http://www.legislation.gov.uk/uksi/2001/1201/body/madeThe Financial Services and Markets Act 2000 (Exemption) Order 2001Credit unionsBusiness practice and regulationCompaniesRegulation and deregulationNuclear energyKing's Printer of Acts of Parliament2016-02-19FINANCIAL SERVICES AND MARKETSThis 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.
Citation and commencement1.

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.

Interpretation2.

In this Order—

the Act” means the Financial Services and Markets Act 2000;

“charity”—

(a)

in relation to Scotland, means a recognised body within the meaning of section 1(7) of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990

1990 c. 40.

; and

(b)

otherwise, has the meaning given by section 96(1) of the Charities Act 1993

1993 c. 10.

or by section 35 of the Charities Act (Northern Ireland) 1964

1964 c. 33 (N.I.).

;

“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

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

or the Credit Unions (Northern Ireland) Order 1985

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).

;

“local authority” means—

(a)

in England and Wales, a local authority within the meaning of the Local Government Act 1972

1972 c. 70; the definition of “local authority” in section 270 has been repealed in part by Schedule 17 to the Local Government Act 1985 (c. 51), and amended by section 1(5) of the Local Government (Wales) Act 1994 (c. 19).

, 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

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).

; and

(c)

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

1972 c. 9 (N.I.).

;

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

S.I. 2001/544.

.

Persons exempt in respect of any regulated activity other than insurance business3.

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).

Persons exempt in respect of accepting deposits4.

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).

Persons exempt in respect of particular regulated activities5.(1)

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);

(d)

article 37 (managing investments);

(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 stakeholder 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.

Transitional exemption for credit unions6.

