Social housingU.K.
[48.—(1) A relevant housing body is exempt from the general prohibition in respect of any regulated activity of the kind specified by—U.K.
(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(1)(b) and (2) of that Order (arranging 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); ...
(d)article 25C, 53C or 63F of that Order (arranging, advising on, entering into or administering a regulated home purchase plan)];
[(e)article 25E, 53D or 63J of that Order (arranging, advising on, entering into or administering a regulated sale and rent back agreement)].
[(1A) A relevant housing body is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25A(1)(a) or (2A), 53A or 61 of that Order (arranging, advising on, entering into or administering a regulated mortgage contract) in so far as the contract—
[(a)was entered into before 21st March 2016; or
(b)is entered into on or after 21st March 2016 and—
(i)is of a kind to which the mortgages directive does not apply by virtue of Article 3(2) of that directive;
(ii)is a bridging loan; or
(iii)is a restricted public loan in relation to which the requirements of sub-paragraph (1B) are met.]
(1B) The requirements of this sub-paragraph are that—
(a)the borrower receives timely information on the main features, risks and costs of the loan at the pre-contractual stage; and
(b)any advertising of the loan is fair, clear and not misleading.]
(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;
[(aa)a non-profit registered provider of social housing;]
(b)a registered social landlord within the meaning of the Housing (Scotland) Act 2001;
(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[(ca)the Homes and Communities Agency;]
(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(e)the body established under article 9 of the Housing (Northern Ireland) Order 1981 known as the Northern Ireland Housing Executive;
(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[(g)a housing association within the meaning of Part 2 of the Housing (Northern Ireland) Order 1992;]
[(h)except for the purposes of sub-paragraph (1)(a), the Scottish Ministers;
(i)except for the purposes of sub-paragraph (1)(a), the Welsh Ministers.]
[(3) Except for the purposes of sub-paragraph (1)(a), “relevant housing body” also includes a wholly-owned subsidiary of a body listed in sub-paragraph (2)(a), (aa), (b), (ca), (h) or (i).
(4) In this paragraph—
“bridging loan” has the meaning given by Article 4(23) of the mortgages directive;
“borrower” means a person receiving credit;
“credit” includes a cash loan and any other form of financial accommodation;
“restricted public loan” means credit that is—
(a)
offered to a particular class of borrower and not offered to the public generally;
(b)
offered under an enactment with a general interest purpose; and
(c)
provided on terms which are more favourable to the borrower than those prevailing on the market, because it meets one of the following conditions—
(ii)
the rate of interest is lower than that prevailing on the market; or
(iii)
the rate of interest is no higher than that prevailing on the market but the other terms on which credit is provided are more favourable to the borrower; and
“wholly-owned subsidiary” has the same meaning as in section 1159 (meaning of “subsidiary” etc.) of the Companies Act 2006 and, for the purposes of this definition, a relevant housing body is to be treated as a body corporate.]]