PART IIU.K. SPECIFIED ACTIVITIES

Chapter XIIU.K.Advising on Investments

The activityU.K.

[F1Advising on regulated credit agreements for the acquisition of landU.K.

53DA.—(1) Advising a person (“P”) is a specified kind of activity if—

(a)the advice is given to P in P's capacity as a recipient of credit, or potential recipient of credit, under a regulated credit agreement;

(b)P intends to use the credit to acquire or retain property rights in land or in an existing or projected building; and

(c)the advice consists of the provision of personal recommendations to P in respect of one or more transactions relating to regulated credit agreements [F2entered into, or to be entered into, on or after 21st March 2016].

[F3(2) In this article—

(a)a reference to any land or building—

(i)in relation to an agreement entered into before IP completion day, is a reference to any land or building in the United Kingdom or within the territory of an EEA State;

(ii)in relation to an agreement entered into on or after IP completion day, is a reference to any land or building in the United Kingdom;

(b)“regulated credit agreement” has the meaning given by article 60B(3).]]

Textual Amendments

F1Art. 53DA inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 4(9) (with Pt. 4)

F2Words in art. 53DA(1)(c) inserted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 2(8) (with Pt. 5)