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31.—(1) The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001(1) are amended as follows.
(2) In regulation 1(2)(2) (interpretation)—
(a)after the definition of “contract of long-term care insurance” insert—
““home purchaser” has the same meaning as in article 63F(3) of the Regulated Activities Order;”;
(b)after the definition of “other counterparties” insert—
““plan provider” has the meaning given by paragraph (3) of article 63B of the Regulated Activities Order, read with paragraphs (7) and (8) of that article;”;
(c)after the definition of “the Regulated Activities Order” insert—
““regulated home purchase plan” has the same meaning as in article 63F(3) of the Regulated Activities Order;
“regulated home reversion plan” has the same meaning as in article 63B(3) of the Regulated Activities Order;”;
(d)after the definition of “regulated mortgage contract” insert—
““reversion seller” has the same meaning as in article 63B(3) of the Regulated Activities Order;”.
(3) In regulation 2(1) (descriptions of business for which appointed representatives are exempt)—
(a)after sub-paragraph (ab) insert—
“(aba)an activity of the kind specified by article 25B of that Order (arranging regulated home reversion plans);
(abb)an activity of the kind specified by article 25C of that Order (arranging regulated home purchase plans);”;
(b)at the end of sub-paragraph (ca) delete “or”;
(c)after sub-paragraph (ca) insert—
“(cb)an activity of the kind specified by article 53B of that Order (advising on regulated home reversion plans);
(cc)an activity of the kind specified by article 53C of that Order (advising on regulated home purchase plans); or”;
(d)in sub-paragraph (d) for “(b), (c) or (ca)” substitute “(aba), (abb), (b), (c), (ca), (cb) or (cc)”.
(4) After regulation 3(3) (requirements applying to contracts between authorised persons and appointed representatives) insert—
“(3A) A representative is also to be treated as representing other counterparties for the purposes of paragraph (1) where he—
(a)makes arrangements (in circumstances constituting the carrying on of an activity of the kind specified by article 25B of that Order)—
(i)for a person to enter (or with a view to a person entering) as reversion seller or plan provider into a regulated home reversion plan with other counterparties, or
(ii)for a person to vary a regulated home reversion plan entered into on or after 6th April 2007 by him as reversion seller or plan provider with other counterparties; or
(b)gives advice (in circumstances constituting the carrying on of an activity of the kind specified by article 53B of that Order) on the merits of—
(i)a person entering as reversion seller or plan provider into a regulated home reversion plan with other counterparties, or
(ii)a person varying a regulated home reversion plan entered into on or after 6th April 2007 by him as reversion seller or plan provider with other counterparties.
(3B) A representative is also to be treated as representing other counterparties for the purposes of paragraph (1) where he—
(a)makes arrangements (in circumstances constituting the carrying on of an activity of the kind specified by article 25C of that Order)—
(i)for a person to enter (or with a view to a person entering) as home purchaser into a regulated home purchase plan with other counterparties, or
(ii)for a person to vary a regulated home purchase plan entered into on or after 6th April 2007 by a person as home purchaser with other counterparties; or
(b)gives advice (in circumstances constituting the carrying on of an activity of the kind specified by article 53C of that Order) on the merits of—
(i)a person entering as home purchaser into a regulated home purchase plan with other counterparties, or
(ii)a person varying a regulated home purchase plan entered into on or after 6th April 2007 by him as home purchaser with other counterparties.”.
S.I. 2001/1217; amended by S.I. 2003/1475 and S.I. 2003/1476.
The definition of “contract of long-term insurance” was inserted by S.I. 2004/453.
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