a security;

a structured deposit;

a contractually based investment; or

an investment of the kind specified by paragraph 24, or paragraph 27 so far as relevant to that paragraph,

effecting an introduction of an individual or relevant recipient of credit to a person who enters into as lender relevant credit agreements F46(other than credit agreements which are exempt agreements under the relevant provisions) by way of business;

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;

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;

presenting or offering an agreement which would (if entered into) be a relevant credit agreement F48(other than a credit agreement which is an exempt agreement under the relevant provisions) to an individual or relevant recipient of credit;

assisting an individual or relevant recipient of credit by undertaking preparatory work in respect of a relevant credit agreement F49(other than a credit agreement which is an exempt agreement under the relevant provisions);

entering into a relevant credit agreement F50(other than a credit agreement which is an exempt agreement under the relevant provisions) on behalf of a lender.

“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;

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.

receive payments in respect of F52either interest or capital or both due under the agreement from C, and

make payments in respect of F53either interest or capital or both due under the agreement to B.

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;

to take steps to procure the payment of a debt under the agreement;

to exercise or enforce rights under the agreement on behalf of B.

that system enables A to facilitate a person (“B”) assuming the rights of the lender under a paragraph 4C agreement by assignment or operation of law, and

the conditions in sub-paragraphs (2), (2A) and (2C) are satisfied where C is the borrower under the agreement in paragraph (a).

presenting or offering paragraph 4C agreements to F56either B or C with a view to B becoming the lender under the paragraph 4C agreement F57or C becoming the borrower under the paragraph 4C agreement,

taking steps to procure the payment of a debt due under a paragraph 4C agreement,

F58taking steps to perform duties, or exercise or enforce rights under a paragraph 4C agreement on behalf of the lender,

F59taking steps with a view to 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,

F60taking steps with a view to ascertaining the contents of such information,

F61taking steps with a view to securing the correction of, the omission of anything from, or the making of any other kind of modification of, such information, F63...

giving advice in relation to the taking of any of the steps in sub-paragraphs (e) to (h)

the condition in sub-paragraph (4A) is satisfied, and

the condition in either sub-paragraph (5) or (6) is satisfied, or was satisfied at the time the agreement was entered into.

the lender provides the borrower with credit less than or equal to £25,000, or

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.

negotiating with the lender, on behalf of the borrower, terms for the discharge of a debt;

taking over, in return for payments by the borrower, that person’s obligation to discharge a debt;

any similar activity concerned with the liquidation of a debt.

negotiating with the owner, on behalf of the hirer, terms for the discharge of a debt;

taking over, in return for payments by the hirer, that person’s obligation to discharge a debt;

any similar activity concerned with the liquidation of a debt.

the safeguarding of assets belonging to another; and

the administration of those assets,

the assets consist of or include any investment which is a security or a contractually based investment; or

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.

it is immaterial that title to the assets safeguarded and administered is held in uncertificated form;

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.

providing information as to the number of units or the value of any assets safeguarded;

converting currency;

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.

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

given to the person in that person’s capacity as a lender or potential lender under a relevant paragraph 4C agreement, or in that person’s capacity as an agent for a lender or potential lender under such an agreement; and

a person (“the customer”) makes one or more payments to another person (“the provider”);

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

the provider is a person who carries on a regulated activity specified in article 59 of the Regulated Activities Order and includes a person who has assumed the undertaking referred to in article 59(2)(b) of that Order as a result of the novation, assignment or transfer by operation of law of an existing qualifying funeral plan contract.

the lender is a person who carries on the regulated activity specified in article 61 of the Regulated Activities Order; and

the obligation of the borrower to repay is secured (in whole or in part) on land.

for another person to enter as borrower into an agreement for the provision of qualifying credit; or

for a borrower under a regulated mortgage contract F71falling within sub-paragraph (2) to vary the terms of that contract in such a way as to vary his obligations under that contract,

the contract was entered into on or after 31st October 2004; or

given to the person in his capacity as a borrower or potential borrower; and

the contract was entered into on or after 31st October 2004; or

advising a claimant or potential claimant, investigating a claim or representing a claimant in respect of a personal injury claim;

advising a claimant or potential claimant, investigating a claim or representing a claimant in respect of a financial services or financial product claim;

advising a claimant or potential claimant, investigating a claim or representing a claimant in respect of a housing disrepair claim;

advising a claimant or potential claimant, investigating a claim or representing a claimant in respect of a claim for a specified benefit;

advising a claimant or potential claimant, investigating a claim or representing a claimant in respect of a criminal injury claim; or

advising a claimant or potential claimant, investigating a claim or representing a claimant in respect of an employment related claim.

