The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001

Listed institutions U.K.

6.—(1) Any person (“P1”) who immediately before commencement was—

(a) a listed institution within the meaning of section 43 of the Financial Services Act;

(b) an exempted person by reason of his inclusion in the list maintained under that section;

(c) able, in accordance with any relevant conditions or arrangements applicable to him, to carry on the activities set out in Parts I, II and III of Schedule 5 to the Financial Services Act,

is to be treated as having, at commencement, a Part IV permission to carry on any regulated activities mentioned in paragraph (2).

(2) The regulated activities mentioned in this paragraph are—

(a) activities of the kind specified by articles 14, 21 and 25 of the Regulated Activities Order and the activity of the kind specified by article 64 of that Order, in so far as it relates to those activities;

(b) the activity of the kind specified by article 53 of the Regulated Activities Order (and by article 64 of that Order, in so far as it relates to article 53) where the advice given by P1—

(i) is given in connection with a transaction in the course of which the only regulated activities carried on by P1 are regulated activities of the kind mentioned in sub-paragraph (a); and

(ii) relates to the carrying on by P1 of those activities in the course of that transaction,

when those activities are carried on in relation to investments specified by any of articles 77 to 80, 83, 84 and 85 of that Order or by article 89 of that Order as it relates to investments specified by those articles.

(3) Any person (“P2”) who immediately before commencement was—

(a) a listed institution within the meaning of section 43 of the Financial Services Act;

(b) an exempted person by reason of his inclusion in the list maintained under that section;

(c) able, in accordance with any relevant conditions or arrangements applicable to him, to carry on only the activities set out in Part III of Schedule 5 to the Financial Services Act,

is to be treated as having, at commencement, a Part IV permission to carry on any regulated activities mentioned in paragraph (4).

(4) The regulated activities mentioned in this paragraph are—

(a) the activity of the kind specified by article 25 of the Regulated Activities Order and the activity of the kind specified by article 64 of that Order, in so far as it relates to that activity;

(b) the activity of the kind specified by article 53 of the Regulated Activities Order (and by article 64 of that Order in so far as it relates to article 53) where the advice given by P2—

(i) is given in connection with a transaction in the course of which the only regulated activities carried on by P2 are the activities of the kind mentioned in sub-paragraph (a); and

(ii) relates to the carrying on by P2 of those activities in the course of that transaction,

when those activities are carried on in relation to investments specified by any of articles 77 to 80, 83, 84 and 85 of that Order or by article 89 of that Order as it relates to investments specified by those articles.

(5) “Relevant conditions or arrangements” in paragraphs (1) and (3) means conditions imposed or arrangements made under section 43(2) of the Financial Services Act.

Commencement Information

I1 Art. 6 in force at 1.12.2001, see art. 1(2)(b)