- Latest available (Revised)
- Point in Time (05/12/2005)
- Original (As made)
Version Superseded: 01/10/2006
Point in time view as at 05/12/2005.
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, PART I is up to date with all changes known to be in force on or before 24 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
1. This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
2.—(1) Except as provided by paragraph (2), this Order comes into force on the day on which section 19 of the Act comes into force.
(2) This Order comes into force—
(a)for the purposes of articles 59, 60 and 87 (funeral plan contracts) on 1st January 2002; and
(b)for the purposes of articles 61 to 63, 88, 90 and 91 (regulated mortgage contracts) [F1on such a day as the Treasury may specify].
[F2(3) Any day specified under paragraph (2)(b) must be caused to be notified in the London, Edinburgh and Belfast Gazettes published not later than one week before that day.]
Textual Amendments
F1Words in art. 2(2)(b) substituted (30.8.2002) by The Financial Services and Markets Act 2000 (Commencement of Mortgage Regulation) (Amendment) Order 2002 (S.I. 2002/1777), arts. 1, 2(2)
F2Art. 2(3) inserted (30.8.2002) by The Financial Services and Markets Act 2000 (Commencement of Mortgage Regulation) (Amendment) Order 2002 (S.I. 2002/1777), arts. 1, 2(3)
3.—(1) In this Order—
“the Act" means the Financial Services and Markets Act 2000;
“annuities on human life" does not include superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged, or who have been engaged, in any particular profession, trade or employment, or of the dependants of such persons;
“buying" includes acquiring for valuable consideration;
“close relative" in relation to a person means—
“contract of general insurance" means any contract falling within Part I of Schedule 1;
“contract of insurance" means any contract of insurance which is a contract of long-term insurance or a contract of general insurance, and includes—
fidelity bonds, performance bonds, administration bonds, bail bonds, customs bonds or similar contracts of guarantee, where these are—
effected or carried out by a person not carrying on a banking business;
not effected merely incidentally to some other business carried on by the person effecting them; and
effected in return for the payment of one or more premiums;
tontines;
capital redemption contracts or pension fund management contracts, where these are effected or carried out by a person who—
does not carry on a banking business; and
otherwise carries on a regulated activity of the kind specified by article 10(1) or (2);
contracts to pay annuities on human life;
contracts of a kind referred to in article 1(2)(e) of the first life insurance directive (collective insurance etc.); and
contracts of a kind referred to in article 1(3) of the first life insurance directive (social insurance);
but does not include a funeral plan contract (or a contract which would be a funeral plan contract but for the exclusion in article 60);
“contract of long-term insurance" means any contract falling within Part II of Schedule 1;
“contractually based investment" means—
rights under a qualifying contract of insurance;
any investment of the kind specified by any of articles 83, 84, 85 and 87; or
any investment of the kind specified by article 89 so far as relevant to an investment falling within (a) or (b);
“deposit" has the meaning given by article 5;
[F4“electronic money” means monetary value, as represented by a claim on the issuer, which is—
stored on an electronic device;
issued on receipt of funds; and
accepted as a means of payment by persons other than the issuer;]
“funeral plan contract" has the meaning given by article 59;
“instrument" includes any record whether or not in the form of a document;
“joint enterprise" means an enterprise into which two or more persons (“the participators") enter for commercial purposes related to a business or businesses (other than the business of engaging in a regulated activity) carried on by them; and, where a participator is a member of a group, each other member of the group is also to be regarded as a participator in the enterprise;
“local authority" means—
M1in England and Wales, a local authority within the meaning of the Local Government Act 1972 , the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;
M2in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 1973 ;
M3in Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 1972 ;
“managing agent" means a person who is permitted by the Council of Lloyd’s in the conduct of his business as an underwriting agent to perform for a member of Lloyd’s one or more of the following functions—
underwriting contracts of insurance at Lloyd’s;
reinsuring such contracts in whole or in part;
paying claims on such contracts;
[F5“occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993;]
“overseas person" means a person who—
carries on activities of the kind specified by any of articles 14, 21, 25, [F625A,] 37[F7, 39A] 40, 45, 51, 52[F8, 53, 53A and 61] or, so far as relevant to any of those articles, article 64 (or activities of a kind which would be so specified but for the exclusion in article 72); but
does not carry on any such activities, or offer to do so, from a permanent place of business maintained by him in the United Kingdom;
