Words in Sch. para. 41 inserted (5.12.2005) by The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114), art. 1, Sch. 16 para. 4

Sch. para. 47 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675), arts. 1(3), 2(4)(b)

Word in Sch. para. 47(a) omitted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 30(a)(i)

Sch. paras. 47(c)(d) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 30(a)(ii)

Sch. para. 48 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675), arts. 1(3), 2(4)(c)

Word in Sch. para. 48(1)(a) omitted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 30(b)(i)

Sch. paras. 48(1)(c)(d) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 30(b)(ii)

Sch. para. 48(2)(f) inserted (6.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(a), 2(2)

Sch. para. 49 and cross-heading inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001 (S.I. 2001/3623), arts. 1, 8

Words in Sch. para. 49 substituted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(2)

Sch. para. 49(6) omitted (1.4.2005) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(3)

Words in Sch. para. 49(7) substituted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(a)

Words in Sch. para. 49(7) inserted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(b)(i)

Word in Sch. para. 49(7) inserted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(b)(ii)

Words in Sch. para. 49(7) omitted (1.4.2005) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(b)(iii)

Word in Sch. para. 49(7) revoked (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(c)

Words in Sch. para. 49(7) omitted (1.4.2005) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(d)

Words in Sch. para. 49(7) substituted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(e)(i)

Words in Sch. para. 49(7) inserted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(e)(ii)

Sch. paras. 50, 51 and cross-headings inserted (20.7.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007 (S.I. 2007/1821), arts. 1(2), 2(4)

S.I. 1990/224.

1989 c. 29.

1986 c. 44; see section 7A which was inserted by section 6(1) of the Gas Act 1995 (c. 45).

Substituted by the Gas Act 1995 (c. 45) and amended by the Utilities Act 2000 (c. 27) section 76 (although this amendment was not in force on the day on which this Order was laid).

1992 c. 52.

S.I. 1992/807 (NI 5); to which there are amendments not relevant to this Order.

1960 c. 58. Inserted by section 16 of the Charities Act 1992 (c. 41); repealed by the Charities Act 1993 (c. 10) Schedule 7.

1993 c. 10.

1964 c. 33 (N.I.).

1961 c. 62; amended by the Local Government Act 1963 (c. 33) Schedule 8; and by the Local Government Act 1985 (c.51) Schedule 17.

1982 c. 14.

http://www.legislation.gov.uk/uksi/2001/1201/schedule/part/IV/2007-07-20The Financial Services and Markets Act 2000 (Exemption) Order 2001texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-05-16Expert Participation2007-07-20This 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 IV PERSONS EXEMPT IN RESPECT OF PARTICULAR REGULATED ACTIVITIESEnterprise schemes40.

(1)

Any body corporate which has as its principal object (or one of its principal objects)—

(a)

the promotion or encouragement of industrial or commercial activity or enterprise in the United Kingdom or in any particular area of it; or

(b)

the dissemination of information concerning persons engaged in such activity or enterprise or requiring capital to become so engaged;

is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 of the Regulated Activities Order (arranging deals in investments) so long as it does not carry on that activity for, or with the prospect of, direct or indirect pecuniary gain.

(2)

For the purposes of this paragraph, such sums as may reasonably be regarded as necessary to meet the costs of carrying on the activity mentioned in sub-paragraph (1) do not constitute a pecuniary gain.

Employee share schemes in electricity industry shares41.

(1)

Each of the persons to whom this paragraph applies is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of the Regulated Activities Order (dealing in investments as principal or agent or arranging deals in investments) which he carries on for the purpose of—

(a)

enabling or facilitating transactions in electricity industry shares or debentures between or for the benefit of any qualifying person; or

(b)

the holding of electricity industry shares or debentures by or for the benefit of any qualifying person.

(2)

This paragraph applies to—

(a)

The National Grid Holding plc;

(b)

Electricity Association Limited;

(c)

any body corporate in the same group as the person mentioned in sub-paragraph (a) or (b);

(d)

any company listed in Schedule 1 to the Electricity Act 1989 (Nominated Companies) (England and Wales) Order 1990 ; and

(e)

a person holding shares in or debentures of a body corporate as trustee in pursuance of arrangements made for either of the purposes mentioned in sub-paragraph (1) by the Secretary of State, by any of the bodies mentioned in sub-paragraphs (a) to (c) or by an electricity successor company or by some or all of them.

(3)

In this paragraph—

(a)

“electricity industry shares or debentures" means—

(i)

any investment of the kind specified by article 76 or 77 of the Regulated Activities Order (shares or instruments creating or acknowledging indebtedness) in or of an electricity successor company;

(ii)

any investment of the kind specified by article 79 or 80 of that Order (instruments giving entitlement to investments and certificates representing certain securities), so far as relevant to the investments mentioned in sub-paragraph (i); and

(iii)

any investment of the kind specified by article 89 of that Order (rights to or interests in investments) so far as relevant to the investments mentioned in sub-paragraphs (i) and (ii);

(b)

“qualifying person" means—

(i)

the bona fide employees or former employees of The National Grid Holding plc, Electricity Association Limited or any other body corporate in the same group as either of them; and

(ii)

the wives, husbands, widows, widowers , civil partners, surviving civil partners, or children (including, in Northern Ireland, adopted children) or step-children under the age of eighteen of such employees or former employees;

(c)

references to an electricity successor company include any body corporate that is in the same group and “electricity successor company" means a body corporate which is a successor company for the purposes of Part II of the Electricity Act 1989 ;

(d)

“former employees" of a person (“the employer") include any person who has never been employed by the employer so long as he occupied a position in relation to some other person of such a kind that it may reasonably be assumed that he would have been a former employee of the employer had the reorganisation of the electricity industry under Part II of the Electricity Act 1989 been affected before he ceased to occupy the relevant position.

Gas industry42.

(1)

Transco plc is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of the Regulated Activities Order (dealing in investments as principal or agent or arranging deals in investments) which it carries on—

(a)

in its capacity as a gas transporter under the Transco Licence; and

(b)

for the purposes of enabling or facilitating gas shippers to buy or sell an investment of the kind specified by article 84 or 85 of the Regulated Activities Order (futures or contracts for differences etc.).

(2)

ENMO Ltd. is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of the Regulated Activities Order (dealing in investments as principal or agent or arranging deals in investments) which it carries on—

(a)

in its capacity as the operator of the balancing market; and

(b)

for the purpose of enabling or facilitating Transco plc and relevant gas shippers, for the purpose of participating in the balancing market, to buy or sell investments of the kind specified by article 84 or 85 of that Order (futures or contracts for differences etc.).

(3)

Transco plc and relevant gas shippers are exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14 or 21 of the Regulated Activities Order (dealing in investments as principal or agent) in so far as that activity relates to an investment of the kind specified by article 84 or 85 of that Order (futures or contracts for differences etc.) and is carried on for the purpose of participating in the balancing market.

(4)

In this paragraph—

(a)

“the balancing market" means the market to regulate the delivery and off-take of gas in Transco plc’s pipeline system for the purpose of balancing the volume of gas in that system;

(b)

“gas shipper" has the same meaning as in Part I of the Gas Act 1986 ;

(c)

“relevant gas shippers" means gas shippers who have entered into a subscription agreement with ENMO Ltd. for the purpose of participating in the balancing market;

(d)

“Transco Licence" means the licence treated as granted to Transco plc as a gas transporter under section 7 of the Gas Act 1986 ;

(e)

the reference to enabling or facilitating includes acting pursuant to rules governing the operation of the balancing market which apply in the event of one of the participants appearing to be unable, or likely to become unable, to meet his obligations in respect of one or more contracts entered into through the balancing market.

Trade unions and employers’ associations43.

(1)

A trade union or employers’ association is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 10 of the Regulated Activities Order (effecting and carrying out contracts of insurance) which it carries on in order to provide provident benefits or strike benefits for its members.

(2)

In sub-paragraph (1), “trade union" and “employers’ association" have the meanings given by section 1 and section 122(1) of the Trade Union and Labour Relations (Consolidation) Act 1992 or, in Northern Ireland, the meanings given by article 3(1) and article 4(1) of the Industrial Relations (Northern Ireland) Order 1992 .

Charities44.

(1)

A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 51 of the Regulated Activities Order (establishing etc. a collective investment scheme) which it carries on in relation to a fund established under—

(a)

section 22A of the Charities Act 1960 ;

(b)

section 25 of the Charities Act 1993 ; or

(c)

section 25 of the Charities Act (Northern Ireland) 1964 .

(2)

A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 51 of the Regulated Activities Order (establishing etc. a collective investment scheme) which it carries on in relation to a pooling scheme fund established under—

(a)

section 22 of the Charities Act 1960; or

(b)

section 24 of the Charities Act 1993.

(3)

In sub-paragraph (2), “pooling scheme fund" means a fund established by a common investment scheme the trusts of which provide that property is not to be transferred to the fund except by or on behalf of a charity, the charity trustees (within the meaning of section 97(1) of the Charities Act 1993) of which are the trustees appointed to manage the fund.

Schemes established under the Trustee Investments Act 196145.

A person acting in his capacity as manager or operator of a fund established under section 11 of the Trustee Investments Act 1961 is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 51 of the Regulated Activities Order (establishing etc. a collective investment scheme) which he carries on in relation to that fund.

Former members of Lloyd’s46.

