PART 3

General

Definitions

Meaning of “financial services” and “financial products”
61
1
In this Act “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 financial products.
3
In this Act “financial products” means—
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).