Schedule 3, paragraph 7BB(4)

The exchange must classify persons holding positions in commodity derivatives, emission allowances or emission allowance derivatives according to the nature of their main business, taking account of any applicable authorisation or registration, as— an investment firm or credit institution; an investment fund, either as an undertaking for collective investments in transferable securities as defined in the UCITS Directive , or an alternative investment fund or an alternative investment fund manager as defined in the alternative investment fund managers directive ; another financial institution, including an insurance undertaking, a reinsurance undertaking as defined in the Solvency 2 Directive and an institution for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement ; a commercial undertaking; or in the case of emission allowances or emission allowance derivatives, an operator with compliance obligations under Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community .

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Source: legislation.gov.uk · retrieved 2026-09-04