Any person who ceased to be an underwriting member (within the meaning of Lloyd’s Act 1982 ) of Lloyd’s before 24th December 1996 is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 10(2) of the Regulated Activities Order (carrying out contracts of insurance) which relates to contracts of insurance that he has underwritten at Lloyd’s.

Local authorities47.

A local authority is exempt from the general prohibition in respect of any regulated activity of the kind specified by—

(a)

article 21, 25(1) or (2), 39A or 53 of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) which relates to a non-qualifying contract of insurance; ...

(b)

article 25A, 53A or 61 of that Order (arranging, advising on, entering into or administering a regulated mortgage contract);

(c)

article 25B, 53B or 63B of that Order (arranging, advising on, entering into or administering a regulated home reversion plan); or

(d)

article 25C, 53C or 63F of that Order (arranging, advising on, entering into or administering a regulated home purchase plan).

Social housing48.(1)

A relevant housing body is exempt from the general prohibition in respect of any regulated activity of the kind specified by—

(a)

article 21, 25(1) or (2), 39A or 53 of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) which relates to a non-qualifying contract of insurance; ...

(b)

article 25A, 53A or 61 of that Order (arranging, advising on, entering into or administering a regulated mortgage contract);

(c)

article 25B, 53B or 63B of that Order (arranging, advising on, entering into or administering a regulated home reversion plan); or

(d)

article 25C, 53C or 63F of that Order (arranging, advising on, entering into or administering a regulated home purchase plan).

(2)

In this paragraph, “relevant housing body” means any of the following—

(a)

a registered social landlord within the meaning of Part I of the Housing Act 1996;

(b)

a registered social landlord within the meaning of the Housing (Scotland) Act 2001;

(c)

the Housing Corporation;

(d)

Scottish Homes;

(e)

the body established under article 9 of the Housing (Northern Ireland) Order 1981 known as the Northern Ireland Housing Executive;

(f)

Communities Scotland.

Electricity industry49.(1)

NGC is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 or 53 of the Regulated Activities Order (dealing in investments as principal or agent, arranging deals in investments or advising on investments) which it carries on in the course of—

(a)

its participation in the Balancing and Settlement Arrangements as operator of the electricity transmission system in Great Britain under the Transmission Licence; or

(b)

the acquisition by it of Balancing Services in accordance with the Electricity Act 1989 and the Transmission Licence.

(2)

ELEXON Clear Limited is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of that Order which it carries on in the course of its participation in the Balancing and Settlement Arrangements as clearer for the purposes of (among other things) receiving from and paying to BSC Parties trading and reconciliation charges arising under the Balancing and Settlement Arrangements.

(3)

Each BSC Party is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 or 53 of that Order which it carries on in the course of—

(a)

its participation in the Balancing and Settlement Arrangements; or

(b)

the provision by it (or, in the case of an activity of the kind specified by article 21 of that Order, its principal) of Balancing Services to NGC.

(4)

ELEXON Limited is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 of that Order which it carries on in the course of its participation in the Balancing and Settlement Arrangements as administrator.

(5)

Each BSC Agent and each Volume Notification Agent is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 of that Order which it carries on in that capacity.

(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)

In this paragraph—

“Ancillary Services” means services which generators and suppliers of electricity and those making transfers of electricity across an Interconnector are required (as a condition of their connection to the transmission system in Great Britain), or have agreed, to make available to NGC for the purpose of securing the stability of the electricity transmission or any distribution system in Great Britain or any system linked to it by an Interconnector;

“Balancing and Settlement Arrangements” means—

(a)

the Balancing Mechanism; and

(b)

arrangements—

(i)

for the determination and allocation to BSC Parties of the quantities of electricity that have been delivered to and taken off the electricity transmission system and any distribution system in Great Britain; and

(ii)

which set, and provide for the determination and financial settlement of, BSC Parties' obligations arising by reference to the quantities referred to in sub-paragraph (i), including the difference between such quantities (after taking account of accepted bids and offers in the Balancing Mechanism) and the quantities of electricity contracted for sale and purchase between BSC Parties;

“Balancing Mechanism” means the arrangements pursuant to which BSC Parties may make, and NGC may accept, offers or bids to increase or decrease the quantities of electricity to be delviered to or taken off the electricity transmission system or any distribution system in Great Britain at any time or during any period so as to assist NGC in operating and balancing the electricity transmission system, and arrangements for the settlement of financial obligations arising from the acceptance of such offers and bids;

“Balancing Services” means—

(a)

offers and bids made in the Balancing Mechanism;

(b)

Ancillary Services; and

(c)

other services available to NGC which assist it in operating the electricity transmission system in accordance with the Electricity Act 1989 and the Transmission Licence;

BSC Agents” means the persons for the time being engaged by or on behalf of ELEXON Limited for the purpose of providing services to all BSC Parties, NGC, ELEXON Limited and ELEXON Clear Limited in connection with the operation of the Balancing and Settlement Arrangements;

“BSC Framework Agreement” means the agreement of that title in the form approved by the Secretary of State for the purpose of conditions of the Transmission Licence and which is dated 14 August 2000; and “conditions” for the purposes of this definition means conditions determined by the Secretary of State under powers granted by section 137(1) of the Energy Act 2004 and incorporated into existing electricity transmission licences by a scheme made by the Secretary of State pursuant to section 138 of, and Schedule 17 to, that Act;

BSC Parties” means those persons (other than NGC, ELEXON Limited and ELEXON Clear Limited) who have signed or acceded to (in accordance with the terms of the BSC Framework Agreement), and not withdrawn from, the BSC Framework Agreement;

“Interconnector” means the electric lines and electrical plant and meters used solely for the transfer of electricity to or from the electricity transmission system ... in Great Britain into or out of Great Britain;

NGC” means ... National Grid Company plc;

...

“the Transmission Licence” means the licence to participate in the transmission of electricity in Great Britain granted , or treated as granted, to NGC under section 6(1)(b) of the Electricity Act 1989; and

“Volume Notification Agents” means the persons for the time being appointed and authorised under and in accordance with the Balancing and Settlement Arrangements on behalf of BSC Parties to notify to the BSC Agent designated for that purpose pursuant to the Balancing and Settlement Arrangements quantities of electricity contracted for the sale and purchase between those BSC Parties to be taken into account for the purposes of the Balancing and Settlement Arrangements.

Freight forwarders and storage firms50.(1)

A freight forwarder or storage firm is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 21, 25, 39A or 53 of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) in the circumstances referred to in paragraph 2.

(2)

The circumstances are—

(a)

where a freight forwarder (“F”)—

(i)

holds a policy of insurance which insures F in respect of loss of or damage to goods which F transports or of which F arranges the transportation, and

(ii)

makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods; or

(b)

where a storage firm (“S”)—

(i)

holds a policy of insurance which insures S in respect of loss of or damage to goods which S stores or for which S arranges storage, and

(ii)

makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods.

(3)

In this paragraph—

(a)

“freight forwarder” means a person whose principal business is arranging or carrying out the transportation of goods;

(b)

“storage firm” means a person whose principal business is storing goods or arranging storage for goods;

(c)

“customer” means a person who is not an individual who uses the service of a freight forwarder or storage firm.

Policyholder Advocates51.(1)

A person acting as a policyholder advocate is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 or 53 of the Regulated Activities Order (arranging deals in investments or advising on investments) in so far as he carries on these activities in connection with, or for the purposes of, his role as policyholder advocate.

(2)

In sub-paragraph (1), “policyholder advocate” means a person who is—

(a)

appointed by an insurer (“I”) to represent the interests of policyholders in negotiations with I about I’s proposals to redefine the rights and interests in any surplus assets arising in I’s with-profits fund; and

(b)

approved or nominated by the Authority to carry out that role.

(3)

In sub-paragraph (2), “with-profits fund” means a long-term insurance fund in which policyholders are eligible to participate in surplus assets of the fund.

