In article 84 (futures) after paragraph (1) insert -
"(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 Section C of Annex I to the markets in financial instruments directive 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 38 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 Section C of Annex I to the markets in financial instruments directive applies.
(1C) Subject to paragraph (1D), futures -
(a) to which paragraph (1) does not apply;
(b) which may be settled physically; and
(c) to