http://www.legislation.gov.uk/uksi/2001/544The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2026-02-25Expert Participation2026-02-25 This Order specifies kinds of activities and investments for the purposes of the Financial Services and Markets Act 2000 (“the Act"). When an activity of a specified kind is carried on by way of business in relation to an investment of a specified kind, it is a “regulated activity" for the purposes of the Act. The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (S.I. 2001/1177) makes provision as to the circumstances in which a person is, or is not, to be regarded as carrying on a regulated activity by way of business. Section 19 of the Act prohibits person who are not authorised or exempt from carrying on any regulated activity in the United Kingdom. Contravention of that prohibition is a criminal offence. The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 7(2)(b)The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019reg. 6(1)(a)(i)reg. 6(2)-(5)reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 7(2)(d)(e)The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019reg. 6(1)(a)(ii)reg. 6(2)-(5)reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 7(3)(b)The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019reg. 6(1)(b)(i)reg. 6(2)-(5)reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 7(3)(d) and wordThe Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019reg. 6(1)(b)(ii)reg. 6(2)-(5)reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 24AThe Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019reg. 126reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 24BThe Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019reg. 127reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 82AThe Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019reg. 154reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 82B(1)The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019reg. 155(2)reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Sch. 8 para. 11The Alternative Investment Fund Managers (Amendment) Regulations 2013Sch. 2 para. 2reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Sch. 2 Pt. 2The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (revoked)reg. 4(4)(b)reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Sch. 2 Pt. 2The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (revoked)reg. 4(4)(c)(iv)reg. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 3(1)The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025Sch. 9 para. 1(a)(i)reg. 1(2)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Sch. 3 para. 1(k)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 2(a)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Sch. 3 para. 1AThe Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 2(b)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Sch. 3 para. 2(a)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 2(c)(i)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Sch. 3 para. 2(a)(i)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 2(c)(ii)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001Sch. 3 para. 2(c)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 2(c)(iii)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 3(1)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 4(2)(a)(i)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 3(1)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 4(2)(a)(ii)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 3(1)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 4(2)(b)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 3(1A)(a)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 4(3)(a)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001art. 3(1A)(b)The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025art. 4(3)(b)art. 1(3)The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001OrderFinancial Services and Markets Act 2023Sch. 1 Pt. 5s. 1(4)s. 86(3)reg. 10(b) 2001 No. 544Approved by both Houses of Parliament Made26th February 2001 Laid before Parliament27th February 2001 Coming into force in accordance with article 2 The Treasury, in exercise of the powers conferred on them by sections 22(1) and (5), 426 and 428(3) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 2000, hereby make the following Order:PART I1This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.21Except as provided by paragraph (2), this Order comes into force on the day on which section 19 of the Act comes into force.2This Order comes into force—afor the purposes of articles 59, 60 and 87 (funeral plan contracts) on 1st January 2002; andbfor the purposes of articles 61 to 63, 88, 90 and 91 (regulated mortgage contracts) on such a day as the Treasury may specify.3Any day specified under paragraph (2)(b) must be caused to be notified in the London, Edinburgh and Belfast Gazettes published not later than one week before that day.31In this Order—“the Act" means the Financial Services and Markets Act 2000; “acting as an insolvency practitioner” is to be read with section 388 of the Insolvency Act 1986 or, as the case may be, article 3 of the Insolvency (Northern Ireland) Order 1989 and, in any provision of this Order which provides for activities to be excluded from a specified activity, references to things done by a person acting—as an insolvency practitioner, orin reasonable contemplation of that person’s appointment as an insolvency practitioner,include anything done by the person’s firm in connection with that person so acting; “agreement provider” has the meaning given by article 63J(3);“agreement seller” has the meaning given by article 63J(3); “AIFM” has the meaning given by regulation 4 of the Alternative