Regulation 2 Amendment of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

(1)

The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017^f1 are amended as follows.

(2)

In regulation 27 (FCA power to require information)—

(a)

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

(b)

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

(c)

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

(3)

In regulation 28 (1) (FCA power to intervene)^f5, in sub-paragraph (a), after “commodity derivative” insert “or an applicable OTC commodity derivative”.

(4)

In regulation 29 (interpretation of Part 3)^f6, in paragraph (2)—

(a)

before the definition of “market operator”, insert—

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

(a)

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

(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;”;

(b)

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”.

Annotations

Footnotes

f1: S.I. 2017/701.
f2: There are uncommenced amendments to regulation 27(1) in paragraph 47(2) of Schedule 2 to the Financial Services and Markets Act 2023.
f3: There are uncommenced amendments to regulation 27(2) in paragraph 47(3) of Schedule 2 to the Financial Services and Markets Act 2023.
f4: There are uncommenced amendments to regulation 27(3) in paragraph 47(4) of Schedule 2 to the Financial Services and Markets Act 2023.
f5: Regulation 28(1) was amended by S.I. 2018/1403 and there are uncommenced amendments to this regulation in paragraph 48(2) of Schedule 2 to the Financial Services and Markets Act 2023.
f6: Regulation 29(2) was amended by S.I. 2017/1255, 2018/1403, 2024/1115 and paragraph 49 of Schedule 2 to the Financial Services and Markets Act 2023. Paragraph 49 of Schedule 2 to the Financial Services and Markets Act 2023 was commenced for specified purposes on 29 October 2024 and will come into force for all other purposes on 6 July 2026.
f7: Article 83 was amended by S.I. 2006/3384, 2017/488 and 2019/632.
f8: Article 84 was amended by S.I. 2006/3384, 2017/488 and 2019/632.
f9: Article 85 was amended by S.I. 2006/3384, 2017/488 and 2019/632.