http://www.legislation.gov.uk/uksi/2001/1201/schedule/part/II/2005-04-06The Financial Services and Markets Act 2000 (Exemption) Order 2001texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-05-16Expert Participation2005-04-06 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. SCHEDULEPART II PERSONS EXEMPT IN RESPECT OF ACCEPTING DEPOSITS16A municipal bank, that is to say a company which was, immediately before the coming into force of this Order, exempted from the prohibition in section 3 of the Banking Act 1987 by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.171Keesler Federal Credit Union, in so far as it accepts deposits from members, or dependants of members, of a visiting force of the United States of America, or from members, or dependants of members, of a civilian component of such a force.2In sub-paragraph (1), “member", “dependent" and “visiting force" have the meanings given by section 12 of the Visiting Forces Act 1952 and “member of a civilian component" has the meaning given by section 10 of that Act.18A body of persons certified as a school bank by the National Savings Bank or by an authorised person who has permission to accept deposits.19A local authority.201Any body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute.2In sub-paragraph (1), “enactment" includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament.21The Council of Europe Development Bank.22A charity, in so far as it accepts deposits—afrom another charity; orbin respect of which no interest or premium is payable.23The National Children’s Charities Fund in so far as—ait accepts deposits in respect of which no interest or premium is payable; andbthe total value of the deposits made by any one person does not exceed £10,000.24An industrial and provident society, in so far as it accepts deposits in the form of withdrawable share capital.24AA credit union, within the meaning of the Credit Unions (Northern Ireland) Order 1985.251The Student Loans Company Limited, in so far as it accepts deposits from the Secretary of State or the Scottish Ministers in connection with, or for the purposes of, enabling eligible students to receive loans.2In sub-paragraph (1), “eligible student" means—aany person who is an eligible student pursuant to regulations made under Part II of the Teaching and Higher Education Act 1998 ;bany person to whom, or in respect of whom, loans may be paid under section 73(f) of the Education (Scotland) Act 1980 ;cany person who is an eligible student pursuant to regulations made under article 3 of the Education (Student Support) (Northern Ireland) Order 1998 ; ordany person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998 or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998 .1987 c. 22; section 3 was amended by paragraph 3 of Schedule 5 to the Bank of England Act 1998 (c. 11). “Municipal bank" was defined in section 103 of the Banking Act 1987, which was amended by paragraph 22 of Schedule 3 to the Local Government Act 1992 (c. 19) and by paragraph 21 of Schedule 3 to the Local Government and Rating Act 1997 (c. 29).1952 c. 67; the definition of “visiting force" was amended by paragraph 14 of Schedule 15 to the Criminal Justice Act 1988 (c. 33).1998 c. 30; see section 22 by regulations made under that section.1980 c. 44; amended section 29 of the Teaching and Higher Education Act 1998 (c. 30).S.I. 1998/1760 (N.I. 14); see article 3 and regulations made under that article.S.I. 1998/2004 (C. 46).S.I. 1998/306 (C. 14).Sch. para. 24A inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001 (S.I. 2001/3623), arts. 1, 4Sch. para. 21 substituted (5.6.2002) by The Financial Services and Markets Act 2000 (Financial Promotion and Miscellaneous Amendments) Order 2002 (S.I. 2002/1310), arts. 1, 4(2)
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<dc:identifier>http://www.legislation.gov.uk/uksi/2001/1201/schedule/part/II/2005-04-06</dc:identifier>
<dc:title>The Financial Services and Markets Act 2000 (Exemption) Order 2001</dc:title>
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<dc:subject scheme="SIheading">FINANCIAL SERVICES AND MARKETS</dc:subject>
<dc:modified>2024-05-16</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
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<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>
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<Number>PART II</Number>
<Title> PERSONS EXEMPT IN RESPECT OF ACCEPTING DEPOSITS</Title>
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A municipal bank, that is to say a company which was, immediately before the coming into force of this Order, exempted from the prohibition in section 3 of the Banking Act 1987
<CommentaryRef Ref="c15546121"/>
by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.
</Text>
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<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/17/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/17" RestrictStartDate="2001-12-01" id="schedule-paragraph-17">
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<P1para>
<Text></Text>
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<Pnumber>1</Pnumber>
<P2para>
<Text>Keesler Federal Credit Union, in so far as it accepts deposits from members, or dependants of members, of a visiting force of the United States of America, or from members, or dependants of members, of a civilian component of such a force.</Text>
</P2para>
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<Pnumber>2</Pnumber>
<P2para>
<Text>
In sub-paragraph (1), “member", “dependent" and “visiting force" have the meanings given by section 12 of the Visiting Forces Act 1952
<CommentaryRef Ref="c15546131"/>
and “member of a civilian component" has the meaning given by section 10 of that Act.
