The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014

Relevant financial institution U.K.

2.—(1) For the purposes of this Order, a “relevant financial institution” is an institution which falls within one of the classes listed in paragraph (2), and which is not within one of the exceptions set out in paragraph (3).

(2) The classes are—

(a) credit institutions;

(b) investment firms;

(c) structured finance vehicles;

(d) global systemically important insurers;

(e) UCITS (wherever established) and alternative investment funds;

(f) management companies or alternative investment fund managers; and

(g) financial holding companies and mixed financial holding companies.

(3) The exceptions are—

(a) ring-fenced bodies;

(b) building societies;

(c) bodies corporate—

(i) whose purpose, or principal purpose, is that of making loans which are secured on residential property and which are funded substantially by their members, and

(ii) which are incorporated under the law of an EEA state other than the United Kingdom;

(d) credit unions and other institutions referred to in Article 2.5 of the credit institutions directive (other than investment firms);

(e) recognised clearing houses M1 , EEA central counterparties M2 and third country central counterparties M3 ;

[F1 (ea) recognised CSDs, EEA CSDs and third country CSDs;]

(f) investment firms which are not authorised to carry on by way of business (in the United Kingdom or the EEA) the activities specified by either article 14 (dealing in investments as principal) or article 21 (dealing in investments as agent) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M4 ;

(g) a credit institution which is a UK institution or an EEA firm M5 , and which is not permitted—

(i) to carry on any excluded activities (and for these purposes “excluded activities” do not include anything which does not fall within the definition of excluded activities in relation to a ring-fenced body by virtue of articles 4 to 12 of this Order) or

(ii) to do anything that a ring-fenced body is prohibited from doing under articles 14 to 20 of this Order,

by reason of requirements, limitations or other conditions imposed on the credit institution by the FCA or the PRA or (in the case of an EEA firm) by its home state regulator; or by EU law or the national law to which the credit institution is subject;

(h) each of the institutions listed in the Schedule to this Order.

Textual Amendments

F1 Art. 2(3)(ea) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 41(3) (with regs. 7(4), 9(1))

Marginal Citations

M1 Defined in section 285(1)(b) of the Act. Paragraphs (b) to (d) of section 285(1) were substituted for the original paragraphs by S.I. 2013/504.

M2 Defined in section 285(1)(c) of the Act.

M3 Defined in section 285(1)(d) of the Act.

M4 S.I. 2001/544. Article 14 was amended by S.I. 2006/3384. Article 21 was amended by S.I. 2003/1476; 2006/3384.

M5 Defined in paragraph 5 of Schedule 3 to the Act.