Investment Fund Managers Regulations 2013; “aircraft operator” has the meaning given in article 6 of the trading scheme order; “alternative investment fund managers directive” means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers; “annuities on human life" does not include superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged, or who have been engaged, in any particular profession, trade or employment, or of the dependants of such persons; “assignment”, in relation to a credit agreement, has the meaning given by article 60L; “auction platform” means a platform on which auctions of greenhouse gas emissions allowances are held in accordance with the emission allowance auctioning regulation or the UK auctioning regulations; “authorised cryptoasset custodian” means an authorised person who has a Part 4A permission to carry on the regulated activity specified by article 9N(1)(a) (safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets); “borrower”—in relation to a credit agreement other than a regulated mortgage contract or , an article 36H agreement (within the meaning given by article 36H) or an agreement that is a green deal plan, has the meaning given by article 60L;in relation to an article 36H agreement (within the meaning given by that article) other than a regulated mortgage contract, has the meaning given by article 36H; in relation to a credit agreement that is a green deal plan, has the meaning given by article 60LB; “buying" includes acquiring for valuable consideration;“close relative" in relation to a person means—his spouse or civil partner;his children and step children, his parents and step-parents, his brothers and sisters and his step-brothers and step-sisters; andthe spouse or civil partner of any person within sub-paragraph (b);... “commodity” means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity; “consumer hire agreement” has the meaning given by article 60N;“contract of general insurance" means any contract falling within Part I of Schedule 1;“contract of insurance" means any contract of insurance which is a contract of long-term insurance or a contract of general insurance, and includes—fidelity bonds, performance bonds, administration bonds, bail bonds, customs bonds or similar contracts of guarantee, where these are—effected or carried out by a person not carrying on a banking business;not effected merely incidentally to some other business carried on by the person effecting them; andeffected in return for the payment of one or more premiums;tontines;capital redemption contracts or pension fund management contracts, where these are effected or carried out by a person who—does not carry on a banking business; andotherwise carries on a regulated activity of the kind specified by article 10(1) or (2);contracts to pay annuities on human life;contracts of a kind referred to in Article 2(3)(b)(v) of the Solvency 2 Directive; and contracts relating to the length of human life that are regulated by or under any enactment relating to social security, in so far as they are effected or carried out at their own risk by undertakings with permission to effect or carry out contracts of long-term insurance as principals;but does not include a funeral plan contract ...;“contract of long-term insurance" means any contract falling within Part II of Schedule 1;“contractually based investment" means—rights under a qualifying contract of insurance;any investment of the kind specified by any of articles 83, 84, 85 and 87; orany investment of the kind specified by article 89 so far as relevant to an investment falling within (a) or (b); “credit agreement” has the meaning given by article 60B;“credit agreement”—in relation to an agreement other than a green deal plan, has the meaning given by article 60B;in relation to a green deal plan, has the meaning given by article 60LB; ...“deposit" has the meaning given by article 5 except where the definition given in article 60L applies; ... ...“electronic money” has the meaning given by regulation 2(1) of the Electronic Money Regulations 2011; “emission allowance auctioning regulation” means Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to the emission allowance trading directive; “emission allowance trading directive” means Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowances trading within the Community; ... “financial instrument” means any instrument listed in Part 1 of Schedule 2 read with Part 2 of that Schedule; “full-scope UK AIFM” has the meaning given by regulation 2(1) of the Alternative Investment Fund Managers Regulations 2013;“funeral plan contract" has the meaning given by article 59; “green deal plan” has the meaning given by section 1 of the Energy Act 2011; “greenhouse gas emissions allowances” mean “allowances” as defined in Article 3(a) of the emission allowance trading directive or in article 4(1) of the trading scheme order; “hire-purchase agreement” has the meaning given by article 60L; “hirer” is to be read with the definition of “consumer hire agreement” in article 60N; ... “home purchase provider” has the meaning given by article 63F(3);“home purchaser” has the meaning given by article 63F(3); “home State”— in relation to a qualifying credit institution, means the State in which the institution has been granted authorisation;in relation to a legal person (other than a qualifying credit institution) that has a registered office under the person's national law, means the State in which that office is located;in relation to any other person, means the State in which the person's head office is located;“instrument" includes any record whether or not in the form of a document; “investment firm” means a person whose regular occupation or business is the provision or performance of investment services and activities on a professional basis, other than— a person excluded by Schedule 3, read with ... Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business;a person whose home State is not the United Kingdom and who would be excluded by Schedule 3, read with ... Commission Delegated Regulation (EU) 2017/592, if the person's registered office (or head office, in the case of a person that is not a body corporate or a person that is a body corporate but has no registered office) was in the United Kingdom; ...“joint enterprise" means an enterprise into which two or more persons (“the participators") enter for commercial purposes related to a business or businesses (other than the business of engaging in a regulated activity) carried on by them; and, where a participator is a member of a group, each other member of the group is also to be regarded as a participator in the enterprise; “lender”—in relation to a credit agreement other than a regulated mortgage contract or , an article 36H agreement (within the meaning given by article 36H) or an agreement that is a green deal plan, has the meaning given by article 60L;in relation to an article 36H agreement (within the meaning given by that article) other than a regulated mortgage contract, has the meaning given by article 36H; in relation to a credit agreement that is a green deal plan, has the meaning given by article 60LB; “local authority" means—in England and Wales, a local authority within the meaning of the Local Government Act 1972 , the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 1973 ;in Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 1972 ; “management company” has the meaning given by section 237(2) of the Act; “managing agent" means a person who is permitted by the Council of Lloyd’s in the conduct of his business as an underwriting agent to perform for a member of Lloyd’s one or more of the following functions—underwriting contracts of insurance at Lloyd’s;reinsuring such contracts in whole or in part;paying claims on such contracts; “market operator” means— a person that manages or operates the business of a UK regulated market (including a person who does so as the UK regulated market itself), ora person that would fall within paragraph (a) if the person had its registered office (or, if it does not have one, its head office) in the United Kingdom,other than a person falling within paragraph (1A); “markets in financial instruments directive” means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (recast); “markets in financial instruments regulation” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments as it forms part of assimilated law; “multilateral trading facility” or “MTF” means— a UK multilateral trading facility (within the meaning of Article 2.1.14A of the markets in financial instruments regulation) operated by an investment firm, a qualifying credit institution or a market operator, ora facility which—is operated by an investment firm, qualifying credit institution or market operator whose home State is not the United Kingdom, andif its operator's home State was the United Kingdom, would be a UK multilateral trading facility (within the meaning of Article 2.1.14A of the markets in financial instruments regulation); “occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993 but with paragraph (b) of the definition omitted; “operator” has the same meaning as in the trading scheme order; “organised trading facility” or “OTF” means— a UK organised trading facility (within the meaning of Article 2.1.15A of the markets in financial instruments regulation) operated by an investment firm, a qualifying credit institution or a market operator, ora facility which—is operated by an investment firm, qualifying credit institution or market operator whose home State is not the United Kingdom, andif its operator's home State was the United Kingdom, would be a UK organised trading facility (within the meaning of Article 2.1.15A of the markets in financial instruments regulation);“overseas person" means a person who—carries on activities of the kind specified by any of articles 14, 21, 25, 25A, 25B, 25C, 25D, 25DA, 25E, 37 , 39A 40, 45, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 , 53, 53A , 53B, 53C, 53D, 55A, 61, 63B , 63F, 63J and 63U or, so far as relevant to any of those articles, article 64 (or activities of a kind which would be so specified but for the exclusion in article 72); butdoes not carry on any such activities, or offer to do so, from a permanent place of business maintained by him in the United Kingdom; “owner”, in relation to a hire purchase agreement, has the meaning given by article 60N;“pension fund management contract" means a contract to manage the investments of pension funds (other than funds solely for the benefit of the officers or employees of the person effecting or carrying out the contract and their dependants or, in the case of a company, partly for the benefit of officers and employees and their dependants of its subsidiary or holding company or a subsidiary of its holding company); and for the purposes of this definition, “subsidiary" and “holding company" are to be construed in accordance with section 1159 of the Companies Act 2006; “the person’s firm”, in relation to a person acting as an insolvency practitioner or in reasonable contemplation of that person’s appointment as an insolvency practitioner, means—the person’s employer;where the person is a partner in a partnership other than a limited liability partnership, that partnership;where the person is a member of a limited liability partnership, that partnership; “personal pension scheme” means a scheme or arrangement which is not an occupational pension scheme or a