- Latest available (Revised)
- Point in Time (24/03/2015)
- Original (As made)
Point in time view as at 24/03/2015.
There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, SCHEDULE 1.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Article 4
1. Accepting deposits is a controlled activity if—
(a)money received by way of deposit is lent to others; or
(b)any other activity of the person accepting the deposit is financed wholly, or to a material extent, out of the capital of or interest on money received by way of deposit,
and the person accepting the deposit holds himself out as accepting deposits on a day to day basis.
2.—(1) Effecting a contract of insurance as principal is a controlled activity.
(2) Carrying out a contract of insurance as principal is a controlled activity.
(3) There is excluded from sub-paragraph (1) or (2) the effecting or carrying out of a contract of insurance of the kind described in article 12 of the Regulated Activities Order by a person who does not otherwise carry on an activity falling within those sub-paragraphs.
3.—(1) Buying, selling, subscribing for or underwriting securities or contractually based investments (other than investments of the kind specified by paragraph 25, or paragraph 27 so far as relevant to that paragraph) as principal or agent is a controlled activity.
(2) A person does not carry on the activity in sub-paragraph (1) by accepting an instrument creating or acknowledging indebtedness in respect of any loan, credit, guarantee or other similar financial accommodation or assurance which he has made, granted or provided.
(3) The reference in sub-paragraph (2) to a person accepting an instrument includes a reference to a person becoming a party to an instrument otherwise than as a debtor or a surety.
4.—(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;
(b)a contractually based investment; or
(c)an investment of the kind specified by paragraph 24, or paragraph 27 so far as relevant to that paragraph,
is a controlled activity.
(2) Making arrangements with a view to a person who participates in the arrangements buying, selling, subscribing for or underwriting investments falling within sub-paragraph (1)(a), (b) or (c) (whether as principal or agent) is a controlled activity.
(3) A person does not carry on an activity falling within paragraph (2) merely by providing means by which one party to a transaction (or potential transaction) is able to communicate with other such parties.
4A. Operating a multilateral trading facility on which MiFID instruments are traded is a controlled activity.]
Textual Amendments
F1Sch. 1 para. 4A inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(2)(a)
4B.—(1) Each of the following is a controlled activity—
(a)effecting an introduction of an individual or relevant recipient of credit to a person who enters into as lender relevant credit agreements [F2(other than credit agreements which are exempt agreements under the relevant provisions)] by way of business;
[F3(b)effecting an introduction of an individual or relevant recipient of credit to a person who, by way of business, enters into as owner regulated consumer hire agreements or agreements which would be regulated consumer hire agreements but for article 60O (exempt agreements: exemptions relating to nature of agreement) or article 60Q (exempt agreements: exemptions relating to the nature of the hirer) of the Regulated Activities Order;]
(c)effecting an introduction of an individual or relevant recipient of credit to a person who carries on an activity of the kind specified in paragraph (a) or (b) by way of business;
(d)presenting or offering an agreement which would (if entered into) be a relevant credit agreement [F4(other than a credit agreement which is an exempt agreement under the relevant provisions)] to an individual or relevant recipient of credit;
(e)assisting an individual or relevant recipient of credit by undertaking preparatory work in respect of a relevant credit agreement [F5(other than a credit agreement which is an exempt agreement under the relevant provisions)];
(f)entering into a relevant credit agreement [F6(other than a credit agreement which is an exempt agreement under the relevant provisions)] on behalf of a lender.
[F7(1A) But an activity is not a controlled activity falling within sub-paragraph (1) to the extent that it is a controlled activity falling within paragraph 10A (arranging qualifying credit etc.).]
[F8(2) For the purposes of paragraph (1)—
(a)“relevant provisions” are article 60E(5) (exempt agreements: exemptions relating to the nature of the lender) and article 60F(exempt agreements: exemptions relating to number of repayments to be made) of the Regulated Activities Order;
(b)it is immaterial whether the relevant credit agreement or the consumer hire agreement is subject to the law of a country other than the United Kingdom.]
Textual Amendments
F2Words in Sch. 1 para. 4B(1)(a) inserted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 4(4)(a)
F3Sch. 1 para. 4B(1)(b) substituted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 4(4)(b)
F4Words in Sch. 1 para. 4B(1)(d) inserted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 4(4)(c)
F5Words in Sch. 1 para. 4B(1)(e) inserted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 4(4)(c)
F6Words in Sch. 1 para. 4B(1)(f) inserted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 4(4)(c)
F7Sch. 1 para. 4B(1A) inserted (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), 10(8)(a)
F8Sch. 1 para. 4B(2) substituted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 4(4)(d)
4C.—(1) Where the [F10conditions in sub-paragraphs (2), (2A) and (2C) are] satisfied, operating an electronic system which enables the operator (“A”) to facilitate persons (“B” and “C”) becoming the lender and borrower under a paragraph 4C agreement is a controlled activity.
