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This approach will enable the regulators to cut red tape and remove any duplicative rules which hold UK firms back. However, alongside these detailed firm-facing regulatory requirements, the MiFID organisational regulation also includes key definitions that investment firms rely on to interpret the regulatory perimeter. As such, it is essential to maintain these definitions in legislation. This is what this instrument does; it ensures that key definitions from the MiFID organisational regulation are maintained in legislation. This ensures that, when the MiFID organisational regulation is revoked and the regulators replace firm-facing provisions in their rules, there are no gaps in regulation.