stakeholder pension scheme and which is comprised in one or more instruments or agreements, having or capable of having effect so as to provide benefits to or in respect of people—on retirement,on having reached a particular age, oron termination of service in an employment; “plan provider” has the meaning given by paragraph (3) of article 63B, read with paragraphs (7) and (8) of that article; “portfolio management” means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments; “property" includes currency of the United Kingdom or any other country or territory; “qualifying contract of insurance" means a contract of long-term insurance which is not—a reinsurance contract; nora contract in respect of which the following conditions are met—the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;...the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium; andthe contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with any of the above conditions; “qualifying credit institution” means a credit institution which— is a person who—has Part 4A permission to carry on the regulated activity of accepting deposits, orsatisfies the conditions for being given permission under Part 4A to carry on that activity, oris a body corporate incorporated in the United Kingdom and would satisfy those conditions—were its head office in the United Kingdom, orif it has a registered office, were its registered office, or its registered office and its head office, in the United Kingdom,is not a friendly society,is not a society registered as a credit union under—i)the Co-operative and Community Benefit Societies Act 2014 ,the Credit Unions (Northern Ireland) Order 1985 , orthe Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 , andis not a person excluded from the definition of “investment firm” by Schedule 3, read with ... Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business; “qualifying cryptoasset” has the meaning given by article 88F (qualifying cryptoassets); “qualifying cryptoasset trading platform” means a system in which multiple third-party buying and selling trading interests in qualifying cryptoassets are able to interact within the system and which brings together multiple third-party buying and selling interests in qualifying cryptoassets in a way that results in a contract for the exchange of qualifying cryptoassets for—money, including electronic money, orother qualifying cryptoassets; “qualifying stablecoin” has the meaning given by article 88G (qualifying stablecoin); “reception”, “transmission” and “submission” have the same meaning in relation to a bid at an auction for an investment of the kind specified in article 82A as in the emission allowance auctioning regulation or the UK auctioning regulations; “regulated consumer hire agreement” has the meaning given by article 60N; “regulated credit agreement” has the meaning given by article 60B; “regulated home purchase plan” has the meaning given by article 63F(3); “regulated home reversion plan” has the meaning given by article 63B(3);“regulated mortgage contract" has the meaning given by article 61(3); “regulated sale and rent back agreement” has the meaning given by article 63J(3); “relevant investment” means—rights under a qualifying contract of insurance;rights under any other contract of insurance;any investment of the kind specified by any of articles 83, 84, 85 and 87; orany investment of the kind specified by article 89 so far as relevant to an investment falling within (a) or (c); “relevant recipient of credit” has the meaning given by article 60L; “relevant specified investment cryptoasset” has the meaning given by article 9N(5)(b); “restricted-use credit agreement” has the meaning given in article 60L; “reversion seller” has the meaning given by article 63B(3); “securitisation repository” means a person registered with the FCA under regulation 17 of the Securitisation Regulations 2024; “security" means (except where the context otherwise requires) any investment of the kind specified by any of articles 76 to 82 or by article 82B or, so far as relevant to any such investment, article 89;“selling", in relation to any investment, includes disposing of the investment for valuable consideration, and for these purposes “disposing" includes—in the case of an investment consisting of rights under a contract—surrendering, assigning or converting those rights; orassuming the corresponding liabilities under the contract;in the case of an investment consisting of rights under other arrangements, assuming the corresponding liabilities under the arrangements; andin the case of any other investment, issuing or creating the investment or granting the rights or interests of which it consists; “small registered UK AIFM” has the meaning given by regulation 2(1) of the Alternative Investment Fund Managers Regulations 2013; “specified investment cryptoasset” means a cryptoasset that—is a specified investment as a result of Part 3 (specified investments)—excluding article 88F (qualifying cryptoassets), andincluding where the cryptoasset is a right to or an interest in such a specified investment by operation of article 89 (rights to or interests in investments), andwould be a qualifying cryptoasset if sub-paragraphs (a) to (c) of article 88F(4) were disregarded; “stakeholder pension scheme" has the meaning given by section 1 of the Welfare Reform and Pensions Act 1999 in relation to Great Britain and has the meaning given by article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 in relation to Northern Ireland; “structured deposit” means a deposit which is fully repayable at maturity on terms under which interest or a premium will be paid or is at risk, according to a formula involving factors such as—an index or combination