PART III SPECIFIED INVESTMENTS

F1Emission allowances82B

1

Subject to paragraph (2), emission allowances consisting of any units recognised for compliance with the requirements of the emission allowance trading directive.

2

Paragraph (1) only applies to emission allowances in relation to which—

F2a

an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,

b

a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,

c

a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule, or

d

a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.