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The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014

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There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014, Section 5. Help about Changes to Legislation

Excluded activities: commodities tradingU.K.

This section has no associated Explanatory Memorandum

5.—(1) Dealing in commodities is an excluded activity, except where it is carried on in accordance with this article, or any of articles 6, 8, 9, 10, 11 and 12.

(2) A ring-fenced body may deal in commodities where the commodities in question are required for its own use or consumption or for use or consumption by a subsidiary undertaking of the ring-fenced body.

(3) A ring-fenced body may deal in commodities in order—

(a)to take a security interest over those commodities or to realise a security interest held over those commodities (including by selling the commodities), or

(b)to enter into a title transfer collateral arrangement in relation to commodities, or acquire and hold equivalent commodities in accordance with the arrangement or enforce that arrangement (including by selling the commodities which are subject to that arrangement).

(4) For the purposes of this article, “dealing” means buying or selling commodities as principal.

Commencement Information

I1Art. 5 in force at 1.1.2019, see art. 1(3)

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