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money market instrument activity

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    an activity in respect of a transaction:

      1. (a) which involves any of the following investments and is not regulated by the rules of a recognised investment exchange:
        1. (i) a debenture which is issued on terms requiring repayment not later than five years from the date of issue;
        1. (ii) any government and public security which is issued on terms requiring repayment not later than one year or, if issued by a local authority in the United Kingdom, five years from the date of issue; or
        1. (iii) a warrant which entitles the holder to subscribe for an investment within (a)(i) or (a)(ii);
      1. (b) which involves any of the following investments and is not made on a recognised investment exchange or expressed to be so made:
        1. (i) a certificate representing certain securities or rights to or interests in investments relating, in either case, to an investment within (a)(i) or (a)(ii);
        1. (ii) an option relating to:
          1. (A) an instrument in (a)(i) or (a)(ii); or
          1. (B) currency of the United Kingdom or of any other country or territory; or
          1. (C) gold or silver;
        1. (iii) a future for the sale of:
          1. (A) an instrument in (a)(i) or (a)(ii); or
          1. (B) currency of the United Kingdom or of any other country or territory; or
          1. (C) gold or silver;
        1. (iv) a contract for differences by reference to fluctuations in:
          1. (A) the value or price of any instrument within any of (a)(i) to (a)(iii) or (b)(i) to (b)(iii); or
          1. (B) currency of the United Kingdom or of any other country or territory; or
          1. (C) the rate of interest on loans in any such currency or any index of such rates; or
        1. (v) an option to acquire or dispose of an instrument within (b)(ii), (b)(iii) or (b)(iv); or
      1. (c) where one of the parties agrees to sell or transfer a debenture or government and public security and by the same or a collateral agreement that party agrees, or acquires an option, to buy back or re-acquire that investment or an equivalent amount of a similar investment within twelve months of the sale or transfer.

    For the purposes of (c) investments are regarded as similar if they entitle their holders to the same rights against the same persons as to capital and interest and the same remedies for the enforcement of those rights.