.