of indices, excluding variable rate deposits whose return is directly linked to an interest rate index such as Euribor or Libor;a financial instrument or combination of financial instruments;a commodity or combination of commodities or other physical or non-physical non-fungible assets; ora foreign exchange rate or combination of foreign exchange rates; “syndicate" means one or more persons, to whom a particular syndicate number has been assigned by or under the authority of the Council of Lloyd’s, carrying out or effecting contracts of insurance written at Lloyd’s; “trade repository” means— a person registered with the FCA under Article 55 of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories or a person recognised by the FCA under Article 77 of that Regulation; ora person registered with the FCAunder Article 5 of the SFT regulation or a person recognised by the FCA under Article 19 of that Regulation; “trading scheme order” means the Greenhouse Gas Emissions Trading Scheme Order 2020; “UK auctioning regulations” means the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021; “UK regulated market” has the meaning given by Article 2.1.13A of the markets in financial instruments regulation; “UK UCITS” has the meaning given by section 237(3) of the Act; ... ...“voting shares", in relation to a body corporate, means shares carrying voting rights attributable to share capital which are exercisable in all circumstances at any general meeting of that body corporate.1AA person falls within this paragraph if—athe person is excluded from the definition of “investment firm” by Schedule 3, read with ... Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business, orbthe person is one whose home State is not the United Kingdom and who would be excluded from that definition by Schedule 3, read with ... Commission Delegated Regulation (EU) 2017/592, if the person had its registered office (or, if it does not have one, its head office) in the United Kingdom.2For the purposes of this Order, a transaction is entered into through a person if he enters into it as agent or arranges, in a manner constituting the carrying on of an activity of the kind specified by article 25(1) , 25A(1), 25B(1) , 25C(1) or 25E(1), for it to be entered into by another person as agent or principal.3For the purposes of this Order, a contract of insurance is to be treated as falling within Part II of Schedule 1, notwithstanding the fact that it contains related and subsidiary provisions such that it might also be regarded as falling within Part I of that Schedule, if its principal object is that of a contract falling within Part II and it is effected or carried out by an authorised person who has permission to effect or carry out contracts falling within paragraph I of Part II of Schedule 1.4In this Order any reference to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the FCA containing rules made by the FCA under the Act, as the sourcebook has effect on IP completion day.PART IIChapter I41The following provisions of this Part specify kinds of activity for the purposes of section 22(1) of the Act (and accordingly any activity of one of those kinds, which is carried on by way of business , and relates to an investment of a kind specified by any provision of Part III and applicable to that activity, is a regulated activity for the purposes of the Act).2The kinds of activity specified by articles 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 and 63N are also specified for the purposes of section 22(1)(b) of the Act (and accordingly any activity of one of those kinds, when carried on by way of business, is a regulated activity when carried on in relation to property of any kind).2AThe kinds of activity specified by Part 3A are specified for the purposes of section 22(1A)(a) of the Act (and accordingly any activity of one of those kinds, when carried on by way of business, is a regulated activity).2BThe kinds of activity specified in Part 3B are specified for the purposes of section 22(1B) of the Act (and accordingly any activity of one of those kinds, when carried on by way of business in Great Britain, is a regulated activity).3Subject to paragraph (4), each provision specifying a kind of activity is subject to the exclusions applicable to that provision (and accordingly any reference in this Order to an activity of the kind specified by a particular provision is to be read subject to any such exclusions).4Where an investment firm or qualifying credit institution—aprovides or performs investment services and activities on a professional basis, andbin doing so would be treated as carrying on an activity of a kind specified by a provision of this Part but for an exclusion in any of articles 15, 16, 18, 19, 22, 23, 29, 34, 38, 67, 68, 69, 70 and 72E,that exclusion is to be disregarded and, accordingly, the investment firm or qualifying credit institution is to be treated as carrying on an activity of the kind specified by the provision in question.4AWhere a person ...