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  1. Introductory Text

  2. PART I GENERAL

    1. 1. Citation

    2. 2. Commencement

    3. 3. Interpretation

  3. PART II SPECIFIED ACTIVITIES

    1. Chapter I General

      1. 4. Specified activities: general

    2. Chapter II Accepting Deposits

      1. The activity

        1. 5. Accepting deposits

      2. Exclusions

        1. 6. Sums paid by certain persons

        2. 7. Sums received by solicitors etc.

        3. 8. Sums received by persons authorised to deal etc.

        4. 9. Sums received in consideration for the issue of debt securities

        5. 9A. Sums received in exchange for electronic money

        6. 9AA.Information society services and managers of UCITS and AIFs

        7. 9AB.Funds received for payment services

    3. CHAPTER IIA ELECTRONIC MONEY

      1. The activity

        1. 9B.Issuing electronic money

        2. 9BA.Articles 9C to 9I and 9K apply only in the...

      2. Exclusions

        1. 9C.Persons certified as small issuers etc.

        2. 9D.Applications for certificates

        3. 9E.Revocation of certificate on FCA’s own initiative

        4. 9F.Revocation of certificate on request

        5. 9G.Obtaining information from certified persons etc.

      3. Supplemental

        1. 9H.Rules prohibiting the issue of electronic money at a discount

        2. 9I. False claims to be a certified person

        3. 9J. Exclusion of electronic money from the compensation scheme

        4. 9K.Record of certified persons

        5. 9L.Funds received for payment services

    4. Chapter III Insurance

      1. The activities

        1. 10. Effecting and carrying out contracts of insurance

      2. Exclusions

        1. 11. Community co-insurers

        2. 12. Breakdown insurance

        3. 12A.Information society services and managers of UCITS and AIFs

      3. Supplemental

        1. 13. Application of sections 327 and 332 of the Act to insurance market activities

    5. Chapter IV Dealing in Investments as Principal

      1. The activity

        1. 14. Dealing in investments as principal

      2. Exclusions

        1. 15. Absence of holding out etc.

        2. 16. Dealing in contractually based investments

        3. 17. Acceptance of instruments creating or acknowledging indebtedness

        4. 18. Issue by a company of its own shares etc.

        5. 18A.Dealing by a company in its own shares

        6. 19. Risk management

        7. 20. Other exclusions

    6. Chapter V Dealing in Investments as Agent

      1. The activity

        1. 21. Dealing in investments as agent

      2. Exclusions

        1. 22. Deals with or through authorised persons

        2. 23. Risk management

        3. 24. Other exclusions

    7. Chapter 5A Bidding in Emissions Auctions

      1. The activity

        1. 24A.Bidding in emissions auctions

      2. Exclusions

        1. 24B.Miscellaneous exclusions

    8. Chapter VI Arranging Deals in Investments

      1. The activities

        1. 25. Arranging deals in investments

        2. 25A.Arranging regulated mortgage contracts

        3. 25B.Arranging regulated home reversion plans

        4. 25C.Arranging regulated home purchase plans

        5. 25D.Operating a multilateral trading facility

        6. 25E.Arranging regulated sale and rent back agreements

      2. Exclusions

        1. 26. Arrangements not causing a deal

        2. 27. Enabling parties to communicate

        3. 28. Arranging transactions to which the arranger is a party

        4. 28A.Arranging contracts , plans or agreements to which the arranger is a party

        5. 29. Arranging deals with or through authorised persons

        6. 29A.Arrangements made in the course of administration by authorised person

        7. 30. Arranging transactions in connection with lending on the security of insurance policies

        8. 31. Arranging the acceptance of debentures in connection with loans

        9. 32. Provision of finance

        10. 33. Introducing

        11. 33A.Introducing to authorised persons etc.

        12. 34. Arrangements for the issue of shares etc.

