1993 c. 10.

1964 c. 33 (N.I.).

1979 c. 34; amended by the Deregulation (Credit Unions) Order 1996 (S.I. 1996/1189).

S.I. 1985/1205 (N.I. 12); relevant amendments are made by paragraphs 28 and 29 of Schedule 21 to the Friendly Societies Act 1992 (c. 40), and by S.I. 1997/2984 (N.I. 22).

1972 c. 70; the definition of “local authority" in section 270 has been repealed in part by Schedule 17 to the Local Government Act 1985 (c. 51), and amended by section 1(5) of the Local Government (Wales) Act 1994 (c. 19).

1973 c. 65; the definition of “local authority" in section 235 was substituted by paragraph 92(66) of Schedule 13 to the Local Government etc. (Scotland) Act 1994 (c. 39).

1972 c. 9 (N.I.).

S.I. 2001/544.

Word in art. 5(1)(h) omitted (6.4.2007) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(3), 10

Art. 5(1)(ca) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 4

Words in art. 2 inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 3

Words in art. 6 omitted (1.12.2001) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001 (S.I. 2001/3623), arts. 1, 3

Words in art. 2 substituted (1.4.2006) by The Charities and Trustee Investment (Scotland) Act 2005 (Consequential Provisions and Modifications) Order 2006 (S.I. 2006/242), art. 1(3), Sch. para. 11

Art. 5(1)(da) inserted (14.1.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675), arts. 1(3), 2(3)

Words in art. 2 inserted (14.1.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675), arts. 1(3), 2(2)

http://www.legislation.gov.uk/uksi/2001/1201/body/2009-07-01The Financial Services and Markets Act 2000 (Exemption) Order 2001texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-05-16Expert Participation2009-07-01This Order provides for certain persons to be exempt from the general prohibition which is imposed by section 19 of the Financial Services and Markets Act 2000 (c. 8) (“the Act"). Exempt persons are not required to be authorised to carry on regulated activities. Regulated activities are activities of a kind specified by the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) which relate to an investment of a kind specified by that Order and which are carried on by way of business.
1 Citation and commencement

This Order may be cited as the Financial Services and Markets Act 2000 (Exemption) Order 2001 and comes into force on the day on which section 19 of the Act comes into force.

2 Interpretation

In this Order—

“the Act" means the Financial Services and Markets Act 2000;

“charity"—

a

in relation to Scotland, means a body entered in the Scottish Charity Register; and

b

otherwise, has the meaning given by section 96(1) of the Charities Act 1993 or by section 35 of the Charities Act (Northern Ireland) 1964 ;

“credit institution” has the meaning given by the Regulated Activities Order;

“deposit" has the meaning given by the Regulated Activities Order;

“industrial and provident society" has the meaning given by section 417(1) of the Act but does not include a credit union within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985 ;

“investment firm” has the meaning given by the Regulated Activities Order;

“local authority" means—

a

in England and Wales, a local authority within the meaning of the Local Government Act 1972 , the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;

b

in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 1973 ; and

c

in Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 1972 ;

“non-qualifying contract of insurance” means a contract of insurance (within the meaning of the Regulated Activities Order) which is not a qualifying contract of insurance (within the meaning of that Order);

“the Regulated Activities Order" means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 .

3 Persons exempt in respect of any regulated activity other than insurance business

Each of the persons listed in Part I of the Schedule is exempt from the general prohibition in respect of any regulated activity other than an activity of the kind specified by article 10 of the Regulated Activities Order (effecting and carrying out contracts of insurance).

4 Persons exempt in respect of accepting deposits

Subject to the limitations, if any, expressed in relation to him, each of the persons listed in Part II of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits).

5 Persons exempt in respect of particular regulated activities1

Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part III of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind specified by any of the following provisions of the Regulated Activities Order, or article 64 of that Order (agreeing to carry on specified kinds of activity) so far as relevant to any such activity—

a

article 14 (dealing in investments as principal);

b

article 21 (dealing in investments as agent);

c

article 25 (arranging deals in investments);

ca

article 25D (operating a multilateral trading facility);

d

article 37 (managing investments);

da

article 39A (assisting in the administration and performance of a contract of insurance);

e

article 40 (safeguarding and administering investments);

f

article 45 (sending dematerialised instructions);

g

article 51 (establishing etc. a collective investment scheme);

h

article 52 (establishing etc. a ... pension scheme);

i

article 53 (advising on investments).