(2) The condition [F11in this sub-paragraph] is that the system operated by A is capable of determining which agreements should be made available to each of B and C (whether in accordance with general instructions provided to A by B or C or otherwise).
[F12(2A) The condition in this sub-paragraph is that A, or another person (“X”) acting under an arrangement with A or at A’s direction, undertakes to—
(a)receive payments in respect of interest and capital due under the agreement from C, and
(b)make payments in respect of interest and capital due under the agreement to B.
(2B) For the purposes of sub-paragraph (2A)—
(a)an agreement by A to appoint X to perform the activities in that paragraph is to be treated as an undertaking by A within the meaning of that sub-paragraph;
(b)it is immaterial that—
(i)payments may be subject to conditions;
(ii)A, or X, may be entitled to retain a portion or the entirety of any payment received from C.
(2C) The condition in this sub-paragraph is that A, or another person (“X”) acting under an arrangement with A or at A’s direction, undertakes to perform, or A undertakes to appoint or direct another person to perform, either or both of the following—
(a)to take steps to procure the payment of a debt under the agreement;
(b)to exercise or enforce rights under the agreement on behalf of B.]
(3) The following are controlled activities if carried on by A in the course of, or in connection with, the carrying on by A of the activity specified by [F13sub-paragraph] (1)—
(a)presenting or offering paragraph 4C agreements to B and C with a view to B becoming the lender under the paragraph 4C agreement and C becoming the borrower under the paragraph 4C agreement,
(b)furnishing information relevant to the financial standing of a person (“Y”) with a view to assisting in the determination as to whether another person should—
(i)enter into, as the lender, a paragraph 4C agreement with Y, or
(ii)assume the rights of the lender under a paragraph 4C agreement under which Y is the borrower,
(c)taking steps to procure the payment of a debt due under a paragraph 4C agreement,
(d)performing duties, or exercising or enforcing rights under a paragraph 4C agreement on behalf of the lender,
(e)ascertaining whether a credit information agency (within the meaning given by article 89A(6)) holds information relevant to the financial standing of an individual or relevant person,
(f)ascertaining the contents of such information,
(g)securing the correction of, the omission of anything from, or the making of any other kind of modification of, such information, or
(h)securing that a credit information agency which holds such information—
(i)stops holding the information, or
(ii)does not provide it to any other person.
(4) A “paragraph 4C agreement” is an agreement between one person (“the borrower”) and another person (“the lender”) by which the lender provides the borrower with credit and in relation to which either the condition in [F14sub-paragraph] (5) or (6) is satisfied.
(5) The condition in this [F15sub-paragraph] is that the lender is an individual or relevant person.
(6) The condition in this [F16sub-paragraph] is that the borrower is an individual or relevant person and—
(a)the lender provides the borrower with credit less than or equal to £25,000, or
(b)the agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.
(7) Paragraphs (5) and (6) of article 60C of the Regulated Activities Order (exempt agreements: exemptions relating to nature of agreement) apply for the purposes of paragraph (6)(b).
(8) It is immaterial for the purposes of this paragraph whether the lender is carrying on a regulated activity.
(9) In this paragraph, “relevant person” means—
(a)a partnership consisting of two or three persons not all of whom are bodies corporate, or
(b)an unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership.]
[F17(10) For the purposes of the application of section 21(9) and (10) of the Act (restrictions on financial promotion) to an activity of a kind specified by this paragraph, paragraph 26D of this Schedule (relevant credit agreements), and article 4 (definition of controlled activities and controlled investments) in so far as it relates to that paragraph, has effect as if the reference to a relevant credit agreement in paragraph 26D includes a reference to a paragraph 4C agreement.]
Textual Amendments
F9Sch. 1 paras. 4B, 4C inserted (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), 17(6)(a)
F10Words in Sch. 1 para. 4C(1) 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), 10(8)(b)(i)
F11Words in Sch. 1 para. 4C(2) inserted (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), 10(8)(b)(ii)
F12Sch. 1 paras. 4C(2A)-(2C) inserted (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), 10(8)(b)(iii)
F13Word in Sch. 1 para. 4C(3) 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), 10(8)(b)(iv)
F14Word in Sch. 1 para. 4C(4) 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), 10(8)(b)(v)
F15Word in Sch. 1 para. 4C(5) 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), 10(8)(b)(vi)
F16Word in Sch. 1 para. 4C(6) 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), 10(8)(b)(vii)
F17Sch. 1 para. 4C(10) inserted (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), 10(8)(b)(viii)
5. Managing assets belonging to another person, in circumstances involving the exercise of discretion, is a controlled activity if—
(a)the assets consist of or include any investment which is a security or a contractually based investment; or
(b)the arrangements for their management are such that the assets may consist of or include such investments, and either the assets have at any time since 29th April 1988 done so, or the arrangements have at any time (whether before or after that date) been held out as arrangements under which the assets would do so.
