The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025
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Change 1
3 Article 3 of the Regulated Activities Order
(1) Article 3 of the Regulated Activities Order (interpretation) is amended as follows. (2) In paragraph (1)— (a) omit the definition of “the Commission Regulation”; (b) before the definition of “consumer hire agreement” insert— “commodity” means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity; ; (c) in the definition of “financial instrument”, for the words from “Articles 5” to “Part 2 of Schedule 2)” substitute “Part 2 of that Schedule”; (d) in the definition of “investment firm”— (i) in paragraph (a), omit “the Commission Regulation and with”; (ii) in paragraph (b), omit “the Commission Regulation and with”; (e) for the definition of “portfolio management” substitute— “portfolio management” means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments; ; (f) in the definition of “qualifying credit institution”, in paragraph (d), omit “the Commission Regulation and with”. (3) In paragraph (1A)— (a) in sub-paragraph (a), omit “the Commission Regulation and with”; (b) in sub-paragraph (b), omit “the Commission Regulation and with”.
3 Article 3 of the Regulated Activities Order
(1) Article 3 of the Regulated Activities Order (interpretation) is amended as follows. (2) In paragraph (1)— (a) omit the definition of “the Commission Regulation”; (b) before the definition of “consumer hire agreement” insert— “commodity” means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity; ; (c) in the definition of “financial instrument”, for the words from “Articles 5” to “Part 2 of Schedule 2)” substitute “Part 2 of that Schedule”; (d) in the definition of “investment firm”— (i) in paragraph (a), omit “the Commission Regulation and with”; (ii) in paragraph (b), omit “the Commission Regulation and with”; (e) for the definition of “portfolio management” substitute— “portfolio management” means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments; ; (f) in the definition of “qualifying credit institution”, in paragraph (d), omit “the Commission Regulation and with”. (3) In paragraph (1A)— (a) in sub-paragraph (a), omit “the Commission Regulation and with”; (b) in sub-paragraph (b), omit “the Commission Regulation and with”.
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