The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

1. Introductory Text

2. PART I GENERAL

   1. 1. Citation

   2. 2. Commencement

   3. 3. Interpretation

3. PART II SPECIFIED ACTIVITIES

   1. Chapter I General

      1. 4. Specified activities: general

   2. Chapter II Accepting Deposits

      1. The activity

         1. 5. Accepting deposits

      2. Exclusions

         1. 6. Sums paid by certain persons

         2. 7. Sums received by solicitors etc.

         3. 8. Sums received by persons authorised to deal etc.

         4. 9. Sums received in consideration for the issue of debt securities

         5. 9A. Sums received in exchange for electronic money

         6. 9AA. Information Managers of UCITS and AIFs

         7. 9AB. Funds received for payment services

         8. 9AC. Local authorities

   3. CHAPTER IIA ELECTRONIC MONEY

      1. The activity

         1. 9B. Issuing electronic money

         2. 9BA. Articles 9C to 9I and 9K apply only in the...

      2. Exclusions

         1. 9C. Persons certified as small issuers etc.

         2. 9D. Applications for certificates

         3. 9E. Revocation of certificate on FCA’s own initiative

         4. 9F. Revocation of certificate on request

         5. 9G. Obtaining information from certified persons etc.

      3. Supplemental

         1. 9H. Rules prohibiting the issue of electronic money at a discount

         2. 9I. False claims to be a certified person

         3. 9J. Exclusion of electronic money from the compensation scheme

         4. 9K. Record of certified persons

         5. 9L. Funds received for payment services

   4. Chapter III Insurance

      1. The activities

         1. 10. Effecting and carrying out contracts of insurance

      2. Exclusions

         1. 11. Community co-insurers

         2. 12. Breakdown insurance

         3. 12A. informationManagers of UCITS and AIFs

         4. 12B. Transformer vehicles: insurance risk transformation

      3. Supplemental

         1. 13. Application of sections 327 and 332 of the Act to insurance market activities

   5. CHAPTER 3A Insurance risk transformation

      1. 13A. Transformer vehicles: insurance risk transformation

   6. Chapter IV Dealing in Investments as Principal

      1. The activity

         1. 14. Dealing in investments as principal

      2. Exclusions

         1. 15. Absence of holding out etc.

         2. 16. Dealing in contractually based investments

         3. 17. Acceptance of instruments creating or acknowledging indebtedness

         4. 18. Issue by a company of its own shares etc.

         5. 18A. Dealing by a company in its own shares

         6. 19. Risk management

         7. 19A. Transformer vehicles: insurance risk transformation

         8. 20. Other exclusions

   7. Chapter V Dealing in Investments as Agent

      1. The activity

         1. 21. Dealing in investments as agent

      2. Exclusions

         1. 22. Deals with or through authorised persons

         2. 23. Risk management

         3. 24. Other exclusions

   8. Chapter 5A Bidding in Emissions Auctions

      1. The activity

         1. 24A. Bidding in emissions auctions

      2. Exclusions

         1. 24B. Miscellaneous exclusions

   9. Chapter VI Arranging Deals in Investments

      1. The activities

         1. 25. Arranging deals in investments

         2. 25A. Arranging regulated mortgage contracts

         3. 25B. Arranging regulated home reversion plans

         4. 25C. Arranging regulated home purchase plans

         5. 25D. Operating a multilateral trading facility

         6. 25DA. Operating an organised trading facility

         7. 25E. Arranging regulated sale and rent back agreements

      2. Exclusions

         1. 26. Arrangements not causing a deal

         2. 27. Enabling parties to communicate

         3. 28. Arranging transactions to which the arranger is a party

         4. 28A. Arranging contracts , plans or agreements to which the arranger is a party

         5. 29. Arranging deals with or through authorised persons

         6. 29A. Arrangements made in the course of administration by authorised person

         7. 30. Arranging transactions in connection with lending on the security of insurance policies

         8. 31. Arranging the acceptance of debentures in connection with loans

         9. 32. Provision of finance

         10. 33. Introducing

         11. 33A. Introducing to authorised persons etc.

         12. 33B. Provision of information – contracts of insurance

         13. 34. Arrangements for the issue of shares etc.