        13. 35. International securities self-regulating organisations

        14. 35A.Trade repositories

        15. 36. Other exclusions

    9. Chapter VII Managing Investments

      1. The activity

        1. 37. Managing investments

      2. Exclusions

        1. 38. Attorneys

        2. 39. Other exclusions

    10. CHAPTER VIIA Assisting in the Administration and Performance of a Contract of Insurance

      1. The activity

        1. 39A.Assisting in the administration and performance of a contract of insurance

      2. Exclusions

        1. 39B.Claims management on behalf of an insurer etc.

        2. 39C.Other exclusions

    11. Chapter VIII Safeguarding and Administering Investments

      1. The activity

        1. 40. Safeguarding and administering investments

      2. Exclusions

        1. 41. Acceptance of responsibility by third party

        2. 42. Introduction to qualifying custodians

        3. 42A.Depositaries of UCITS and AIFs

        4. 43. Activities not constituting administration

        5. 44. Other exclusions

    12. Chapter IX Sending Dematerialised Instructions

      1. The activities

        1. 45. Sending dematerialised instructions

      2. Exclusions

        1. 46. Instructions on behalf of participating issuers

        2. 47. Instructions on behalf of settlement banks

        3. 48. Instructions in connection with takeover offers

        4. 49. Instructions in the course of providing a network

        5. 50. Other exclusions

    13. Chapter X Collective Investment ...

      1. The activities

        1. 51. Establishing etc. a collective investment scheme

        2. 51ZA.Managing a UCITS

        3. 51ZB.Acting as trustee or depositary of a UCITS

        4. 51ZC.Managing an AIF

        5. 51ZD.Acting as trustee or depositary of an AIF

        6. 51ZE.Establishing etc. a collective investment scheme

      2. Exclusions

        1. 51ZF.Persons excluded from managing an AIF

        2. 51ZG.Operating a collective investment scheme in relation to a UCITS or an AIF

      3. ...

        1. 51A.Information society services and managers of UCITS and AIFs

    14. Chapter XI ... Pension Schemes

      1. The activities

        1. 52.Establishing etc. a pension scheme

      2. Exclusion

        1. 52A.Information society services and managers of UCITS and AIFs

    15. CHAPTER XIA Providing Basic Advice On Stakeholder Products

      1. The activity

        1. 52B.Providing basic advice on stakeholder products

    16. Chapter XII Advising on Investments

      1. The activity

        1. 53. Advising on investments

        2. 53A.Advising on regulated mortgage contracts

        3. 53B.Advising on regulated home reversion plans

        4. 53C.Advising on regulated home purchase plans

        5. 53D.Advising on regulated sale and rent back agreements

      2. Exclusions

        1. 54. Advice given in newspapers etc.

