The Financial Services Act 1986 (Gas Industry Exemption) Order 1999

• Citation: S.I. 1999/2586
• Sections: 6

Section 1 Citation and commencement

This order may be cited as the Financial Services Act 1986 (Gas Industry Exemption) Order 1999 and shall come into force on 1 October 1999.

Section 2 Interpretation

In this Order—

“BG plc” means the company with registered number 2006000.

“gas shipper” has the same meaning as in section 7A(11) of the Gas Act 1986.

“relevant gas shipper” means a gas shipper who has entered into a subscription agreement with ENMO for the purposes of participation in the balancing market.

“Schedule 1” means Schedule 1 to the Financial Services Act 1986.

Section 3 Exemption

BG plc shall be an exempted person as respects any activities within paragraph 12 or 13 of Schedule 1 in which it engages in its capacity as a public gas transporter under the BG Licence and which enable or facilitate gas shippers to buy or sell investments within paragraph 8 or 9 of Schedule 1.

Section 4 Exemption

(1) ENMO shall be an exempted person as respects any activities within paragraph 12 or 13 of Schedule 1 in which it engages in its capacity as the operator of the balancing market for the purpose of enabling or facilitating BG plc and relevant gas shippers to buy or sell investments within paragraph 8 or 9 of Schedule 1, provided that such buying or selling is for the purpose of their participation in the balancing market.

(2) The reference in sub-paragraph (1) above to enabling or facilitating the buying or selling of investments includes engaging in such activity pursuant to rules governing the operation of the balancing market in the event of one of the participants appearing to be unable, or likely to become unable, to meet his obligations in respect of one or more contracts entered into through the balancing market.

Section 5 Exemption

BG plc and relevant gas shippers shall be exempted persons to the extent that they engage for the purpose of their participation in the balancing market in any activity within paragraph 12 of Schedule 1 in relation to an investment within paragraph 8 or 9 of Schedule 1.

Section 6 Revocation

The Financial Services Act 1986 (Gas Industry Exemption) Order 1996 is hereby revoked.