         14. 35. International securities self-regulating organisations

         15. 35A. Trade repositories

         16. 35AB. Securitisation repositories

         17. 35B. Providing pensions guidance under Part 20A of the Act

         18. 36. Other exclusions

   10. Chapter 6A Credit Broking

       1. The activity

          1. 36A. Credit broking

       2. Exclusions

          1. 36B. Introducing by individuals in the course of canvassing off trade premises

          2. 36C. Activities for which no fee is paid

          3. 36D. Transaction to which the broker is a party

          4. 36E. Activities in relation to certain agreements relating to land

          5. 36F. Activities carried on by members of the legal profession etc

          6. 36FA. Activities carried on by registered social landlords

          7. 36G. Other exclusions

   11. Chapter 6B Operating an Electronic System in Relation to Lending

       1. The activity

          1. 36H. Operating an electronic system in relation to lending

       2. Exclusion

          1. 36I. Information society services

          2. 36IA. Activities in relation to debentures and bonds

       3. Supplemental

          1. 36J. Meaning of “consumer”

   12. Chapter VII Managing Investments

       1. The activity

          1. 37. Managing investments

       2. Exclusions

          1. 38. Attorneys

          2. 39. Other exclusions

   13. CHAPTER VIIA Assisting in the Administration and Performance of a Contract of Insurance

       1. The activity

          1. 39A. Assisting in the administration and performance of a contract of insurance

       2. Exclusions

          1. 39B. Claims management on behalf of an insurer etc.

          2. 39C. Other exclusions

   14. Chapter 7B Activities in Relation to Debt

       1. The activities

          1. 39D. Debt adjusting

          2. 39E. Debt-counselling

          3. 39F. Debt-collecting

          4. 39G. Debt administration

       2. Exclusions

          1. 39H. Activities where person has a connection to the agreement

          2. 39I. Activities carried on by certain energy suppliers

          3. 39J. Activities carried on in relation to a relevant agreement in relation to land

          4. 39K. Activities carried on by members of the legal profession etc

          5. 39KA. Activities carried on by reason of providing pensions guidance under Part 20A of the Act

          6. 39L. Other exclusions

       3. Supplemental

          1. 39M. Meaning of “consumer” etc.

   15. Chapter VIII Safeguarding and Administering Investments

       1. The activity

          1. 40. Safeguarding and administering investments

       2. Exclusions

          1. 41. Acceptance of responsibility by third party

          2. 42. Introduction to qualifying custodians

          3. 42A. Depositaries of UK UCITS and AIFs

          4. 43. Activities not constituting administration

          5. 44. Other exclusions

   16. Chapter IX Sending Dematerialised Instructions

       1. The activities

          1. 45. Sending dematerialised instructions

       2. Exclusions

          1. 46. Instructions on behalf of participating issuers

          2. 47. Instructions on behalf of settlement banks

          3. 48. Instructions in connection with takeover offers

          4. 49. Instructions in the course of providing a network

          5. 50. Other exclusions

   17. Chapter X Collective Investment ...

       1. The activities

          1. 51. Establishing etc. a collective investment scheme

          2. 51ZA. Managing a UK UCITS

          3. 51ZB. Acting as trustee or depositary of a UK UCITS

          4. 51ZC. Managing an AIF

          5. 51ZD. Acting as trustee or depositary of an AIF

          6. 51ZE. Establishing etc. a collective investment scheme

       2. Exclusions

          1. 51ZF. Persons excluded from managing an AIF

          2. 51ZG. Operating a collective investment scheme in relation to a UK UCITS or an AIF

       3. ...

          1. 51A. Other exclusions

   18. Chapter XI ... Pension Schemes

       1. The activities

          1. 52. Establishing etc. a pension scheme

       2. Exclusion

          1. 52A. Other exclusions

   19. CHAPTER XIA Providing Basic Advice On Stakeholder Products

       1. The activity

          1. 52B. Providing basic advice on stakeholder products

       2. Exclusion

          1. 52C. Providing pensions guidance under Part 20A of the Act

   20. Chapter XII Advising on Investments

       1. The activity

          1. 53. Advising on investments

          2. 53A. Advising on regulated mortgage contracts

          3. 53B. Advising on regulated home reversion plans

          4. 53C. Advising on regulated home purchase plans

          5. 53D. Advising on regulated sale and rent back agreements

          6. 53DA. Advising on regulated credit agreements for the acquisition of land

          7. 53E. Advising on conversion or transfer of pension benefits

       2. Exclusions

          1. 54. Advice given in newspapers etc.

