The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2015

Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 U.K.

2.—(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1) 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;”; and

(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).”.

Commencement Information

I1 Art. 2(1)(2) in force at 1.1.2016, see art. 1(3)

I2 Art. 2(3)(4)(5) in force at 21.3.2016, see art. 1(4)

I3 Art. 2 in force at 5.11.2015 for specified purposes, see art. 1(2)(b)

(1)

S.I. 2001/544. Article 60C was inserted by S.I. 2013/1881 and amended by S.I. 2014/366 and 1850. Article 61 was amended by S.I. 2001/3544, 2005/2114, 2006/2383, 2010/2960 and 2015/910. Article 61A was inserted by S.I. 2015/910.