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/2001/1201/2007-07-20"/>
<FRBRuri value="http://www.legislation.gov.uk/uksi/2001/1201/2007-07-20"/>
<FRBRdate date="2007-07-20" name="validFrom"/>
<FRBRauthor href="#"/>
<FRBRlanguage language="eng"/>
</FRBRExpression>
<FRBRManifestation>
<FRBRthis value="http://www.legislation.gov.uk/uksi/2001/1201/2007-07-20/data.akn"/>
<FRBRuri value="http://www.legislation.gov.uk/uksi/2001/1201/2007-07-20/data.akn"/>
<FRBRdate date="2024-11-30Z" 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="#"/>
<eventRef date="2001-12-01" eId="date-2001-12-01" source="#"/>
<eventRef date="2005-04-01" eId="date-2005-04-01" source="#"/>
<eventRef date="2005-12-05" eId="date-2005-12-05" source="#"/>
<eventRef date="2007-04-06" eId="date-2007-04-06" source="#"/>
<eventRef date="2007-07-20" eId="date-2007-07-20" source="#"/>
<eventRef date="2007-11-01" eId="date-2007-11-01" source="#"/>
<eventRef date="2008-12-01" eId="date-2008-12-01" source="#"/>
<eventRef date="2009-04-06" eId="date-2009-04-06" source="#"/>
<eventRef date="2009-07-01" eId="date-2009-07-01" source="#"/>
<eventRef date="2010-02-24" eId="date-2010-02-24" source="#"/>
<eventRef date="2013-04-01" eId="date-2013-04-01" source="#"/>
<eventRef date="2013-07-22" eId="date-2013-07-22" source="#"/>
<eventRef date="2014-04-01" eId="date-2014-04-01" source="#"/>
<eventRef date="2015-12-21" eId="date-2015-12-21" source="#"/>
<eventRef date="2018-01-03" eId="date-2018-01-03" source="#"/>
</lifecycle>
<analysis source="#">
<restrictions source="#">
<restriction refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedules" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-enterprise-schemes" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-40" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-40-1" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-employee-share-schemes-in-electricity-industry-shares" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-41" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-gas-industry" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-42" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-42-1" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-42-2" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-charities" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-44" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-schemes-established-under-the-trustee-investments-act-1961" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-45" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-local-authorities" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-47" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-47-d" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-social-housing" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-1" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-2" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-2-d" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-electricity-industry" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-1" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-2" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-3" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-4" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-5" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-freight-forwarders-and-storage-firms" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-50" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-policyholder-advocates" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#schedule-paragraph-51" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction refersTo="#period-from-2007-07-20-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedules" refersTo="#period-from-2007-07-20-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule" refersTo="#period-from-2007-07-20-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule-part-IV" refersTo="#period-from-2007-07-20-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-enterprise-schemes" refersTo="#period-from-2001-12-01-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-40" refersTo="#period-from-2001-12-01-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-40-1" refersTo="#period-to-2014-04-01" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-employee-share-schemes-in-electricity-industry-shares" refersTo="#period-from-2005-12-05-to-2010-02-24" type="jurisdiction"/>
<restriction href="#schedule-paragraph-41" refersTo="#period-from-2005-12-05-to-2010-02-24" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-gas-industry" refersTo="#period-from-2001-12-01-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-42" refersTo="#period-from-2001-12-01-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-42-1" refersTo="#period-to-2018-01-03" type="jurisdiction"/>
<restriction href="#schedule-paragraph-42-2" refersTo="#period-to-2018-01-03" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-trade-unions-and-employers-associations" refersTo="#period-from-2001-12-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-43" refersTo="#period-from-2001-12-01" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-charities" refersTo="#period-from-2001-12-01-to-2013-07-22" type="jurisdiction"/>
<restriction href="#schedule-paragraph-44" refersTo="#period-from-2001-12-01-to-2013-07-22" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-schemes-established-under-the-trustee-investments-act-1961" refersTo="#period-from-2001-12-01-to-2013-07-22" type="jurisdiction"/>
<restriction href="#schedule-paragraph-45" refersTo="#period-from-2001-12-01-to-2013-07-22" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-former-members-of-lloyds" refersTo="#period-from-2001-12-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-46" refersTo="#period-from-2001-12-01" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-local-authorities" refersTo="#period-from-2007-04-06-to-2009-07-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-47" refersTo="#period-from-2007-04-06-to-2009-07-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-47-a" refersTo="#period-from-2007-04-06" type="jurisdiction"/>
<restriction href="#schedule-paragraph-47-c" refersTo="#period-from-2007-04-06" type="jurisdiction"/>
<restriction href="#schedule-paragraph-47-d" refersTo="#period-from-2007-04-06-to-2014-04-01" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-social-housing" refersTo="#period-from-2007-04-06-to-2008-12-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48" refersTo="#period-from-2007-04-06-to-2008-12-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-1" refersTo="#period-to-2015-12-21" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-1-a" refersTo="#period-from-2007-04-06" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-1-c" refersTo="#period-from-2007-04-06" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-1-d" refersTo="#period-from-2007-04-06" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-2" refersTo="#period-to-2015-12-21" type="jurisdiction"/>
<restriction href="#schedule-paragraph-48-2-d" refersTo="#period-to-2015-12-21" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-electricity-industry" refersTo="#period-from-2005-04-01-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49" refersTo="#period-from-2005-04-01-to-2007-11-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-1" refersTo="#period-to-2018-01-03" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-2" refersTo="#period-to-2018-01-03" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-3" refersTo="#period-to-2018-01-03" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-4" refersTo="#period-to-2018-01-03" type="jurisdiction"/>
<restriction href="#schedule-paragraph-49-5" refersTo="#period-to-2018-01-03" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-freight-forwarders-and-storage-firms" refersTo="#period-from-2007-07-20-to-2009-04-06" type="jurisdiction"/>
<restriction href="#schedule-paragraph-50" refersTo="#period-from-2007-07-20-to-2009-04-06" type="jurisdiction"/>
<restriction href="#schedule-part-IV-crossheading-policyholder-advocates" refersTo="#period-from-2007-07-20-to-2013-04-01" type="jurisdiction"/>
<restriction href="#schedule-paragraph-51" refersTo="#period-from-2007-07-20-to-2013-04-01" type="jurisdiction"/>
</restrictions>
<otherAnalysis source="">
<uk:commentary href="#schedule-paragraph-41" refersTo="#c15546231"/>
<uk:commentary href="#schedule-paragraph-41" refersTo="#key-fb901caa9f75b4f8bc3bbf241f1f716a"/>
<uk:commentary href="#schedule-paragraph-41" refersTo="#c15546241"/>
<uk:commentary href="#schedule-paragraph-42" refersTo="#c15546251"/>
<uk:commentary href="#schedule-paragraph-42" refersTo="#c15546261"/>
<uk:commentary href="#schedule-paragraph-43" refersTo="#c15546271"/>
<uk:commentary href="#schedule-paragraph-43" refersTo="#c15546281"/>
<uk:commentary href="#schedule-paragraph-44" refersTo="#c15546291"/>
<uk:commentary href="#schedule-paragraph-44" refersTo="#c15546301"/>
<uk:commentary href="#schedule-paragraph-44" refersTo="#c15546311"/>
<uk:commentary href="#schedule-paragraph-45" refersTo="#c15546321"/>
<uk:commentary href="#schedule-paragraph-46" refersTo="#c15546331"/>
<uk:commentary href="#schedule-paragraph-47" refersTo="#key-ca77ba8d0e4ef7e93ff34cc356e08cd0"/>
<uk:commentary href="#schedule-paragraph-47" refersTo="#key-5fe51a8f50305ef39a8c5e1221a35d93"/>
<uk:commentary href="#schedule-paragraph-47" refersTo="#key-012ab06059e0939bc4a956dd461b9047"/>
<uk:commentary href="#schedule-paragraph-48" refersTo="#key-ce4509264daa31d72aa59ca6a9228163"/>
<uk:commentary href="#schedule-paragraph-48" refersTo="#key-8d3dfb895b521e8e673d19a3fba25dfd"/>
<uk:commentary href="#schedule-paragraph-48" refersTo="#key-b27630b2613a142e2ee6abe2f69b80df"/>
<uk:commentary href="#schedule-paragraph-48" refersTo="#key-cfacce564691cf3a816d00a545ce99d0"/>
<uk:commentary href="#schedule-part-IV-crossheading-electricity-industry" refersTo="#key-22784137dae659cc36d90c061e2943a9"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-28991f3e1db4e8ec0766b22afe93bdf3"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-e62631b2fde3a586a2dacdf94053f993"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-4a7451ed93ec71a48e80b7201b765c5f"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-cfb295c89efc15376a5f1945b05b484c"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-ee7452e0dff31c9fb1c7ebe2b5ddf3b7"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-586ea4bea1003462fc1cdf89cad1608f"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-3e073fd92fd581d0d1ed8f3ca8fa0b26"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-494ffbcaea8efc662ff297dbc65a57c6"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-ea835a17bae8872d92729ea5e48f7eae"/>
<uk:commentary href="#schedule-paragraph-49" refersTo="#key-7ef3d1809534f94b04a41e2ed06e60da"/>
<uk:commentary href="#schedule-part-IV-crossheading-freight-forwarders-and-storage-firms" refersTo="#key-4de8908a6adad2b1161c9e574cf6623c"/>
<uk:commentary href="#schedule-part-IV-crossheading-policyholder-advocates" refersTo="#key-4de8908a6adad2b1161c9e574cf6623c"/>
</otherAnalysis>
</analysis>
<temporalData source="#">
<temporalGroup eId="period-to-2014-04-01">
<timeInterval end="#date-2014-04-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-to-2015-12-21">
<timeInterval end="#date-2015-12-21" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-to-2018-01-03">
<timeInterval end="#date-2018-01-03" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2001-12-01">
<timeInterval start="#date-2001-12-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2001-12-01-to-2007-11-01">
<timeInterval start="#date-2001-12-01" end="#date-2007-11-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2001-12-01-to-2013-07-22">
<timeInterval start="#date-2001-12-01" end="#date-2013-07-22" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2005-04-01-to-2007-11-01">
