F1SCHEDULE 3Exemptions from the definition of “investment firm”
PART 1
3.
The exemption in paragraph 1(p)—
(a)
only applies to the persons engaged in the activities set out in that sub-paragraph where they perform investment activities or provide investment services relating to commodity derivatives in order to carry out those activities;
(b)
does not apply with regard to the operation of a secondary market, including a platform for secondary trading in financial transmission rights.