{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-financial-promotion-order-2005/schedule-1/paragraph-21",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-financial-promotion-order-2005/schedule-1/paragraph-21.json",
  "legislation": "uksi/2005/1529",
  "legislation_title": "The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-financial-promotion-order-2005",
  "path": "schedule/1/paragraph/21",
  "kind": "paragraph",
  "number": "21",
  "heading": "Options",
  "text": "(1) Options to acquire or dispose of—\n(a) a security or contractually based investment (other than one of a kind specified in this paragraph);\n(b) currency of the United Kingdom or of any other country or territory;\n(c) palladium, platinum, gold or silver; ...\n(d) an option to acquire or dispose of an investment falling within this paragraph by virtue of sub-paragraph (a), (b) or (c);\n(e) subject to sub-paragraph (4), an option to acquire or dispose of an option to which paragraph 5, 6, 7 or 10 of Part 1 of Schedule 2 to the Regulated Activities Order (referred to in the following provisions of this paragraph as “Schedule 2”) applies\n(2) Subject to sub-paragraph (4), options—\n(a) to which sub-paragraph (1) does not apply;\n(b) which relate to commodities;\n(c) which may be settled physically; and\n(d) either—\n(i) to which paragraph 5 or 6 of Part 1 of Schedule 2 ... applies, or\n(ii) which in accordance with paragraphs 5, 6 and 8 of Part 2 of Schedule 2 are to be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes, and to which paragraph 7 of Part 1 of that Schedule applies.\n(3) Subject to sub-paragraph (4), options—\n(a) to which sub-paragraph (1) does not apply;\n(b) which may be settled physically; and\n(c) to which paragraph 10 of Part 1 of Schedule 2 ... applies.\n(4) Sub-paragraphs (1)(e), (2) and (3) only apply to options in relation to which—\n(a) an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis;\n(b) a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule;\n(c) a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule;\n(d) a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.\n(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 1 para. 21 renumbered as Sch. 1 para. 21(1) (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(3)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in Sch. 1 para. 21(1)(c) omitted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(3)(b)(i)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 1 para. 21(1)(e) and semi-colon inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(3)(b)(ii)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 1 para. 21(1)(e) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 176(4)(a) (with reg. 162(2)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(u) and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Sch. 1 para. 21(1)(e) substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 12(2)(a) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Sch. 1 para. 21(2)-(5) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(3)(c)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in Sch. 1 para. 21(2)(d)(i) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 176(4)(b) (with reg. 162(2)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(u) and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in Sch. 1 para. 21(2)(d)(i) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 12(2)(b)(i) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in Sch. 1 para. 21(2)(d)(ii) substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 12(2)(b)(ii) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in Sch. 1 para. 21(2)(d)(ii) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 176(4)(c) (with reg. 162(2)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(u) and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in Sch. 1 para. 21(3)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 176(4)(d) (with reg. 162(2)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(u) and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Words in Sch. 1 para. 21(3)(c) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 12(2)(c) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)"
    },
    {
      "type": "F",
      "label": "F13",
      "text": "Sch. 1 para. 21(4)(a)-(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 176(4)(e) (with reg. 162(2)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(u) and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F14",
      "text": "Sch. 1 para. 21(5) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 176(4)(f) (with reg. 162(2)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(u) and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/1529/schedule/1/paragraph/21",
    "retrieved_at": "2026-10-29T04:57:52.457126+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}