Search Legislation

The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Opening Options

 Help about 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This is the original version (as it was originally made).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.

Amendment of the Financial Services and Markets Act 2000 (Exemption) Order 2001

This section has no associated Explanatory Memorandum

2.—(1) The Financial Services and Markets Act 2000 (Exemption) Order 2001(1) is amended as follows.

(2) In Part 3 of the Schedule (persons exempt in respect of any regulated activity mentioned in article 5(1)), after paragraph 33 insert—

33A.  Invest Northern Ireland..

(3) In Part 4 of the Schedule (persons exempt in respect of particular regulated activities), in paragraph 40(3)(b)—

(i)for “this paragraph” substitute “sub-paragraph (1)”;

(ii)after “Regulated Activities Order” insert “in breach of the general prohibition”.

(4) In Part 4 of the Schedule, after paragraph 49 insert—

Freight forwarders and storage firms

50.(1) A freight forwarder or storage firm is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 21, 25, 39A or 53 of the Regulated Activities Order(2) (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments) in the circumstances referred to in paragraph 2.

(2) The circumstances are—

(a)where a freight forwarder (“F”)—

(i)holds a policy of insurance which insures F in respect of loss of or damage to goods which F transports or of which F arranges the transportation, and

(ii)makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods; or

(b)where a storage firm (“S”)—

(i)holds a policy of insurance which insures S in respect of loss of or damage to goods which S stores or for which S arranges storage, and

(ii)makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods.

(3) In this paragraph—

(a)“freight forwarder” means a person whose principal business is arranging or carrying out the transportation of goods;

(b)“storage firm” means a person whose principal business is storing goods or arranging storage for goods;

(c)“customer” means a person who is not an individual who uses the service of a freight forwarder or storage firm.

Policyholder Advocates

51.(1) A person acting as a policyholder advocate is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 or 53 of the Regulated Activities Order (arranging deals in investments or advising on investments) in so far as he carries on these activities in connection with, or for the purposes of, his role as policyholder advocate.

(2) In sub-paragraph (1), “policyholder advocate” means a person who is—

(a)appointed by an insurer (“I”) to represent the interests of policyholders in negotiations with I about I’s proposals to redefine the rights and interests in any surplus assets arising in I’s with-profits fund; and

(b)approved or nominated by the Authority to carry out that role.

(3) In sub-paragraph (2), “with-profits fund” means a long-term insurance fund in which policyholders are eligible to participate in surplus assets of the fund..

(1)

S.I. 2001/1201, amended by S.I. 2001/3623 and 2007/125. There are other amending instruments but none is relevant to this Order.

(2)

S.I.2001/544, amended by S.I.2003/1476; there are other amending instruments but none is relevant to this Order.

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

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