The Central Counterparties (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2023
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Change 1
4 Agricultural commodity derivative contracts
(1) The requirements in regulation 3(1)(a) and (b) do not apply in relation to a derivative contract that meets conditions A to E. (2) Condition A is that the contract is traded on a designated contract market, within the meaning of Part 38 of Title 17 of the United States of America Code of Federal Regulations. (3) Condition B is that the contract relates to an underlying agricultural product and that contract meets one or both of the following requirements— (a) the product to which the contract relates is sugar, soybean oil, soybean meal, cocoa, coffee, or lumber; (b) the contract references the grades, prices, weights, measures or conversion factors for agricultural commodities and associated products as published by the United States Department of Agriculture. (4) Condition C is that the contract is offered for clearing by a CCP established in the United States of America (but see paragraph (7). (5) Condition D is that, if the contract specifies a place where the underlying agricultural product is produced, that place is not in the United Kingdom. (6) Condition E is that— (a) if the contract is physically settled, either— (i) the underlying agricultural product to which it relates is coffee, or (ii) the contract relates to an underlying agricultural product other than coffee and all places of delivery are outside the United Kingdom; (b) if the contract is cash settled, either— (i) the underlying agricultural product to which it relates is coffee or sugar, or (ii) the contract relates to an underlying agricultural product other than coffee or sugar and the settlement amount is not based on prices for an underlying agricultural product for which at least one of the places of delivery is inside the United Kingdom. (7) Condition C does not apply in relation to a contract referred to in paragraph (4) where the majority of contracts relating to the same underlying agricultural product which are cleared by the CCP referred to in paragraph (4) are— (a) cleared for counterparties established in the United Kingdom, and (b) offered for clearing by a CCP authorised to provide clearing services under Article 14 of EMIR.
4 Agricultural commodity derivative contracts
(1) The requirements in regulation 3(1)(a) and (b) do not apply in relation to a derivative contract that meets conditions A to E. (2) Condition A is that the contract is traded on a designated contract market, within the meaning of Part 38 of Title 17 of the United States of America Code of Federal Regulations. (3) Condition B is that the contract relates to an underlying agricultural product and that contract meets one or both of the following requirements— (a) the product to which the contract relates is sugar, soybean oil, soybean meal, cocoa, coffee, or lumber; (b) the contract references the grades, prices, weights, measures or conversion factors for agricultural commodities and associated products as published by the United States Department of Agriculture. (4) Condition C is that the contract is offered for clearing by a CCP established in the United States of America (but see paragraph (7). (5) Condition D is that, if the contract specifies a place where the underlying agricultural product is produced, that place is not in the United Kingdom. (6) Condition E is that— (a) if the contract is physically settled, either— (i) the underlying agricultural product to which it relates is coffee, or (ii) the contract relates to an underlying agricultural product other than coffee and all places of delivery are outside the United Kingdom; (b) if the contract is cash settled, either— (i) the underlying agricultural product to which it relates is coffee or sugar, or (ii) the contract relates to an underlying agricultural product other than coffee or sugar and the settlement amount is not based on prices for an underlying agricultural product for which at least one of the places of delivery is inside the United Kingdom. (7) Condition C does not apply in relation to a contract referred to in paragraph (4) where the majority of contracts relating to the same underlying agricultural product which are cleared by the CCP referred to in paragraph (4) are— (a) cleared for counterparties established in the United Kingdom, and (b) offered for clearing by a CCP authorised to provide clearing services under Article 14 of EMIR.
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