        2. 54A.Advice given in the course of administration by authorised person

        3. 55. Other exclusions

    17. Chapter XIII Lloyd’s

      1. The activities

        1. 56. Advice on syndicate participation at Lloyd’s

        2. 57. Managing the underwriting capacity of a Lloyd’s syndicate

        3. 58. Arranging deals in contracts of insurance written at Lloyd’s

      2. Exclusion

        1. 58A.Information society services and managers of UCITS and AIFs

    18. Chapter XIV Funeral Plan Contracts

      1. The activity

        1. 59. Funeral plan contracts

      2. Exclusions

        1. 60. Plans covered by insurance or trust arrangements

        2. 60A.Information society services and managers of UCITS and AIFs

    19. Chapter XV Regulated Mortgage Contracts

      1. The activities

        1. 61. Regulated mortgage contracts

      2. Exclusions

        1. 62. Arranging administration by authorised person

        2. 63. Administration pursuant to agreement with authorised person

        3. 63A.Other exclusions

    20. Chapter XVA Regulated Home Reversion Plans

      1. The activities

        1. 63B.Entering into and administering regulated home reversion plans

      2. Exclusions

        1. 63C.Arranging administration by authorised person

        2. 63D.Administration pursuant to agreement with authorised person

        3. 63E.Other exclusions

    21. Chapter XVB Regulated Home Purchase Plans

      1. The activities

        1. 63F.Entering into and administering regulated home purchase plans

      2. Exclusions

        1. 63G.Arranging administration by authorised person

        2. 63H.Administration pursuant to agreement with authorised person

        3. 63I.Other exclusions

    22. Chapter XVC Regulated Sale and Rent Back Agreements

      1. The activities

        1. 63J.Entering into and administering regulated sale and rent back agreements

      2. Exclusions

        1. 63K.Arranging administration by authorised person

        2. 63L.Administration pursuant to agreement with authorised person

        3. 63M.Other exclusions

    23. Chapter 15D Activities of Reclaim Funds

      1. The activities

        1. 63N.Dormant account funds

    24. Chapter 15E Specified Benchmarks

      1. The activities

        1. 63O.Specified benchmarks

        2. 63P.Publicly available factual data and subscription services

        3. 63Q.Administration of a specified benchmark by the FCA

        4. 63R.Schedule

    25. Chapter XVI Agreeing to Carry on Activities

      1. The activity

        1. 64. Agreeing to carry on specified kinds of activity

      2. Exclusions

        1. 65.Overseas persons etc

    26. Chapter XVII Exclusions Applying to Several Specified Kinds of Activity

      1. 66. Trustees, nominees and personal representatives

      2. 67. Activities carried on in the course of a profession or non-investment business

      3. 68. Activities carried on in connection with the sale of goods or supply of services

      4. 69. Groups and joint enterprises

      5. 70. Activities carried on in connection with the sale of a body corporate

      6. 71. Activities carried on in connection with employee share schemes

      7. 72. Overseas persons

      8. 72A.Information society services

      9. 72AA.Managers of UCITS and AIFs

      10. 72B.Activities carried on by a provider of relevant goods or services

      11. 72C.Provision of information on an incidental basis

      12. 72D.Large risks contracts where risk situated outside the EEA

      13. 72E.Business Angel-led Enterprise Capital Funds

      14. 72F.Interpretation

  4. PART III SPECIFIED INVESTMENTS

    1. 73. Investments: general

    2. 74. Deposits

    3. 74A. Electronic money

    4. 75. Contracts of insurance

    5. 76. Shares etc.

    6. 77. Instruments creating or acknowledging indebtedness

    7. 77A.Alternative finance investment bonds

    8. 78. Government and public securities

    9. 79. Instruments giving entitlements to investments

    10. 80. Certificates representing certain securities

    11. 81. Units in a collective investment scheme

    12. 82.Rights under a pension scheme

    13. 82A.Greenhouse gas emissions allowances

    14. 83. Options

    15. 84. Futures

    16. 85. Contracts for differences etc.

    17. 86. Lloyd’s syndicate capacity and syndicate membership

    18. 87. Funeral plan contracts

    19. 88. Regulated mortgage contracts

    20. 88A.Regulated home reversion plans

    21. 88B.Regulated home purchase plans

    22. 88C.Regulated sale and rent back agreements

    23. 89. Rights to or interests in investments

  5. PART IV CONSEQUENTIAL PROVISIONS

    1. Regulated mortgage contracts: consequential provisions

      1. 90. Consequential amendments of the Consumer Credit Act 1974

      2. 91. Consequential amendments of subordinate legislation under the Consumer Credit Act 1974

  6. PART V UNATHORISED PERSONS CARRYING ON INSURANCE MEDIATION ACTIVITIES

    1. 92.Interpretation

    2. 93.Duty to maintain a record of unauthorised persons carrying on insurance mediation activities

    3. 94.Members of designated professional bodies

    4. 95.Exclusion from record where not fit and proper to carry on insurance mediation activities

    5. 96.Exclusion from the record where FCA has exercised its powers under Part XX of the Act

  7. PART 6 MISCELLANEOUS

    1. 97.Disapplication of section 49(2) of the Act

  8. Signature

    1. SCHEDULE 1

      CONTRACTS OF INSURANCE

      1. PART I CONTRACTS OF GENERAL INSURANCE

        1. 1. Accident

        2. 2. Sickness

        3. 3. Land vehicles

        4. 4. Railway rolling stock

        5. 5. Aircraft

        6. 6. Ships

        7. 7. Goods in transit

        8. 8. Fire and natural forces

        9. 9. Damage to property

        10. 10. Motor vehicle liability

        11. 11. Aircraft liability

        12. 12. Liability of ships

        13. 13. General liability

        14. 14. Credit

        15. 15. Suretyship

        16. 16. Miscellaneous financial loss

        17. 17. Legal expenses

        18. 18. Assistance

      2. PART II CONTRACTS OF LONG-TERM INSURANCE

        1. I. Life and annuity

        2. II. Marriage and birth

        3. III. Linked long term

        4. IV. Permanent health

        5. V. Tontines

        6. VI. Capital redemption contracts

        7. VII. Pension fund management

        8. VIII. Collective insurance etc.

        9. IX. Social insurance

    2. SCHEDULE 2

      SECTIONS A AND C OF ANNEX I TO THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE AND RELATED COMMUNITY SUBORDINATE LEGISLATION

      1. PART 1 SECTION C OF ANNEX I TO THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE

        1. “Financial instruments

          1. 1.Transferable securities;

          2. 2.Money-market instruments;

          3. 3.Units in collective investment undertakings;

          4. 4.Options, futures, swaps, forward rate agreements and any other derivative...

          5. 5.Options, futures, swaps, forward rate agreements and any other derivative...

          6. 6.Options, futures, swaps, and any other derivative contracts relating to...

          7. 7.Options, futures, swaps, forwards and any other derivative contracts relating...

          8. 8.Derivative instruments for the transfer of credit risk;

          9. 9.Financial contracts for differences;

          10. 10.Options, futures, swaps, forward rate agreements and any other derivative...

      2. PART 2 CHAPTER VI OF THE COMMISSION REGULATION

      3. PART 3 SECTION A OF ANNEX I TO THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE

        1. “Investment services and activities

          1. 1.Reception and transmission of orders in relation to one or...

          2. 2.Execution of orders on behalf of clients.

          3. 3.Dealing on own account.

          4. 4.Portfolio management.

          5. 5.Investment advice.

          6. 6.Underwriting of financial instruments and/or placing of financial instruments on...

          7. 7.Placing of financial instruments without a firm commitment basis.

          8. 8.Operation of Multilateral Trading Facilities.”

      4. PART 4 ARTICLE 52 OF COMMISSION DIRECTIVE 2006/73/EC

    3. SCHEDULE 3

      ARTICLE 2 OF THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE

      1. “Article 2

        1. Exemptions

          1. 1.This Directive shall not apply to: (a) insurance undertakings as...

          2. 2.The rights conferred by this Directive shall not extend to...

          3. 3.In order to take account of developments on financial markets,...

    4. SCHEDULE 4

      RELEVANT TEXT OF THE INSURANCE MEDIATION DIRECTIVE

      1. Part 1 Article 1.2

      2. Part II Article 2.3

      3. Part III Article 2.4

    5. SCHEDULE 5

      SPECIFIED BENCHMARKS

    6. SCHEDULE 6

      FUNCTIONS INCLUDED IN THE ACTIVITY OF MANAGING A UCITS: ANNEX II TO THE UCITS DIRECTIVE

      1. 1.Investment management.

      2. 2.Administration— (a) legal and fund management accounting services;

      3. 3.Marketing.

    7. SCHEDULE 7

      ADDITIONAL ACTIVITIES INCLUDED IN THE ACTIVITY OF MANAGING AN AIF LISTED IN PARAGRAPH 2 OF ANNEX I TO THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE

      1. (a) Administration— (i) legal and fund management accounting services;

    8. SCHEDULE 8

      PERSONS EXCLUDED FROM REGULATED ACTIVITY OF MANAGING AN AIF

      1. 1.Interpretation of this Schedule

      2. 2.Persons excluded

      3. 3.An AIFM in so far as it manages one or...

      4. 4.An institution for occupational retirement provision which falls within the...

      5. 5.The European Central Bank, the European Investment Bank, the European...

      6. 6.A national central bank.

      7. 7.A national, regional or local government or body or other...

      8. 8.A holding company.

      9. 9.An employee participation scheme or employee savings scheme.

      10. 10.A securitisation special purpose entity.

      11. 11.An AIFM, the registered office of which is not in...

  10. Explanatory Note