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Finance Act 2011
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Finance Act 2011, Paragraph 38 is up to date with all changes known to be in force on or before 01 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Schedule 19 Paragraph 38:
- Sch. 23 para. 45(1)(ia) inserted by 2017 c. 10 Sch. 11 para. 6(3)
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Sch. 23 para. 45(1)(ia) inserted by 2017 c. 10 Sch. 11 para. 6(3)
38(1)Liabilities representing clients' money held by an authorised person are excluded.U.K.
(2) “ Authorised person ” means an entity which—
(a) is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act), or
(b) would be required to be such an authorised person if it were a UK resident entity which carried on its activities in the United Kingdom.
(3)“Clients' money”—
(a) in relation to an authorised person within sub-paragraph (2)(a), has the meaning given by [F1 section 137B of FISMA 2000 (FCA general rules: clients’ money, right to rescind etc. ) ] , and
(b)in relation to an authorised person within sub-paragraph (2)(b), means any money held by the person outside the United Kingdom where the holding of that money is subject to rules comparable with rules made under [F2section 137B of that Act],
but does not include a deposit within the meaning of article 5(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544) ignoring the exclusions in articles 6 to 9AB.
Textual Amendments
F1Words in Sch. 19 para. 38(3)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 15(5)(a)
F2Words in Sch. 19 para. 38(3)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 15(5)(b)
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