(1) Dealing in commodities is an excluded activity, except where it is carried on in accordance with this article, or any of articles 6, 8, 9, 10, 11 and 12.
(2) A ring-fenced body may deal in commodities where the commodities in question are required for its own use or consumption or for use or consumption by a subsidiary undertaking of the ring-fenced body.
(3) A ring-fenced body may deal in commodities in order -
(a) to take a security interest over those commodities or to realise a security interest held over those commodities (including by selling the commodities), or
(b) to enter into a title transfer collateral arrangement in relation to commodities, or acquire and hold equivalent commodities in accordance with the arrangement or enforce that arrangement (including by selling the commodities which are subject to that arrangement).
(4) For the purposes of this article, "dealing" means buying or selling commodities as principal.