7Extension of scope of regulationU.K.
(1)In section 22 of FSMA 2000 (the classes of activity and categories of investment)—
(a)after subsection (1) insert—
“(1A)An activity is also a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried on by way of business and relates to—
(a)information about a person's financial standing, or
(b)the setting of a specified benchmark.”,
(b)in subsection (3), after “(1)” insert “ or (1A) ”,
(c)after subsection (5) insert—
“(6)Benchmark” means an index, rate or price that—
(a)is determined from time to time by reference to the state of the market,
(b)is made available to the public (whether free of charge or on payment), and
(c)is used for reference for purposes that include one or more of the following—
(i)determining the interest payable, or other sums due, under loan agreements or under other contracts relating to investments;
(ii)determining the price at which investments may be bought or sold or the value of investments;
(iii)measuring the performance of investments.”, and”
(d)for the heading substitute “ Regulated activities ”.
(2)Schedule 2 to FSMA 2000 (regulated activities) is amended as follows.
(3)For paragraph 23 (and the italic heading before it) substitute—
“23“Loans and other forms of credit
(1)Rights under any contract under which one person provides another with credit.
(2)“Credit” includes any cash loan or other financial accommodation.
(3)“Cash” includes money in any form.
(4)It is immaterial for the purposes of sub-paragraph (1) whether or not the obligation of the borrower is secured on property of any kind.”
(4)After paragraph 23A insert—
“23B“Contracts for hire of goods
(1)Rights under a contract for the bailment or (in Scotland) hiring of goods to a person other than a body corporate.
(2)“Goods” has the meaning given in section 61(1) of the Sale of Goods Act 1979.
(3)It is immaterial for the purposes of sub-paragraph (1) whether the rights of the person to whom the goods are bailed or hired have been assigned to a body corporate.”
(5)After paragraph 24 insert—
“PART 2A U.K.Regulated activities relating to information about persons' financial standing
24AGeneral
24AThe matters with respect to which provision may be made under section 22(1A)(a) include, in particular, those described in general terms in this Part of this Schedule.
24BProviding credit reference services
24BFurnishing persons with information that—
(a)is relevant to the financial standing of persons other than bodies corporate, and
(b)is collected for that purpose by the person furnishing it.
24CProviding credit information services
(1)Taking steps on behalf of a person other than a body corporate in connection with information relevant to that person's financial standing that is or may be held by a regulated person.
(2)“Regulated person” means—
(a)a person who is carrying on a regulated activity, or
(b)a person who is carrying on a business in respect of which a licence under section 21 of the Consumer Credit Act 1974 is required.
24DGiving advice to a person other than a body corporate in relation to the taking of any steps of the kind mentioned in paragraph 24C(1).
PART 2B U.K.Regulated activities relating to the setting of benchmarks
24EGeneral
24EThe matters with respect to which provisions may be made under section 22(1A)(b) include, in particular, those described in general terms in this Part of this Schedule.
24FProviding information
24FProviding any information or expression of opinion that—
(a)is required by another person in connection with the determination of a benchmark, and
(b)is provided to that person for that purpose.
24GAdministration
(1)Administering the arrangements for determining a benchmark.
(2)Collecting, analysing or processing information or expressions of opinion for the purpose of the determination of a benchmark.
24HDetermining or publishing benchmark or publishing connected information
(1)Determining a benchmark.
(2)Publishing a benchmark or information connected with a benchmark.”
Commencement Information
I1S. 7 in force at 24.1.2013 by S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1