SCHEDULE 3Excepted contracts

8

1

For the purposes of paragraph 7—

a

“a relevant regulated activity” means an activity of the following kind—

i

dealing in investments, as principal or as agent;

ii

arranging deals in investments;

iii

operating a multilateral trading facility;

iv

managing investments;

v

safeguarding and administering investments;

vi

establishing, operating or winding up a collective investment scheme; and

b

for these purposes “investment” means—

i

shares;

ii

instruments creating or acknowledging indebtedness;

iii

instruments giving entitlement to investments

iv

certificates representing securities;

v

units in a collective investment scheme;

vi

options;

vii

futures;

viii

contracts for differences; and

ix

rights to or interests in investments.

2

Paragraph 7 and this paragraph must be read with—

a

section 22 of the Financial Services and Markets Act 2000;

b

any relevant order under that section; and

c

Schedule 2 to that Act,

but any restriction on or exclusion from the meaning of a regulated activity for the purposes of paragraph 7 which arises from the identity of the person carrying on such activity is to be disregarded.