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.