After paragraph 48 of the Schedule, insert -

"Electricity industry

49.

(1) NGC is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 or 53 of the Regulated Activities Order (dealing in investments as principal or agent, arranging deals in investments or advising on investments) which it carries on in the course of -

(a) its participation in the Balancing and Settlement Arrangements as operator of the electricity transmission system in England and Wales under the Transmission Licence; or

(b) the acquisition by it of Balancing Services in accordance with the Electricity Act 1989 [1989 c. 29.] and the Transmission Licence.

(2) ELEXON Clear Limited is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of that Order which it carries on in the course of its participation in the Balancing and Settlement Arrangements as clearer for the purposes of (among other things) receiving from and paying to BSC Parties trading and reconciliation charges arising under the Balancing and Settlement Arrangements.

(3) Each BSC Party is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 or 53 of that Order which it carries on in the course of -

(a) its participation in the Balancing and Settlement Arrangements; or