<timeInterval start="#date-2005-04-01" end="#date-2007-11-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2005-12-05-to-2010-02-24">
<timeInterval start="#date-2005-12-05" end="#date-2010-02-24" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2007-04-06">
<timeInterval start="#date-2007-04-06" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2007-04-06-to-2008-12-01">
<timeInterval start="#date-2007-04-06" end="#date-2008-12-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2007-04-06-to-2009-07-01">
<timeInterval start="#date-2007-04-06" end="#date-2009-07-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2007-04-06-to-2014-04-01">
<timeInterval start="#date-2007-04-06" end="#date-2014-04-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2007-07-20-to-2007-11-01">
<timeInterval start="#date-2007-07-20" end="#date-2007-11-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2007-07-20-to-2009-04-06">
<timeInterval start="#date-2007-07-20" end="#date-2009-04-06" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2007-07-20-to-2013-04-01">
<timeInterval start="#date-2007-07-20" end="#date-2013-04-01" refersTo="#"/>
</temporalGroup>
</temporalData>
<references source="#">
<TLCEvent eId="made" href="" showAs="Made"/>
<TLCLocation eId="extent-e+w+s+ni" href="" showAs="E+W+S+N.I."/>
</references>
<notes source="#">
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-fb901caa9f75b4f8bc3bbf241f1f716a" marker="F1">
<p>
Words in
<ref eId="ccd8e220230316085106371Z" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/41">Sch. para. 41</ref>
inserted (5.12.2005) by
<ref eId="d10e5" href="http://www.legislation.gov.uk/id/uksi/2005/2114">The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114)</ref>
,
<ref eId="ccd8e820230316085106371Z" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/2114/article/1">art. 1</ref>
,
<ref eId="ccd8e1120230316085106371Z" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/2114/schedule/16/paragraph/4">Sch. 16 para. 4</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0" marker="F2">
<p>
<ref eId="cvw6ntb04-00028" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/47">Sch. para. 47</ref>
substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by
<ref eId="cvw6ntb04-00029" 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 eId="cvw6ntb04-00030" class="subref" href="http://www.legislation.gov.uk/id/uksi/2003/1675/article/1/3">arts. 1(3)</ref>
,
<ref eId="cvw6ntb04-00031" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2003/1675/article/2/4/b">2(4)(b)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-5fe51a8f50305ef39a8c5e1221a35d93" marker="F3">
<p>
Word in
<ref eId="ccd8e220230316090021233Z" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/47/a">Sch. para. 47(a)</ref>
omitted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by
<ref eId="d10e5" href="http://www.legislation.gov.uk/id/uksi/2006/2383">The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383)</ref>
,
<ref eId="ccd8e820230316090021233Z" class="subref" href="http://www.legislation.gov.uk/id/uksi/2006/2383/article/1/2">arts. 1(2)</ref>
,
<ref eId="ccd8e1120230316090021233Z" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2006/2383/article/30/a/i">30(a)(i)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-012ab06059e0939bc4a956dd461b9047" marker="F4">
<p>
<ref eId="ccd8e120230316090029837Z" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/47/c/d">Sch. paras. 47(c)(d)</ref>
inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by
<ref eId="d10e4" href="http://www.legislation.gov.uk/id/uksi/2006/2383">The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383)</ref>
,
<ref eId="ccd8e720230316090029837Z" class="subref" href="http://www.legislation.gov.uk/id/uksi/2006/2383/article/1/2">arts. 1(2)</ref>
,
<ref eId="ccd8e1020230316090029837Z" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2006/2383/article/30/a/ii">30(a)(ii)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-ce4509264daa31d72aa59ca6a9228163" marker="F5">
<p>
Sch. para. 48 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by
<ref eId="cvw6ntb04-00042" 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 eId="cvw6ntb04-00043" class="subref" href="http://www.legislation.gov.uk/id/uksi/2003/1675/article/1/3">arts. 1(3)</ref>
,
<ref eId="cvw6ntb04-00044" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2003/1675/article/2/4/c">2(4)(c)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-8d3dfb895b521e8e673d19a3fba25dfd" marker="F6">
<p>
Word in Sch. para. 48(1)(a) omitted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by
<ref eId="d10e5" href="http://www.legislation.gov.uk/id/uksi/2006/2383">The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383)</ref>
,
<ref eId="ccd8e820230316090057234Z" class="subref" href="http://www.legislation.gov.uk/id/uksi/2006/2383/article/1/2">arts. 1(2)</ref>
,
<ref eId="ccd8e1120230316090057234Z" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2006/2383/article/30/b/i">30(b)(i)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-b27630b2613a142e2ee6abe2f69b80df" marker="F7">
<p>
Sch. paras. 48(1)(c)(d) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by
<ref eId="d10e4" href="http://www.legislation.gov.uk/id/uksi/2006/2383">The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383)</ref>
,
<ref eId="ccd8e720230316090105696Z" class="subref" href="http://www.legislation.gov.uk/id/uksi/2006/2383/article/1/2">arts. 1(2)</ref>
,
<ref eId="ccd8e1020230316090105696Z" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2006/2383/article/30/b/ii">30(b)(ii)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-cfacce564691cf3a816d00a545ce99d0" marker="F8">
<p>
<ref eId="cvx4osbx4-00006" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/48/2/f">Sch. para. 48(2)(f)</ref>
inserted (6.4.2005) by
<ref eId="cvx4osbx4-00007" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx4osbx4-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/a">arts. 1(2)(a)</ref>
,
<ref eId="cvx4osbx4-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/2/2">2(2)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-22784137dae659cc36d90c061e2943a9" marker="F9">
<p>
<ref eId="cvtl68a14-00015" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49">Sch. para. 49</ref>
and cross-heading inserted (1.12.2001) by
<ref eId="cvtl68a14-00016" 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 eId="cvtl68a14-00017" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/3623/article/1">arts. 1</ref>
,
<ref eId="cvtl68a14-00018" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2001/3623/article/8">8</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-28991f3e1db4e8ec0766b22afe93bdf3" marker="F10">
<p>
Words in
<ref eId="cvx3xcvq4-00006" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49">Sch. para. 49</ref>
substituted (1.4.2005) by
<ref eId="cvx3xcvq4-00007" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx3xcvq4-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx3xcvq4-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/2">3(2)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-e62631b2fde3a586a2dacdf94053f993" marker="F11">
<p>
<ref eId="cvx44dbh4-00013" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/6">Sch. para. 49(6)</ref>
omitted (1.4.2005) by virtue of
<ref eId="cvx44dbh4-00014" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00015" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00016" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/3">3(3)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-4a7451ed93ec71a48e80b7201b765c5f" marker="F12">
<p>
Words in
<ref eId="cvx44dbh4-00022" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/7">Sch. para. 49(7)</ref>
substituted (1.4.2005) by
<ref eId="cvx44dbh4-00023" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00024" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00025" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/4/a">3(4)(a)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-cfb295c89efc15376a5f1945b05b484c" marker="F13">
<p>
Words in
<ref eId="cvx44dbh4-00031" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/7">Sch. para. 49(7)</ref>
inserted (1.4.2005) by
<ref eId="cvx44dbh4-00032" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00033" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00034" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/4/b/i">3(4)(b)(i)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-ee7452e0dff31c9fb1c7ebe2b5ddf3b7" marker="F14">
<p>
Word in
<ref eId="cvx44dbh4-00040" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/7">Sch. para. 49(7)</ref>
inserted (1.4.2005) by
<ref eId="cvx44dbh4-00041" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00042" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00043" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/4/b/ii">3(4)(b)(ii)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-586ea4bea1003462fc1cdf89cad1608f" marker="F15">
<p>
Words in
<ref eId="cvx44dbh4-00049" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/7">Sch. para. 49(7)</ref>
omitted (1.4.2005) by virtue of
<ref eId="cvx44dbh4-00050" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00051" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00052" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/4/b/iii">3(4)(b)(iii)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-3e073fd92fd581d0d1ed8f3ca8fa0b26" marker="F16">
<p>
Word in
<ref eId="cvx44dbh4-00058" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/7">Sch. para. 49(7)</ref>
revoked (1.4.2005) by
<ref eId="cvx44dbh4-00059" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00060" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00061" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/4/c">3(4)(c)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-494ffbcaea8efc662ff297dbc65a57c6" marker="F17">
<p>
Words in
<ref eId="cvx44dbh4-00067" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/7">Sch. para. 49(7)</ref>
omitted (1.4.2005) by virtue of
<ref eId="cvx44dbh4-00068" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00069" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00070" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/4/d">3(4)(d)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-ea835a17bae8872d92729ea5e48f7eae" marker="F18">
<p>
Words in
<ref eId="cvx44dbh4-00076" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/7">Sch. para. 49(7)</ref>
substituted (1.4.2005) by
<ref eId="cvx44dbh4-00077" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00078" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00079" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/4/e/i">3(4)(e)(i)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-7ef3d1809534f94b04a41e2ed06e60da" marker="F19">
<p>
Words in
<ref eId="cvx44dbh4-00085" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/49/7">Sch. para. 49(7)</ref>
inserted (1.4.2005) by
<ref eId="cvx44dbh4-00086" href="http://www.legislation.gov.uk/id/uksi/2005/592">The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592)</ref>
,
<ref eId="cvx44dbh4-00087" class="subref" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/1/2/b">arts. 1(2)(b)</ref>
,
<ref eId="cvx44dbh4-00088" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2005/592/article/3/4/e/ii">3(4)(e)(ii)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-4de8908a6adad2b1161c9e574cf6623c" marker="F20">
<p>
<ref eId="cvx8oieq4-00015" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/50">Sch. paras. 50</ref>
,
<ref eId="cvx8oieq4-00016" class="subref" href="http://www.legislation.gov.uk/id/uksi/2001/1201/schedule/paragraph/51">51</ref>
and cross-headings inserted (20.7.2007) by
<ref eId="cvx8oieq4-00017" href="http://www.legislation.gov.uk/id/uksi/2007/1821">The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007 (S.I. 2007/1821)</ref>
,
<ref eId="cvx8oieq4-00018" class="subref" href="http://www.legislation.gov.uk/id/uksi/2007/1821/article/1/2">arts. 1(2)</ref>
