In section 262 (minor definitions), at the appropriate place insert—

““regulated activity” has the meaning given by section 744, except that it does not include activities of the kind specified in any of the following provisions of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001—

(a)

article 25A (arranging regulated mortgage contracts),

(b)

article 39A (assisting administration and performance of a contract of insurance),

(c)

article 53A (advising on regulated mortgage contracts), or

(d)

article 21 (dealing as agent), article 25 (arranging deals in investments) or article 53 (advising on investments) where the activity concerns relevant investments that are not contractually based investments (within the meaning of article 3 of that Order);”.

In section 262A (index of defined expressions), at the appropriate place insert—

““regulated activity”

sections 262 and 744”