PART II SPECIFIED ACTIVITIES
Chapter VIArranging Deals in Investments
The activities
Arranging deals in investments25
1
Making arrangements for another person (whether as principal or agent) to buy, sell, subscribe for or underwrite a particular investment which is—
a
a security,
c
an investment of the kind specified by article 86, or article 89 so far as relevant to that article F5, or
d
a structured deposit,
is a specified kind of activity.
2
Making arrangements with a view to a person who participates in the arrangements buying, selling, subscribing for or underwriting investments falling within paragraph (1)(a), (b) F13, (c) or (d) (whether as principal or agent) is also a specified kind of activity.
F9Arranging regulated mortgage contracts25A
1
Making arrangements—
a
for another person to enter into a regulated mortgage contract as borrower; or
b
is a specified kind of activity.
F171A
A regulated mortgage contract falls within this paragraph if—
a
the contract was entered into on or after 31st October 2004; or
b
the contract—
i
was entered into before 31st October 2004; and
ii
was a regulated credit agreement immediately before 21st March 2016.
2
Making arrangements with a view to a person who participates in the arrangements entering into a regulated mortgage contract as borrower is also a specified kind of activity.
F142A
Making arrangements to enter into a regulated mortgage contract with a borrower on behalf of a lender is also a specified kind of activity.
3
In this article F8“borrower” and “lender” have the meanings given by article 61(3)(a)(i).
F12Arranging regulated home reversion plans25B
1
Making arrangements—
a
for another person to enter into a regulated home reversion plan as reversion seller or as plan provider; or
b
for another person to vary the terms of a regulated home reversion plan, entered into on or after 6th April 2007 by him as reversion seller or as plan provider, in such a way as to vary his obligations under that plan,
is a specified kind of activity.
2
Making arrangements with a view to a person who participates in the arrangements entering into a regulated home reversion plan as reversion seller or as plan provider is also a specified kind of activity.
F12Arranging regulated home purchase plans25C
1
Making arrangements—
a
for another person to enter into a regulated home purchase plan as home purchaser; or
b
for another person to vary the terms of a regulated home purchase plan, entered into on or after 6th April 2007 by him as home purchaser, in such a way as to vary his obligations under that plan,
is a specified kind of activity.
2
Making arrangements with a view to a person who participates in the arrangements entering into a regulated home purchase plan as home purchaser is also a specified kind of activity.
F15Operating a multilateral trading facility25D
1
The operation of a multilateral trading facility on which MiFID instruments are traded is a specified kind of activity.
F201A
Paragraph (1) does not apply to a kind of activity to which article 25DB applies.
F6Operating an organised trading facility25DA
1
The operation of an organised trading facility on which non-equity MiFID instruments are traded is a specified kind of activity.
F211A
Paragraph (1) does not apply to a kind of activity to which article 25DB applies.
2
In paragraph (1) a “non-equity MiFID instrument” means any investment—
a
of the kind specified by article 77, 77A, 78, 79, 80, 81, 82B, 83, 84 or 85; or
b
of the kind specified by article 89 so far as relevant to an investment falling within sub-paragraph (a),
that is a bond, a structured finance product (within the meaning of Article 2.1.28 of the markets in financial instruments regulation), an emission allowance, or a derivative (within the meaning of Article 2.1.29 of the markets in financial instruments regulation).
F19Operating an electronic system for public offers of relevant securities25DB
1
Operating an electronic system by means of which a qualifying public offer is made is a specified kind of activity.
2
“Qualifying public offer” means an offer of relevant securities to the public in the United Kingdom that meets the following conditions.
3
4
Condition B is that the relevant securities—
a
fall within paragraph (1)(a) of regulation 5 of the Public Offers and Admissions to Trading Regulations 2024 (which defines “relevant securities” for the purposes of those Regulations) and are investments of a kind specified by Part 3 of this Order, or
b
fall within paragraph (1)(b) of that regulation as a result of being investments of the kind specified by article 77.
5
Condition C is that the relevant securities are not issued or to be issued by the person operating the electronic system.
6
In paragraph (2), the reference to an offer of relevant securities to the public in the United Kingdom is to be read in accordance with regulation 7 of the Public Offers and Admissions to Trading Regulations 2024.
7
In this article “relevant securities” has the same meaning as in the Public Offers and Admissions to Trading Regulations 2024 (see regulation 5 of those Regulations).
F11Arranging regulated sale and rent back agreements25E
1
Making arrangements—
a
for another person to enter into a regulated sale and rent back agreement as an agreement seller or as an agreement provider; or
b
for another person (“A”) to vary the terms of a regulated sale and rent back agreement, entered into on or after 1st July 2009 by A as agreement seller or agreement provider, in such a way as to vary A’s obligations under that agreement,
is a specified kind of activity.
2
Making arrangements with a view to a person who participates in the arrangements entering into a regulated sale and rent back agreement as agreement seller or agreement provider is also a specified kind of activity.