,
<ref eId="cvx8oieq4-00019" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2007/1821/article/2/4">2(4)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546231" marker="M1">
<p>
<ref eId="c00043" href="http://www.legislation.gov.uk/id/uksi/1990/224">S.I. 1990/224</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546241" marker="M2">
<p>
<ref eId="c00044" href="http://www.legislation.gov.uk/id/ukpga/1989/29">1989 c. 29</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546251" marker="M3">
<p>
<ref eId="c00045" href="http://www.legislation.gov.uk/id/ukpga/1986/44">1986 c. 44</ref>
; see
<ref eId="c00046" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1986/44/section/7A">section 7A</ref>
which was inserted by section 6(1) of the
<ref eId="c00047" href="http://www.legislation.gov.uk/id/ukpga/1995/45">Gas Act 1995 (c. 45)</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546261" marker="M4">
<p>
Substituted by the
<ref eId="c00048" href="http://www.legislation.gov.uk/id/ukpga/1995/45">Gas Act 1995 (c. 45)</ref>
and amended by the
<ref eId="c00049" href="http://www.legislation.gov.uk/id/ukpga/2000/27">Utilities Act 2000 (c. 27)</ref>
section 76 (although this amendment was not in force on the day on which this Order was laid).
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546271" marker="M5">
<p>
<ref eId="c00050" href="http://www.legislation.gov.uk/id/ukpga/1992/52">1992 c. 52</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546281" marker="M6">
<p>
<ref eId="c00051" href="http://www.legislation.gov.uk/id/uksi/1992/807">S.I. 1992/807</ref>
(NI 5); to which there are amendments not relevant to this Order.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546291" marker="M7">
<p>
<ref eId="c00052" href="http://www.legislation.gov.uk/id/ukpga/1960/58">1960 c. 58</ref>
. Inserted by section 16 of the
<ref eId="c00053" href="http://www.legislation.gov.uk/id/ukpga/1992/41">Charities Act 1992 (c. 41)</ref>
; repealed by the
<ref eId="c00054" href="http://www.legislation.gov.uk/id/ukpga/1993/10">Charities Act 1993 (c. 10)</ref>
Schedule 7.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546301" marker="M8">
<p>
<ref eId="c00055" href="http://www.legislation.gov.uk/id/ukpga/1993/10">1993 c. 10</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546311" marker="M9">
<p>
<ref eId="c00056" href="http://www.legislation.gov.uk/id/apni/1964/33">1964 c. 33 (N.I.)</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546321" marker="M10">
<p>
<ref eId="c00057" href="http://www.legislation.gov.uk/id/ukpga/1961/62">1961 c. 62</ref>
; amended by the
<ref eId="c00058" href="http://www.legislation.gov.uk/id/ukpga/1963/33">Local Government Act 1963 (c. 33)</ref>
Schedule 8; and by the
<ref eId="c00059" href="http://www.legislation.gov.uk/id/ukpga/1985/51">Local Government Act 1985 (c.51)</ref>
Schedule 17.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c15546331" marker="M11">
<p>
<ref eId="c00060" href="http://www.legislation.gov.uk/id/ukpga/1982/14">1982 c. 14</ref>
.
</p>
</note>
</notes>
<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/schedule/part/IV/2007-07-20</dc:identifier>
<dc:title>The Financial Services and Markets Act 2000 (Exemption) Order 2001</dc:title>
<dc:type>text</dc:type>
<dc:format>text/xml</dc:format>
<dc:language>en</dc:language>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:subject scheme="SIheading">FINANCIAL SERVICES AND MARKETS</dc:subject>
<dc:modified>2024-05-16</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2007-07-20</dct:valid>
<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="revised"/>
<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="61"/>
<ukm:BodyParagraphs Value="6"/>
<ukm:ScheduleParagraphs Value="55"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="0"/>
</ukm:Statistics>
</proprietary>
</meta>
<body>
<hcontainer name="schedules" eId="schedules">
<hcontainer name="schedule" eId="schedule">
<num>SCHEDULE</num>
<part eId="schedule-part-IV" uk:target="true">
<num>PART IV</num>
<heading> PERSONS EXEMPT IN RESPECT OF PARTICULAR REGULATED ACTIVITIES</heading>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-enterprise-schemes">
<heading>
<i>Enterprise schemes</i>
</heading>
<paragraph eId="schedule-paragraph-40" class="schProv1">
<num>40.</num>
<intro>
<p></p>
</intro>
<subparagraph eId="schedule-paragraph-40-1">
<num>(1)</num>
<intro>
<p>Any body corporate which has as its principal object (or one of its principal objects)—</p>
</intro>
<level class="para1" eId="schedule-paragraph-40-1-a">
<num>(a)</num>
<content>
<p>the promotion or encouragement of industrial or commercial activity or enterprise in the United Kingdom or in any particular area of it; or</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-40-1-b">
<num>(b)</num>
<content>
<p>the dissemination of information concerning persons engaged in such activity or enterprise or requiring capital to become so engaged;</p>
</content>
</level>
<wrapUp>
<p>is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 of the Regulated Activities Order (arranging deals in investments) so long as it does not carry on that activity for, or with the prospect of, direct or indirect pecuniary gain.</p>
</wrapUp>
</subparagraph>
<subparagraph eId="schedule-paragraph-40-2">
<num>(2)</num>
<content>
<p>For the purposes of this paragraph, such sums as may reasonably be regarded as necessary to meet the costs of carrying on the activity mentioned in sub-paragraph (1) do not constitute a pecuniary gain.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-employee-share-schemes-in-electricity-industry-shares">
<heading>
<i>Employee share schemes in electricity industry shares</i>
</heading>
<paragraph eId="schedule-paragraph-41" class="schProv1">
<num>41.</num>
<intro>
<p></p>
</intro>
<subparagraph eId="schedule-paragraph-41-1">
<num>(1)</num>
<intro>
<p>Each of the persons to whom this paragraph applies is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of the Regulated Activities Order (dealing in investments as principal or agent or arranging deals in investments) which he carries on for the purpose of—</p>
</intro>
<level class="para1" eId="schedule-paragraph-41-1-a">
<num>(a)</num>
<content>
<p>enabling or facilitating transactions in electricity industry shares or debentures between or for the benefit of any qualifying person; or</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-41-1-b">
<num>(b)</num>
<content>
<p>the holding of electricity industry shares or debentures by or for the benefit of any qualifying person.</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-41-2">
<num>(2)</num>
<intro>
<p>This paragraph applies to—</p>
</intro>
<level class="para1" eId="schedule-paragraph-41-2-a">
<num>(a)</num>
<content>
<p>The National Grid Holding plc;</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-41-2-b">
<num>(b)</num>
<content>
<p>Electricity Association Limited;</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-41-2-c">
<num>(c)</num>
<content>
<p>any body corporate in the same group as the person mentioned in sub-paragraph (a) or (b);</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-41-2-d">
<num>(d)</num>
<content>
<p>
any company listed in Schedule 1 to the Electricity Act 1989 (Nominated Companies) (England and Wales) Order 1990
<noteRef href="#c15546231" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
; and
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-41-2-e">
<num>(e)</num>
<content>
<p>a person holding shares in or debentures of a body corporate as trustee in pursuance of arrangements made for either of the purposes mentioned in sub-paragraph (1) by the Secretary of State, by any of the bodies mentioned in sub-paragraphs (a) to (c) or by an electricity successor company or by some or all of them.</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-41-3">
<num>(3)</num>
<intro>
<p>In this paragraph—</p>
</intro>
<level class="para1" eId="schedule-paragraph-41-3-a">
<num>(a)</num>
<intro>
<p>“electricity industry shares or debentures" means—</p>
</intro>
<level class="para2" eId="schedule-paragraph-41-3-a-i">
<num>(i)</num>
<content>
<p>any investment of the kind specified by article 76 or 77 of the Regulated Activities Order (shares or instruments creating or acknowledging indebtedness) in or of an electricity successor company;</p>
</content>
</level>
<level class="para2" eId="schedule-paragraph-41-3-a-ii">
<num>(ii)</num>
<content>
<p>any investment of the kind specified by article 79 or 80 of that Order (instruments giving entitlement to investments and certificates representing certain securities), so far as relevant to the investments mentioned in sub-paragraph (i); and</p>
</content>
</level>
<level class="para2" eId="schedule-paragraph-41-3-a-iii">
<num>(iii)</num>
<content>
<p>any investment of the kind specified by article 89 of that Order (rights to or interests in investments) so far as relevant to the investments mentioned in sub-paragraphs (i) and (ii);</p>
</content>
</level>
</level>
<level class="para1" eId="schedule-paragraph-41-3-b">
<num>(b)</num>
<intro>
<p>“qualifying person" means—</p>
</intro>
<level class="para2" eId="schedule-paragraph-41-3-b-i">
<num>(i)</num>
<content>
<p>the bona fide employees or former employees of The National Grid Holding plc, Electricity Association Limited or any other body corporate in the same group as either of them; and</p>
</content>
</level>
<level class="para2" eId="schedule-paragraph-41-3-b-ii">
<num>(ii)</num>
<content>
<p>
the wives, husbands, widows, widowers
<ins class="first last" ukl:ChangeId="key-fb901caa9f75b4f8bc3bbf241f1f716a-1676780625247" ukl:CommentaryRef="key-fb901caa9f75b4f8bc3bbf241f1f716a">
<noteRef uk:name="commentary" href="#key-fb901caa9f75b4f8bc3bbf241f1f716a" class="commentary"/>
, civil partners, surviving civil partners,
</ins>
or children (including, in Northern Ireland, adopted children) or step-children under the age of eighteen of such employees or former employees;
</p>
</content>
</level>
</level>
<level class="para1" eId="schedule-paragraph-41-3-c">
<num>(c)</num>
<content>
<p>
references to an electricity successor company include any body corporate that is in the same group and “electricity successor company" means a body corporate which is a successor company for the purposes of Part II of the Electricity Act 1989
<noteRef href="#c15546241" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
;
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-41-3-d">
<num>(d)</num>
<content>
<p>“former employees" of a person (“the employer") include any person who has never been employed by the employer so long as he occupied a position in relation to some other person of such a kind that it may reasonably be assumed that he would have been a former employee of the employer had the reorganisation of the electricity industry under Part II of the Electricity Act 1989 been affected before he ceased to occupy the relevant position.</p>
</content>
</level>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-gas-industry">
<heading>
<i>Gas industry</i>
</heading>
<paragraph eId="schedule-paragraph-42" class="schProv1">
<num>42.</num>
<intro>
<p></p>
</intro>
<subparagraph eId="schedule-paragraph-42-1">
<num>(1)</num>
<intro>
<p>Transco plc is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of the Regulated Activities Order (dealing in investments as principal or agent or arranging deals in investments) which it carries on—</p>
</intro>
<level class="para1" eId="schedule-paragraph-42-1-a">
<num>(a)</num>
<content>
<p>in its capacity as a gas transporter under the Transco Licence; and</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-42-1-b">
<num>(b)</num>
<content>
<p>for the purposes of enabling or facilitating gas shippers to buy or sell an investment of the kind specified by article 84 or 85 of the Regulated Activities Order (futures or contracts for differences etc.).</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-42-2">