          2. 54A. Advice given in the course of administration by authorised person

          3. 54B. Advice given by reason of providing pensions guidance under Part 20A of the Act

          4. 55. Other exclusions

   21. Chapter XIII Lloyd’s

       1. The activities

          1. 56. Advice on syndicate participation at Lloyd’s

          2. 57. Managing the underwriting capacity of a Lloyd’s syndicate

          3. 58. Arranging deals in contracts of insurance written at Lloyd’s

       2. Exclusion

          1. 58A. Information Managers of UCITS and AIFs

   22. Chapter XIV Funeral Plan Contracts

       1. The activity

          1. 59. Funeral plan contracts

       2. Exclusions

          1. 60. Plans covered by insurance or trust arrangements

          2. 60ZA. Local authorities

          3. 60A. ...Managers of UCITS and AIFs

   23. Chapter 14A Regulated Credit Agreements

       1. The activities

          1. 60B. Regulated credit agreements

          2. 60C. Exempt agreements: exemptions relating to the nature of the agreement

          3. 60D. Exempt agreements: exemption relating to the purchase of land for non-residential purposes

          4. 60E. Exempt agreements: exemptions relating to the nature of the lender

          5. 60F. Exempt agreements: exemptions relating to number of repayments to be made

          6. 60G. Exempt agreements: exemptions relating to the total charge for credit

          7. 60H. Exempt agreements: exemptions relating to the nature of the borrower

          8. 60HA. Exempt agreements: provision qualifying articles 60E, 60F and 60H

       2. Exclusions

          1. 60I. Arranging administration by authorised person

          2. 60J. Administration pursuant to agreement with authorised person

          3. 60JA. Payment institutions

          4. 60JB. Electronic money institutions

          5. 60K. Other exclusions

       3. Supplemental

          1. 60L. Interpretation of Chapter 14A etc.

          2. 60LA. Meaning of consumer etc.

          3. 60LB. Green deal plans

          4. 60M. Total charge for credit

   24. Chapter 14B Regulated Consumer Hire Agreements

       1. The activities

          1. 60N. Regulated consumer hire agreements

          2. 60O. Exempt agreements: exemptions relating to nature of agreement

          3. 60P. Exempt agreements: exemptions relating to supply of essential services

          4. 60Q. Exempt agreements: exemptions relating to the nature of the hirer

       2. Exclusion

          1. 60R. Other exclusions

       3. Supplemental

          1. 60S. Meaning of consumer etc.

   25. Chapter XV Regulated Mortgage Contracts

       1. The activities

          1. 61. Regulated mortgage contracts

          2. 61A. Mortgage contracts which are not regulated mortgage contracts

       2. Exclusions

          1. 62. Arranging administration by authorised person

          2. 63. Administration pursuant to agreement with authorised person

          3. 63A. Other exclusions

   26. Chapter XVA Regulated Home Reversion Plans

       1. The activities

          1. 63B. Entering into and administering regulated home reversion plans

       2. Exclusions

          1. 63C. Arranging administration by authorised person

          2. 63D. Administration pursuant to agreement with authorised person

          3. 63E. Other exclusions

   27. Chapter XVB Regulated Home Purchase Plans

       1. The activities

          1. 63F. Entering into and administering regulated home purchase plans

       2. Exclusions

          1. 63G. Arranging administration by authorised person

          2. 63H. Administration pursuant to agreement with authorised person

          3. 63I. Other exclusions

   28. Chapter XVC Regulated Sale and Rent Back Agreements

       1. The activities

          1. 63J. Entering into and administering regulated sale and rent back agreements

       2. Exclusions

          1. 63K. Arranging administration by authorised person

          2. 63L. Administration pursuant to agreement with authorised person

          3. 63M. Other exclusions

   29. Chapter 15D Activities of Reclaim Funds

       1. The activities

          1. 63N. Dormant account funds

   30. Chapter 15E Specified Benchmarks

       1. The activities

          1. 63O. Specified benchmarks

          2. 63P. Publicly available factual data and subscription services

          3. 63Q. Administration of a specified benchmark by the FCA

          4. 63R. Schedule

          5. 63S. Administering a benchmark

          6. 63T. Administration of a benchmark by the FCA

   31. Chapter XVI Agreeing to Carry on Activities

       1. The activity

          1. 64. Agreeing to carry on specified kinds of activity

       2. Exclusions

          1. 65. Overseas persons etc

   32. Chapter XVII Exclusions Applying to Several Specified Kinds of Activity

       1. 66. Trustees, nominees and personal representatives

       2. 67. Activities carried on in the course of a profession or non-investment business