5A.—(1) The following activities are, when carried on in relation to debts due under a relevant credit agreement, controlled activities—
(a)negotiating with the lender, on behalf of the borrower, terms for the discharge of a debt;
(b)taking over, in return for payments by the borrower, that person’s obligation to discharge a debt;
(c)any similar activity concerned with the liquidation of a debt.
(2) The following activities are, when carried on in relation to debts due under a consumer hire agreement, controlled activities—
(a)negotiating with the owner, on behalf of the hirer, terms for the discharge of a debt;
(b)taking over, in return for payments by the hirer, that person’s obligation to discharge a debt;
(c)any similar activity concerned with the liquidation of a debt.
Textual Amendments
F18Sch. 1 paras. 5A, 5B inserted (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), 17(6)(b)
5B.—(1) Advising a borrower about the liquidation of a debt due under a relevant credit agreement is a controlled activity.
(2) Advising a hirer about the liquidation of a debt due under a consumer hire agreement is a controlled activity.]
Textual Amendments
F18Sch. 1 paras. 5A, 5B inserted (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), 17(6)(b)
6.—(1) The activity consisting of both—
(a)the safeguarding of assets belonging to another; and
(b)the administration of those assets,
or arranging for one or more other persons to carry on that activity, is a controlled activity if either the condition in paragraph (a) or (b) of sub-paragraph (2) is met.
(2) The condition is that—
(a)the assets consist of or include any investment which is a security or a contractually based investment; or
(b)the arrangements for their safeguarding and administration are such that the assets may consist of or include investments of the kind mentioned in sub-paragraph (a) and either the assets have at any time since 1st June 1997 done so, or the arrangements have at any time (whether before or after that date) been held out as ones under which such investments would be safeguarded and administered.
(3) For the purposes of this article—
(a)it is immaterial that title to the assets safeguarded and administered is held in uncertificated form;
(b)it is immaterial that the assets safeguarded and administered may be transferred to another person, subject to a commitment by the person safeguarding and administering them, or arranging for their safeguarding and administration, that they will be replaced by equivalent assets at some future date or when so requested by the person to whom they belong.
(4) For the purposes of this article, the following activities do not constitute the administration of assets—
(a)providing information as to the number of units or the value of any assets safeguarded;
(b)converting currency;
(c)receiving documents relating to an investment solely for the purpose of onward transmission to, from or at the direction of the person to whom the investment belongs.
7. Advising a person is a controlled activity if the advice is—
(a)given to the person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor; and
(b)advice on the merits of his doing any of the following (whether as principal or agent)—
(i)buying, selling, subscribing for or underwriting a particular investment which is a security or a contractually based investment; or
(ii)exercising any right conferred by such an investment to buy, sell, subscribe for or underwrite such an investment.
8. Advising a person to become, or continue or cease to be, a member of a particular Lloyd's syndicate is a controlled activity.
9.—(1) Entering as provider into a qualifying funeral plan contract is a controlled activity.
(2) A “qualifying funeral plan contract” is a contract under which—
(a)a person (“the customer”) makes one or more payments to another person (“the provider”);
(b)the provider undertakes to provide, or to secure that another person provides, a funeral in the United Kingdom for the customer (or some other person who is living at the date when the contract is entered into) on his death; and
(c)the provider is a person who carries on the regulated activity specified in article 59 of the Regulated Activities Order.
10.—(1) Providing qualifying credit is a controlled activity.
(2) “Qualifying credit” is a credit provided pursuant to an agreement under which—
(a)the lender is a person who carries on the regulated activity specified in article 61 of the Regulated Activities Order; and
(b)the obligation of the borrower to repay is secured (in whole or in part) on land.
(3) “Credit” includes a cash loan and any other form of financial accommodation.
10A. Making arrangements—
(a)for another person to enter as borrower into an agreement for the provision of qualifying credit; or
(b)for a borrower under a regulated mortgage contract, within the meaning of article 61(3) of the Regulated Activities Order, entered into after the coming into force of that article, to vary the terms of that contract in such a way as to vary his obligations under that contract,
is a controlled activity.
10B.—(1) Advising a person is a controlled activity if the advice is—
(a)given to the person in his capacity as a borrower or potential borrower; and
(b)advice on the merits of his doing any of the following—
(i)entering into an agreement for the provision of qualifying credit, or
(ii)varying the terms of a regulated mortgage contract entered into by him after the coming into force of article 61 of the Regulated Activities Order in such a way as to vary his obligations under that contract.
(2) In this paragraph, “borrower” and “regulated mortgage contract” have the meaning given by article 61(3) of the Regulated Activities Order.
10BA. Entering into a relevant credit agreement[F20, other than an agreement under which qualifying credit within the meaning of paragraph 10 is provided,] as lender, or exercising or having the rights to exercise the rights of the lender under such an agreement, is a controlled activity.