2

Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part IV of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind referred to in relation to him, or an activity of the kind specified by article 64 of the Regulated Activities Order so far as relevant to any such activity.

6 Transitional exemption for credit unions

A credit union, within the meaning ..., is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the Regulated Activities Order, but only until 1st July 2002.

Jim Dowd Greg PopeTwo of the Lords Commissioners of Her Majesty’s Treasury
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<ref href="http://www.legislation.gov.uk/id/ukpga/1993/10">1993 c. 10</ref>
.
</p>
</note>
<note class="commentary M" eId="c15546051">
<p>
<ref href="http://www.legislation.gov.uk/id/apni/1964/33">1964 c. 33 (N.I.)</ref>
.
</p>
</note>
<note class="commentary M" eId="c15546061">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/34">1979 c. 34</ref>
; amended by the
<ref href="http://www.legislation.gov.uk/id/uksi/1996/1189">Deregulation (Credit Unions) Order 1996 (S.I. 1996/1189)</ref>
.
</p>
</note>
<note class="commentary M" eId="c15546071">
<p>
<ref href="http://www.legislation.gov.uk/id/nisi/1985/1205">S.I. 1985/1205 (N.I. 12)</ref>
; relevant amendments are made by paragraphs 28 and 29 of Schedule 21 to the
<ref href="http://www.legislation.gov.uk/id/ukpga/1992/40">Friendly Societies Act 1992 (c. 40)</ref>
, and by
<ref href="http://www.legislation.gov.uk/id/nisi/1997/2984">S.I. 1997/2984 (N.I. 22)</ref>
.
</p>
</note>
<note class="commentary M" eId="c15546081">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/70">1972 c. 70</ref>
; the definition of “local authority" in section 270 has been repealed in part by Schedule 17 to the
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/51">Local Government Act 1985 (c. 51)</ref>
, and amended by section 1(5) of the
<ref href="http://www.legislation.gov.uk/id/ukpga/1994/19">Local Government (Wales) Act 1994 (c. 19)</ref>
.
</p>
</note>
<note class="commentary M" eId="c15546091">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/65">1973 c. 65</ref>
; the definition of “local authority" in section 235 was substituted by paragraph 92(66) of Schedule 13 to the
<ref href="http://www.legislation.gov.uk/id/ukpga/1994/39">Local Government etc. (Scotland) Act 1994 (c. 39)</ref>
.
</p>
</note>
<note class="commentary M" eId="c15546101">
<p>
<ref href="http://www.legislation.gov.uk/id/apni/1972/9">1972 c. 9 (N.I.)</ref>
.
</p>
</note>
<note class="commentary M" eId="c15546111">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2001/544">S.I. 2001/544</ref>
.
</p>
</note>
<note class="commentary F" eId="key-693b24e808eddbb614c4155a1bcf25a1">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/article/5/1/h">art. 5(1)(h)</ref>
omitted (6.4.2007) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2006/1969">The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/1969/article/1/3">arts. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/1969/article/10">10</ref>
</p>
</note>
<note class="commentary F" eId="key-888adf72d7489c3b805be41f89b28adf">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/article/5/1/ca">Art. 5(1)(ca)</ref>
inserted (1.11.2007) by
<ref href="http://www.legislation.gov.uk/id/uksi/2007/125">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/125/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/125/article/4">4</ref>
</p>
</note>
<note class="commentary F" eId="key-cdfa9c3dddde70b94e1823d760db7195">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/article/2">art. 2</ref>
inserted (1.11.2007) by
<ref href="http://www.legislation.gov.uk/id/uksi/2007/125">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/125/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/125/article/3">3</ref>
</p>
</note>
<note class="commentary F" eId="key-ce527ea510f98c7a9dd2d77e7bc93df2">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/article/6">art. 6</ref>
omitted (1.12.2001) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2001/3623">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001 (S.I. 2001/3623)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/3623/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/3623/article/3">3</ref>
</p>
</note>
<note class="commentary F" eId="key-e24f260147311c4cec6509ca7f930817">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/article/2">art. 2</ref>
substituted (1.4.2006) by
<ref href="http://www.legislation.gov.uk/id/uksi/2006/242">The Charities and Trustee Investment (Scotland) Act 2005 (Consequential Provisions and Modifications) Order 2006 (S.I. 2006/242)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/242/article/1/3">art. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/242/schedule/paragraph/11">Sch. para. 11</ref>