       3. 68. Activities carried on in connection with the sale of goods or supply of services

       4. 69. Groups and joint enterprises

       5. 70. Activities carried on in connection with the sale of a body corporate

       6. 71. Activities carried on in connection with employee share schemes

       7. 72. Overseas persons

       8. 72A. Information society services

       9. 72AA. Managers of UK UCITS and AIFs

       10. 72B. Activities carried on by a provider of relevant goods or services

       11. 72C. Provision of information on an incidental basis

       12. 72D. Large risks contracts where risk situated outside the United Kingdom

       13. 72E. Business Angel-led Enterprise Capital Funds

       14. 72F. Interpretation

       15. 72G. Local authorities

       16. 72H. Insolvency practitioners

       17. 72I. Registered consumer buy-to-let mortgage firms

       18. 72J. Persons seeking to use the exemption under Article 2.1(j) of the markets in financial instruments directive

4. PART III SPECIFIED INVESTMENTS

   1. 73. Investments: general

   2. 74. Deposits

   3. 74A. Electronic money

   4. 75. Contracts of insurance

   5. 76. Shares etc.

   6. 77. Instruments creating or acknowledging indebtedness

   7. 77A. Alternative finance investment bonds

   8. 78. Government and public securities

   9. 79. Instruments giving entitlements to investments

   10. 80. Certificates representing certain securities

   11. 81. Units in a collective investment scheme

   12. 82. Rights under a pension scheme

   13. 82A. Greenhouse gas emissions allowances

   14. 82B. Emission allowances

   15. 83. Options

   16. 84. Futures

   17. 85. Contracts for differences etc.

   18. 86. Lloyd’s syndicate capacity and syndicate membership

   19. 87. Funeral plan contracts

   20. 88. Regulated mortgage contracts

   21. 88A. Regulated home reversion plans

   22. 88B. Regulated home purchase plans

   23. 88C. Regulated sale and rent back agreements

   24. 88D. Credit agreement

   25. 88E. Consumer hire agreement

   26. 89. Rights to or interests in investments

5. PART 3A SPECIFIED ACTIVITIES IN RELATION TO INFORMATION

   1. The activities

      1. 89A. Providing credit information services

      2. 89B. Providing credit references

   2. Exclusions

      1. 89C. Activities carried on by members of the legal profession, etc

      2. 89D. Other exclusions

   3. Supplemental

      1. 89E. Meaning of “consumer” etc.

6. PART 3B CLAIMS MANAGEMENT ACTIVITIES IN GREAT BRITAIN

   1. The activities

      1. 89F. Specified kinds of claims management activity

      2. 89G. Seeking out, referrals and identification of claims or potential claims

      3. 89H. Advice, investigation or representation in relation to a personal injury claim

      4. 89I. Advice, investigation or representation in relation to a financial services or financial product claim

      5. 89J. Advice, investigation or representation in relation to a housing disrepair claim

      6. 89K. Advice, investigation or representation in relation to a claim for a specified benefit

      7. 89L. Advice, investigation or representation in relation to a criminal injury claim

      8. 89M. Advice, investigation or representation in relation to an employment related claim

   2. Exclusions

      1. 89N. Claims management activity conducted by legal professionals

      2. 89O. Claims management activity conducted by a charity or not-for-profit agency

      3. 89P. Claims management activity conducted by a person appointed by a statutory or other public body

      4. 89Q. Claims management activity conducted by the Motor Insurers’ Bureau

      5. 89R. Claims management activity conducted by a medical defence union

      6. 89S. Claims management activity conducted an independent trade union

      7. 89T. Claims management activity conducted by a students’ union

      8. 89U. Claims management activity conducted by an insurance intermediary

      9. 89V. Certain providers of referrals

      10. 89W. Services in connection with counterclaims and claims against third parties

