xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014.
(2) This article, articles 2 and 3 and the Schedule to this Order come into force on 1st January 2015.
(3) The other provisions of this Order come into force on 1st January 2019.
(4) In this Order—
“account holder” means any person, other than a relevant financial institution, who has an account with a ring-fenced body M1;
“the Act” means the Financial Services and Markets Act 2000;
“alternative investment fund” means an AIF within the meaning of Article 4(1)(a) of the Directive of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers M2;
“alternative investment fund manager” means an AIFM within the meaning of Article 4(1)(b) of the Directive of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers;
“building society” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986 M3;
“capital market arrangement” has the meaning given in paragraph 1 of Schedule 2A to the Insolvency Act 1986 M4;
[F1“charity” has the meaning given in section 1 of the Charities Act 2011, section 1 of the Charities Act (Northern Ireland) 2008 or section 106 of the Charities and Trustee Investment (Scotland) Act 2005;
“CIO” means a body constituted and registered as a charitable incorporated organisation under Part 11 of the Charities Act 2011 or Part 11 of the Charities Act (Northern Ireland) 2008, or as a Scottish charitable incorporated organisation under Part 1 of the Charities and Trustee Investment (Scotland) Act 2005;]
“commodity” means any goods of a fungible nature that are capable of being delivered including metals and their ores and alloys, agricultural products, and energy such as electricity;
“conduit vehicle” of a ring-fenced body means an undertaking which satisfies the conditions set out in article 17(2) for the relevant financial institution described as D;
[F2“core deposit” has the meaning given in article 2(2) of the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014;]
“correspondent banking” means an arrangement between two credit institutions pursuant to which one credit institution provides payment services to the clients of the other credit institution on behalf of that credit institution;
“covered bond vehicle” means a body corporate, partnership or unincorporated association—
which is a party to a capital market arrangement, or a transaction in pursuance of a capital market arrangement, and
whose business consists (apart from incidental activities) only of—
providing guarantees, and
acquiring, owning and managing assets directly or indirectly forming the whole or part of the security for a capital market arrangement;
“credit institution” has the meaning given in Article 4.1(1) of the prudential requirements regulation;
“credit institutions directive” means the Directive of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC M5;
“credit union” means a credit union as defined by section 31 of the Credit Unions Act 1979 M6 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985 M7;
“debentures” include any investment of the kind specified by article 77 of the Regulated Activities Order 2001 M8;
“default risk”, in relation to a ring-fenced body, means the risk that—
one or more persons will default under a transaction with a ring-fenced body or with a subsidiary undertaking of the ring-fenced body or will become unlikely, unwilling or unable to pay or repay sums owing at law or in equity to the ring-fenced body or to a subsidiary undertaking of the ring-fenced body,
an obligation to pay or repay sums owing at law or in equity to the ring-fenced body or to a subsidiary undertaking of the ring-fenced body will be restructured so as to reduce or postpone the payments due as principal, interest or fees resulting in a loss to the ring-fenced body or to its subsidiary undertaking, or
the value of any security or collateral taken by the ring-fenced body or a subsidiary undertaking of the ring-fenced body in connection with one or more transactions entered into by the ring-fenced body or its subsidiary undertaking will be insufficient to meet the obligations of the counterparty to the transaction when the security is enforced or the collateral is sold;
and for the purposes of paragraph (b), “restructuring” includes restructuring through a voluntary arrangement made with creditors, by court order or through the exercise of powers under the Banking Act 2009 or in equivalent legislation in other countries)
“derivative instrument” includes any of the instruments listed in paragraphs (4) to (10) of Section C of Annex 1 to the markets in financial instruments directive;
“exposure” means—
an asset referred to in Part Three, Title II, Chapter 2 of the prudential requirements regulation, or
an off-balance sheet item listed in Annex I to the prudential requirements regulation M9,
without applying the risk weights or degrees of risk set out in the prudential requirements regulation;
“financial holding company” means a financial institution which is not a mixed financial holding company, the subsidiary undertakings of which are either exclusively or mainly credit institutions, investment firms or financial institutions and which has at least one subsidiary undertaking which is a credit institution or investment firm, and for the purposes of this definition, a financial institution is an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of Annex I to the credit institutions directive;
“financial institution exposure” means an exposure to a relevant financial institution or an exposure to securities or other financial instruments issued by a relevant financial institution, but does not include an exposure where the sole or main purpose for which the ring-fenced body incurs the exposure to the relevant financial institution is to provide for—
the safeguarding and administration of assets of the ring-fenced body by that financial institution, or
client money or client assets to be held for the ring-fenced body by that relevant financial institution;
“global systemically important insurer” means an insurance undertaking, third country insurance undertaking, reinsurance undertaking or third country reinsurance undertaking which is included on the list of global systemically important insurers published by the Financial Stability Board on 18 July 2013, or on any updated version of that list or supplementary list of such undertakings published by the Financial Stability Board[F3, and any subsidiary undertaking of any such undertaking provided that the subsidiary undertaking is also an insurance undertaking, third country insurance undertaking, reinsurance undertaking or third country reinsurance undertaking];
“M10 which relates to shares or, as the case may be, debentures;
” includes any instrument of the kind specified by article 79 (instruments giving entitlements to investments) of the Regulated Activities Order 2001“insurance undertaking” has the meaning given in Article 13.1 of the solvency II directive M11;
“interest rate swap” has the meaning given in article 10(2)(c);
“liquid assets” means assets which qualify towards the liquidity coverage requirement provided for in Article 412 of the prudential requirements regulation as further specified in delegated acts adopted by the European Commission under Article 460 of that regulation;
“liquidity risk” means the risk that [F4the undertaking] does not have, or is unable to obtain, sufficient financial resources to enable it to meet its financial obligations as they fall due;
“management company” has the meaning given in Article 2.1(b) of the UCITS directive M12;
“mixed financial holding company” means an undertaking which is not a credit institution, an insurance undertaking or an investment firm, which has at least one subsidiary undertaking which is a credit institution, an insurance undertaking or an investment firm and which, together with its subsidiary undertakings, constitutes a financial conglomerate (within the meaning given by Article 2.14 of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 M13 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (disregarding any decision taken under Article 3(3) of that directive);
“own funds” means own funds as defined in Article 4.1(118) of the prudential requirements regulation;
“payment exposures” means—
in the case of foreign exchange transactions, exposures incurred in the ordinary course of settlement;
in the case of transactions for the purchase or sale of securities, exposures incurred in the ordinary course of settlement;
exposures arising from the provision of money transmission including—
the execution of payment services,
clearing and settlement in any currency, and
correspondent banking; and
exposures incurred by the ring-fenced body to satisfy a condition required for participation by it in an inter-bank payment system (as defined in section 182 of the Banking Act 2009) M14 or in the services provided by a recognised clearing house M15, an EEA central counterparty M16 [F5, a third country central counterparty, a recognised CSD, an EEA CSD or a third country CSD] provided that such exposures are only to a relevant financial institution which is F6... a member or operator of the inter-bank payment system or a member of the relevant recognised clearing house, EEA central counterparty[F7, third country central counterparty, recognised CSD, EEA CSD or third country CSD];
“payment services” has the same meaning as in regulation 2(1) of the Payment Services Regulations 2009 M17;
“prudential requirements regulation” means the Regulation of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms M18;
“Regulated Activities Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M19;
[F8“related undertaking” means any subsidiary undertaking of a parent undertaking where the parent undertaking is subject to rules made by the appropriate regulator pursuant to section 192JA of the Act, but does not include a subsidiary undertaking that is a ring-fenced body;]
“reinsurance undertaking” has the meaning given in article 13(4) of the solvency II directive;
“relevant financial institution” has the meaning given in article 2;
“securitisation undertaking” has the meaning given in article 3(1)(a);
“securities” means, any investments of the kind specified by any of articles 76 to 82 of the Regulated Activities Order 2001 M20, or so far as relevant to any such investment, article 89 of that Order M21;
“security interest” means any legal or equitable interest created or otherwise arising by way of security including—
a pledge,
a mortgage,
a fixed charge,
a floating charge,
a lien;
“sell”, in relation to any investment, includes disposing of the investment for valuable consideration, and for these purposes “disposing of” includes—
in the case of an investment consisting of rights under a contract—
surrendering, assigning or converting those rights, or
assuming the corresponding liabilities under the contract,
in the case of an investment consisting of other arrangements, assuming the corresponding liabilities under the arrangements,
in the case of any other investment, issuing or creating the investment or granting the rights or interests of which it consists;
“shares” include any investment of the kind specified by article 76 of the Regulated Activities Order 2001;
“solvency II directive” means the Directive of the European Parliament and Council of 25 November 2009 on the taking up and pursuit of the business of Insurance and Reinsurance M22;
“sponsored structured finance vehicle” means a structured finance vehicle which satisfies the conditions in article 3(2);
“structured finance vehicle” means a securitisation undertaking or a covered bond vehicle;
“third country insurance undertaking” has the meaning given in Article 13(3) of the solvency II directive;
“third country reinsurance undertaking” has the meaning given in Article 13(6) of the solvency II directive;
“title transfer collateral arrangement” means an agreement or arrangement, including a repurchase agreement, evidenced in writing, where—
the collateral provider transfers legal and beneficial ownership in the collateral to a collateral-taker on terms that when the relevant financial obligations are discharged the collateral-taker must transfer legal and beneficial ownership of the collateral (or equivalent collateral) to the collateral provider, and
the purpose of the agreement or arrangement is to secure or otherwise cover the relevant financial obligations owed to the collateral-taker;
“UCITS” has the meaning given in Article 1.2 of the UCITS directive;
[F9“UK deposit-taker” means a body corporate incorporated in the United Kingdom which carries on the regulated activity of accepting deposits in relation to which it has a permission under Part 4A of the 2000 Act;]
“undertaking” includes a company, body corporate, partnership or unincorporated association.
Textual Amendments
F1Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(a)
F2Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(b)
F3Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(c)
F4Words in art. 1 substituted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(d)
F5Words in art. 1(4) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 41(2)(a) (with regs. 7(4), 9(1))
F6Word in art. 1 omitted (1.12.2016) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(e)
F7Words in art. 1(4) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 41(2)(b) (with regs. 7(4), 9(1))
F8Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(f)
F9Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(g)
Marginal Citations
M1“Ring-fenced body” is defined in section 142A of the Act.
M2Directive 2011/61/EU, OJ L174, 1.7.2011, p1.
M41986 c.45. Schedule 2A was inserted by the Enterprise Act 2002 (c.40) s. 250(2) and Schedule 18. Paragraph 1 of that Schedule was amended by SI 2003/1468.
M5Directive 2013/36/EU, OJ L 174 27.6.2013, p338.
M61979 c. 34. Section 31 has been amended by the Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c.7), section 2.
M8SI 2001/544. Article 77 was amended by S.I. 2010/86; 2011/133.
M9OJ L 176, 27.6.2013, p1.
M10Article 79 of the Regulated Activities Order 2001 was amended by S.I. 2010/86.
M11OJ L 335, 17.12.2009, p1.
M12OJ L 302, 17.11.2009, p32. “UCITS directive” is defined in paragraph 4B of Schedule 3 to the Act.
M13OJ L 35, 11.02.2003, p1.
M15Defined 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.
M16Defined in section 285(1)(c) of the Act.
M17S.I. 2009/209. There are amendments to regulation 2(1), but none are relevant to this Order.
M18Regulation (EU) No 575/2013/EU, OJ L 176, 27.6.2013, p1.
M20These articles were amended by S.I 2006/1969; 2010/86; 2011/133; 2011/2687, and article 77A was inserted by S.I. 2010/86.
M21Article 89 was amended by S.I. 2006/2383.
M22Directive 2009/138/EC, OJ L 335, 17.12.2009, p1.
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 M23, EEA central counterparties M24 and third country central counterparties M25;
[F10(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 M26;
(g)a credit institution which is a UK institution or an EEA firm M27, 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
F10Art. 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
M23Defined 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.
M24Defined in section 285(1)(c) of the Act.
M25Defined in section 285(1)(d) of the Act.
M26S.I. 2001/544. Article 14 was amended by S.I. 2006/3384. Article 21 was amended by S.I. 2003/1476; 2006/3384.
M27Defined in paragraph 5 of Schedule 3 to the Act.
3.—(1) In this Order—
(a)“securitisation undertaking” means—
(i)an asset holding company,
(ii)a commercial paper funded company,
(iii)an intermediate borrowing company,
(iv)a note-issuing company, or
(v)a warehouse company; and
(b)“asset holding company”, “commercial paper funded company”, “intermediate borrowing company”, “note-issuing company” and “warehouse company” means a company of the kind mentioned in paragraph (a), (b), (c), (d) or (e) of section 83(2) of the Finance Act 2005 M28 or in paragraph (a), (b), (c), (d) or (e) of regulation 4(2) of the Taxation of Securitisation Companies Regulations 2006 M29, except that for these purposes—
(i)“company” includes any body corporate, partnership or unincorporated association, and
(ii)the requirements in section 83(3)(b) of the Finance Act 2005 and regulation 5(3) of the Taxation of Securitisation Companies Regulations 2006 shall not apply.