</Text>
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<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/18/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/18" RestrictStartDate="2001-12-01" id="schedule-paragraph-18">
<Pnumber>18</Pnumber>
<P1para>
<Text>A body of persons certified as a school bank by the National Savings Bank or by an authorised person who has permission to accept deposits.</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/19/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/19" RestrictStartDate="2001-12-01" RestrictEndDate="2014-02-14" id="schedule-paragraph-19" RestrictExtent="E+W+S+N.I.">
<Pnumber>19</Pnumber>
<P1para>
<Text>A local authority.</Text>
</P1para>
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<Pnumber>20</Pnumber>
<P1para>
<Text></Text>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/20/1/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/20/1" id="schedule-paragraph-20-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Any body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/20/2/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/20/2" id="schedule-paragraph-20-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In sub-paragraph (1), “enactment" includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament.</Text>
</P2para>
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</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/21/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/21" id="schedule-paragraph-21" RestrictStartDate="2002-06-05">
<Pnumber>
<Substitution ChangeId="key-4a7c0e13b381e76ae4153a474f2f83f1-1676566357904" CommentaryRef="key-4a7c0e13b381e76ae4153a474f2f83f1">21</Substitution>
</Pnumber>
<P1para>
<Text>
<Substitution ChangeId="key-4a7c0e13b381e76ae4153a474f2f83f1-1676566357904" CommentaryRef="key-4a7c0e13b381e76ae4153a474f2f83f1">The Council of Europe Development Bank.</Substitution>
</Text>
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</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/22/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/22" RestrictStartDate="2001-12-01" id="schedule-paragraph-22">
<Pnumber>22</Pnumber>
<P1para>
<Text>A charity, in so far as it accepts deposits—</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>from another charity; or</Text>
</P3para>
</P3>
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<Pnumber>b</Pnumber>
<P3para>
<Text>in respect of which no interest or premium is payable.</Text>
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<Pnumber>23</Pnumber>
<P1para>
<Text>The National Children’s Charities Fund in so far as—</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>it accepts deposits in respect of which no interest or premium is payable; and</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>the total value of the deposits made by any one person does not exceed £10,000.</Text>
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<Pnumber>24</Pnumber>
<P1para>
<Text>An industrial and provident society, in so far as it accepts deposits in the form of withdrawable share capital.</Text>
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<Pnumber>
<Addition ChangeId="key-b672405df00173ebcb3e5e5b81ecd161-1676565940302" CommentaryRef="key-b672405df00173ebcb3e5e5b81ecd161">24A</Addition>
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<Text>
<Addition ChangeId="key-b672405df00173ebcb3e5e5b81ecd161-1676565940302" CommentaryRef="key-b672405df00173ebcb3e5e5b81ecd161">A credit union, within the meaning of the Credit Unions (Northern Ireland) Order 1985.</Addition>
</Text>
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</P1>
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<Pnumber>25</Pnumber>
<P1para>
<Text></Text>
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<Pnumber>1</Pnumber>
<P2para>
<Text>The Student Loans Company Limited, in so far as it accepts deposits from the Secretary of State or the Scottish Ministers in connection with, or for the purposes of, enabling eligible students to receive loans.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/25/2/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/25/2" id="schedule-paragraph-25-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In sub-paragraph (1), “eligible student" means—</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>
any person who is an eligible student pursuant to regulations made under Part II of the Teaching and Higher Education Act 1998
<CommentaryRef Ref="c15546141"/>
;
</Text>
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</P3>
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<Pnumber>b</Pnumber>
<P3para>
<Text>
any person to whom, or in respect of whom, loans may be paid under section 73(f) of the Education (Scotland) Act 1980
<CommentaryRef Ref="c15546151"/>
;
</Text>
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<Pnumber>c</Pnumber>
<P3para>
<Text>
any person who is an eligible student pursuant to regulations made under article 3 of the Education (Student Support) (Northern Ireland) Order 1998
<CommentaryRef Ref="c15546161"/>
; or
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2001/1201/schedule/paragraph/25/2/d/2005-04-06" IdURI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/25/2/d" id="schedule-paragraph-25-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998
<CommentaryRef Ref="c15546171"/>
or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998
<CommentaryRef Ref="c15546181"/>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</Part>
</ScheduleBody>
</Schedule>
</Schedules>
</Secondary>
<Commentaries>
<Commentary id="c15546121" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1987/22" id="c00017" Year="1987" Class="UnitedKingdomPublicGeneralAct" Number="22">1987 c. 22</Citation>
;
<CitationSubRef CitationRef="c00017" id="c00018" URI="http://www.legislation.gov.uk/id/uksi/2001/1201/section/3" SectionRef="section-3">section 3</CitationSubRef>
was amended by paragraph 3 of Schedule 5 to the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1998/11" id="c00019" Year="1998" Class="UnitedKingdomPublicGeneralAct" Number="11" Title="Bank of England Act 1998">Bank of England Act 1998 (c. 11)</Citation>
. “Municipal bank" was defined in section 103 of the Banking Act 1987, which was amended by paragraph 22 of Schedule 3 to the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1992/19" id="c00020" Year="1992" Class="UnitedKingdomPublicGeneralAct" Number="19" Title="Local Government Act 1992">Local Government Act 1992 (c. 19)</Citation>
and by paragraph 21 of Schedule 3 to the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1997/29" id="c00021" Year="1997" Class="UnitedKingdomPublicGeneralAct" Number="29" Title="Local Government and Rating Act 1997">Local Government and Rating Act 1997 (c. 29)</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c15546131" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1952/67" id="c00022" Year="1952" Class="UnitedKingdomPublicGeneralAct" Number="67">1952 c. 67</Citation>
; the definition of “visiting force" was amended by paragraph 14 of Schedule 15 to the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1988/33" id="c00023" Year="1988" Class="UnitedKingdomPublicGeneralAct" Number="33" Title="Criminal Justice Act 1988">Criminal Justice Act 1988 (c. 33)</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c15546141" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1998/30" id="c00024" Year="1998" Class="UnitedKingdomPublicGeneralAct" Number="30">1998 c. 30</Citation>
; see
<CitationSubRef CitationRef="c00024" id="c00025" URI="http://www.legislation.gov.uk/id/ukpga/1998/30/section/22" Operative="true" SectionRef="section-22">section 22</CitationSubRef>
by regulations made under that section.
