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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2019 - 3 February 2025
Version 2 of 3

Article 9 Excluded activities: derivatives

A ring-fenced body does not carry on an excluded activity by entering into transactions with any one or more of its account holders if -

(a) the transaction satisfies the requirements listed in article 10 or 11(1), (2), or (3), and

(b) all the conditions set out in article 12 are satisfied.