Section 60L

The prohibitions in regulations 46Z29B(1), 46Z29C(1) and 46Z29D(1) are not contravened by a relevant activity done by a person in connection with an obligation arising under a contract for the supply of liquefied natural gas concluded before 17th June 2025, provided that— the duration of the contract exceeds one year, the terms of the contract are not amended after 17th June 2025, except— to lower contracted quantities; to lower prices and fees; to amend a confidentiality clause; to amend operational procedures, including communication procedures; to change the addresses of contract parties; to transfer contractual obligations between affiliated undertakings; to implement any amendments required by judicial or arbitration procedures; in respect of landlocked countries, to amend delivery points at national borders, and the relevant activity is carried out before the end of 1st January 2027. The prohibitions in regulation 46Z29C(1) (financial services and funds relating to maritime transportation of liquefied natural gas) are not contravened by a relevant activity done by— a person trading in derivatives (“P”), a derivatives broker providing services to P, or a relevant institution processing payments in relation to the activities in sub-paragraphs (a) or (b). For the purposes of this regulation— “Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; “arranging deals in investments” means the activities specified in article 25 of the Regulated Activities Order; “buying” has the meaning given in article 3(1) of the Regulated Activities Order; “derivatives” means those financial instruments— defined in Article 2(1)(29) of Regulation (EU) 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) 648/2012, or specified in articles 83 to 85 of the Regulated Activities Order; “derivatives broker” means a person who undertakes the following activities in relation to derivatives— buying, selling, arranging deals in investments, operating a multilateral trading facility, or operating an organised trading facility; “operating a multilateral trading facility” means the activities specified in article 25D of the Regulated Activities Order; “operating an organised trading facility” means the activities specified in article 25DA of the Regulated Activities Order; “relevant activity” means any activity which would, in absence of this regulation, contravene the prohibitions specified in paragraphs (1) and (2); “relevant institution” means— a person that has permission under Part 4A of the Financial Services and Markets Act 2000, a person that is authorised or registered under Part 2 of the Payment Services Regulations 2017, a person that is authorised or registered under Part 2 of the Electronic Money Regulations 2011, a person that is a “recognised clearing house”, “third country central counterparty”, “recognised CSD” or “third country CSD” for the purposes of section 285 of the Financial Services and Markets Act 2000, or a person that is an operator of a recognised payment system (or that is a service provider in relation to recognised payment systems) for the purposes of Part 5 of the Banking Act 2009; “selling” has the meaning given in article 3(1) of the Regulated Activities Order.

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Source: legislation.gov.uk · retrieved 2026-08-30