</p>
</note>
<note class="commentary F" eId="key-e6365d6b826fdaee2e1e5e08fc5f3a11">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/article/5/1/da">Art. 5(1)(da)</ref>
inserted (14.1.2005) by
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1675">The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1675/article/1/3">arts. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1675/article/2/3">2(3)</ref>
</p>
</note>
<note class="commentary F" eId="key-e6cbd8df04afb39a67ab72cdceb1924b">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1201/article/2">art. 2</ref>
inserted (14.1.2005) by
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1675">The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1675/article/1/3">arts. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1675/article/2/2">2(2)</ref>
</p>
</note>
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<ukm:Year Value="2001"/>
<ukm:Number Value="1201"/>
<ukm:Made Date="2001-03-26"/>
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<portionBody period="#period3">
<article eId="article-1" period="#period2">
<num>1</num>
<heading> Citation and commencement</heading>
<content>
<p>This Order may be cited as the Financial Services and Markets Act 2000 (Exemption) Order 2001 and comes into force on the day on which section 19 of the Act comes into force.</p>
</content>
</article>
<article eId="article-2" period="#period4">
<num>2</num>
<heading> Interpretation</heading>
<content>
<p>In this Order—</p>
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<item>
<p>“the Act" means the Financial Services and Markets Act 2000;</p>
</item>
<item>
<p>“charity"—</p>
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<item>
<num>a</num>
<p>
in relation to Scotland, means a
<ins class="substitution key-e24f260147311c4cec6509ca7f930817-1676780773385 first last">
<noteRef href="#key-e24f260147311c4cec6509ca7f930817" marker="F5" class="commentary attribute F"/>
body entered in the Scottish Charity Register
</ins>
; and
</p>
</item>
<item>
<num>b</num>
<p>
otherwise, has the meaning given by section 96(1) of the Charities Act 1993
<noteRef href="#c15546041" marker="M1" class="commentary M"/>
or by section 35 of the Charities Act (Northern Ireland) 1964
<noteRef href="#c15546051" marker="M2" class="commentary M"/>
;
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<item>
<p>
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“credit institution” has the meaning given by the Regulated Activities Order;
</ins>
</p>
</item>
<item>
<p>“deposit" has the meaning given by the Regulated Activities Order;</p>
</item>
<item>
<p>
“industrial and provident society" has the meaning given by section 417(1) of the Act but does not include a credit union within the meaning of the Credit Unions Act 1979
<noteRef href="#c15546061" marker="M3" class="commentary M"/>
or the Credit Unions (Northern Ireland) Order 1985
<noteRef href="#c15546071" marker="M4" class="commentary M"/>
;
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<p>
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“investment firm” has the meaning given by the Regulated Activities Order;
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<item>
<p>“local authority" means—</p>
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<num>a</num>
<p>
in England and Wales, a local authority within the meaning of the Local Government Act 1972
<noteRef href="#c15546081" marker="M5" class="commentary M"/>
, the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;
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<item>
<num>b</num>
<p>
in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 1973
<noteRef href="#c15546091" marker="M6" class="commentary M"/>
; and
</p>
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<item>
<num>c</num>
<p>
in Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 1972
<noteRef href="#c15546101" marker="M7" class="commentary M"/>
;
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“non-qualifying contract of insurance” means a contract of insurance (within the meaning of the Regulated Activities Order) which is not a qualifying contract of insurance (within the meaning of that Order);
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<p>
“the Regulated Activities Order" means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
<noteRef href="#c15546111" marker="M8" class="commentary M"/>
.
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<article eId="article-3" period="#period2">
<num>3</num>