A credit union, within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985, 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 DowdGreg PopeTwo of the Lords Commissioners of Her Majesty’s Treasury26th March 2001
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<akomaNtoso xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xsi:schemaLocation="http://docs.oasis-open.org/legaldocml/ns/akn/3.0 http://docs.oasis-open.org/legaldocml/akn-core/v1.0/cos01/part2-specs/schemas/akomantoso30.xsd">
<act name="uksi">
<meta>
<identification source="#">
<FRBRWork>
<FRBRthis value="http://www.legislation.gov.uk/id/uksi/2001/1201"/>
<FRBRuri value="http://www.legislation.gov.uk/id/uksi/2001/1201"/>
<FRBRdate date="2001-03-26" name="made"/>
<FRBRauthor href="http://www.legislation.gov.uk/id/government/uk"/>
<FRBRcountry value="GB-UKM"/>
<FRBRsubtype value="order"/>
<FRBRnumber value="1201"/>
<FRBRname value="S.I. 2001/1201"/>
<FRBRprescriptive value="true"/>
</FRBRWork>
<FRBRExpression>
<FRBRthis value="http://www.legislation.gov.uk/uksi/2001/1201/made"/>
<FRBRuri value="http://www.legislation.gov.uk/uksi/2001/1201/made"/>
<FRBRdate date="2001-03-26" name="made"/>
<FRBRauthor href="#"/>
<FRBRlanguage language="eng"/>
</FRBRExpression>
<FRBRManifestation>
<FRBRthis value="http://www.legislation.gov.uk/uksi/2001/1201/made/data.akn"/>
<FRBRuri value="http://www.legislation.gov.uk/uksi/2001/1201/made/data.akn"/>
<FRBRdate date="2024-11-23Z" name="transform"/>
<FRBRauthor href="http://www.legislation.gov.uk"/>
<FRBRformat value="application/akn+xml"/>
</FRBRManifestation>
</identification>
<lifecycle source="#">
<eventRef refersTo="#made" date="2001-03-26" eId="date-made" source="#"/>
</lifecycle>
<analysis source="#">
<otherAnalysis source=""/>
</analysis>
<references source="#">
<TLCEvent eId="made" href="" showAs="Made"/>
</references>
<proprietary xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" source="#">
<dc:identifier>http://www.legislation.gov.uk/uksi/2001/1201/body/made</dc:identifier>
<dc:title>The Financial Services and Markets Act 2000 (Exemption) Order 2001</dc:title>
<dc:subject>Credit unions</dc:subject>
<dc:subject>Business practice and regulation</dc:subject>
<dc:subject>Companies</dc:subject>
<dc:subject>Regulation and deregulation</dc:subject>
<dc:subject>Nuclear energy</dc:subject>
<dc:publisher>King's Printer of Acts of Parliament</dc:publisher>
<dc:modified>2016-02-19</dc:modified>
<dc:subject scheme="SIheading">FINANCIAL SERVICES AND MARKETS</dc:subject>
<dc:description>This 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.</dc:description>
<ukm:SecondaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="secondary"/>
<ukm:DocumentMainType Value="UnitedKingdomStatutoryInstrument"/>
<ukm:DocumentStatus Value="final"/>
<ukm:DocumentMinorType Value="order"/>
</ukm:DocumentClassification>
<ukm:Year Value="2001"/>
<ukm:Number Value="1201"/>
<ukm:Made Date="2001-03-26"/>
<ukm:ISBN Value="0110291964"/>
</ukm:SecondaryMetadata>
<ukm:Alternatives>
<ukm:Alternative Date="2008-11-25" URI="http://www.legislation.gov.uk/uksi/2001/1201/pdfs/uksi_20011201_en.pdf" Title="Print Version"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="54"/>
<ukm:BodyParagraphs Value="6"/>
<ukm:ScheduleParagraphs Value="48"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="0"/>
</ukm:Statistics>
</proprietary>
</meta>
<body uk:target="true">
<article eId="article-1">
<heading>Citation and commencement</heading>
<num>1.</num>
<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
<abbr title="Financial Services and Markets Act 2000 c. 8">the Act</abbr>
comes into force.
</p>
</content>
</article>
<article eId="article-2">
<heading>Interpretation</heading>
<num>2.</num>
<intro>
<p>In this Order—</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<abbr title="Financial Services and Markets Act 2000 c. 8">the Act</abbr>
” means the Financial Services and Markets Act 2000;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>“charity”—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>
in relation to Scotland, means a recognised body within the meaning of section 1(7) of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990
<authorialNote class="footnote" eId="f00002" marker="2">
<p>
<ref eId="c00008" href="http://www.legislation.gov.uk/id/ukpga/1990/40">1990 c. 40</ref>
.
</p>
</authorialNote>
; and
</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>
otherwise, has the meaning given by section 96(1) of the Charities Act 1993
<authorialNote class="footnote" eId="f00003" marker="3">
<p>
<ref eId="c00009" href="http://www.legislation.gov.uk/id/ukpga/1993/10">1993 c. 10</ref>
.
</p>
</authorialNote>
or by section 35 of the Charities Act (Northern Ireland) 1964
<authorialNote class="footnote" eId="f00004" marker="4">
<p>
<ref eId="c00010" href="http://www.legislation.gov.uk/id/apni/1964/33">1964 c. 33 (N.I.)</ref>
.
</p>
</authorialNote>
;
</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“deposit” has the meaning given by the
<abbr title="Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)">Regulated Activities Order</abbr>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“industrial and provident society” has the meaning given by section 417(1) of
<abbr title="Financial Services and Markets Act 2000 c. 8">the Act</abbr>
but does not include a credit union within the meaning of the Credit Unions Act 1979
<authorialNote class="footnote" eId="f00005" marker="5">
<p>
<ref eId="c00011" href="http://www.legislation.gov.uk/id/ukpga/1979/34">1979 c. 34</ref>
; amended by the Deregulation (Credit Unions) Order 1996 (
<abbr class="acronym" title="Statutory Instrument">S.I.</abbr>
<ref eId="c00012" href="http://www.legislation.gov.uk/id/uksi/1996/1189">1996/1189</ref>
).
</p>
</authorialNote>
or the Credit Unions (Northern Ireland) Order 1985
<authorialNote class="footnote" eId="f00006" marker="6">
<p>
<abbr class="acronym" title="Statutory Instrument">S.I.</abbr>
<ref eId="c00013" href="http://www.legislation.gov.uk/id/nisi/1985/1205">1985/1205 (N.I. 12)</ref>
