designated investment

a security or a contractually-based investment (other than a funeral plan contract and a right to or interest in a funeral plan contract), that is, any of the following investments, specified in Part III of the Regulated Activities Order (Specified Investments), a P2P agreement,88 and a long-term care insurance contract which is a pure protection contract:

(a) life policy (subset of article 75 (Contracts of insurance));
(b) share (article 76);
(c) debenture (article 77);
(ca) alternative debenture (article 77A);
(d) government and public security (article 78);
(e) warrant (article 79);
(f) certificate representing certain securities (article 80);
(g) unit (article 81);
(h) stakeholder pension scheme (article 82(1))
(ha) personal pension scheme (article 82(2));
(hb) emissions auction product (article 82A) where it is a financial instrument.
(i) option (article 83); for the purposes of the permission regime, this is sub-divided into:
1. (i) option (excluding a commodity option and an option on a commodity future);
2. (ii) commodity option and option on a commodity future;
(j) future (article 84); for the purposes of the permission regime, this is sub-divided into:
1. (i) future (excluding a commodity future and a rolling spot forex contract);
2. (ii) commodity future;
3. (iii) rolling spot forex contract;
(k) contract for differences (article 85); for the purposes of the permission regime, this is sub-divided into:
1. (i) contract for differences (excluding a spread bet and a rolling spot forex contract);
2. (ii) spread bet;
3. (iii) rolling spot forex contract;
(l) rights to or interests in investments in (a) to (k) (article 89) but not including rights to or interests in rights under a long-term care insurance contract which is a pure protection contract.

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