The Contracts for Difference (Standard Terms) (Amendment) Regulations 2015

• Citation: S.I. 2015/1425
• Sections: 3

Section 1 Citation and commencement

These Regulations may be cited as the Contracts for Difference (Standard Terms) (Amendment) Regulations 2015 and come into force on 20th July 2015.

Section 2 Amendment of the Contracts for Difference (Standard Terms) Regulations 2014

(1) Regulation 3 (provision to be included in standard terms) of the Contracts for Difference (Standard Terms) Regulations 2014 is amended as follows.

(2) Renumber regulation 3 as paragraph (1) of that regulation.

(3) In paragraph (1)(a), after “the difference between the strike price and the reference price”, insert “, except during a period of negative pricing”.

(4) After paragraph (1) insert—

(2) In paragraph (1)(a), “period of negative pricing”, in relation to a CFD, means a period determined under the CFD in which a market price of electricity is less than £0.

Section 3 Amendment of the Contracts for Difference (Standard Terms) Regulations 2014

(1) Regulation 9 (preparation of a CFD) of the Contracts for Difference (Standard Terms) Regulations 2014 is amended as follows.

(2) After paragraph (2), insert—

(2A) The Secretary of State may issue a replacement notice (a “replacement CFD standard terms notice”)—

(a) for the purpose of correcting an error in the CFD standard terms notice;

(b) for the purpose of updating a reference in the CFD standard terms notice to a version of the standard terms which has been superseded by revised standard terms issued in accordance with section 11(2) of the Act.

(2B) A replacement CFD standard terms notice may not be issued later than 20 working days before the commencement date stated in the allocation round notice.

(2C) A replacement CFD standard terms notice must be published on the CFD counterparty’s website as soon as reasonably practicable after it is received.

(3) In paragraph (3)(a), after “notice” insert “or any replacement CFD standard terms notice”.