<num>(2)</num>
<intro>
<p>ENMO Ltd. is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of the Regulated Activities Order (dealing in investments as principal or agent or arranging deals in investments) which it carries on—</p>
</intro>
<level class="para1" eId="schedule-paragraph-42-2-a">
<num>(a)</num>
<content>
<p>in its capacity as the operator of the balancing market; and</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-42-2-b">
<num>(b)</num>
<content>
<p>for the purpose of enabling or facilitating Transco plc and relevant gas shippers, for the purpose of participating in the balancing market, to buy or sell investments of the kind specified by article 84 or 85 of that Order (futures or contracts for differences etc.).</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-42-3">
<num>(3)</num>
<content>
<p>Transco plc and relevant gas shippers are exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14 or 21 of the Regulated Activities Order (dealing in investments as principal or agent) in so far as that activity relates to an investment of the kind specified by article 84 or 85 of that Order (futures or contracts for differences etc.) and is carried on for the purpose of participating in the balancing market.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-42-4">
<num>(4)</num>
<intro>
<p>In this paragraph—</p>
</intro>
<level class="para1" eId="schedule-paragraph-42-4-a">
<num>(a)</num>
<content>
<p>“the balancing market" means the market to regulate the delivery and off-take of gas in Transco plc’s pipeline system for the purpose of balancing the volume of gas in that system;</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-42-4-b">
<num>(b)</num>
<content>
<p>
“gas shipper" has the same meaning as in Part I of the Gas Act 1986
<noteRef href="#c15546251" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
;
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-42-4-c">
<num>(c)</num>
<content>
<p>“relevant gas shippers" means gas shippers who have entered into a subscription agreement with ENMO Ltd. for the purpose of participating in the balancing market;</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-42-4-d">
<num>(d)</num>
<content>
<p>
“Transco Licence" means the licence treated as granted to Transco plc as a gas transporter under section 7 of the Gas Act 1986
<noteRef href="#c15546261" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
;
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-42-4-e">
<num>(e)</num>
<content>
<p>the reference to enabling or facilitating includes acting pursuant to rules governing the operation of the balancing market which apply in the event of one of the participants appearing to be unable, or likely to become unable, to meet his obligations in respect of one or more contracts entered into through the balancing market.</p>
</content>
</level>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-trade-unions-and-employers-associations">
<heading>
<i>Trade unions and employers’ associations</i>
</heading>
<paragraph eId="schedule-paragraph-43" class="schProv1">
<num>43.</num>
<intro>
<p></p>
</intro>
<subparagraph eId="schedule-paragraph-43-1">
<num>(1)</num>
<content>
<p>A trade union or employers’ association is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 10 of the Regulated Activities Order (effecting and carrying out contracts of insurance) which it carries on in order to provide provident benefits or strike benefits for its members.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-43-2">
<num>(2)</num>
<content>
<p>
In sub-paragraph (1), “trade union" and “employers’ association" have the meanings given by section 1 and section 122(1) of the Trade Union and Labour Relations (Consolidation) Act 1992
<noteRef href="#c15546271" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
or, in Northern Ireland, the meanings given by article 3(1) and article 4(1) of the Industrial Relations (Northern Ireland) Order 1992
<noteRef href="#c15546281" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-charities">
<heading>
<i>Charities</i>
</heading>
<paragraph eId="schedule-paragraph-44" class="schProv1">
<num>44.</num>
<intro>
<p></p>
</intro>
<subparagraph eId="schedule-paragraph-44-1">
<num>(1)</num>
<intro>
<p>A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 51 of the Regulated Activities Order (establishing etc. a collective investment scheme) which it carries on in relation to a fund established under—</p>
</intro>
<level class="para1" eId="schedule-paragraph-44-1-a">
<num>(a)</num>
<content>
<p>
section 22A of the Charities Act 1960
<noteRef href="#c15546291" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
;
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-44-1-b">
<num>(b)</num>
<content>
<p>
section 25 of the Charities Act 1993
<noteRef href="#c15546301" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
; or
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-44-1-c">
<num>(c)</num>
<content>
<p>
section 25 of the Charities Act (Northern Ireland) 1964
<noteRef href="#c15546311" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
.
</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-44-2">
<num>(2)</num>
<intro>
<p>A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 51 of the Regulated Activities Order (establishing etc. a collective investment scheme) which it carries on in relation to a pooling scheme fund established under—</p>
</intro>
<level class="para1" eId="schedule-paragraph-44-2-a">
<num>(a)</num>
<content>
<p>section 22 of the Charities Act 1960; or</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-44-2-b">
<num>(b)</num>
<content>
<p>section 24 of the Charities Act 1993.</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-44-3">
<num>(3)</num>
<content>
<p>In sub-paragraph (2), “pooling scheme fund" means a fund established by a common investment scheme the trusts of which provide that property is not to be transferred to the fund except by or on behalf of a charity, the charity trustees (within the meaning of section 97(1) of the Charities Act 1993) of which are the trustees appointed to manage the fund.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-schemes-established-under-the-trustee-investments-act-1961">
<heading>
<i>Schemes established under the Trustee Investments Act 1961</i>
</heading>
<paragraph eId="schedule-paragraph-45" class="schProv1">
<num>45.</num>
<content>
<p>
A person acting in his capacity as manager or operator of a fund established under section 11 of the Trustee Investments Act 1961
<noteRef href="#c15546321" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 51 of the Regulated Activities Order (establishing etc. a collective investment scheme) which he carries on in relation to that fund.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-former-members-of-lloyds">
<heading>
<i>Former members of Lloyd’s</i>
</heading>
<paragraph eId="schedule-paragraph-46" class="schProv1">
<num>46.</num>
<content>
<p>
Any person who ceased to be an underwriting member (within the meaning of Lloyd’s Act 1982
<noteRef href="#c15546331" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
) of Lloyd’s before 24th December 1996 is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 10(2) of the Regulated Activities Order (carrying out contracts of insurance) which relates to contracts of insurance that he has underwritten at Lloyd’s.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-local-authorities">
<heading>
<i>Local authorities</i>
</heading>
<paragraph eId="schedule-paragraph-47" class="schProv1">
<num>
<ins class="first" ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">
<noteRef uk:name="commentary" href="#key-ca77ba8d0e4ef7e93ff34cc356e08cd0" class="commentary"/>
47.
</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">A local authority is exempt from the general prohibition in respect of any regulated activity of the kind specified by—</ins>
</p>
</intro>
<level class="para1" eId="schedule-paragraph-47-a">
<num>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">article 21, 25(1) or (2), 39A or 53 of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) which relates to a non-qualifying contract of insurance; </ins>
<noteRef href="#key-5fe51a8f50305ef39a8c5e1221a35d93" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">...</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-47-b">
<num>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">article 25A, 53A or 61 of that Order (arranging, advising on, entering into or administering a regulated mortgage contract)</ins>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">
<ins class="first" ukl:ChangeId="key-012ab06059e0939bc4a956dd461b9047-1676780932249" ukl:CommentaryRef="key-012ab06059e0939bc4a956dd461b9047">
<noteRef uk:name="commentary" href="#key-012ab06059e0939bc4a956dd461b9047" class="commentary"/>
;
</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-47-c">
<num>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">
<ins ukl:ChangeId="key-012ab06059e0939bc4a956dd461b9047-1676780932249" ukl:CommentaryRef="key-012ab06059e0939bc4a956dd461b9047">(c)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">
<ins ukl:ChangeId="key-012ab06059e0939bc4a956dd461b9047-1676780932249" ukl:CommentaryRef="key-012ab06059e0939bc4a956dd461b9047">article 25B, 53B or 63B of that Order (arranging, advising on, entering into or administering a regulated home reversion plan); or</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-47-d">
<num>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">
<ins ukl:ChangeId="key-012ab06059e0939bc4a956dd461b9047-1676780932249" ukl:CommentaryRef="key-012ab06059e0939bc4a956dd461b9047">(d)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">
<ins class="last" ukl:ChangeId="key-012ab06059e0939bc4a956dd461b9047-1676780932249" ukl:CommentaryRef="key-012ab06059e0939bc4a956dd461b9047">article 25C, 53C or 63F of that Order (arranging, advising on, entering into or administering a regulated home purchase plan)</ins>
</ins>
<ins class="last" ukl:ChangeId="key-ca77ba8d0e4ef7e93ff34cc356e08cd0-1676722730126" ukl:CommentaryRef="key-ca77ba8d0e4ef7e93ff34cc356e08cd0">.</ins>
</p>
</content>
</level>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-social-housing">
<heading>
<i>Social housing</i>
</heading>
<paragraph eId="schedule-paragraph-48" class="schProv1">
<num>
<ins class="first" ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<noteRef uk:name="commentary" href="#key-ce4509264daa31d72aa59ca6a9228163" class="commentary"/>
48.
</ins>
</num>
<subparagraph eId="schedule-paragraph-48-1">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(1)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">A relevant housing body is exempt from the general prohibition in respect of any regulated activity of the kind specified by—</ins>
</p>
</intro>
<level class="para1" eId="schedule-paragraph-48-1-a">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">article 21, 25(1) or (2), 39A or 53 of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) which relates to a non-qualifying contract of insurance; </ins>
<noteRef href="#key-8d3dfb895b521e8e673d19a3fba25dfd" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">...</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-48-1-b">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">article 25A, 53A or 61 of that Order (arranging, advising on, entering into or administering a regulated mortgage contract)</ins>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<ins class="first" ukl:ChangeId="key-b27630b2613a142e2ee6abe2f69b80df-1676785072533" ukl:CommentaryRef="key-b27630b2613a142e2ee6abe2f69b80df">
<noteRef uk:name="commentary" href="#key-b27630b2613a142e2ee6abe2f69b80df" class="commentary"/>
;