“pension fund management contract" means a contract to manage the investments of pension funds (other than funds solely for the benefit of the officers or employees of the person effecting or carrying out the contract and their dependants or, in the case of a company, partly for the benefit of officers and employees and their dependants of its subsidiary or holding company or a subsidiary of its holding company); and for the purposes of this definition, “subsidiary" and “holding company" are to be construed in accordance with section 736 of the Companies Act 1985 or article 4 of the Companies (Northern Ireland) Order 1986 ;
“property" includes currency of the United Kingdom or any other country or territory;
“qualifying contract of insurance" means a contract of long-term insurance which is not—
a reinsurance contract; nor
a contract in respect of which the following conditions are met—
the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
the contract provides that benefits are payable on death (other than death due to an accident) only where the death occurs within ten years of the date on which the life of the person in question was first insured under the contract, or where the death occurs before that person attains a specified age not exceeding seventy years;
the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium; and
the contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with any of the above conditions;
“regulated mortgage contract" has the meaning given by article 61(3);
[F9“relevant investment” means—
rights under a qualifying contract of insurance;
rights under any other contract of insurance;
any investment of the kind specified by any of articles 83, 84, 85 and 87; or
any investment of the kind specified by article 89 so far as relevant to an investment falling within (a) or (c);]
“security" means (except where the context otherwise requires) any investment of the kind specified by any of articles 76 to 82 or, so far as relevant to any such investment, article 89;
“selling", in relation to any investment, includes disposing of the investment for valuable consideration, and for these purposes “disposing" includes—
in the case of an investment consisting of rights under a contract—
surrendering, assigning or converting those rights; or
assuming the corresponding liabilities under the contract;
in the case of an investment consisting of rights under other arrangements, assuming the corresponding liabilities under the arrangements; and
in the case of any other investment, issuing or creating the investment or granting the rights or interests of which it consists;
“stakeholder pension scheme" has the meaning given by section 1 of the Welfare Reform and Pensions Act 1999 [F10in relation to Great Britain and has the meaning given by article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 in relation to Northern Ireland];
“syndicate" means one or more persons, to whom a particular syndicate number has been assigned by or under the authority of the Council of Lloyd’s, carrying out or effecting contracts of insurance written at Lloyd’s;
“voting shares", in relation to a body corporate, means shares carrying voting rights attributable to share capital which are exercisable in all circumstances at any general meeting of that body corporate.
(2) For the purposes of this Order, a transaction is entered into through a person if he enters into it as agent or arranges, in a manner constituting the carrying on of an activity of the kind specified by article 25(1), for it to be entered into by another person as agent or principal.
(3) For the purposes of this Order, a contract of insurance is to be treated as falling within Part II of Schedule 1, notwithstanding the fact that it contains related and subsidiary provisions such that it might also be regarded as falling within Part I of that Schedule, if its principal object is that of a contract falling within Part II and it is effected or carried out by an authorised person who has permission to effect or carry out contracts falling within paragraph I of Part II of Schedule 1.
Textual Amendments
F3Words in art. 3(1) inserted (5.12.2005) by The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114), reg. 1, Sch. 16 para. 1(2)
F4Words in art. 3(1) inserted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 2
F5Words in art. 3(1) substituted (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2005 (S.I. 2005/593), arts. 1, 2(2)(a)
F6Word in art. 3(1) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 3(a)
F7Word in art. 3(1) inserted (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 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 3(1)(a)
F8Words in art. 3(1) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 3(b)
F9Words in art. 3(1) inserted (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 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 3(1)(b)
F10Words in art. 3(1) inserted (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2005 (S.I. 2005/593), arts. 1, 2(2)(b)
Modifications etc. (not altering text)
C1Art. 3 applied (21.5.2003) by The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Designated Countries and Territories) Order 2003 (S.I. 2003/1181), arts. 1, 3(2)(a)
Marginal Citations
M11972 c. 70. The definition of “local authority" in section 270 of the 1972 Act has been amended by Sch. 17 to the Local Government Act 1985 (c. 51); and by section 1(5) of the Local Government (Wales) Act 1994 (c. 19).
M21973 c. 65. The definition of “local authority" in section 235 of the 1973 Act was substituted by para. 92(66) of Sch. 13 to the Local Government etc. (Scotland) Act 1994 (c. 39).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: