PART 1Access to finance

Assignment of receivables

2Section 1(4)(a): meaning of “financial services”

1

In section 1(4)(a) “financial services” means any service of a financial nature, including (but not limited to)—

a

insurance-related services consisting of—

i

direct life assurance;

ii

direct insurance other than life assurance;

iii

reinsurance and retrocession;

iv

insurance intermediation, such as brokerage and agency;

v

services auxiliary to insurance, such as consultancy, actuarial, risk assessment and claim settlement services;

b

banking and other financial services consisting of—

i

accepting deposits and other repayable funds;

ii

lending (including consumer credit, mortgage credit, factoring and financing of commercial transactions);

iii

financial leasing;

iv

payment and money transmission services (including credit, charge and debit cards, travellers’ cheques and bankers’ drafts);

v

providing guarantees or commitments;

vi

financial trading (as defined in subsection (2));

vii

participating in issues of any kind of securities (including underwriting and placement as an agent, whether publicly or privately) and providing services related to such issues;

viii

money brokering;

ix

asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services;

x

settlement and clearing services for financial assets (including securities, derivative products and other negotiable instruments);

xi

providing or transferring financial information, and financial data processing or related software (but only by suppliers of other financial services);

xii

providing advisory and other auxiliary financial services in respect of any activity listed in sub-paragraphs (i) to (xi) (including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy).

2

In subsection (1)(b)(vi) “financial trading” means trading for own account or for account of customers, whether on an investment exchange, in an over-the-counter market or otherwise, in—

a

money market instruments (including cheques, bills and certificates of deposit);

b

foreign exchange;

c

derivative products (including futures and options);

d

exchange rate and interest rate instruments (including products such as swaps and forward rate agreements);

e

transferable securities;

f

other negotiable instruments and financial assets (including bullion).