The Financial Regulator has issued a Guidance Note on the authorisation processes applicable to a proposal to operate an MTS under the European Communities (Markets in Financial Instruments) Regulations 2007. This note clarifies what might constitute an MTF under the MiFID Regulations and sets out details of the different authorisation processes applicable to a proposal to operate an MTF, depending on whether the proposed MTF operator is an existing authorised investment firm or is applying for authorisation as an investment firm under the MiFID regulations for the first time. It sets out the information and documentation required by the Regulator to support an application to operate an MTF.