Where a person enters into market contracts in more than one capacity, the provisions of this Part apply (subject as follows) as if the contracts entered into in each different capacity were entered into by different persons.
References in this Part to a market contract to which a person is a party include (subject as follows, and unless the context otherwise requires) contracts to which he is party as agent.
Subsections (1) and (2) do not apply to market contracts to which this Part applies by virtue of section 155(2B).
The Secretary of State may by regulations—
modify or exclude the operation of subsections (1) and (2), and
make provision as to the circumstances in which a person is to be regarded for the purposes of those provisions as acting in different capacities.