# The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017, Article 9: Amendments to article 85 of the Order: contracts for differences


(1) Article 85 of the Order (contracts for differences etc.) is amended as follows.
(2) In paragraph (4)—
(a) omit “or” at the end of sub-paragraph (b);
(b) in sub-paragraph (c), for “paragraph 8” substitute “paragraph 8 or 9”;
(c) after sub-paragraph (c) insert—
“, or
(d) an AIFM is providing, in accordance with Article 6.4 of the alternative investment fund managers directive the investment service specified in paragraph 1, 4 or 5 of Section A, or the ancillary service specified in paragraph 1 of Section B, of Annex I to the markets in financial instruments directive.”.
(3) After paragraph (4) insert—
“(4A) Subject to paragraph (4B), a derivative contract of a binary or other fixed outcomes nature—
(a) to which paragraph (1) does not apply;
(b) which is settled in cash; and
(c) which is a financial instrument to which paragraph 4, 5, 6, 7 or 10 of Section C of Annex I to the markets in financial instruments directive read with Articles 5 to 8 and 10 of the Commission Regulation (the texts of which are set out in Parts 1 and 2 of Schedule 2) applies.
(4B) Paragraph (4A) only applies to derivatives in relation to which—
(a) an investment firm or credit institution is providing or performing investment services and activities on a professional basis,
(b) a management company is providing, in accordance with Article 6.3 of the UCITS directive, the investment service specified in paragraph 4 or 5 of Section A, or the ancillary service specified in paragraph 1 of Section B, of Annex I to the markets in financial instruments directive,
(c) a market operator is providing the investment service specified in paragraph 8 or 9 of Section A of Annex I to the markets in financial instruments directive,
(d) an AIFM is providing, in accordance with Article 6.4 of the alternative investment fund managers directive the investment service specified in paragraph 1, 4 or 5 of Section A, or the ancillary service specified in paragraph 1 of Section B, of Annex I to the markets in financial instruments directive, or
(e) a person is carrying on the activity specified by article 25(2).”.

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Source: https://www.legislation.gov.uk/ukdsi/2017/9780111154168/article/9 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-regulated-activities-amendment-order-2017/article-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.