Textual Amendments
F19Sch. 1 paras. 10BA, 10BB inserted (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), 17(6)(c)
F20Words in Sch. 1 para. 10BA inserted (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), 10(8)(c)
10BB. Entering into a regulated consumer hire agreement[F21, or an agreement that would be such an agreement but for article 60O (exempt agreements: exemptions relating to nature of agreement) or 60Q (exempt agreements: exemptions relating to nature of hirer) of the Regulated Activities Order,] as owner or exercising or having the right to exercise the rights of the owner under such an agreement is a controlled activity.]
Textual Amendments
F19Sch. 1 paras. 10BA, 10BB inserted (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), 17(6)(c)
F21Words in Sch. 1 para. 10BB inserted (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), 10(8)(d)
10C. Entering into a regulated home reversion plan as plan provider is a controlled activity.
Textual Amendments
F22Sch. 1 paras. 10C-10H 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), 35(5)(a)
10D. Making arrangements—
(a)for another person to enter as reversion seller or plan provider into a regulated home reversion plan; or
(b)for a reversion seller or a plan provider under a regulated home reversion plan, entered into on or after 6th April 2007 by him, to vary the terms of that plan in such a way as to vary his obligations under that plan,
is a controlled activity.
Textual Amendments
F22Sch. 1 paras. 10C-10H 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), 35(5)(a)
10E. Advising a person is a controlled activity if the advice is—
(a)given to the person in his capacity as reversion seller, potential reversion seller, plan provider or potential plan provider; and
(b)advice on the merits of his doing either of the following—
(i)entering into a regulated home reversion plan, or
(ii)varying the terms of a regulated home reversion plan, entered into on or after 6th April 2007 by him, in such a way as to vary his obligations under that plan.
Textual Amendments
F22Sch. 1 paras. 10C-10H 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), 35(5)(a)
10F. Entering into a regulated home purchase plan as home purchase provider is a controlled activity.
Textual Amendments
F22Sch. 1 paras. 10C-10H 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), 35(5)(a)
10G. Making arrangements—
(a)for another person to enter as home purchaser into a regulated home purchase plan; or
(b)for a home purchaser under a regulated home purchase plan, entered into on or after 6th April 2007 by him, to vary the terms of that plan in such a way as to vary his obligations under that plan,
is a controlled activity.
Textual Amendments
F22Sch. 1 paras. 10C-10H 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), 35(5)(a)
10H. Advising a person is a controlled activity if the advice is—
(a)given to the person in his capacity as home purchaser or potential home purchaser; and
(b)advice on the merits of his doing either of the following—
(i)entering into a regulated home purchase plan, or
(ii)varying the terms of a regulated home purchase plan, entered into on or after 6th April 2007 by him, in such a way as to vary his obligations under that plan.]
Textual Amendments
F22Sch. 1 paras. 10C-10H 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), 35(5)(a)
10I. Entering into a regulated sale and rent back agreement as agreement provider is a controlled activity.
Textual Amendments
F23Sch. 1 paras. 10I-10K 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), 30(4)(a)
10J. Making arrangements—
(a)for another person to enter as agreement seller or agreement provider into a regulated sale and rent back agreement; or
(b)for an agreement seller or an agreement provider under a regulated sale and rent back agreement, entered into on or after 1st July 2009, to vary the terms of that plan in such a way as to vary the obligations of the agreement seller or the agreement provider under that plan,
is a controlled activity.
Textual Amendments
F23Sch. 1 paras. 10I-10K 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), 30(4)(a)
10K. Advising a person (“A”) is a controlled activity if the advice is—
(a)given to A in A’s capacity as agreement seller, potential agreement seller, agreement provider or potential agreement provider; and
(b)advice on the merits of A doing either of the following—
(i)entering into a regulated sale and rent back agreement, or
(ii)varying the terms of a regulated sale and rent back agreement, entered into on or after 1st July 2009 by A, in such a way as to vary A’s obligations under that agreement.]
Textual Amendments
F23Sch. 1 paras. 10I-10K 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), 30(4)(a)
11. Agreeing to carry on any controlled activity falling within any of paragraphs 3 to [F2410BB] above [F25(other than paragraph 4A)] is a controlled activity.
Textual Amendments
F24Word in Sch. 1 para. 11 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), 10(8)(e)
F25Words in Sch. 1 para. 11 inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(2)(b)
12. A deposit.U.K.
13. Rights under a contract of insurance.U.K.
14.—(1) Shares or stock in the share capital of—U.K.
(a)any body corporate (wherever incorporated);
(b)any unincorporated body constituted under the law of a country or territory outside the United Kingdom.
(2) Sub-paragraph (1) includes—
(a)any shares of a class defined as deferred shares for the purposes of section 119 of the Building Societies Act 1986 M1;
(b)any transferable shares in a body incorporated under the law of, or any part of, the United Kingdom relating to [F26co-operative and community benefit societies,] industrial and provident societies or credit unions or in a body constituted under the law of another EEA State for purposes equivalent to those of such a body.
