(1)A bet is a spread bet for the purposes of this Part if it constitutes a contract the making or accepting of which is a regulated activity within the meaning of section 22 of the Financial Services and Markets Act 2000.
(2)In this Part—
“financial spread bet” means a spread bet the subject of which is a financial matter, and
“non-financial spread bet” means any other spread bet.
(3)The Commissioners may by regulations provide that a specified matter—
(a)is to be treated as a financial matter for the purposes of subsection (2), or
(b)is not to be treated as a financial matter for those purposes.