The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Partial Property Transfers and Safeguarding of Protected Arrangements) Regulations 2023
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Change 1
14 Set-off and netting: meaning of “derivative”, “financial contract” and “qualifying master agreement”
(1) In this Part— (a) “derivative” means a financial instrument referred to in paragraphs 4 to 10 of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; (b) “financial contract” means any or any combination of the following (other than a derivative)— (i) a contract for the purchase, sale, transfer or loan of a transferrable security, a group of transferrable securities or index of transferrable securities; (ii) a repurchase or reverse repurchase transaction on any transferable security, group of transferable securities or index of transferable securities; (iii) a commodities contract of a financial nature, including— (aa) a contract for the purchase, sale, transfer or loan of a commodity, a group of commodities or an index of commodities for future delivery; (bb) a swap or option on a commodity, a group of commodities or an index of commodities; (cc) a repurchase or reverse repurchase transaction on a commodity, a group of commodities or index of commodities; (iv) a futures contract, including a contract (other than a commodities contract) for the purchase, sale or transfer of property of any description under which delivery is to be made at a future date and at a price agreed when the contract is made. (2) In regulation 13 (set-off and netting), “qualifying master agreement” means a master agreement in so far as it relates to— (a) a derivative; (b) a financial contract; or (c) a contract for the sale, purchase or delivery of the currency of the United Kingdom or any other country, territory or monetary union.
14 Set-off and netting: meaning of “derivative”, “financial contract” and “qualifying master agreement”
(1) In this Part— (a) “derivative” means a financial instrument referred to in paragraphs 4 to 10 of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; (b) “financial contract” means any or any combination of the following (other than a derivative)— (i) a contract for the purchase, sale, transfer or loan of a transferrable security, a group of transferrable securities or index of transferrable securities; (ii) a repurchase or reverse repurchase transaction on any transferable security, group of transferable securities or index of transferable securities; (iii) a commodities contract of a financial nature, including— (aa) a contract for the purchase, sale, transfer or loan of a commodity, a group of commodities or an index of commodities for future delivery; (bb) a swap or option on a commodity, a group of commodities or an index of commodities; (cc) a repurchase or reverse repurchase transaction on a commodity, a group of commodities or index of commodities; (iv) a futures contract, including a contract (other than a commodities contract) for the purchase, sale or transfer of property of any description under which delivery is to be made at a future date and at a price agreed when the contract is made. (2) In regulation 13 (set-off and netting), “qualifying master agreement” means a master agreement in so far as it relates to— (a) a derivative; (b) a financial contract; or (c) a contract for the sale, purchase or delivery of the currency of the United Kingdom or any other country, territory or monetary union.
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