(3) But subject to sub-paragraph (2) there are excluded from sub-paragraph (1) shares or stock in the share capital of—
(a)an open-ended investment company;
(b)a building society incorporated under the law of, or any part of, the United Kingdom;
(c)any body incorporated under the law of, or any part of, the United Kingdom relating to [F27co-operative and community benefit societies,] industrial and provident societies or credit unions;
(d)any body constituted under the law of an EEA State for purposes equivalent to those of a body falling within paragraph (b) or (c).
Textual Amendments
F26Words in Sch. 1 para. 14(2)(b) inserted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 15(3)
F27Words in Sch. 1 para. 14(3)(c) inserted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 15(3)
Marginal Citations
15.—(1) Subject to sub-paragraph (2), such of the following as do not fall within [F28paragraph F29... 16]—
(a)debentures;
(b)debenture stock;
(c)loan stock;
(d)bonds;
(e)certificates of deposit;
(f)any other instrument creating or acknowledging a present or future indebtedness.
(2) If and to the extent that they would otherwise fall within sub-paragraph (1), there are excluded from that sub-paragraph—
(a)any instrument acknowledging or creating indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;
(b)a cheque or other bill of exchange, a banker's draft or a letter of credit (but not a bill of exchange accepted by a banker);
(c)a banknote, a statement showing a balance on a current, deposit or saving account, a lease or other disposition of property, a heritable security; and
(d)a contract of insurance.
F30(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) An instrument excluded from sub-paragraph (1) of paragraph 16 by paragraph 16(2)(b) is not thereby to be taken to fall within sub-paragraph (1) of this paragraph.
Textual Amendments
F28Words in Sch. 1 para. 15(1) substituted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 9(f)(i)
F29Words in Sch. 1 para. 15(1) omitted (16.2.2011) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (S.I. 2011/133), arts. 1(2), 3(2)(a) (with art. 4)
F30Sch. 1 para. 15(2)(e) omitted (16.2.2011) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (S.I. 2011/133), arts. 1(2), 3(2)(b) (with art. 4)
15A.—(1) Rights under an alternative finance investment bond, to the extent that they do not fall within paragraph [F3215 or] 16.
(2) For the purposes of this paragraph, arrangements constitute an alternative finance investment bond if—
(a)the arrangements provide for a person (“the bond-holder”) to pay a sum of money (“the capital”) to another (“the bond-issuer”);
(b)the arrangements identify assets, or a class of assets, which the bond-issuer will acquire for the purpose of generating income or gains directly or indirectly (“the bond assets”);
(c)the arrangements specify a period at the end of which they cease to have effect (“the bond term”);
(d)the bond-issuer undertakes under the arrangements—
(i)to make a repayment in respect of the capital (“the redemption payment”) to the bond-holder during or at the end of the bond term (whether or not in instalments); and
(ii)to pay to the bond-holder other payments on one or more occasions during or at the end of the bond term (“the additional payments”);
(e)the amount of the additional payments does not exceed an amount which would, at the time at which the bond is issued, be a reasonable commercial return on a loan of the capital; and
(f)the arrangements are a security admitted to—
(i)an official list (in accordance with the provisions of Directive 2001/34/EC of the European Parliament and of the Council on the admission of securities to official stock exchange listing and on information to be published on those securities); or
(ii)trading on a regulated market (within the meaning of Article 4.1(14) of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments) or on a recognised investment exchange (within the meaning of section 285 of the Act).
(3) For the purposes of sub-paragraph (2)—
(a)the bond-issuer may acquire the bond assets before or after the arrangements take effect;
(b)the bond assets may be property of any kind, including rights in relation to property owned by someone other than the bond-issuer;
(c)the identification of the bond assets mentioned in sub-paragraph (2)(b) and the undertakings mentioned in sub-paragraph (2)(d) may (but need not) be described as, or accompanied by a document described as, a declaration of trust;
(d)the reference to a period in sub-paragraph (2)(c) includes any period specified to end upon the redemption of the bond by the bond-issuer;
(e)the bond-holder may (but need not) be entitled under the arrangements to terminate them, or participate in terminating them, before the end of the bond term;
(f)the amount of the additional payments may be—
(i)fixed at the beginning of the bond term;
(ii)determined wholly or partly by reference to the value of or income generated by the bond assets; or
(iii)determined in some other way;
(g)if the amount of the additional payments is not fixed at the beginning of the bond term, the reference in sub-paragraph (2)(e) to the amount of the additional payments is a reference to the maximum amount of the additional payments;
(h)the amount of the redemption payment may (but need not) be subject to reduction in the event of a fall in the value of the bond assets or in the rate of income generated by them; and
(i)entitlement to the redemption payment may (but need not) be capable of being satisfied (whether or not at the option of the bond-issuer or the bond-holder) by the issue or transfer of shares or other securities.
