The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment) Regulations 2025

in paragraph (1)^f2, after “commodity derivative”, in both places it occurs, insert “or an applicable OTC commodity derivative”;

in paragraph (2)^f3, after “commodity derivative” insert “or an applicable OTC commodity derivative”;

in paragraph (3)^f4, for “15A” substitute “15A(1)”.

before the definition of “market operator”, insert—

• ““applicable OTC commodity derivative” means an option, future or contract for difference which—

  1. (a)

     relates, either directly or indirectly, to a commodity derivative traded on a trading venue established in the United Kingdom, and

  2. (b)

     is not a financial instrument;

  where “option”, “future” and “contract for difference” mean the investments of the kind specified in articles 83 (options)^f7, 84 (futures)^f8 and 85 (contracts for differences etc.)^f9 of the Regulated Activities Order;”;

in the definition of “position”, for the words from “any economically equivalent” to the end substitute “for the purposes of regulations 27 and 28 any applicable OTC commodity derivative”.