<heading> Persons exempt in respect of any regulated activity other than insurance business</heading>
<content>
<p>Each of the persons listed in Part I of the Schedule is exempt from the general prohibition in respect of any regulated activity other than an activity of the kind specified by article 10 of the Regulated Activities Order (effecting and carrying out contracts of insurance).</p>
</content>
</article>
<article eId="article-4" period="#period2">
<num>4</num>
<heading> Persons exempt in respect of accepting deposits</heading>
<content>
<p>Subject to the limitations, if any, expressed in relation to him, each of the persons listed in Part II of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits).</p>
</content>
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<article eId="article-5" period="#period3">
<num>5</num>
<heading> Persons exempt in respect of particular regulated activities</heading>
<paragraph eId="article-5-1" period="#period1">
<num>1</num>
<intro>
<p>Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part III of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind specified by any of the following provisions of the Regulated Activities Order, or article 64 of that Order (agreeing to carry on specified kinds of activity) so far as relevant to any such activity—</p>
</intro>
<subparagraph eId="article-5-1-a">
<num>a</num>
<content>
<p>article 14 (dealing in investments as principal);</p>
</content>
</subparagraph>
<subparagraph eId="article-5-1-b">
<num>b</num>
<content>
<p>article 21 (dealing in investments as agent);</p>
</content>
</subparagraph>
<subparagraph eId="article-5-1-c">
<num>c</num>
<content>
<p>article 25 (arranging deals in investments);</p>
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<subparagraph eId="article-5-1-ca">
<num>
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<noteRef href="#key-888adf72d7489c3b805be41f89b28adf" marker="F2" class="commentary attribute F"/>
ca
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</num>
<content>
<p>
<ins class="key-888adf72d7489c3b805be41f89b28adf-1676787376453 last">article 25D (operating a multilateral trading facility);</ins>
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</content>
</subparagraph>
<subparagraph eId="article-5-1-d">
<num>d</num>
<content>
<p>article 37 (managing investments);</p>
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<subparagraph eId="article-5-1-d">
<num>
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da
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<p>
<ins class="key-e6365d6b826fdaee2e1e5e08fc5f3a11-1676778606094 last">article 39A (assisting in the administration and performance of a contract of insurance);</ins>
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<subparagraph eId="article-5-1-e">
<num>e</num>
<content>
<p>article 40 (safeguarding and administering investments);</p>
</content>
</subparagraph>
<subparagraph eId="article-5-1-f">
<num>f</num>
<content>
<p>article 45 (sending dematerialised instructions);</p>
</content>
</subparagraph>
<subparagraph eId="article-5-1-g">
<num>g</num>
<content>
<p>article 51 (establishing etc. a collective investment scheme);</p>
</content>
</subparagraph>
<subparagraph eId="article-5-1-h">
<num>h</num>
<content>
<p>
article 52 (establishing etc. a
<noteRef href="#key-693b24e808eddbb614c4155a1bcf25a1" marker="F1" class="commentary F"/>
... pension scheme);
</p>
</content>
</subparagraph>
<subparagraph eId="article-5-1-i">
<num>i</num>
<content>
<p>article 53 (advising on investments).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="article-5-2">
<num>2</num>
<content>
<p>Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part IV of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind referred to in relation to him, or an activity of the kind specified by article 64 of the Regulated Activities Order so far as relevant to any such activity.</p>
</content>
</paragraph>
</article>
<article eId="article-6" period="#period2">
<num>6</num>
<heading> Transitional exemption for credit unions</heading>
<content>
<p>
A credit union, within the meaning
<noteRef href="#key-ce527ea510f98c7a9dd2d77e7bc93df2" marker="F4" class="commentary F"/>
..., is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the Regulated Activities Order, but only until 1st July 2002.
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<block name="signature">
<signature>
<person refersTo="#ref-d4e307"> Jim Dowd</person>
<person refersTo="#ref-d4e309"> Greg Pope</person>
<role refersTo="#ref-d4e311">Two of the Lords Commissioners of Her Majesty’s Treasury</role>
<date date="2001-03-26"/>
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