1, amended by Regulation ( EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, OJ L 347, p. 4 Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations ( EC) No 1060/2009 and ( EU) No 1095/2010, OJ L 174, p.32, amended by Regulation ( EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, OJ L 347, p. 3 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities ( UCITS), OJ L 302, p.2 See section I.3.2.1, which refers to MTF and OTF.1 Directive 2014/65/EU of the European Parliament and of the Council of on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, OJ L 173, p.They therefore do not fall within the scope of the MAR, but rather fall within the scope of Regulation (EU) No 1227/2011 (REMIT) 5. the EEX OTF) and must be physically settled are not financial instruments within the meaning of the MAR (point (6) of Annex 1 Section C to MiFID II). Wholesale energy products that are traded on an OTF ( e.g. That means that electricity derivatives that are traded in Germany at the European Energy Exchange ( EEX) constitute financial instruments and are thus subject to the prohibition of insider dealing under Article 14 of the MAR. The term “commodity” also includes electricity. Investment fund units are therefore also financial instruments within the meaning of point (1) of Article 3(1) of the MAR. Units in collective investment undertakings include units within the meaning of both the UCITS Directive (Directive 2009/65/EC) 3 and the AIFM Directive (Directive 2011/61/EU) 4. Emission allowances consisting of any units recognised for compliance with the requirements of Directive 2003/87/EC (Emissions Trading Scheme).options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section C, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market, OTF or an MTF,.derivative instruments for the transfer of credit risk,.options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point 6 of this Section and not being for commercial purposes, which have the characteristics of other derivative financial instruments,.options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market, an MTF or an OTF 2, except for wholesale energy products traded on an OTF that must be physically settled,.options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event,.options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash,.units in collective investment undertakings,.Point (1) of Article 3(1) of the MAR in conjunction with point (15) of Article 4(1) and Annex I Section C of Directive ( EU) 2014/65 ( MiFID II) 1, contain a list of those financial instruments that fall within the scope of the MAR.
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