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Regulation 84 Meaning of “relevant contract”: futures

Original text. Later amendments are not shown.

(1)

For the purposes of regulation 82(1)(b) a “future” is a contract for the sale of property under which delivery is to be made—

(a)

at a future date agreed when the contract is made, and

(b)

at a price so agreed.

(2)

For the purposes of paragraph (1)(b) a price is taken to be agreed when the contract is made—

(a)

notwithstanding that the price is left to be determined by reference to the price at which a contract is to be entered into on a market or exchange or could be entered into at a time and place specified in the contract, or

(b)

in a case where the contract is expressed to be by reference to a standard lot and quality, notwithstanding that provision is made for a variation in the price to take account of any variation in quantity or quality on delivery.