</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-48-1-c">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<ins ukl:ChangeId="key-b27630b2613a142e2ee6abe2f69b80df-1676785072533" ukl:CommentaryRef="key-b27630b2613a142e2ee6abe2f69b80df">(c)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<ins ukl:ChangeId="key-b27630b2613a142e2ee6abe2f69b80df-1676785072533" ukl:CommentaryRef="key-b27630b2613a142e2ee6abe2f69b80df">article 25B, 53B or 63B of that Order (arranging, advising on, entering into or administering a regulated home reversion plan); or</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-48-1-d">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<ins ukl:ChangeId="key-b27630b2613a142e2ee6abe2f69b80df-1676785072533" ukl:CommentaryRef="key-b27630b2613a142e2ee6abe2f69b80df">(d)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<ins class="last" ukl:ChangeId="key-b27630b2613a142e2ee6abe2f69b80df-1676785072533" ukl:CommentaryRef="key-b27630b2613a142e2ee6abe2f69b80df">article 25C, 53C or 63F of that Order (arranging, advising on, entering into or administering a regulated home purchase plan)</ins>
</ins>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">.</ins>
</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-48-2">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(2)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">In this paragraph, “relevant housing body” means any of the following—</ins>
</p>
</intro>
<level class="para1" eId="schedule-paragraph-48-2-a">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">a registered social landlord within the meaning of Part I of the Housing Act 1996;</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-48-2-b">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">a registered social landlord within the meaning of the Housing (Scotland) Act 2001;</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-48-2-c">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(c)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">the Housing Corporation;</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-48-2-d">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(d)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">Scottish Homes;</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-48-2-e">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">(e)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">the body established under article 9 of the Housing (Northern Ireland) Order 1981 known as the Northern Ireland Housing Executive</ins>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<ins class="first" ukl:ChangeId="key-cfacce564691cf3a816d00a545ce99d0-1676780200460" ukl:CommentaryRef="key-cfacce564691cf3a816d00a545ce99d0">
<noteRef uk:name="commentary" href="#key-cfacce564691cf3a816d00a545ce99d0" class="commentary"/>
;
</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-48-2-f">
<num>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<ins ukl:ChangeId="key-cfacce564691cf3a816d00a545ce99d0-1676780200460" ukl:CommentaryRef="key-cfacce564691cf3a816d00a545ce99d0">(f)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">
<ins class="last" ukl:ChangeId="key-cfacce564691cf3a816d00a545ce99d0-1676780200460" ukl:CommentaryRef="key-cfacce564691cf3a816d00a545ce99d0">Communities Scotland</ins>
</ins>
<ins class="last" ukl:ChangeId="key-ce4509264daa31d72aa59ca6a9228163-1676722848087" ukl:CommentaryRef="key-ce4509264daa31d72aa59ca6a9228163">.</ins>
</p>
</content>
</level>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-electricity-industry">
<heading>
<ins class="first" ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<noteRef uk:name="commentary" href="#key-22784137dae659cc36d90c061e2943a9" class="commentary"/>
Electricity industry
</ins>
</heading>
<paragraph eId="schedule-paragraph-49" class="schProv1">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">49.</ins>
</num>
<subparagraph eId="schedule-paragraph-49-1">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(1)</ins>
</num>
<intro>
<p>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 or 53 of the Regulated Activities Order (dealing in investments as principal or agent, arranging deals in investments or advising on investments) which it carries on in the course of—</ins>
</p>
</intro>
<level class="para1" eId="schedule-paragraph-49-1-a">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">its participation in the Balancing and Settlement Arrangements as operator of the electricity transmission system in </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-28991f3e1db4e8ec0766b22afe93bdf3-1676778939426" ukl:CommentaryRef="key-28991f3e1db4e8ec0766b22afe93bdf3">
<noteRef uk:name="commentary" href="#key-28991f3e1db4e8ec0766b22afe93bdf3" class="commentary"/>
Great Britain
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> under the Transmission Licence; or</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-49-1-b">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">the acquisition by it of Balancing Services in accordance with the Electricity Act 1989 and the Transmission Licence.</ins>
</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-49-2">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(2)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">ELEXON Clear Limited is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of that Order which it carries on in the course of its participation in the Balancing and Settlement Arrangements as clearer for the purposes of (among other things) receiving from and paying to </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties trading and reconciliation charges arising under the Balancing and Settlement Arrangements.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-49-3">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(3)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">Each </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Party is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 or 53 of that Order which it carries on in the course of—</ins>
</p>
</intro>
<level class="para1" eId="schedule-paragraph-49-3-a">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">its participation in the Balancing and Settlement Arrangements; or</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-49-3-b">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">the provision by it (or, in the case of an activity of the kind specified by article 21 of that Order, its principal) of Balancing Services to </ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">.</ins>
</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-49-4">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(4)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">ELEXON Limited is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 of that Order which it carries on in the course of its participation in the Balancing and Settlement Arrangements as administrator.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-49-5">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(5)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">Each </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Agent and each Volume Notification Agent is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 of that Order which it carries on in that capacity.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-49-6">
<num>
<noteRef href="#key-e62631b2fde3a586a2dacdf94053f993" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(6)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-49-7">
<num>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">(7)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">In this paragraph—</ins>
</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">“Ancillary Services” means services which generators and suppliers of electricity and those making transfers of electricity across an Interconnector are required (as a condition of their connection to the transmission system in </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-28991f3e1db4e8ec0766b22afe93bdf3-1676778958598" ukl:CommentaryRef="key-28991f3e1db4e8ec0766b22afe93bdf3">
<noteRef uk:name="commentary" href="#key-28991f3e1db4e8ec0766b22afe93bdf3" class="commentary"/>
Great Britain
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">), or have agreed, to make available to </ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> for the purpose of securing the stability of the electricity transmission or any distribution system in </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-28991f3e1db4e8ec0766b22afe93bdf3-1676778980477" ukl:CommentaryRef="key-28991f3e1db4e8ec0766b22afe93bdf3">
<noteRef uk:name="commentary" href="#key-28991f3e1db4e8ec0766b22afe93bdf3" class="commentary"/>
Great Britain
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> or any system linked to it by an Interconnector;</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">“Balancing and Settlement Arrangements” means—</ins>
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">the Balancing Mechanism; and</ins>
</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">arrangements—</ins>
</p>
<blockList class="ordered roman parens" ukl:Name="OrderedList" ukl:Type="roman" ukl:Decoration="parens">
<item>
<num>(i)</num>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">for the determination and allocation to </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties of the quantities of electricity that have been delivered to and taken off the electricity transmission system and any distribution system in </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-28991f3e1db4e8ec0766b22afe93bdf3-1676779000704" ukl:CommentaryRef="key-28991f3e1db4e8ec0766b22afe93bdf3">
<noteRef uk:name="commentary" href="#key-28991f3e1db4e8ec0766b22afe93bdf3" class="commentary"/>
Great Britain
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">; and</ins>
</p>
</item>
<item>
<num>(ii)</num>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">which set, and provide for the determination and financial settlement of, </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties' obligations arising by reference to the quantities referred to in sub-paragraph (i), including the difference between such quantities (after taking account of accepted bids and offers in the Balancing Mechanism) and the quantities of electricity contracted for sale and purchase between </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties;</ins>
</p>
</item>
</blockList>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">“Balancing Mechanism” means the arrangements pursuant to which </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties may make, and </ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> may accept, offers or bids to increase or decrease the quantities of electricity to be delviered to or taken off the electricity transmission system or any distribution system in </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-28991f3e1db4e8ec0766b22afe93bdf3-1676779019141" ukl:CommentaryRef="key-28991f3e1db4e8ec0766b22afe93bdf3">
<noteRef uk:name="commentary" href="#key-28991f3e1db4e8ec0766b22afe93bdf3" class="commentary"/>
Great Britain
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> at any time or during any period so as to assist </ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> in operating and balancing the electricity transmission system, and arrangements for the settlement of financial obligations arising from the acceptance of such offers and bids;</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">“Balancing Services” means—</ins>
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">offers and bids made in the Balancing Mechanism;</ins>
</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">Ancillary Services; and</ins>
</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">other services available to </ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> which assist it in operating the electricity transmission system in accordance with the Electricity Act 1989 and the Transmission Licence;</ins>
