(1) Subject to paragraph (2), rights under a contract for the sale of a commodity or property of any other description under which delivery is to be made at a future date and at a price agreed on when the contract is made.
(1A) Subject to paragraph (1D), futures -
(a) to which paragraph (1) does not apply;
(b) which relate to commodities;
(c) which may be settled physically; and
(d) to which paragraph 5 or 6 of Part 1 of Schedule 2 (read with Articles 5 and 6 of the Commission Regulation) applies.
(1B) Subject to paragraph (1D), futures and forwards -
(a) to which paragraph (1) does not apply;
(b) which relate to commodities;
(c) which may be settled physically;
(d) which in accordance with Article 7 of the Commission Regulation (the text of which is set out in Part 2 of Schedule 2) are to be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes; and
(e) to which paragraph 7 of Part 1 of Schedule 2 applies.
(1C) Subject
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