The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014
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Change 1
10 Derivatives: forward contracts and swaps
(1) The requirements listed in this article are that the transaction is— (a) a currency swap, (b) an interest rate swap, ... (c) a forward contract relating to currencies or commodities, where the relevant contract specifies— (i) the description and amount of the currency or commodity concerned; (ii) the date when delivery will be made or when settlement will be made in cash; and (iii) the exchange rate or commodity price which will apply, or (d) an inflation swap. (2) For the purposes of this article— (a) “currency swap” means a transaction under which— (i) one person (“A”) agrees with another person (“B”) that A will at a specified date pay to B a specified amount in one specified currency, and B will pay A that amount in another specified currency, calculated by reference to a specified exchange rate, and (ii) the amount concerned may consist of a specified principal amount and interest calculated at a specified fixed or floating rate; (b) “forward contract” means a contract for the sale of a commodity, currency or property of any description (including futures, whether or not traded on an exchange or trading venue) under which delivery is to be made at a future date and at a price agreed on when the contract is made; (ba) “inflation swap” means a transaction under which one person (“A”) agrees with another person (“B”) that A is liable to pay B an amount calculated by reference to a fixed or variable rate on a specified notional sum over a specified period which does not exceed thirty years, and B is liable to pay A an amount calculated by reference to a variable rate, linked to a specified price index on that notional sum and over the same specified period, and for these purposes, “price index” means an index of prices which is used for the purposes of measuring inflation; (c) “interest rate swap” means a transaction under which— (i) one person (“A”) agrees with another person (“B”) that A is liable to pay to B an amount equal to interest calculated by reference to an interest rate on a specified notional sum over a specified period, and that B is liable to pay to A an amount equal to interest calculated by reference to a different interest rate on that notional sum, and (ii) the interest rates in question are either specified (in the case of a fixed interest rate), or determined in relation to a specified reference rate (in the case of a floating interest rate); (d) “reference rate” means a foreign exchange or interest rate which is offered on an inter-bank market, or which is set out in an index published by any person who is not one of the parties to the contract; (e) “specified” means specified in the transaction agreement.
10 Derivatives: forward contracts and swaps
(1) The requirements listed in this article are that the transaction is— (a) a currency swap, (b) an interest rate swap, ... (c) a forward contract relating to currencies or commodities, where the relevant contract specifies— (i) the description and amount of the currency or commodity concerned; (ii) the date when delivery will be made or when settlement will be made in cash; and (iii) the exchange rate or commodity price which will apply, or (d) an inflation swap. (2) For the purposes of this article— (a) “currency swap” means a transaction under which— (i) one person (“A”) agrees with another person (“B”) that A will at a specified date pay to B a specified amount in one specified currency, and B will pay A that amount in another specified currency, calculated by reference to a specified exchange rate, and (ii) the amount concerned may consist of a specified principal amount and interest calculated at a specified fixed or floating rate; (b) “forward contract” means a contract for the sale of a commodity, currency or property of any description (including futures, whether or not traded on an exchange or trading venue) under which delivery is to be made at a future date and at a price agreed on when the contract is made; (ba) “inflation swap” means a transaction under which one person (“A”) agrees with another person (“B”) that A is liable to pay B an amount calculated by reference to a fixed or variable rate on a specified notional sum over a specified period which does not exceed thirty years, and B is liable to pay A an amount calculated by reference to a variable rate, linked to a specified price index on that notional sum and over the same specified period, and for these purposes, “price index” means an index of prices which is used for the purposes of measuring inflation; (c) “interest rate swap” means a transaction under which— (i) one person (“A”) agrees with another person (“B”) that A is liable to pay to B an amount equal to interest calculated by reference to an interest rate on a specified notional sum over a specified period, and that B is liable to pay to A an amount equal to interest calculated by reference to a different interest rate on that notional sum, and (ii) the interest rates in question are either specified (in the case of a fixed interest rate), or determined in relation to a specified reference rate (in the case of a floating interest rate); (d) “reference rate” means a foreign exchange or interest rate which is offered on an inter-bank market, or which is set out in an index published by any person who is not one of the parties to the contract; (e) “specified” means specified in the transaction agreement.
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