- Latest available (Revised)
- Original (As made)
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2007
You are here:
- UK Statutory Instruments
- 2007 No. 1339
- Whole Instrument
- Previous
- Next
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
2007 No. 1339
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2007
Made
26th April 2007
Laid before Parliament
27th April 2007
Coming into force
6th June 2007
The Treasury make the following Order 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 2000(1):
Citation and commencement
1. This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2007 and comes into force on 6th June 2007.
Amendment of the Regulated Activities Order
2. The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(2) is amended as follows.
3. In article 3(1), in the definition of “qualifying contract of insurance”, in paragraph (b), omit sub-paragraph (ii).
Alan Campbell
Kevin Brennan
Two of the Lords Commissioners of Her Majesty’s Treasury
26th April 2007
EXPLANATORY NOTE
(This note is not part of the Order)
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 specifies kinds of activities and investments for the purposes of the Financial Services and Markets Act 2000 (“the Act”). When an activity of a specified kind is carried on by way of business in relation to an investment of a specified kind, it is a “regulated activity” for the purposes of the Act.
The amendment made by this Order concerns investments described as “qualifying contracts of insurance”. The definition of a qualifying contract of insurance excludes contracts which contain a condition that the contract must provide that benefits are payable on death (other than death due to an accident) only where the death occurs within ten years of the date on which the life of the person in question was first insured under the contract, or where death occurs before that person attains a specified age, not exceeding 70 years.
The Order removes the above condition in relation to contracts excluded from the definition of qualifying contracts of insurance, with the effect that more contracts of long-term insurance will not fall within the definition of a qualifying contract of insurance and therefore will be subject to less stringent regulation.
A Regulatory Impact Assessment of the effect of this instrument on the costs of business has been prepared, which may be obtained from the Financial Services Strategy Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk), and a copy of the document has been placed in the libraries of both Houses of Parliament.
(1)
(2)
Options/Help
Print Options
PrintThe Whole Instrument
Legislation is available in different versions:
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.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.