Search Legislation

The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

The Financial Services and Markets Act 2000

This section has no associated Explanatory Memorandum

5.—(1) In Schedule 6 to the Financial Services and Markets Act 2000 (threshold conditions)(1), Part 1B (Part 4A permission: authorised persons who are not PRA-authorised persons)(2) is amended as follows.

(2) For paragraph 2C(1A) (effective supervision), substitute—

(1A) Paragraphs (a), (b) and (e) of sub-paragraph (1) do not apply where the only regulated activities that the person carries on, or seeks to carry on, are—

(a)relevant credit activities, and

(b)if any, activities to which, by virtue of section 39(1D), sections 20(1) and (1A) and 23(1A) do not apply when carried on by the person.

(3) For paragraph 2D(3A) (appropriate resources), substitute—

(3A) Where the only regulated activities that A carries on or seeks to carry on are—

(a)relevant credit activities, and

(b)if any, activities to which, by virtue of section 39(1D), sections 20(1) and (1A) and 23(1A) do not apply when carried on by A,

A has adequate financial resources if A is capable of meeting A’s debts as they fall due.;

(4) For paragraph 2F(3) (business model), substitute—

(3) This paragraph does not apply where the only regulated activities that the person carries on, or seeks to carry on, are—

(a)relevant credit activities, and

(b)if any, activities to which, by virtue of section 39(1D), sections 20(1) and (1A) and 23(1A) do not apply when carried on by the person.;

(5) In paragraph 2G (interpretation)—

(a)in sub-paragraph (1)—

(i)for paragraph (b)(ii) substitute—

(ii)by a person in connection with an activity of the kind specified by paragraph (d) or (e) which the person also carries on,;

(ii)for paragraph (c)(ii) substitute—

(ii)by a person in connection with an activity of the kind specified by paragraph (d) or (e) which the person also carries on,;

(iii)after paragraph (d), insert—

(da)an activity of the kind specified by article 60B of that Order (regulated credit agreements) if carried on by a local authority,;

(iv)in paragraph (f), for “who also carries on an activity of the kind specified by any of paragraphs (a) to (e)” substitute “in connection with an activity of the kind specified by any of paragraphs (a) to (e) which the person also carries on”;

(b)in sub-paragraph (2)—

(i)for “But” substitute “Except where the activity is carried on by a not-for-profit body,”;

(ii)in the closing words of the sub-paragraph, after “to repay” insert “or the hirer to pay”;

(c)in sub-paragraph (6), after the definition of “hire-purchase agreement”, insert—

“local authority” means—

(a)

in England and Wales, a local authority within the meaning of the Local Government Act 1972(3), the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;

(b)

in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 1973(4); and

(c)

in Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 1972(5);.

(1)

2000 c. 8. Schedule 6 amended by S.I. 2013/555 and 1881.

(2)

Inserted by S.I. 2013/555; amended by S.I. 2013/1881.

(3)

1972 c.70. Section 270 of that Act, as amended by Local Government Act 1985 (c.51), Schedule 16, paragraph 8, and the Local Government (Wales) Act 1994 (c.19), section 1, defines “local authority” a meaning a county council, a district council, a London borough council or a parish council but, in relation to Wales, means a county council, county borough council or community council.

(4)

1973 c.65. Section 235 of that Act, as substituted by the Local Government etc (Scotland) Act 1994 (c.39), Schedule 13, paragraph 92(66), defines “local authority” as meaning a council constituted under section 2 of the Local Government etc (Scotland) Act 1994.

(5)

1972 Chapter 9. Section 148 of that Act provides that “district” has the meaning assigned to it by section 1(3) of that Act, and in relation to any council means the district for which that council acts.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources