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The Financial Services and Markets Act 2000 (Exemption) Order 2001

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Articles 3 to 5

SCHEDULEU.K.

PART IU.K. PERSONS EXEMPT IN RESPECT OF ANY REGULATED ACTIVITY OTHER THAN INSURANCE BUSINESS

1.  The Bank of England.U.K.

F12.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F13.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F14.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F15.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F16.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

7.  The European Investment Bank.U.K.

8.  The International Bank for Reconstruction and Development.U.K.

9.  The International Finance Corporation.U.K.

10.  The International Monetary Fund.U.K.

11.  The African Development Bank.U.K.

12.  The Asian Development Bank.U.K.

13.  The Caribbean Development Bank.U.K.

14.  The Inter-American Development Bank.U.K.

15.  The European Bank for Reconstruction and Development.U.K.

[F215A.  Bank for International Settlements.]U.K.

Textual Amendments

[F315B.  Bank of England Asset Purchase Facility Fund Limited]U.K.

Textual Amendments

[F415C  Covid Corporate Financing Facility Limited.]U.K.

Textual Amendments

[F515D  UK Infrastructure Bank Limited.]U.K.

Textual Amendments

PART IIU.K. PERSONS EXEMPT IN RESPECT OF ACCEPTING DEPOSITS

16.  A municipal bank, that is to say a company which was, immediately before the coming into force of this Order, exempted from the prohibition in section 3 of the Banking Act 1987 M1 by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.U.K.

Marginal Citations

M11987 c. 22; section 3 was amended by paragraph 3 of Schedule 5 to the Bank of England Act 1998 (c. 11). “Municipal bank" was defined in section 103 of the Banking Act 1987, which was amended by paragraph 22 of Schedule 3 to the Local Government Act 1992 (c. 19) and by paragraph 21 of Schedule 3 to the Local Government and Rating Act 1997 (c. 29).

17.    U.K.

(1) Keesler Federal Credit Union, in so far as it accepts deposits from members, or dependants of members, of a visiting force of the United States of America, or from members, or dependants of members, of a civilian component of such a force.

(2) In sub-paragraph (1), “member", “dependent" and “visiting force" have the meanings given by section 12 of the Visiting Forces Act 1952 M2 and “member of a civilian component" has the meaning given by section 10 of that Act.

Marginal Citations

M21952 c. 67; the definition of “visiting force" was amended by paragraph 14 of Schedule 15 to the Criminal Justice Act 1988 (c. 33).

18.  A body of persons certified as a school bank by the National Savings Bank or by an authorised person who has permission to accept deposits.U.K.

F619.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F6Sch. para. 19 omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(2)

20.    U.K.

(1) Any body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute.

(2) In sub-paragraph (1), “enactment" includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament.

[F721.  The Council of Europe Development Bank.]U.K.

Textual Amendments

22.  A charity, in so far as it accepts deposits—U.K.

(a)from another charity; or

(b)in respect of which no interest or premium is payable.

23.  The National Children’s Charities Fund in so far as—U.K.

(a)it accepts deposits in respect of which no interest or premium is payable; and

(b)the total value of the deposits made by any one person does not exceed £10,000.

24.  An industrial and provident society, in so far as it accepts deposits in the form of withdrawable share capital.U.K.

F824A.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F925.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

PART IIIU.K. PERSONS EXEMPT IN RESPECT OF ANY REGULATED ACTIVITY MENTIONED IN ARTICLE 5(1)

26.  The National Debt Commissioners.U.K.

[F1027.  Partnerships UK.]U.K.

Textual Amendments

28.  The International Development Association.U.K.

29.  The English Tourist Board.U.K.

30.  F11....U.K.

Textual Amendments

[F1231.  VisitScotland.]U.K.

Textual Amendments

32.  The Northern Ireland Tourist Board.U.K.

33.  Scottish Enterprise.U.K.

[F1333A.  Invest Northern Ireland.]U.K.

Textual Amendments

34.  The Multilateral Investment Guarantee Agency.U.K.

[F1434A.  The Board of the Pension Protection Fund.]U.K.

Textual Amendments

[F1534B.  Capital for Enterprise Limited, in so far as in carrying on any regulated activity it provides services only to the Crown.]U.K.

Textual Amendments

[F1634C.  BIS (Postal Services Act 2011) Company Limited.]U.K.

Textual Amendments

35.  A person acting as an official receiver within the meaning of section 399 of the Insolvency Act 1986 M3 or article 2 of the Insolvency (Northern Ireland) Order 1989 M4.U.K.

Marginal Citations

M4S.I. 1989/2405 (N.I. 19); to which there are amendments not relevant to this Order.

F1736.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F1837.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

38.  A person acting as a judicial factor.U.K.

F1939.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F19Sch. para. 39 omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(3)

PART IVU.K. PERSONS EXEMPT IN RESPECT OF PARTICULAR REGULATED ACTIVITIES

Enterprise schemesU.K.

40.    U.K.

(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 [F20articles 25, 36A, 39D, 39E and 89A of the Regulated Activities Order (arranging deals in investments, credit broking, debt adjusting, debt-counselling and providing credit information services)] 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.

[F21(3) This paragraph does not apply where an investment firm or [F22qualifying credit institution]—

(a)provides or performs investment services and activities on a professional basis, and

(b)in doing so, but for the operation of [F23sub-paragraph (1)], it would be treated as carrying on an activity of a kind specified by Part 2 of the Regulated Activities Order [F24in breach of the general prohibition].]

Textual Amendments

F20Words in Sch. para. 40(1) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 14(2)

Employee share schemes in electricity industry sharesU.K.

41.    U.K.

(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 M5; 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 [F25, 77 or 77A] of the Regulated Activities Order (shares or instruments creating or acknowledging indebtedness [F26or alternative finance investment bonds]) 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 [F27, 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 M6;

(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.

Textual Amendments

Marginal Citations

Gas industryU.K.

42.    U.K.

(1) Transco plc is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 [F28, 25 [F29, 25D or 25DA]] of the Regulated Activities Order (dealing in investments as principal or agent [F28, arranging deals in investments [F30, operating a multilateral trading facility or operating an organised trading facility]]) 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 [F31, 25 [F32, 25D or 25DA]] of the Regulated Activities Order (dealing in investments as principal or agent [F31, arranging deals in investments [F33, operating a multilateral trading facility or operating an organised trading facility]]) 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 M7;

(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 M8;

(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.

Textual Amendments

F29Words in Sch. para. 42(1) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(a)(i)(aa)

F30Words in Sch. para. 42(1) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(a)(i)(bb)

F32Words in Sch. para. 42(2) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(a)(ii)(aa)

F33Words in Sch. para. 42(2) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(a)(ii)(bb)

Marginal Citations

M71986 c. 44; see section 7A which was inserted by section 6(1) of the Gas Act 1995 (c. 45).

M8Substituted 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).

Trade unions and employers’ associationsU.K.

43.    U.K.

(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 M9 or, in Northern Ireland, the meanings given by article 3(1) and article 4(1) of the Industrial Relations (Northern Ireland) Order 1992 M10.

Marginal Citations

M10S.I. 1992/807 (NI 5); to which there are amendments not relevant to this Order.

CharitiesU.K.

44.    U.K.

[F34(A1) A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 36H of the Regulated Activities Order (operating an electronic system in relation to lending) which it carries on in relation to an article 36H agreement (within the meaning given in article 36H(4) of the Regulated Activities Order) under or in connection with which the only amount payable to the lender is the amount of credit provided.]

(1) A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by [F35articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or 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 M11;

(b)section 25 of the Charities Act 1993 M12; or

(c)section 25 of the Charities Act (Northern Ireland) 1964 M13.

(2) A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by [F36articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or 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.

Textual Amendments

Marginal Citations

M111960 c. 58. Inserted by section 16 of the Charities Act 1992 (c. 41); repealed by the Charities Act 1993 (c. 10) Schedule 7.

Schemes established under the Trustee Investments Act 1961U.K.

45.  A person acting in his capacity as manager or operator of a fund established under section 11 of the Trustee Investments Act 1961 M14 is exempt from the general prohibition in respect of any regulated activity of the kind specified by [F37articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or establishing etc. a collective investment scheme)] which he carries on in relation to that fund.U.K.

Textual Amendments

Marginal Citations

M141961 c. 62; amended by the Local Government Act 1963 (c. 33) Schedule 8; and by the Local Government Act 1985 (c.51) Schedule 17.

Former members of Lloyd’sU.K.

46.  Any person who ceased to be an underwriting member (within the meaning of Lloyd’s Act 1982 M15) 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.U.K.

Marginal Citations

Local authoritiesU.K.

F3847.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F38Sch. para. 47 omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(a)

Social housingU.K.

[F3948.—(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; F40...

(b)[F41article 25A(1)(b) and (2) of that Order (arranging a regulated mortgage contract);]

[F42(c)article 25B, 53B or 63B of that Order (arranging, advising on, entering into or administering a regulated home reversion plan); F43...

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

[F44(e)article 25E, 53D or 63J of that Order (arranging, advising on, entering into or administering a regulated sale and rent back agreement)].

[F45(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—

[F46(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 [F47section 423A(3) of the Act applies];

(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;

[F48(aa)a non-profit registered provider of social housing;]

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

F49(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F50(ca)the Homes and Communities Agency;]

F51(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

F51(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F52(g)a housing association within the meaning of Part 2 of the Housing (Northern Ireland) Order 1992;]

[F53(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.]

[F54(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 [F55article 60G(9) of the Regulated Activities Order];

“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—

(i)

it is interest free;

(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.]]

Textual Amendments

F39Sch. 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)

F40Word 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)

F41Words in Sch. para. 48(1)(b) substituted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(2) (with Pt. 4)

F42Sch. 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)

F43Word in Sch. para. 48(1)(c) omitted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 28(b)(i)

F44Sch. para. 48(1)(e) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 28(b)(ii)

F45Sch. para. 48(1A)(1B) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(3) (with Pt. 4)

F46Sch. para. 48(1A)(a)(b) substituted for Sch. para. 48(1A)(a)-(c) (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), arts. 1(2)(3)(c), 4 (with Pt. 5)

F51Sch. para. 48(2)(d)(f) omitted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(4)(a) (with Pt. 4)

F53Sch. para. 48(2)(h)(i) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(4)(b) (with Pt. 4)

F54Sch. para. 48(3)(4) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(5) (with Pt. 4)

[F56Electricity industryU.K.

Textual Amendments

49.—(1) NGC is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 [F57, 25D] [F58, 25DA] or 53 of the Regulated Activities Order (dealing in investments as principal or agent, arranging deals in investments [F57, operating a multilateral trading facility] [F59, operating an organised trading facility] 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 [F60Great 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 [F61, 25 [F62, 25D or 25DA]] 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 [F63, 25D] [F64, 25DA] 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 [F65, 25D or 25DA] 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 [F66, 25D or 25DA] of that Order which it carries on in that capacity.

F67(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 [F60Great 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 [F60Great 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 [F60Great 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 [F60Great 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;

[F68“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 [F69and meters] used [F70solely] for the transfer of electricity to or from the electricity transmission system F71... in [F60Great Britain] into or out of [F60Great Britain];

“NGC” means F72... National Grid Company plc;

F73...

“the Transmission Licence” means the licence to [F74participate in the transmission of] electricity in [F60Great Britain] granted [F75, 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.]

Textual Amendments

F58Word in Sch. para. 49(1) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(i)(aa)

F59Words in Sch. para. 49(1) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(i)(bb)

F62Words in Sch. para. 49(2) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(ii)

F64Word in Sch. para. 49(3) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(iii)

F65Words in Sch. para. 49(4) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(ii)

F66Words in Sch. para. 49(5) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(ii)

[F76Freight forwarders and storage firmsU.K.

Textual Amendments

50.—(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.U.K.

(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 F77... who uses the service of a freight forwarder or storage firm.

Textual Amendments

Policyholder AdvocatesU.K.

51.—(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.U.K.

(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 [F78FCA] 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.]

Textual Amendments

[F79[F80Official receivers] etc.U.K.

Textual Amendments

F80Words in Sch. para. 52 cross-heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(b)

52.—(1) A person acting as—U.K.

F81(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)an official receiver within the meaning of section 399 of the Insolvency Act 1986 or article 2 of the Insolvency (Northern Ireland) Order 1989, or

(c)a judicial factor,

is exempt from the general prohibition in respect of any regulated activity of the kind specified by any of articles 39D to 39G (activities in relation to debt) or 89A (providing credit information services) of the Regulated Activities Order.

F82(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F83(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F84(4) A person who—

(a)acts as an official receiver within the meaning of section 399 of the Insolvency Act 1986 or article 2 of the Insolvency (Northern Ireland) Order 1989, and

(b)by virtue of that office, becomes the liquidator of a company in accordance with section 136 of the Insolvency Act 1986 or article 116 of the Insolvency (Northern Ireland) Order 1989,

is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 59(1A) of the Regulated Activities Order (carrying out a funeral plan contract as provider).]

Textual Amendments

F81Sch. para. 52(1)(a) omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(c)

F82Sch. para. 52(2) omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(c)

F83Sch. para. 52(3) omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(c)

Cycle to workU.K.

53.—(1) An employer who provides or makes available to their employees a cycle or cyclist's safety equipment up to the value of £1,000 under a relevant employee benefit scheme is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 60N of the Regulated Activities Order (regulated consumer hire agreements).U.K.

(2) For the purposes of this paragraph—

“cycle” has the meaning given by section 192(1) of the Road Traffic Act 1988 (general interpretation);

“relevant employee benefit scheme” means a scheme operated by an employer which is designed to allow employees to take advantage of section 244 of the Income Tax (Earnings and Pensions) Act 2003 (no liability to income tax in relation to cycles and cyclist's safety equipment) and under which cycles or cyclist's safety equipment are made available in the manner described in any guidance issued by the Secretary of State.

Tracing agentsU.K.

54.—(1) A person who takes steps to ascertain the identity or location (or the means of ascertaining the identity or location) of a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39F of the Regulated Activities Order (debt-collecting) so long as the person is not the lender under the agreement concerned or the owner under the consumer hire agreement concerned and takes no other steps to procure the payment of debts due under the agreement.U.K.

(2) In this [F85paragraph], “borrower”, “hirer” “lender” and “owner” have the meanings given by the Regulated Activities Order.]

Textual Amendments

[F86Persons who carry on activities for the service of certain documentsU.K.

Textual Amendments

54A.—(1) A person who serves, or takes steps to serve, a relevant document on a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39F of the Regulated Activities Order (debt-collecting) so long as that person—U.K.

(a)is not the lender or owner under the relevant agreement; and

(b)takes no other steps to procure the payment of the debt or any other debt due from the borrower or hirer under the relevant agreement.

(2) A person who serves, or takes steps to serve, a relevant document on a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39G of the Regulated Activities Order (debt administration) so long as that person is not the lender or owner under the relevant agreement and does not take—

(a)any other steps to exercise or enforce rights under that agreement; or

(b)any steps in the performance of any duties under that agreement.

(3) In sub-paragraph (1) “relevant document” means any document which is for service for the purposes of any legal proceedings brought, or to be brought, for the payment of a debt due under the relevant agreement.

(4) In sub-paragraph (2) “relevant document” means any document which is for service for the purposes of any legal proceedings brought, or to be brought, for the exercise or enforcement of rights under the relevant agreement.

