1.

For the purposes of Section C(7) of Annex I to Directive 2004/39/EC, a contract which is not a spot contract within the meaning of paragraph 2 of this Article and which is not covered by paragraph 4 shall be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes if it satisfies the following conditions: it meets one of the following sets of criteria: it is traded on a third country trading facility that performs a similar function to a regulated market or an MTF; it is expressly stated to be traded on, or is subject to the rules of, a regulated market, an MTF or such a third country trading facility; it is expressly stated to be equivalent to a contract traded on a regulated market, MTF or such a third country trading facility; it is cleared by a clearing house or other entity carrying out the same functions as a central counterparty, or there are arrangements for the payment or provision of margin in relation to the contract; it is standardised so that, in particular, the price, the lot, the delivery date or other terms are determined principally by reference to regularly published prices, standard lots or standard delivery dates.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.