“claimant” includes, in civil proceedings in Scotland, a pursuer;

“defendant” includes, in civil proceedings in Scotland, a defender;

“personal injury claim” means a claim for personal injury within the meaning of the Civil Procedure Rules 1998 in England and Wales and an action for damages for, or arising from, personal injuries within the meaning set out in section 8(7) of the Civil Litigation (Expenses and Group Proceedings) (Scotland) Act 2018 in Scotland;

“financial services or financial product claim” includes a claim made under section 75 of the Consumer Credit Act 1974;

“housing disrepair claim” means a claim under section 11 of the Landlord and Tenant Act 1985 or section 4 of the Defective Premises Act 1972 in England and Wales or an application in respect of the repairing standard under section 22 of the Housing (Scotland) Act 2006, or claims in relation to the disrepair of premises under a term of a tenancy agreement or lease or under the common law relating to nuisance or negligence but does not include claims for statutory nuisance under section 82 of the Environmental Protection Act 1990;

“criminal injury claim” means a claim under the Criminal Injuries Compensation Scheme established under the Criminal Injuries Compensation Act 1995;

“employment related claim” includes a claim in relation to wages and salaries and other employment related payments and claims in relation to wrongful or unfair dismissal, redundancy, discrimination and harassment;

“investigating” means carrying out an investigation into, or commissioning the investigation of, the circumstances, merits or foundation of a claim; and

“representing” means representation in writing or orally, regardless of the tribunal, body or person before which or to whom the representation is made.

at the time of the facts giving rise to the claim or potential claim; or

at the time when the controlled claims management activity is carried out in respect of that claimant or potential claimant.

any body corporate (wherever incorporated);

any unincorporated body constituted under the law of a country or territory outside the United Kingdom.

any shares of a class defined as deferred shares for the purposes of section 119 of the Building Societies Act 1986 M1;

any transferable shares in a body incorporated under the law of, or any part of, the United Kingdom relating to F44co-operative and community benefit societies, industrial and provident societies or credit unions F118...

an open-ended investment company;

a building society incorporated under the law of, or any part of, the United Kingdom;

any body incorporated under the law of, or any part of, the United Kingdom relating to F45co-operative and community benefit societies, industrial and provident societies or credit unions;

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

debentures;

debenture stock;

loan stock;

bonds;

certificates of deposit;

any other instrument creating or acknowledging a present or future indebtedness.

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;

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);

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

a contract of insurance.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the arrangements provide for a person (“the bond-holder”) to pay a sum of money (“the capital”) to another (“the bond-issuer”);

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”);

the arrangements specify a period at the end of which they cease to have effect (“the bond term”);

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

the bond-issuer may acquire the bond assets before or after the arrangements take effect;

the bond assets may be property of any kind, including rights in relation to property owned by someone other than the bond-issuer;

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;

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;

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;

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;

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

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.

creating or acknowledging indebtedness; and

issued by or on behalf of a government, local authority (whether in the United Kingdom or elsewhere) or international organisation.

so far as applicable, the instruments mentioned in paragraph 15(2)(a) to (d);

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

the transfer of which may be effected without the consent of that person.

a security or contractually based investment (other than one of a kind specified in this paragraph);

currency of the United Kingdom or of any other country or territory;

palladium, platinum, gold or silver; F14...

an option to acquire or dispose of an investment falling within this paragraph by virtue of sub-paragraph (a), (b) or (c)F15;

subject to sub-paragraph (4), an option to acquire or dispose of an option to which F100paragraph 5, 6, 7 or 10 of Part 1 of Schedule 2 (read with Articles 5, 6, 7, and 8 of the Commission Regulation) applies

to which sub-paragraph (1) does not apply;

which relate to commodities;

which may be settled physically; and

to which sub-paragraph (1) does not apply;

which may be settled physically; and

to which paragraph 10 of F102Part 1 of Schedule 2 (read with F86Articles 7 and 8 of the Commission Regulation) applies.

an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis;

a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule;

a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule;

a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.

to which sub-paragraph (1) does not apply;

which relate to commodities;

which may be settled physically; and

to which paragraph 5 or 6 of F112Part 1 of Schedule 2F87(read with Articles 5 and 6 of the Commission Regulation) applies.

to which sub-paragraph (1) does not apply;

which relate to commodities;

which may be settled physically;

which in accordance with Article F887 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 F115Part 1 of Schedule 2 applies.

to which sub-paragraph (1) does not apply;

which may be settled physically; and

to which paragraph 10 of F113Part 1 of Schedule 2 (read with F89Articles 7 and 8 of the Commission Regulation) applies.

an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis;

a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule;

a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule;

a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.

a contract for differences; or

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;

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;

rights under a qualifying contract of insurance.

to which neither paragraph 21 nor sub-paragraph (1) applies; and

to which paragraph 8 of F107Part 1 of Schedule 2 applies.

an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis;

a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule;

a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule;

a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.

to which sub-paragraph (1) does not apply;

which is settled in cash; and

which is a financial instrument to which paragraph 4, 5, 6, 7 or 10 of F108Part 1 of Schedule 2 read with Articles 5 to 8 and 10 of the Commission Regulation applies.

an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis;

a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule;

a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule;

a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.

a person is carrying on the controlled activity referred to in paragraph 4(2).

emission allowances consisting of any units recognised for compliance (by an EEA State) with the requirements of the emission allowance trading directive; and

allowances created under article 18 of the Greenhouse Gas Emissions Trading Scheme Order 2020 and transferable in accordance with that order.

an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis;

a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule;

a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule;

a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.