Paragraph 24 Meaning of investment transaction

in subsection (1), after “services” insert “(which may include or comprise the provision of investment advice)”, and

for subsections (2) and (3) substitute—

“(2)

An “investment transaction” means any transaction other than a transaction with an excluded subject matter.

(3)

The following are excluded subject matters—

(a)

land in the United Kingdom, and

(b)

any commodity or other physical asset.

(4)

But a transaction is to be treated as not having an excluded subject matter if—

(a)

it is a derivative contract whose subject matter is a commodity but which does not result in the physical delivery of the commodity, or

(b)

it is a derivative contract whose subject matter is an excluded subject matter only because it operates by reference to a qualifying index, provided that index is not maintained by a person who is connected to any of the parties to the transaction.

(5)

For the purposes of subsection (4) a “qualifying index” means an index relating to an excluded subject matter that—

(a)

is publicly available, and

(b)

is an index of a substantial number of assets.”

in subsection (3), for “has the same meaning” substitute “and “investment transaction” have the same meanings”, and

omit subsection (4).