(5) In this paragraph—

“borrower”, “hirer”, “lender” and “owner” have the meaning given in article 3 of the Regulated Activities Order;

“legal proceedings” includes arbitration and insolvency proceedings; and

“relevant agreement”, in relation to a person who is a borrower or hirer, means—

(a)

the credit agreement (within the meaning given by article 60B of the Regulated Activities Order) or article 36H agreement (within the meaning given by article 36H of that Order) under which that person is the borrower; or

(b)

the consumer hire agreement (within the meaning given by article 60N of the Regulated Activities Order) under which that person is the hirer.]

[F87Persons exercising, or having the right to exercise, the rights of the person who provided credit under a regulated credit agreementU.K.

Textual Amendments

55.—(1) A person within the description in sub-paragraph (3) (“P”) is exempt from the general prohibition in respect of any activity of the kind specified by article 60B(2) of the Regulated Activities Order (regulated credit agreements) carried on in relation to a qualifying agreement provided that the conditions in sub-paragraphs (4) and (5) are satisfied in respect of the agreement.U.K.

(2) Where P is exempt from the general prohibition in respect of any activity of the kind specified by article 60B(2) of the Regulated Activities Order by virtue of sub-paragraph (1), P is also exempt from the general prohibition in respect of any activity of the kind specified by article 39E(1) (debt-counselling) or 39F(1) (debt-collecting) of the Regulated Activities Order carried on in relation to the qualifying agreement in an exempt period.

(3) P is within the description in this sub-paragraph if P—

(a)is not the original lender;

(b)does not grant, is not required to grant, and does not promise to grant credit under the qualifying agreement or any other regulated credit agreement; and

(c)does not undertake any activity of the kind specified in article 39D(1) (debt adjusting), 39E(1) or 39F(1) of the Regulated Activities Order, or which would be so specified but for article 39H(1) of that Order, except in an exempt period.

(4) The condition in this sub-paragraph is that—

(a)P has entered into a servicing arrangement in relation to the qualifying agreement; or

(b)an exempt period has not expired.

(5) The condition in this sub-paragraph is that—

(a)P has arranged for the servicer to comply with the provisions listed in sub-paragraph (6); and

(b)where P (and not the servicer acting on behalf of P) varies the qualifying agreement, P complies with the provisions listed in sub-paragraph (6).

(6) The provisions are—

(a)any provision of, or made under, the Act applicable to authorised persons that relates to the exercise of the right of the lender under a regulated credit agreement to vary terms and conditions of the agreement (including, in particular, the right to vary the rate of interest, charges, or other amount due to the lender under the agreement); and

(b)the requirements of, or made under, section 82 of the Consumer Credit Act 1974 (variation of agreements).

(7) For the purposes of this paragraph, there are excluded from articles 39E(1) and 39F(1) of the Regulated Activities Order activities carried on by P under or for the purposes of a servicing arrangement.

(8) In this paragraph—

“an exempt period” is the period of thirty days beginning on the day after the day on which a servicing arrangement came to an end;

“the original lender” means the person who provided credit under the qualifying agreement;

“a qualifying agreement” means a regulated credit agreement under which P exercises, or has the right to exercise, the rights of the original lender;

“regulated credit agreement” has the meaning given in article 60B of the Regulated Activities Order;

“the servicer” means the person with whom P enters into a servicing arrangement, where that person is an authorised person with permission to carry on an activity of the kind specified in article 39F, 39G (debt administration) or 60B of the Regulated Activities Order;

“a servicing arrangement” means an arrangement between P and the servicer for the servicer to exercise on P’s behalf P’s rights under a qualifying agreement other than the right to transfer, assign or otherwise dispose of those rights.

Persons exercising, or having the right to exercise, the rights of the person who provided credit under a regulated consumer hire agreementU.K.

56.—(1) A person within the description in sub-paragraph (3) (“P”) is exempt from the general prohibition in respect of any activity of the kind specified by article 60N(2) of the Regulated Activities Order (regulated consumer hire agreements) carried on in relation to a qualifying agreement provided that the conditions in sub-paragraphs (4) and (5) are satisfied in respect of each such agreement.U.K.

