Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001I2I3I12
1
The Financial Services and Markets Act 2000 (Regulated Activities) Order 20015 is amended as follows.
2
In article 60C (exempt agreements: exemption relating to the nature of the agreement) for paragraph (2) substitute—
2
A credit agreement is an exempt agreement if—
a
by entering into the agreement as lender, a person is or was carrying on an activity of a kind specified by article 61(1) (entering into regulated mortgage contracts); or
b
by entering into the agreement as home purchase provider, a person is or was carrying on an activity of a kind specified by article 63F(1) (entering into regulated home purchase plans).
3
In article 60C(2) (as substituted by paragraph (2) of this article)—
a
omit “or” after sub-paragraph (a); and
b
after sub-paragraph (b) insert—
; or
c
in the case of an agreement entered into before 31st October 2004, by administering the agreement on 21st March 2016 a person is carrying on an activity of a kind specified by article 61(2) (administering regulated mortgage contracts).
4
In article 61 (regulated mortgage contracts), in paragraph (2) for “, where the contract was entered into by way of business after the coming into force of this article” substitute—
where—
a
the contract was entered into by way of business on or after 31st October 2004; or
b
the contract—
i
was entered into by way of business before 31st October 2004, and
ii
was a regulated credit agreement immediately before 21st March 2016.
5
In article 61A (mortgage contracts which are not regulated mortgage contracts)—
a
in paragraph (1)—
i
omit “or” after sub-paragraph (d); and
ii
after sub-paragraph (e) insert—
; or
f
an exempt equitable mortgage bridging loan;
b
in paragraph (6) after the definition of “exempt consumer buy-to-let mortgage contract” insert—
“exempt equitable mortgage bridging loan” is a contract that—
- a
is a bridging loan;
- b
is secured by an equitable mortgage on land; and
- c
is an exempt agreement within the meaning of article 60B(3) (regulated credit agreements) by virtue of article 60E(2) (exempt agreements: exemptions relating to the nature of the lender).