—afor remuneration, takes up or pursues insurance distribution, or reinsurance distribution, in relation to a risk or commitment located in the United Kingdom, andbin doing so would be treated as carrying on an activity of a specified kind by a provision of this Part but for an exclusion in any of articles 30, 66, 67 and 72AA, that exclusion is to be disregarded (and accordingly that person is to be treated as carrying on an activity of the kind specified by the provision in question).4AAIn its application to any activity relating to a contract of insurance entered into before IP completion day, paragraph (4A)(a) has effect as if “or an EEA State” were inserted after “the United Kingdom.4BWhere—aa person is a mortgage creditor or a mortgage intermediary; andbin acting as a mortgage creditor or a mortgage intermediary in respect of an agreement entered into, or to be entered into, on or after 21st March 2016, that person would be treated as carrying on an activity of a kind specified by article 25A (arranging regulated mortgage contracts), 36A (credit broking), 53A (advising on regulated mortgage contracts), 53DA (advising on regulated credit agreements for the acquisition of land), 60B (regulated credit agreements) or 61 (entering into and administering regulated mortgage contracts), but for an exclusion or exemption provided for by this Order,that exclusion or exemption is to be disregarded (and accordingly that person is to be treated as carrying on an activity of the kind specified by the provision in question) to the extent that such exclusion or exemption neither relates to an agreement to which section 423A(3) of the Act applies nor falls within the scope of any of the derogations set out in Article 3(3) of the mortgages directive (as it had effect immediately before IP completion day).5In this article—...“insurance distribution” means any regulated activity of the kind specified by article 21, 25(1) or (2), 39A, 53, 55A, or, so far as relevant to any of those articles, article 64, which is carried on in relation to a contract of insurance;“reinsurance distribution” means any regulated activity of the kind specified by article 21, 25(1) or (2), 39A, 53, 55A, or, so far as relevant to any of those articles, article 64, which is carried on in relation to a reinsurance contract.Chapter II51Accepting deposits is a specified kind of activity if—amoney received by way of deposit is lent to others; orbany other activity of the person accepting the deposit is financed wholly, or to a material extent, out of the capital of or interest on money received by way of deposit.2In paragraph (1), “deposit" means a sum of money, other than one excluded by any of articles 6 to 9A 9AZA, paid on terms—aunder which it will be repaid, with or without interest or premium, and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; andbwhich are not referable to the provision of property (other than currency) or services or the giving of security.3For the purposes of paragraph (2), money is paid on terms which are referable to the provision of property or services or the giving of security if, and only if—ait is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is or are not in fact sold, hired or otherwise provided;bit is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; orcwithout prejudice to sub-paragraph (b), it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise.61A sum is not a deposit for the purposes of article 5 if it is—apaid by any of the following persons—ithe Bank of England...;iian authorised person who has permission to accept deposits, or to effect or carry out contracts of insurance;iii. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ivNational Savings and Investments;va municipal bank, that is to say a company which was, immediately before the coming into force of this article, exempt from the prohibition in section 3 of the Banking Act 1987 by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act;viKeesler Federal Credit Union;viia body of persons certified as a school bank by the National Savings Bank or by an authorised person who has permission to accept deposits;viiia local authority;xiany body which by virtue of any enactment has power to issue a precept to a local authority in England and Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute (and in this paragraph, “enactment" includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament);x. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .xithe European Investment Bank;xiithe International Bank for Reconstruction and Development;xiiithe International Finance Corporation;xivthe International Monetary Fund;xvthe African Development Bank;xvithe Asian Development Bank;xviithe Caribbean Development Bank;xviiithe Inter-American Development Bank;xixthe European Bank for Reconstruction and Development;xxthe Council of Europe Development Bank;bpaid by a person other than one mentioned in sub-paragraph (a) in the course of carrying on a business consisting wholly or to a significant extent of lending money;cpaid by one company to another at a time when both are members of the same group or when the same individual is a majority shareholder controller of both of them; ordpaid by a person who, at the time when it is paid, is a close relative of the person receiving it or who is, or is a close relative of, a director or manager of that person or who is, or is a close relative of, a controller of that person.2For the purposes of paragraph (1)(c), an individual is a majority shareholder controller of a company if he is a controller of the company by virtue of paragraph (a), (c), (e) or (g) of section 422(2) of the Act, and if in his case the greatest percentage of those referred to in those paragraphs is 50 or more.3In the application of sub-paragraph (d) of paragraph (1) to a sum paid by a partnership, that sub-paragraph is to have effect as if, for the reference to the person paying the sum, there were substituted a reference to each of the partners.71A sum is not a deposit for the purposes of article 5 if it is received by a practising solicitor acting in the course of his profession.2In paragraph (1), “practising solicitor" means—aa solicitor who is qualified to act as such under section 1 of the Solicitors Act 1974 , article 4 of the Solicitors (Northern Ireland) Order 1976 or section 4 of the Solicitors (Scotland) Act 1980 ;ba recognised body;ca registered foreign lawyer in the course of providing professional services as