(4) An instrument excluded from sub-paragraph (1) of paragraph 16 by sub-paragraph (2)(b) of that paragraph is not thereby taken to fall within sub-paragraph (1) of this paragraph. ]
Textual Amendments
F31Sch. 1 para. 15A inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 9(f)(iii)
F32Words in Sch. 1 para. 15A(1) inserted (16.2.2011) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (S.I. 2011/133), arts. 1(2), 3(2)(c) (with art. 4)
16.—(1) Subject to sub-paragraph (2), loan stock, bonds and other instruments—
(a)creating or acknowledging indebtedness; and
(b)issued by or on behalf of a government, local authority (whether in the United Kingdom or elsewhere) or international organisation.
(2) [F33Subject to sub-paragraph (3),] there are excluded from sub-paragraph (1)—
(a)so far as applicable, the instruments mentioned in paragraph 15(2)(a) to (d);
(b)any instrument creating or acknowledging indebtedness in respect of—
(i)money received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank;
(ii)money raised under the National Loans Act 1968 M2 under the auspices of the Director of Savings or treated as so raised by virtue of section 11(3) of the National Debt Act 1972 M3.
[F34(3) Sub-paragraph (2)(a) does not exclude an instrument which meets the requirements set out in paragraphs (a) to (e) of paragraph 15A(2).]
Textual Amendments
F33Words in Sch. 1 para. 16(2) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 9(f)(iv)
F34Sch. 1 para. 16(3) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 9(f)(v)
Marginal Citations
17.—(1) Warrants and other instruments entitling the holder to subscribe for any investment falling within paragraph 14, 15 or 16.
(2) It is immaterial whether the investment to which the entitlement relates is in existence or identifiable.
(3) An investment falling within this paragraph shall not be regarded as falling within paragraph 21, 22 or 23.
18.—(1) Subject to sub-paragraph (2), certificates or other instruments which confer contractual or property rights (other than rights consisting of an investment of the kind specified by paragraph 21)—
(a)in respect of any investment of the kind specified by any of paragraphs 14 to 17 being an investment held by a person other than the person on whom the rights are conferred by the certificate or instrument; and
(b)the transfer of which may be effected without the consent of that person.
(2) There is excluded from sub-paragraph (1) any instrument which confers rights in respect of two or more investments issued by different persons, or in respect of two or more different investments of the kind specified by paragraph 16 and issued by the same person.
19. Units in a collective investment scheme.
20.—(1) Rights under a stakeholder pension scheme.
(2) Rights under a personal pension scheme.
(3) ”Stakeholder pension scheme” and “personal pension scheme” have the meanings given by article 72(4).]
Textual Amendments
F35Sch. 1 Pt. 2 para. 20 substituted (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(2)(b), 12(3)
21.—[F36(1)] Options to acquire or dispose of—
(a)a security or contractually based investment (other than one of a kind specified in this paragraph);
(b)currency of the United Kingdom or of any other country or territory;
(c)palladium, platinum, gold or silver; F37...
(d)an option to acquire or dispose of an investment falling within this paragraph by virtue of sub-paragraph (a), (b) or (c).[F38;
(e)subject to sub-paragraph (4), an option to acquire or dispose of an option to which paragraph 5, 6, 7 or 10 of Section C of Annex I to the markets in financial instruments directive applies]
[F39(2) Subject to sub-paragraph (4), options—
(a)to which sub-paragraph (1) does not apply;
(b)which relate to commodities;
(c)which may be settled physically; and
(d)either—
(i)to which paragraph 5 or 6 of Section C of Annex I to the markets in financial instruments directive applies, or
(ii)which in accordance with Article 38 of the Commission Regulation are to be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes, and to which paragraph 7 of Section C of Annex I to the markets in financial instruments directive applies.
(3) Subject to sub-paragraph (4), options—
(a)to which sub-paragraph (1) does not apply;
(b)which may be settled physically; and
(c)to which paragraph 10 of Section C of Annex I to the markets in financial instruments directive (read with the Commission Regulation) applies.
(4) Sub-paragraphs (1)(e), (2) and (3) only apply to options in relation to which—
(a)an investment firm or credit institution is providing or performing investment services and activities on a professional basis,
(b)a management company is providing, in accordance with [F40Article 6(3)] of the UCITS directive, the investment service specified in paragraph 4 or 5 of Section A, or the ancillary service specified in paragraph 1 of Section B, of Annex I to the markets in financial instruments directive, or
(c)a market operator is providing the investment service specified in paragraph 8 of Section A of Annex I to the markets in financial instruments directive.
(5) Expressions used in sub-paragraphs (1)(e), (2) and (3) and in the markets in financial instruments directive have the same meaning as in that directive.]
Textual Amendments
F36Sch. 1 para. 21 renumbered as Sch. 1 para. 21(1) (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(3)(a)
F37Word in Sch. 1 para. 21(1)(c) omitted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(3)(b)(i)
F38Sch. 1 para. 21(1)(e) and semi-colon inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(3)(b)(ii)
F39Sch. 1 para. 21(2)-(5) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(3)(c)
F40Words in Sch. 1 para. 21(4)(b) substituted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 1, Sch. para. 7(3)
22.—(1) Subject to sub-paragraph (2), rights under a contract for the sale of a commodity or property of any other description under which delivery is to be made at a future date and at a price agreed on when the contract is made.
