2005 No. 593
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2005
Made
Laid before Parliament
Coming into force
The Treasury, in exercise of the powers conferred upon them by sections 22(1) and (5) and 428(3) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 20001, hereby make the following Order:
Citation and commencement1
This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2005 and comes into force on 6th April 2005.
Amendment to the Financial Services and Markets Act 2000 (Regulated Activities) Order 20012
1
The Financial Services and Markets Act 2000 (Regulated Activities) Order 20012 is amended as follows.
2
In paragraph (1) of article 3 (interpretation)—
a
for the definition of “occupational pension scheme”, substitute—
“occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 19933;
b
at the end of the definition of “stakeholder pension scheme”, insert—
in relation to Great Britain and has the meaning given by article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 19994 in relation to Northern Ireland
3
In the definition of “stakeholder product” in paragraph (3) of article 52B5 (providing basic advice on stakeholder products), for paragraph (b), substitute—
b
rights under a stakeholder pension scheme;
4
After paragraph (4) of article 66 (trustees, nominees and personal representatives), insert—
4A
There is excluded from article 40 any activity carried on by a person acting as trustee which consists of arranging for one or more other persons to safeguard and administer trust assets where—
a
that other person is a qualifying custodian; or
b
that safeguarding and administration is also arranged by a qualifying custodian.
In this paragraph, “qualifying custodian” has the meaning given by article 41(2).
(This note is not part of the Order)