PART II SPECIFIED ACTIVITIES
Chapter IGeneral
Specified activities: general4
1
The following provisions of this Part specify kinds of activity for the purposes of F8section 22(1) of the Act (and accordingly any activity of one of those kinds, which is carried on by way of business M1, and relates to an investment of a kind specified by any provision of Part III and applicable to that activity, is a regulated activity for the purposes of the Act).
2
The kinds of activity specified by articles F9F1751ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 and 63N are also specified for the purposes of section 22(1)(b) of the Act (and accordingly any activity of one of those kinds, when carried on by way of business, is a regulated activity when carried on in relation to property of any kind).
F12A
The kinds of activity specified by Part 3A are specified for the purposes of section 22(1A)(a) of the Act (and accordingly any activity of one of those kinds, when carried on by way of business, is a regulated activity).
F182B
The kinds of activity specified in Part 3B are specified for the purposes of section 22(1B) of the Act (and accordingly any activity of one of those kinds, when carried on by way of business in Great Britain, is a regulated activity).
3
Subject to paragraph (4), each provision specifying a kind of activity is subject to the exclusions applicable to that provision (and accordingly any reference in this Order to an activity of the kind specified by a particular provision is to be read subject to any such exclusions).
F34
Where an investment firm or F13qualifying credit institution—
a
provides or performs investment services and activities on a professional basis, and
b
that exclusion is to be disregarded and, accordingly, the investment firm or F13qualifying credit institution is to be treated as carrying on an activity of the kind specified by the provision in question.
F194A
Where a person, other than an ancillary insurance intermediary carrying out insurance distribution activities falling within Article 1.3 of the insurance distribution directive (the text of which is set out in Part 1 of Schedule 4)—
a
for remuneration, takes up or pursues insurance distribution, or reinsurance distribution, in relation to a risk or commitment located in F4the United Kingdom, and
b
in doing so would be treated as carrying on an activity of a specified kind by a provision of this Part but for an exclusion in any of articles 30, 66, 67 and 72AA,
that exclusion is to be disregarded (and accordingly that person is to be treated as carrying on an activity of the kind specified by the provision in question).
F24AA
In its application to any activity relating to a contract of insurance entered into before IP completion day, paragraph (4A)(a) has effect as if “or an EEA State” were inserted after “the United Kingdom.
F64B
Where—
a
a person is a mortgage creditor or a mortgage intermediary; and
b
in acting as a mortgage creditor or a mortgage intermediary F14in respect of an agreement entered into, or to be entered into, on or after 21st March 2016, that person would be treated as carrying on an activity of a kind specified by article 25A (arranging regulated mortgage contracts), 36A (credit broking), 53A (advising on regulated mortgage contracts), 53DA (advising on regulated credit agreements for the acquisition of land), 60B (regulated credit agreements) or 61 (entering into and administering regulated mortgage contracts), but for an exclusion or exemption provided for by this Order,
that exclusion or exemption is to be disregarded (and accordingly that person is to be treated as carrying on an activity of the kind specified by the provision in question) to the extent that such exclusion or exemption F5neither relates to an agreement to which section 423A(3) of the Act applies nor falls within the scope of any of the derogations set out in Article 3(3) of the mortgages directive (as it had effect immediately before IP completion day).
F105
In this article—
“ancillary insurance intermediary” has the meaning given by Article 2.1(4) of the insurance distribution directive, the text of which is set out in Part 4 of Schedule 4 F15, read with the modifications set out in paragraph 3 of Part 6 M2 of that Schedule;
“insurance distribution” has the meaning given by Articles 2.1(1) and 2.2 of the insurance distribution directive, the text of which is set out in Parts 2 and 5 of Schedule 4, respectively F11, read with the modification set out in paragraph 4 of Part 6 of that Schedule; and
“reinsurance distribution” has the meaning given by Articles 2.1(2) and 2.2 of the insurance distribution directive, the text of which is set out in Parts 3 and 5 of Schedule 4, respectively F16, read with the modifications set out in paragraphs 2 and 4 of Part 6 of that Schedule.