Related provisions for PERG 2.5.7

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9(1) There are two specified investments relating to the scheme for greenhouse gas emission allowance trading within the EU:16(a) the first kind comprises emission allowances that are auctioned as financial instruments or two-day emissions spots (together, emissions auction products); and16(b) the second kind is an emission allowance itself, subject to (2)).16(2) An emission allowance is only a specified investment under (1)(b) if PERG 2.5.7G (Wider definition of certain specified
9Some other points about emission allowances are16:(1) Emission allowance16 means an allowance as defined in article 3(a) of Directive 2003/87/EC which established the scheme for greenhouse gas emission16 allowance trading within the EU. That article provides that an allowance is an allowance to emit one tonne of carbon dioxide equivalent during a specified period, only valid for the purpose of meeting the requirements of Directive 2003/87/EC and only transferable in accordance
4As with options, there is an additional category of instruments which are futures only in limited circumstances16. These are contracts as described in PERG 2.6.21 G:(1) that would not be regarded as having been entered into for investment purposes because they fail one of the tests mentioned in PERG 2.6.22 G;(2) that:16(a) fall within paragraph 4 of Section C of Annex 1 to MiFID and relate to currencies (see PERG 13, Q31A to Q31S for guidance about these derivatives); or16(b)
PERG 2.6.23GRP
The specified investment category of contracts for differences covers:4(1) 4rights under contracts for differences;(2) 4rights under other contracts whose purpose or pretended purpose is to secure a profit or avoid a loss by reference to fluctuations in certain factors; and(3) 4derivative contracts for the transfer of credit risk16 (not within (1) or (2)) falling within paragraph 8 or 9 of Section C of16 Annex 1 to MiFID16 (see PERG 13, Q31 for guidance about these instruments),