(2) Where P is exempt from the general prohibition in respect of any activity of the kind specified by article 60N(2) of the Regulated Activities Order by virtue of sub-paragraph (1), P is also exempt from the general prohibition in respect of any activity of the kind specified by article 39E(2) (debt-counselling) or 39F(2) (debt-collecting) of the Regulated Activities Order carried on in relation to the qualifying agreement in an exempt period.

(3) P is within the description in this sub-paragraph if P—

(a)is not the original owner; and

(b)does not undertake any activity of the kind specified in article 39D(2) (debt adjusting), 39E(2) or 39F(2) of the Regulated Activities Order, or which would be so specified but for article 39H(2) of that Order, except in an exempt period.

(4) The condition in this sub-paragraph is that—

(a)P has entered into a servicing arrangement in relation to the qualifying agreement; or

(b)an exempt period has not expired.

(5) The condition in this sub-paragraph is that—

(a)P has arranged for the servicer to comply with the provisions listed in sub-paragraph (6); and

(b)where P (and not the servicer acting on behalf of P) varies the qualifying agreement, P complies with the provisions listed in sub-paragraph (6).

(6) The provisions are—

(a)any provision of, or made under, the Act applicable to authorised persons that relates to the exercise of the right of the owner under a regulated consumer hire agreement to vary terms and conditions of the agreement (including, in particular, the right to vary the hire payments, other charges, or any other amount due to the owner under the agreement); and

(b)the requirements of, or made under, section 82 of the Consumer Credit Act 1974 (variation of agreements).

(7) For the purposes of this paragraph, there are excluded from articles 39E(2) and 39F(2) of the Regulated Activities Order activities carried on by P under or for the purposes of a servicing arrangement.

(8) In this paragraph—

“an exempt period” is the period of thirty days beginning on the day after the day on which a servicing arrangement came to an end;

“the original owner” means the person who entered into the qualifying agreement as owner;

“a qualifying agreement” means a regulated consumer hire agreement under which P exercises, or has the right to exercise, the rights of the original owner;

“regulated consumer hire agreement” has the meaning given in article 60N of the Regulated Activities Order;

“the servicer” means the person with whom P enters into a servicing arrangement, where that person is an authorised person with permission to carry on an activity of the kind specified in article 39F, 39G (debt administration) or 60N of the Regulated Activities Order;

“a servicing arrangement” means an arrangement between P and the servicer for the servicer to exercise on P’s behalf P’s rights under a qualifying agreement other than the right to transfer, assign or otherwise dispose of those rights.]

[F88Student Loans CompanyU.K.

Textual Amendments

57.—(1) The Student Loans Company Limited is exempt from the general prohibition in respect of—U.K.

(a)any regulated activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits) in so far as it accepts deposits from the Secretary of State or the Scottish Ministers, in connection with, or for the purposes of, enabling eligible students to receive loans;

(b)any regulated activity of the kind specified by article 39G of the Regulated Activities Order (debt administration) in connection with, or for the purposes of, loans to eligible students.

(2) In sub-paragraph (1)(a), “eligible student” means—

(a)any person who is an eligible student pursuant to regulations made under Part 2 of the Teaching and Higher Education Act 1998;

(b)any person to whom, or in respect of whom, loans may be paid under section 73(f) of the Education (Scotland) Act 1980;

(c)any person who is an eligible student pursuant to regulations made under article 3 of the Education (Student Support) (Northern Ireland) Order 1998;

(d)any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998 or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998.

(3) In sub-paragraph (1)(b), “eligible student” means any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998 or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998.]

[F89Norges BankU.K.

Textual Amendments

58.  Norges Bank is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25, 37, 40 or 53, of the Regulated Activities Order (dealing in investments as principal, dealing in investments as agent, arranging deals in investments, managing investments, safeguarding and administering investments, and advising on investments).]U.K.

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