; relevant amendments are made by paragraphs 28 and 29 of Schedule 21 to the Friendly Societies Act
<ref eId="c00014" href="http://www.legislation.gov.uk/id/ukpga/1992/40">1992 (c. 40)</ref>
, and by
<abbr class="acronym" title="Statutory Instrument">S.I.</abbr>
<ref eId="c00015" href="http://www.legislation.gov.uk/id/nisi/1997/2984">1997/2984 (N.I. 22)</ref>
.
</p>
</authorialNote>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>“local authority” means—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>
in England and Wales, a local authority within the meaning of the Local Government Act 1972
<authorialNote class="footnote" eId="f00007" marker="7">
<p>
<ref eId="c00016" 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 Local Government Act
<ref eId="c00017" href="http://www.legislation.gov.uk/id/ukpga/1985/51">1985 (c. 51)</ref>
, and amended by section 1(5) of the Local Government (Wales) Act
<ref eId="c00018" href="http://www.legislation.gov.uk/id/ukpga/1994/19">1994 (c. 19)</ref>
.
</p>
</authorialNote>
, the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;
</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>
in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 1973
<authorialNote class="footnote" eId="f00008" marker="8">
<p>
<ref eId="c00019" 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 Local Government
<abbr title="et cetera" xml:lang="la">etc.</abbr>
(Scotland) Act
<ref eId="c00020" href="http://www.legislation.gov.uk/id/ukpga/1994/39">1994 (c. 39)</ref>
.
</p>
</authorialNote>
; and
</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>
in Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 1972
<authorialNote class="footnote" eId="f00009" marker="9">
<p>
<ref eId="c00021" href="http://www.legislation.gov.uk/id/apni/1972/9">1972 c. 9 (N.I.)</ref>
.
</p>
</authorialNote>
;
</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
“the
<abbr title="Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)">Regulated Activities Order</abbr>
” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
<authorialNote class="footnote" eId="f00010" marker="10">
<p>
<abbr class="acronym" title="Statutory Instrument">S.I.</abbr>
<ref eId="c00022" href="http://www.legislation.gov.uk/id/uksi/2001/544">2001/544</ref>
.
</p>
</authorialNote>
.
</p>
</content>
</hcontainer>
</article>
<article eId="article-3">
<heading>Persons exempt in respect of any regulated activity other than insurance business</heading>
<num>3.</num>
<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
<abbr title="Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)">Regulated Activities Order</abbr>
(effecting and carrying out contracts of insurance).
</p>
</content>
</article>
<article eId="article-4">
<heading>Persons exempt in respect of accepting deposits</heading>
<num>4.</num>
<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
<abbr title="Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)">Regulated Activities Order</abbr>
(accepting deposits).
</p>
</content>
</article>
<article eId="article-5">
<heading>Persons exempt in respect of particular regulated activities</heading>
<num>5.</num>
<paragraph eId="article-5-1">
<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
<abbr title="Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)">Regulated Activities Order</abbr>
, or article 64 of that Order (agreeing to carry on specified kinds of activity) so far as relevant to any such activity—
</p>
</intro>
<level class="para1" eId="article-5-1-a">
<num>(a)</num>
<content>
<p>article 14 (dealing in investments as principal);</p>
</content>
</level>
<level class="para1" eId="article-5-1-b">
<num>(b)</num>
<content>
<p>article 21 (dealing in investments as agent);</p>
</content>
</level>
<level class="para1" eId="article-5-1-c">
<num>(c)</num>
<content>
<p>article 25 (arranging deals in investments);</p>
</content>
</level>
<level class="para1" eId="article-5-1-d">
<num>(d)</num>
<content>
<p>article 37 (managing investments);</p>
</content>
</level>
<level class="para1" eId="article-5-1-e">
<num>(e)</num>
<content>
<p>article 40 (safeguarding and administering investments);</p>
</content>
</level>
<level class="para1" eId="article-5-1-f">
<num>(f)</num>
<content>
<p>article 45 (sending dematerialised instructions);</p>
</content>
</level>
<level class="para1" eId="article-5-1-g">
<num>(g)</num>
<content>
<p>
article 51 (establishing
<abbr title="et cetera" xml:lang="la">etc.</abbr>
a collective investment scheme);
</p>
</content>
</level>
<level class="para1" eId="article-5-1-h">
<num>(h)</num>
<content>
<p>
article 52 (establishing
<abbr title="et cetera" xml:lang="la">etc.</abbr>
a stakeholder pension scheme);
</p>
</content>
</level>
<level class="para1" eId="article-5-1-i">
<num>(i)</num>
<content>
<p>article 53 (advising on investments).</p>
</content>
</level>
</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
<abbr title="Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)">Regulated Activities Order</abbr>
so far as relevant to any such activity.
</p>
</content>
</paragraph>
</article>
<article eId="article-6">
<heading>Transitional exemption for credit unions</heading>
<num>6.</num>
<content>
<p>
A credit union, within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985, is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the
<abbr title="Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)">Regulated Activities Order</abbr>
, but only until 1st July 2002.
</p>
</content>
</article>
<hcontainer name="signatures">
<hcontainer name="signatureBlock">
<content>
<block name="signature">
<signature refersTo="#">Jim Dowd</signature>
</block>
<block name="signature">
<signature refersTo="#">Greg Pope</signature>
</block>
<block name="role">
<role refersTo="#">Two of the Lords Commissioners of Her Majesty’s Treasury</role>
</block>
<block name="date">
<date date="2001-03-26">26th March 2001</date>
</block>
</content>
</hcontainer>
</hcontainer>
</body>
</act>
</akomaNtoso>