7. PART IV CONSEQUENTIAL PROVISIONS

   1. Regulated mortgage contracts: consequential provisions

      1. 90. Consequential amendments of the Consumer Credit Act 1974

      2. 91. Consequential amendments of subordinate legislation under the Consumer Credit Act 1974

8. PART V UNAUTHORISED PERSONS CARRYING ON INSURANCE DISTRIBUTION ACTIVITIES

   1. 92. Interpretation

   2. 93. Duty to maintain a record of unauthorised persons carrying on insurance distribution activities

   3. 94. Members of designated professional bodies

   4. 95. Exclusion from record where not fit and proper to carry on insurance distribution activities

   5. 96. Exclusion from the record where FCA has exercised its powers under Part XX of the Act

9. PART 6 MISCELLANEOUS

   1. 97. Disapplication of section 49(2) of the Act

10. Signature

11. 1. SCHEDULE 1

       CONTRACTS OF INSURANCE

       1. PART I CONTRACTS OF GENERAL INSURANCE

          1. 1. Accident

          2. 2. Sickness

          3. 3. Land vehicles

          4. 4. Railway rolling stock

          5. 5. Aircraft

          6. 6. Ships

          7. 7. Goods in transit

          8. 8. Fire and natural forces

          9. 9. Damage to property

          10. 10. Motor vehicle liability

          11. 11. Aircraft liability

          12. 12. Liability of ships

          13. 13. General liability

          14. 14. Credit

          15. 15. Suretyship

          16. 16. Miscellaneous financial loss

          17. 17. Legal expenses

          18. 18. Assistance

       2. PART II CONTRACTS OF LONG-TERM INSURANCE

          1. I. Life and annuity

          2. II. Marriage and birth

          3. III. Linked long term

          4. IV. Permanent health

          5. V. Tontines

          6. VI. Capital redemption contracts

          7. VII. Pension fund management

          8. VIII. Collective insurance etc.

          9. IX. Social insurance

    2. SCHEDULE 2

       Financial Instruments and Investment services and activities

       1. PART 1 ...

          1. “Financial instruments

             1. 1. Transferable securities;

             2. 2. Money-market instruments;

             3. 3. Units in collective investment undertakings;

             4. 4. Options, futures, swaps, forward rate agreements and any other derivative...

             5. 5. Options, futures, swaps, forwards and any other derivative contracts relating...

             6. 6. Options, futures, swaps, and any other derivative contract relating to...

             7. 7. Option, futures, swaps, forwards and any other derivative contracts relating...

             8. 8. Derivative instruments for the transfer of credit risk;

             9. 9. Financial contracts for differences;

             10. 10. Options, futures, swaps, forward rate agreements and any other derivative...

             11. 11. Emission allowances consisting of any units recognised for compliance with...

       2. PART 2 Articles 5 to 8, 10 and 11 of the Commission Regulation

          1. Article 5

             Wholesale energy products that must be physically settled

             1. 1. For the purposes of paragraphs 6 and 7 of Part...

             2. 2. Operational netting shall be understood as any nomination of quantities...

             3. 3. For the purposes of paragraphs 6 and 7 of Part...

             4. 4. For the purposes of paragraphs 6 and 7 of Part...

             5. 5. The existence of force majeure or bona fide inability to...

             6. 6. The existence of default clauses providing that a party is...

             7. 7. The delivery methods for the contracts being considered as ‘physically...

          2. Article 6

             Energy derivative contracts relating to oil and coal and wholesale energy products

             1. 1. For the purposes of paragraph 6 of Part 1 of...

             2. 2. For the purposes of paragraph 6 of Part 1 of...

             3. 3. For the purposes of paragraphs 6 and 7 of Schedule...

          3. Article 7

             Other derivative financial instruments

             1. 1. For the purposes of paragraph 7 of Part 1 of...

             2. 2. A spot contract for the purposes of paragraph 1 shall...

             3. 3. For the purposes of paragraph 10 of Part 1 of...

             4. 4. A contract shall be considered to be for commercial purposes...

          4. Article 8

             Derivatives under paragraph 10 of Part 1 of Schedule 2

          5. Article 10

             Characteristics of other derivative contracts relating to currencies

             1. 1. For the purposes of paragraph 4 of Part 1 of...

             2. 2. A spot contract for the purposes of paragraph 1 shall...

