Paragraph 2 Paragraph 2 of Part 1: “money-market instruments”F1F2
In paragraph 2 of Part 1 of this Schedule “money-market instruments” means those classes of instruments which are normally dealt with on the money market, such as treasury bills, certificates of deposit, commercial papers and other instruments with substantively equivalent features, but only where they have the characteristics specified in sub-paragraph (2), and excluding instruments of payment.
Those characteristics are—
they have a value that can be determined at any time,
they are not derivatives, and
they have a maturity at issuance of 397 days or less.
Annotations
Textual amendments
- F1
Sch. 2 substituted (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), 29
- F2
Sch. 2 Pt. 2 substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 7(2) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)
Notes on Schedule 2
Textual amendments
- F2
Sch. 2 heading substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)