The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014
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Change 1
15 Financial institutions exposures: trade finance
(1) A ring-fenced body may incur a financial institution exposure provided that both the following conditions are satisfied— (a) the purpose of the transaction giving rise to the exposure is— (i) to provide finance or make a payment in connection with the supply of goods or services by or to a person or an undertaking which is not a relevant financial institution; or (ii) to guarantee or otherwise provide an indemnity or security for the obligations of a customer of the ring-fenced body or a third party in connection with the supply of goods or services by or to a person or an undertaking which is not a relevant financial institution; (b) the ring-fenced body enters into a relevant agreement, which specifies, or together with other connected agreements specifies— (i) the supplies of goods or services to which the transaction relates, and (ii) the maximum payments which the ring-fenced body may be required to make under the relevant agreement and any connected agreements. (1A) For the purpose of paragraph (1)(b)— (a) an agreement is a “relevant agreement” if— (i) it gives effect to the transaction described in paragraph (1)(a) (“the finance transaction”), (ii) it is made under a master agreement which gives effect to the finance transaction, or (iii) it is one of a number of connected agreements entered into in relation to the finance transaction; (b) an agreement is a “connected agreement” if it is one of a number of agreements which— (i) are entered into by a party to the finance transaction, or to the supply of goods or services to which the finance transaction relates, with one or more other such parties; and (ii) collectively give effect to the finance transaction. (2) For the purpose of paragraph (1)(b)(ii), the maximum payments payable under the agreement may be expressed— (a) as a defined sum, or (b) as a multiple of an average price of a commodity, where the average price is determined by reference to prices quoted on a specified index of prices for that commodity over a specified period, and for these purposes “specified” means specified in the agreement.
15 Financial institutions exposures: trade finance
(1) A ring-fenced body may incur a financial institution exposure provided that both the following conditions are satisfied— (a) the purpose of the transaction giving rise to the exposure is— (i) to provide finance or make a payment in connection with the supply of goods or services by or to a person or an undertaking which is not a relevant financial institution; or (ii) to guarantee or otherwise provide an indemnity or security for the obligations of a customer of the ring-fenced body or a third party in connection with the supply of goods or services by or to a person or an undertaking which is not a relevant financial institution; (b) the ring-fenced body enters into a relevant agreement, which specifies, or together with other connected agreements specifies— (i) the supplies of goods or services to which the transaction relates, and (ii) the maximum payments which the ring-fenced body may be required to make under the relevant agreement and any connected agreements. (1A) For the purpose of paragraph (1)(b)— (a) an agreement is a “relevant agreement” if— (i) it gives effect to the transaction described in paragraph (1)(a) (“the finance transaction”), (ii) it is made under a master agreement which gives effect to the finance transaction, or (iii) it is one of a number of connected agreements entered into in relation to the finance transaction; (b) an agreement is a “connected agreement” if it is one of a number of agreements which— (i) are entered into by a party to the finance transaction, or to the supply of goods or services to which the finance transaction relates, with one or more other such parties; and (ii) collectively give effect to the finance transaction. (2) For the purpose of paragraph (1)(b)(ii), the maximum payments payable under the agreement may be expressed— (a) as a defined sum, or (b) as a multiple of an average price of a commodity, where the average price is determined by reference to prices quoted on a specified index of prices for that commodity over a specified period, and for these purposes “specified” means specified in the agreement.
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