Regulation 3 Article 3 of the Regulated Activities Order

omit the definition of “the Commission Regulation”^f1;

before the definition of “consumer hire agreement” insert—

• ““commodity” means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity;”;

in the definition of “financial instrument”^f2, for the words from “Articles 5” to “Part 2 of Schedule 2)” substitute “Part 2 of that Schedule”;

in the definition of “investment firm”^f3—

for the definition of “portfolio management”^f4 substitute—

• ““portfolio management” means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments;”;

in the definition of “qualifying credit institution”^f5, in paragraph (d), omit “the Commission Regulation and with”.

in sub-paragraph (a), omit “the Commission Regulation and with”;

in sub-paragraph (b), omit “the Commission Regulation and with”.