Finance Act 2011

“Excluded entity” U.K.

73 (1) “Excluded entity” means an entity which is— U.K.

(a) an insurance company or an insurance special purpose vehicle,

(b) an entity which is a member of a group and does not carry on any relevant regulated activities otherwise than on behalf of an insurance company or insurance special purpose vehicle which is a member of the group,

(c) an entity which does not carry on any relevant regulated activities otherwise than as the manager of a pension scheme,

(d) an investment trust (within the meaning given by section 1158 of CTA 2010),

(e) an entity which does not carry on any relevant regulated activities other than asset management activities,

[F1 (f) an exempt IFPRU commodities firm,]

(g) an entity which does not carry on any relevant regulated activities otherwise than for the purpose of trading in commodities or commodity derivatives,

(h) an entity which does not carry on any relevant regulated activities otherwise than for the purpose of dealing in contracts for differences—

(i) as principal with persons all or all but an insignificant proportion of whom are retail clients, or

(ii) with another person to enable the entity or other person to deal in contracts for differences as principal with persons all or all but an insignificant proportion of whom are retail clients,

(i) a society incorporated under the Friendly Societies Act 1992,

(j) a society registered as a credit union under [F2 the Co-operative and Community Benefit Societies Act 2014] or the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), F3 ...

(k) a building society [F4 , or

(l) an entity falling within sub-paragraph (1A).]

[F5 (1A) An entity falls within this sub-paragraph if—

(a) it would fall within a relevant relieving provision but for one (and only one) line of business which it carries on,

(b) that line of business does not involve the relevant regulated activity described in the provision mentioned in paragraph 79(a), and

(c) the entity’s activities in that line of business would not, on their own, result in it being both an IFPRU 730k firm and a full scope IFPRU investment firm.

(1B) For the purposes of sub-paragraph (1A) the “relevant relieving provisions” are paragraphs (b), (c), (e), (g) and (h) of sub-paragraph (1).]

(2) In sub-paragraph (1)(a) and (b) “insurance company” and “insurance special purpose vehicle” have the [F6 meanings given by sections 65 and 139 of FA 2012 respectively ].

(3) In sub-paragraph (1)(b) “group” means a group for the purposes of—

(a) the provisions mentioned in paragraph 4(3), or

(b) the provisions of US GAAP mentioned in paragraph 4(6)(a)(iii).

Textual Amendments

F1 Sch. 19 para. 73(1)(f) substituted (retrospective to 1.1.2014) by Finance (No. 2) Act 2015 (c. 33), s. 20(5) (8)

F2 Words in Sch. 19 para. 73(1)(j) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 173 (with Sch. 5)

F3 Word in Sch. 19 para. 73(1)(j) omitted (with effect in accordance with s. 56(13) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 56(11) (with s. 56(14))

F4 Sch. 19 para. 73(1)(l) and preceding word inserted (with effect in accordance with s. 56(13) of the amending Act) by Finance Act 2016 (c. 24), s. 56(11) (with s. 56(14))

F5 Sch. 19 para. 73(1A)(1B) inserted (with effect in accordance with s. 56(13) of the amending Act) by Finance Act 2016 (c. 24), s. 56(12) (with s. 56(14))

F6 Words in Sch. 19 para. 73(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 246