[F41(1A) Subject to sub-paragraph (1D), futures—
(a)to which sub-paragraph (1) does not apply;
(b)which relate to commodities;
(c)which may be settled physically; and
(d)to which paragraph 5 or 6 of Section C of Annex I to the markets in financial instruments directive applies.
(1B) Subject to sub-paragraph (1D), futures and forwards—
(a)to which sub-paragraph (1) does not apply;
(b)which relate to commodities;
(c)which may be settled physically;
(d)which in accordance with Article 38 of the Commission Regulation are to be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes; and
(e)to which paragraph 7 of Section C of Annex I to the markets in financial instruments directive applies.
(1C) Subject to sub-paragraph (1D), futures—
(a)to which sub-paragraph (1) does not apply;
(b)which may be settled physically; and
(c)to which paragraph 10 of Section C of Annex I to the markets in financial instruments directive (read with the Commission Regulation) applies.
(1D) Sub-paragraphs (1A), (1B) and (1C) only apply to futures or forwards in relation to which—
(a)an investment firm or credit institution is providing or performing investment services and activities on a professional basis,
(b)a management company is providing, in accordance with Article 5(3) of the UCITS directive, the investment service specified in paragraph 4 or 5 of Section A, or the ancillary service specified in paragraph 1 of Section B, of Annex I to the markets in financial instruments directive, or
(c)a market operator is providing the investment service specified in paragraph 8 of Section A of Annex I to the markets in financial instruments directive.
(1E) Expressions used in sub-paragraphs (1A) to (1C) and in the markets in financial instruments directive have the same meaning as in that directive.]
(2) There are excluded from sub-paragraph (1) rights under any contract which is made for commercial and not investment purposes.
(3) For the purposes of sub-paragraph (2), in considering whether a contract is to be regarded as made for investment purposes or for commercial purposes, the indicators set out in article 84 of the Regulated Activities Order shall be applied in the same way as they are applied for the purposes of that article.
Textual Amendments
F41Sch. 1 para. 22(1A)-(1E) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(4)
23.—(1) Subject to sub-paragraph (2), rights under—
(a)a contract for differences; or
(b)any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in—
(i)the value or price of property of any description;
(ii)an index or other factor designated for that purpose in the contract.
(2) There are excluded from sub-paragraph (1)—
(a)rights under a contract if the parties intend that the profit is to be secured or the loss is to be avoided by one or more of the parties taking delivery of any property to which the contract relates;
(b)rights under a contract under which money is received by way of deposit on terms that any interest or other return to be paid on the sum deposited will be calculated by reference to fluctuations in an index or other factor;
(c)rights under any contract under which—
(i)money is received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank; or
(ii)money is raised under the National Loans Act 1968 under the auspices of the Director of Savings or treated as so raised by virtue of section 11(3) of the National Debt Act 1972;
(d)rights under a qualifying contract of insurance.
[F42(3) Subject to sub-paragraph (4), derivative instruments for the transfer of credit risk—
(a)to which neither paragraph 21 nor sub-paragraph (1) applies; and
(b)to which paragraph 8 of Section C of Annex I to the markets in financial instruments directive applies.
(4) Sub-paragraph (3) only applies to derivatives in relation to which—
(a)an investment firm or credit institution is providing or performing investment services and activities on a professional basis,
(b)a management company is providing, in accordance with Article 5(3) of the UCITS directive, the investment service specified in paragraph 4 or 5 of Section A, or the ancillary service specified in paragraph 1 of Section B, of Annex I to the markets in financial instruments directive, or
(c)a market operator is providing the investment service specified in paragraph 8 of Section A of Annex I to the markets in financial instruments directive.
(5) ”Derivative instruments for the transfer of credit risk” has the same meaning as in the markets in financial instruments directive.]
Textual Amendments
F42Sch. 1 para. 23(3)-(5) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(5)
24.—(1) The underwriting capacity of a Lloyd's syndicate.
(2) A person's membership (or prospective membership) of a Lloyd's syndicate.
25. Rights under a qualifying funeral plan contract.
26. Rights under an agreement for qualifying credit.
26A. Rights under a regulated home reversion plan.
Textual Amendments
F43Sch. 1 paras. 26A, 26B 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), 35(6)(a)
26B. Rights under a regulated home purchase plan.]
Textual Amendments
F43Sch. 1 paras. 26A, 26B 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), 35(6)(a)
26C. Rights under a regulated sale and rent back agreement.]
