S.L. 370.28 Art. 2Interpretation. Cap. 370. Cap. 371. S.L. 370.02

(1) In these regulations, unless the context otherwise requires -"the Act" means the Investment Services Act; "Auctioning Regulation" means Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community, as may be amended from time to time; "auctions" means the auctioning of emission allowances held in accordance with the Auctioning Regulation; "exempt person" means a person dealing on own account in financial instruments in terms of paragraph 3 of the First Schedule to the Act or providing investment services in the commodity derivatives or derivative contracts included in Schedule 2 of the Act to the clients of its main business, where such activity is ancillary to its main business, when considered on a group basis; and

(a) that main business is not the provision of investment services within the meaning of the Act or the provision of banking services under the Banking Act, and

(b) the person is exempt from the requirement of an investment services licence in terms of the Investment Services Act (Exemption) Regulations.

(2) Words and expressions used in the Act shall, in these regulations, have the same meaning as is assigned to them in the Act.