             3. 3. The major currencies for the purposes of paragraph 2 shall...

             4. 4. For the purposes of paragraph 2, a trading day shall...

          6. Article 11

             Money-market instruments

       3. PART 3 SECTION A OF ANNEX I TO THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE

          1. “Investment services and activities

             1. 1. Reception and transmission of orders in relation to one or...

             2. 2. Execution of orders on behalf of clients.

             3. 3. Dealing on own account.

             4. 4. Portfolio management.

             5. 5. Investment advice.

             6. 6. Underwriting of financial instruments and/or placing of financial instruments on...

             7. 7. Placing of financial instruments without a firm commitment basis.

             8. 8. Operation of an MTF .

             9. 9. Operation of an OTF. ”

       4. PART 3A ANCILLARY SERVICES

          1. 1. Safekeeping and administration of financial instruments for the account of...

          2. 2. Granting credits or loans to an investor to allow the...

          3. 3. Advice to undertakings on capital structure, industrial strategy and related...

          4. 4. Foreign exchange services where these are connected to the provision...

          5. 5. Investment research and financial analysis or other forms of general...

          6. 6. Services relating to underwriting.

          7. 7. Investment services and activities included in Part 3 of this...

       5. PART 4 Article 9 of the Commission Regulation

          1. Article 9

             Investment advice

       6. PART 5 Interpretation

    3. SCHEDULE 3

       Exemptions from the definition of “investment firm”

       1. PART 1

          1. 1. The following persons are excluded from the definition of “investment...

          2. 2. This paragraph applies if— (a) P's main business is not—...

          3. 3. The exemption in paragraph 1(p)— (a) only applies to the...

          4. 4. References in this Schedule to “regulated markets”, “MTFs” and “trading...

          5. 5. Any expression used in this Part of this Schedule which...

       2. PART 2 Provision of investment service in an incidental manner

          1. 6. For the purpose of the exemption in paragraph 1(d), an...

    4. SCHEDULE 4

       Relevant Text of the Insurance Distribution Directive

       1. PART 1 Article 1.3

       2. PART 2 Article 2.1(1)

       3. PART 3 Article 2.1(2)

       4. PART 4 Article 2.1(4)

       5. PART 5 Article 2.2

       6. PART 6 Modifications of Article 1.3, 2.1(2) and (4) and 2.2

          1. 1. This Part has effect for the purposes of article 4(5)....

          2. 2. Article 2.1(2) of the insurance distribution directive has effect—

          3. 3. Article 2.1(4) of the insurance distribution directive has effect as...

          4. 4. Article 2.2 of the insurance distribution directive has effect as...

    5. SCHEDULE 4A

       MEANING OF “BORROWER” IN RELATION TO GREEN DEAL CREDIT AGREEMENTS

    6. SCHEDULE 5

       SPECIFIED BENCHMARKS

    7. SCHEDULE 6

       FUNCTIONS INCLUDED IN THE ACTIVITY OF MANAGING A UCITS: ANNEX II TO THE UCITS DIRECTIVE

       1. 1. Investment management.

       2. 2. Administration— (a) legal and fund management accounting services;

       3. 3. Marketing.

    8. SCHEDULE 7

       ADDITIONAL ACTIVITIES INCLUDED IN THE ACTIVITY OF MANAGING AN AIF LISTED IN PARAGRAPH 2 OF ANNEX I TO THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE

       1. (a) Administration— (i) legal and fund management accounting services;

    9. SCHEDULE 8

       PERSONS EXCLUDED FROM REGULATED ACTIVITY OF MANAGING AN AIF

       1. 1. Interpretation of this Schedule

       2. 1A. For the purposes of paragraph 1, in Article 4(1)(o) of...

       3. 1B. In this Schedule— “ parent undertaking ” has the meaning...

       4. 2. Persons excluded

       5. 3. An AIFM in so far as it manages one or...

       6. 4. The trustees and managers of an occupational pension scheme within...

       7. 5. ... The European Investment Bank, the European Investment Fund, a...

       8. 6. A national central bank.

       9. 7. A national, regional or local government or body or other...

       10. 8. A holding company.

       11. 9. An employee participation scheme or employee savings scheme.

       12. 10. A securitisation special purpose entity.

       13. 11. An AIFM, the registered office of which is not in...

12. Explanatory Note