Textual Amendments
F44Sch. 1 para. 26C 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), 30(5)(a)
26D. Rights under a relevant credit agreement
Textual Amendments
F45Sch. 1 paras. 26D, 26E inserted (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), 17(6)(d)
26E. Rights under a consumer hire agreement]
Textual Amendments
F45Sch. 1 paras. 26D, 26E inserted (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), 17(6)(d)
27.—(1) Subject to sub-paragraphs (2) and (3), any right to or interest in anything which is specified by any other provision of this Part of this Schedule (other than [F46paragraph 26, [F4726A, 26B or 26C]]).
(2) Sub-paragraph (1) does not apply to interests under the trusts of an occupational pension scheme.
(2A) Sub-paragraph (1) does not apply to any right or interest acquired as a result of entering into a funeral plan contract (and for this purpose a “funeral plan contract” is a contract of a kind described in paragraph 9(2)(a) and (b)).
(3) Sub-paragraph (1) does not apply to anything which falls within any other provision of this Part of this Schedule.
Textual Amendments
F46Words in Sch. 1 para. 27(1) substituted (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), 35(6)(b)
F47Words in Sch. 1 para. 27(1) substituted (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), 30(5)(b)
28. In this Schedule—
[F48“agreement provider” has the meaning given in paragraph (3) of article 63J of the Regulated Activities Order, read with paragraphs (6) and (7) of that article;
“agreement seller” has the meaning given in article 63J(3) of the Regulated Activities Order]
[F49“borrower” has the meaning given by article 60L of the Regulated Activities Order;]
“buying” includes acquiring for valuable consideration;
[F50“Commission Regulation” means Commission Regulation 1287/2006 of 10 August 2006;]
[F49“consumer hire agreement” has the meaning given by article 60N of the Regulated Activities Order;]
“contract of insurance” has the meaning given in the Regulated Activities Order;
“contractually based investment” means—
rights under a qualifying contract of insurance;
any investment of the kind specified by any of paragraphs 21, 22, 23 and 25;
any investment of the kind specified by paragraph 27 so far as relevant to an investment falling within (a) or (b);
[F50“credit institution” has the meaning given in the Regulated Activities Order;]
[F49“hirer” has the meaning given by article 60N of the Regulated Activities Order;]
[F51“home purchase provider” and “home purchaser” have the meanings given in article 63F(3) of the Regulated Activities Order;]
[F50“investment firm” has the meaning given in the Regulated Activities Order;
“investment services and activities” has the meaning given in the Regulated Activities Order;]
[F49“lender” has the meaning given by article 60L of the Regulated Activities Order;]
[F50“management company” has the meaning given in the Regulated Activities Order;
“market operator” has the meaning given in the Regulated Activities Order;
“MiFID instrument” has the meaning given in article 25D(2) of the Regulated Activities Order;
“multilateral trading facility” has the meaning given in the Regulated Activities Order;]
[F52“occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993 but with paragraph (b) of the definition omitted;]
[F53“plan provider” has the meaning given by paragraph (3) of article 63B of the Regulated Activities Order, read with paragraphs (7) and (8) of that article;]
“property” includes currency of the United Kingdom or any other country or territory;
“qualifying funeral plan contract” has the meaning given by paragraph 9;
[F49“regulated consumer hire agreement” has the meaning given by article 60N of the Regulated Activities Order;]
[F49“regulated credit agreement” has the meaning given by article 60B of the Regulated Activities Order;]
[F54“regulated home purchase plan” has the meaning given in article 63F(3) of the Regulated Activities Order;
“regulated home reversion plan” and “reversion seller” have the meanings given in article 63B(3) of the Regulated Activities Order;]
[F55“regulated sale and rent back agreement” has the meaning given in article 63J(3) of the Regulated Activities Order;]
[F49“relevant credit agreement” means a credit agreement (within the meaning given by article 60B of the Regulated Activities Order) other than a regulated mortgage contract [F56or a regulated home purchase plan] (within the meaning of that Order);]
[F49“relevant recipient of credit” has the meaning given by article 60L of the Regulated Activities Order.]
“security” means a controlled investment falling within any of paragraphs 14 to 20 or, so far as relevant to any such investment, paragraph 27;
“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;
“syndicate” has the meaning given in the Regulated Activities Order.
Textual Amendments
F48Words in Sch. 1 para. 28 inserted (1.7.2009 for specified purposes, 30.6.2010 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), 30(5)(c)(i)
F49Words in Sch. 1 para. 28 inserted (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), 17(6)(e)
F50Words in Sch. 1 para. 28 inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 40(6)
F51Words in Sch. 1 para. 28 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), 35(6)(c)(i)
F52Words in Sch. 1 para. 28 substituted (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(2)(b), 12(4)
F53Words in Sch. 1 para. 28 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), 35(6)(c)(ii)
F54Words in Sch. 1 para. 28 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), 35(6)(c)(iii)
F55Words in Sch. 1 para. 28 inserted (1.7.2009 for specified purposes, 30.6.2010 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), 30(5)(c)(ii)
F56Words in Sch. 1 para. 28 inserted (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), 10(8)(f)
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
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: