PART 4Amendments of secondary legislation

The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 200914.

In article 6A of the Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009 (specific exemptions in respect of consumer credit)61—

(a)

in paragraph (1)(a), after “credit activities” insert “or activities to which, by virtue of section 39(1D) of the Act, sections 20(1) and (1A) and 23(1A) of the Act do not apply when carried on by B”;

(b)

in paragraph (4)—

(i)

in sub-paragraph (b)(ii) and (c)(ii), for “who” substitute “in connection with an activity of the kind specified by sub-paragraph (d) or (e) and where that person”;

(ii)

in paragraph (f), for “who” substitute “in connection with an activity of the kind specified by sub-paragraph (a) to (e) and where that person”;

(c)

after paragraph (4), insert—

“(4A)

For the purposes of paragraph (4), any activity which the person carries on is to be disregarded if sections 20(1) and (1A) and 23(1A) of the Act do not apply to the carrying on of that activity by virtue of section 39(1D) of the Act.”;

(d)

in paragraph (5)—

(i)

in the opening words, for “But” substitute “Except where the activity is carried on by a not-for-profit body,”;

(ii)

in the closing words—

(aa)

after “borrower to repay” insert “or the hirer to pay”;

(bb)

after “legal” insert “or equitable”;

(e)

in paragraph (9), for “regulation” substitute “article”.