</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"></ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Agents” means the persons for the time being engaged by or on behalf of ELEXON Limited for the purpose of providing services to all </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties, </ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">, ELEXON Limited and ELEXON Clear Limited in connection with the operation of the Balancing and Settlement Arrangements;</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-4a7451ed93ec71a48e80b7201b765c5f-1676779351753" ukl:CommentaryRef="key-4a7451ed93ec71a48e80b7201b765c5f">
<noteRef uk:name="commentary" href="#key-4a7451ed93ec71a48e80b7201b765c5f" class="commentary"/>
“BSC Framework Agreement” means the agreement of that title in the form approved by the Secretary of State for the purpose of conditions of the Transmission Licence and which is dated 14 August 2000; and “conditions” for the purposes of this definition means conditions determined by the Secretary of State under powers granted by section 137(1) of the Energy Act 2004 and incorporated into existing electricity transmission licences by a scheme made by the Secretary of State pursuant to section 138 of, and Schedule 17 to, that Act;
</ins>
</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"></ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties” means those persons (other than </ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">, ELEXON Limited and ELEXON Clear Limited) who have signed or acceded to (in accordance with the terms of the </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Framework Agreement), and not withdrawn from, the </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Framework Agreement;</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">“Interconnector” means the electric lines and electrical plant </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="first last" ukl:ChangeId="key-cfb295c89efc15376a5f1945b05b484c-1676779473388" ukl:CommentaryRef="key-cfb295c89efc15376a5f1945b05b484c">
<noteRef uk:name="commentary" href="#key-cfb295c89efc15376a5f1945b05b484c" class="commentary"/>
and meters
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> used </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="first last" ukl:ChangeId="key-ee7452e0dff31c9fb1c7ebe2b5ddf3b7-1676779525531" ukl:CommentaryRef="key-ee7452e0dff31c9fb1c7ebe2b5ddf3b7">
<noteRef uk:name="commentary" href="#key-ee7452e0dff31c9fb1c7ebe2b5ddf3b7" class="commentary"/>
solely
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> for the transfer of electricity to or from the electricity transmission system </ins>
<noteRef href="#key-586ea4bea1003462fc1cdf89cad1608f" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">... in </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-28991f3e1db4e8ec0766b22afe93bdf3-1676779034636" ukl:CommentaryRef="key-28991f3e1db4e8ec0766b22afe93bdf3">
<noteRef uk:name="commentary" href="#key-28991f3e1db4e8ec0766b22afe93bdf3" class="commentary"/>
Great Britain
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> into or out of </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-28991f3e1db4e8ec0766b22afe93bdf3-1676779049862" ukl:CommentaryRef="key-28991f3e1db4e8ec0766b22afe93bdf3">
<noteRef uk:name="commentary" href="#key-28991f3e1db4e8ec0766b22afe93bdf3" class="commentary"/>
Great Britain
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">;</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"></ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">” means </ins>
<noteRef href="#key-3e073fd92fd581d0d1ed8f3ca8fa0b26" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">... National Grid Company plc;</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<noteRef href="#key-494ffbcaea8efc662ff297dbc65a57c6" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">...</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">“the Transmission Licence” means the licence to </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-ea835a17bae8872d92729ea5e48f7eae-1676779780108" ukl:CommentaryRef="key-ea835a17bae8872d92729ea5e48f7eae">
<noteRef uk:name="commentary" href="#key-ea835a17bae8872d92729ea5e48f7eae" class="commentary"/>
participate in the transmission of
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> electricity in </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="substitution first last" ukl:ChangeId="key-28991f3e1db4e8ec0766b22afe93bdf3-1676779072455" ukl:CommentaryRef="key-28991f3e1db4e8ec0766b22afe93bdf3">
<noteRef uk:name="commentary" href="#key-28991f3e1db4e8ec0766b22afe93bdf3" class="commentary"/>
Great Britain
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> granted </ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">
<ins class="first last" ukl:ChangeId="key-7ef3d1809534f94b04a41e2ed06e60da-1676779855010" ukl:CommentaryRef="key-7ef3d1809534f94b04a41e2ed06e60da">
<noteRef uk:name="commentary" href="#key-7ef3d1809534f94b04a41e2ed06e60da" class="commentary"/>
, or treated as granted,
</ins>
</ins>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> to </ins>
<abbr title="The National Grid Company plc">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">NGC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> under section 6(1)(b) of the Electricity Act 1989; and</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">“Volume Notification Agents” means the persons for the time being appointed and authorised under and in accordance with the Balancing and Settlement Arrangements on behalf of </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties to notify to the </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Agent designated for that purpose pursuant to the Balancing and Settlement Arrangements quantities of electricity contracted for the sale and purchase between those </ins>
<abbr title="Balancing and Settlement Code">
<ins ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9">BSC</ins>
</abbr>
<ins class="last" ukl:ChangeId="key-22784137dae659cc36d90c061e2943a9-1676566077929" ukl:CommentaryRef="key-22784137dae659cc36d90c061e2943a9"> Parties to be taken into account for the purposes of the Balancing and Settlement Arrangements.</ins>
</p>
</content>
</hcontainer>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-freight-forwarders-and-storage-firms">
<heading>
<ins class="first" ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">
<noteRef uk:name="commentary" href="#key-4de8908a6adad2b1161c9e574cf6623c" class="commentary"/>
Freight forwarders and storage firms
</ins>
</heading>
<paragraph eId="schedule-paragraph-50" class="schProv1">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">50.</ins>
</num>
<subparagraph eId="schedule-paragraph-50-1">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(1)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">A freight forwarder or storage firm is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 21, 25, 39A or 53 of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) in the circumstances referred to in paragraph 2.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-50-2">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(2)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">The circumstances are—</ins>
</p>
</intro>
<level class="para1" eId="schedule-paragraph-50-2-a">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(a)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">where a freight forwarder (“F”)—</ins>
</p>
</intro>
<level class="para2" eId="schedule-paragraph-50-2-a-i">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(i)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">holds a policy of insurance which insures F in respect of loss of or damage to goods which F transports or of which F arranges the transportation, and</ins>
</p>
</content>
</level>
<level class="para2" eId="schedule-paragraph-50-2-a-ii">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(ii)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods; or</ins>
</p>
</content>
</level>
</level>
<level class="para1" eId="schedule-paragraph-50-2-b">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(b)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">where a storage firm (“S”)—</ins>
</p>
</intro>
<level class="para2" eId="schedule-paragraph-50-2-b-i">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(i)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">holds a policy of insurance which insures S in respect of loss of or damage to goods which S stores or for which S arranges storage, and</ins>
</p>
</content>
</level>
<level class="para2" eId="schedule-paragraph-50-2-b-ii">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(ii)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods.</ins>
</p>
</content>
</level>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-50-3">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(3)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">In this paragraph—</ins>
</p>
</intro>
<level class="para1" eId="schedule-paragraph-50-3-a">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">“freight forwarder” means a person whose principal business is arranging or carrying out the transportation of goods;</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-50-3-b">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">“storage firm” means a person whose principal business is storing goods or arranging storage for goods;</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-50-3-c">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(c)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">“customer” means a person who is not an individual who uses the service of a freight forwarder or storage firm.</ins>
</p>
</content>
</level>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-part-IV-crossheading-policyholder-advocates">
<heading>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">Policyholder Advocates</ins>
</heading>
<paragraph eId="schedule-paragraph-51" class="schProv1">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">51.</ins>
</num>
<subparagraph eId="schedule-paragraph-51-1">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(1)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">A person acting as a policyholder advocate is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 or 53 of the Regulated Activities Order (arranging deals in investments or advising on investments) in so far as he carries on these activities in connection with, or for the purposes of, his role as policyholder advocate.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-paragraph-51-2">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(2)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">In sub-paragraph (1), “policyholder advocate” means a person who is—</ins>
</p>
</intro>
<level class="para1" eId="schedule-paragraph-51-2-a">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">appointed by an insurer (“I”) to represent the interests of policyholders in negotiations with I about I’s proposals to redefine the rights and interests in any surplus assets arising in I’s with-profits fund; and</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-paragraph-51-2-b">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">approved or nominated by the Authority to carry out that role.</ins>
</p>
</content>
</level>
</subparagraph>
<subparagraph eId="schedule-paragraph-51-3">
<num>
<ins ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">(3)</ins>
</num>
<content>
<p>
<ins class="last" ukl:ChangeId="key-4de8908a6adad2b1161c9e574cf6623c-1676786940265" ukl:CommentaryRef="key-4de8908a6adad2b1161c9e574cf6623c">In sub-paragraph (2), “with-profits fund” means a long-term insurance fund in which policyholders are eligible to participate in surplus assets of the fund.</ins>
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</part>
</hcontainer>
</hcontainer>
</body>
</act>
</akomaNtoso>