(2) For the purposes of this Order, a structured finance vehicle is a sponsored structured finance vehicle of a ring-fenced body where the only assets held by the structured finance vehicle consist of any of—
(a)money provided by the ring-fenced body or a subsidiary of the ring-fenced body;
(b)assets, or an interest in assets, created by, F11... or comprising claims against, any one or more of the following—
(i)the ring-fenced body,
(ii)a securitisation undertaking, provided that the only assets held by the securitisation undertaking are assets created F12...by the ring-fenced body or any of its subsidiary undertakings [F13(provided that the assets concerned are assets that the ring-fenced body itself could hold)], and assets within sub-paragraphs (c) to (h) below,F14...
(iii)a subsidiary undertaking of the ring-fenced body, provided that the assets concerned are assets which the ring-fenced body itself could hold[F15, or]
[F16(iv)a member of the group of companies to which the ring-fenced body (“A”) belongs (other than one falling within paragraph (i), (ii) or (iii)) provided that—
(aa)the assets concerned were created no later than two years before A became a ring-fenced body,
(bb)the assets were transferred to the structured finance vehicle before A became a ring-fenced body, and
(cc)the assets concerned are assets that A itself could hold;]
(c)liquid assets, investments or facilities acquired by or made available to the structured finance vehicle to enable it to limit the extent to which its business may be adversely affected by any of the factors referred to in article 6(2);
(d)sums lent by the structured finance vehicle in connection with a capital market arrangement;
(e)rights arising under derivative instruments entered into with any person for the purpose of the protection of the structured finance vehicle against any difference between any rate, index or price and any other rate, index or price;
(f)rights arising under contracts with the ring-fenced body or with any other person for the provision of services to[F17, or in connection with the transfer of assets to,] the structured finance vehicle;
(g)rights arising under a contract with another sponsored structured finance vehicle of the ring-fenced body;
[F18(ga)assets, or an interest in assets, that—
(i)were created by, or comprised of claims against, a company outside the group of companies to which the ring-fenced body (“B”) belongs,
(ii)were transferred to the structured finance vehicle from—
(aa)B,
(bb)a subsidiary undertaking of B, or
(cc)any other member of the group of companies to which B belongs,
(iii)were acquired by the company from which the transfer was made no later than two years before B became a ring-fenced body,
(iv)in the case of assets transferred by a company falling within paragraph (ii)(cc), were transferred to the structured finance vehicle before B became a ring-fenced body, and
(v)are assets that B itself could hold;
(gb)assets that—
(i)have at any time been transferred to the ring-fenced body pursuant to a ring-fencing transfer scheme within the meaning of section 106B of the Act, and
(ii)are assets that the ring-fenced body itself could hold;
(gc)assets, or an interest in assets, that were—
(i)created or owned at any time by—
(aa)a company (“C”) in respect of which an order has been made under the Banking (Special Provisions) Act 2008, or
(bb)a subsidiary undertaking of C (“D”), and
(ii)transferred to the structured finance vehicle from C or D pursuant to any agreement for that purpose, whether directly or through an intermediary—
(aa)at a time when all of the shares in C were owned by a nominee of the Treasury or a company wholly owned by the Treasury,
(bb)in the case of assets created or owned by D, at a time when D was a subsidiary undertaking of C,
(cc)in connection with a capital market arrangement to which the structured finance vehicle was a party, and
(dd)where the capital market arrangement referred to in sub-paragraph (cc) was established to finance, wholly or in part, the consideration payable to C or D in connection with the transfer of the relevant assets;
(gd)assets, or an interest in assets, that—
(i)have at any time been subject to any transfer effected pursuant to Part 1 of the Banking Act 2009, and
(ii)are assets that the ring-fenced body itself could hold;]
(h)sums derived from any of the assets referred to in sub-paragraphs [F19(a) to (gd)] above, including rights in relation to any current account, payment account or deposit account to which such sums are credited or paid.
Textual Amendments
F11Words in art. 3(2)(b) omitted (1.12.2016) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(i)
F12Words in art. 3(2)(b)(ii) omitted (1.12.2016) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(ii)(aa)
F13Words in art. 3(2)(b)(ii) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(ii)(bb)
F14Word in art. 3(2)(b)(ii) omitted (1.12.2016) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(ii)(cc)
F15Word in art. 3(2)(b)(iii) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(iii)
F16Art. 3(2)(b)(iv) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(iv)
F17Words in art. 3(2)(f) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(b)
F18Art. 3(2)(ga)-(gd) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(c)
F19Words in art. 3(2)(h) substituted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(d)
Marginal Citations
M282005 c. 7. Section 83 has been amended by the Finance Act 2006 (c.25), s.101; the Finance 2007 (c.11), s. 59 and the Corporation Tax Act 2009 (c.4), schedule 1, Part 2, paragraphs 648, 662.