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The Financial Services and Markets Act 2000 (Exemption) Order 2001
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40. U.K.
(1) Any body corporate which has as its principal object (or one of its principal objects)—
(a)the promotion or encouragement of industrial or commercial activity or enterprise in the United Kingdom or in any particular area of it; or
(b)the dissemination of information concerning persons engaged in such activity or enterprise or requiring capital to become so engaged;
is exempt from the general prohibition in respect of any regulated activity of the kind specified by [F1articles 25, 36A, 39D, 39E and 89A of the Regulated Activities Order (arranging deals in investments, credit broking, debt adjusting, debt-counselling and providing credit information services)] so long as it does not carry on that activity for, or with the prospect of, direct or indirect pecuniary gain.
(2) For the purposes of this paragraph, such sums as may reasonably be regarded as necessary to meet the costs of carrying on the activity mentioned in sub-paragraph (1) do not constitute a pecuniary gain.
[F2(3) This paragraph does not apply where an investment firm or [F3qualifying credit institution]—
(a)provides or performs investment services and activities on a professional basis, and
(b)in doing so, but for the operation of [F4sub-paragraph (1)], it would be treated as carrying on an activity of a kind specified by Part 2 of the Regulated Activities Order [F5in breach of the general prohibition].]
Textual Amendments
F1Words in Sch. para. 40(1) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 14(2)
F2Sch. para. 40(3) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 6(a)
F3Words in Sch. para. 40(3) substituted (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(3), 7(3); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Sch. para. 40(3)(b) substituted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007 (S.I. 2007/1821), arts. 1(3), 2(3)(i)
F5Words in Sch. para. 40(3)(b) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007 (S.I. 2007/1821), arts. 1(3), 2(3)(ii)
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