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.

In this Order—

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

• “charity"—

  1. (a)

     in relation to Scotland, means a F1body entered in the Scottish Charity Register; and

  2. (b)

     otherwise, has the meaning given by section 96(1) of the Charities Act 1993 M1 or by section 35 of the Charities Act (Northern Ireland) 1964 M2;

• F2“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 M3 or the Credit Unions (Northern Ireland) Order 1985 M4;

• F2“investment firm” has the meaning given by the Regulated Activities Order;

• “local authority" means—

  1. (a)

     in England and Wales, a local authority within the meaning of the Local Government Act 1972 M5, the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;

  2. (b)

     in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 1973 M6; and

  3. (c)

     in Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 1972 M7;

• F3“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 M8.

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).

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).

A credit union, within the meaning F7..., 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.