</Text>
</Para>
</Commentary>
<Commentary id="c15546151" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1980/44" id="c00026" Year="1980" Class="UnitedKingdomPublicGeneralAct" Number="44">1980 c. 44</Citation>
; amended section 29 of the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1998/30" id="c00027" Year="1998" Class="UnitedKingdomPublicGeneralAct" Number="30" Title="Teaching and Higher Education Act 1998">Teaching and Higher Education Act 1998 (c. 30)</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c15546161" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/nisi/1998/1760" id="c00028" Class="NorthernIrelandOrderInCouncil" Year="1998" Number="1760">S.I. 1998/1760 (N.I. 14)</Citation>
; see
<CitationSubRef CitationRef="c00028" id="c00029" URI="http://www.legislation.gov.uk/id/nisi/1998/1760/article/3" Operative="true" SectionRef="article-3">article 3</CitationSubRef>
and regulations made under that article.
</Text>
</Para>
</Commentary>
<Commentary id="c15546171" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/1998/2004" id="c00030" Class="UnitedKingdomStatutoryInstrument" Year="1998" Number="2004">S.I. 1998/2004</Citation>
(C. 46).
</Text>
</Para>
</Commentary>
<Commentary id="c15546181" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/1998/306" id="c00031" Class="UnitedKingdomStatutoryInstrument" Year="1998" Number="306">S.I. 1998/306</Citation>
(C. 14).
</Text>
</Para>
</Commentary>
<Commentary id="key-b672405df00173ebcb3e5e5b81ecd161" Type="F">
<Para>
<Text>
<CitationSubRef id="cvtl4hmq4-00006" SectionRef="schedule-paragraph-24A" URI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/24A">Sch. para. 24A</CitationSubRef>
inserted (1.12.2001) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2001/3623" id="cvtl4hmq4-00007" Class="UnitedKingdomStatutoryInstrument" Year="2001" Number="3623" Title="The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001 (S.I. 2001/3623)</Citation>
,
<CitationSubRef CitationRef="cvtl4hmq4-00007" id="cvtl4hmq4-00008" SectionRef="article-1" URI="http://www.legislation.gov.uk/id/uksi/2001/3623/article/1">arts. 1</CitationSubRef>
,
<CitationSubRef CitationRef="cvtl4hmq4-00007" id="cvtl4hmq4-00009" SectionRef="article-4" URI="http://www.legislation.gov.uk/id/uksi/2001/3623/article/4" Operative="true">4</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-4a7c0e13b381e76ae4153a474f2f83f1" Type="F">
<Para>
<Text>
<CitationSubRef id="cvtldep94-00007" SectionRef="schedule-paragraph-21" URI="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/21">Sch. para. 21</CitationSubRef>
substituted (5.6.2002) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2002/1310" id="cvtldep94-00008" Class="UnitedKingdomStatutoryInstrument" Year="2002" Number="1310" Title="The Financial Services and Markets Act 2000 (Financial Promotion and Miscellaneous Amendments) Order 2002">The Financial Services and Markets Act 2000 (Financial Promotion and Miscellaneous Amendments) Order 2002 (S.I. 2002/1310)</Citation>
,
<CitationSubRef CitationRef="cvtldep94-00008" id="cvtldep94-00009" SectionRef="article-1" URI="http://www.legislation.gov.uk/id/uksi/2002/1310/article/1">arts. 1</CitationSubRef>
,
<CitationSubRef CitationRef="cvtldep94-00008" id="cvtldep94-00010" SectionRef="article-4-2" URI="http://www.legislation.gov.uk/id/uksi/2002/1310/article/4/2" Operative="true">4(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>