a member of a multi-national partnership; or d a Swiss lawyer who is a registered European lawyer; ...e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3In this article—a“a recognised body" means a body corporate recognised by—ithe Council of the Law Society under section 9 of the Administration of Justice Act 1985 ;iithe Incorporated Law Society of Northern Ireland under article 26A of the Solicitors (Northern Ireland) Order 1976 ; oriiithe Council of the Law Society of Scotland under section 34 of the Solicitors (Scotland) Act 1980;b“registered foreign lawyer" has the meaning given by section 89 of the Courts and Legal Services Act 1990 or, in Scotland, section 65 of the Solicitors (Scotland) Act 1980 ;c“multi-national partnership" has the meaning given by section 89 of the Courts and Legal Services Act 1990 but, in Scotland, is a reference to a “multi-national practice" within the meaning of section 60A of the Solicitors (Scotland) Act 1980 “registered European lawyer" has the meaning given by regulation 2(1) of the European Communities (Lawyer’s Practice) Regulations 2000 or regulation 2(1) of the European Communities (Lawyer’s Practice) (Scotland) Regulation 2000 ;...d“registered European lawyer” has the meaning given by regulation 2(1) of the European Communities (Lawyer’s Practice) Regulations 2000 or regulation 2(1) of the European Communities (Lawyer’s Practice) (Scotland) Regulation 2000; and e“Swiss lawyer” means a national of the United Kingdom or a Swiss national who—iimmediately before IP completion day was authorised in Switzerland to pursue professional activities under the professional title of Avocat, Advokat, Rechtsanwalt, Anwalt, Fürsprecher, Fürsprech or Avvocato, oriihad started training towards but not yet obtained their professional qualifications before IP completion day in order to be authorised in Switzerland to pursue professional activities under one of the professional titles referred to in paragraph (i) but who completed their qualifications and were so authorised before the end of the period of four years beginning with IP completion day.8A sum is not a deposit for the purposes of article 5 if it is received by a person who is—aan authorised person with permission to carry on an activity of the kind specified by any of articles 14, 21, 25, 37, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE and 52, orban exempt person in relation to any such activity,in the course of, or for the purpose of, carrying on any such activity (or any activity which would be such an activity but for any exclusion made by this Part) with or on behalf of the person by or on behalf of whom the sum is paid.91Subject to paragraph (2), a sum is not a deposit for the purposes of article 5 if it is received by a person as consideration for the issue by him of any investment of the kind specified by article 77 or 78.2The exclusion in paragraph (1) does not apply to the receipt by a person of a sum as consideration for the issue by him of commercial paper unless—athe commercial paper is issued to persons—iwhose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses; oriiwho it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses; andbthe redemption value of the commercial paper is not less than £100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than sterling), and no part of the commercial paper may be transferred unless the redemption value of that part is not less than £100,000 (or such an equivalent amount).3In paragraph (2), “commercial paper” means an investment of the kind specified by article 77 or 78 having a maturity of less than one year from the date of issue.9AA sum is not a deposit for the purposes of article 5 if it is immediately exchanged for electronic money.9AZAA sum is not a deposit for the purposes of article 5 (accepting deposits) if it is immediately exchanged for qualifying stablecoin.9AAArticle 5 is subject to the exclusion in ... article 72AA (managers of UK UCITS and AIFs).9AB1A sum is not a deposit for the purposes of article 5 if it is received by an authorised payment institution, an EEA authorised payment institution, a small payment institution, an electronic money institution or an EEA authorised electronic money institution from a payment service user with a view to the provision of payment services.2For the purposes of paragraph (1), “authorised payment institution”, “EEA authorised payment institution”, “small payment institution”, “payment services” and “payment service user” have the meanings given in the Payment Services Regulations 2017 and “electronic money institution” and “EEA authorised electronic money institution” have the meanings given in the Electronic Money Regulations 2011.9ACArticle 5 is subject to the exclusion in article 72G (local authorities).CHAPTER IIA9BIssuing electronic money by—aa qualifying credit institution, a credit union or a municipal bank; orba person who is deemed to have been granted authorisation under regulation 74 of the Electronic Money Regulations 2011 or who falls within regulation 76(1) of those Regulations,is a specified kind of activity.9BAArticles 9C to 9I and 9K apply only in the case of a person falling within regulation 76(1) of the Electronic Money Regulations 2011.9C1There is excluded from article 9B the issuing of electronic money by a person to whom the FCA has given a certificate under this article (provided the certificate has not been revoked).2An application for a certificate may be made by—aa body corporate, orba partnership,other than a credit institution ... which has its head office in the United Kingdom.3The FCA must, on the application of such a person (“A”), give A a certificate if it appears to the FCA that paragraph (4), (5) or (6) applies.4This paragraph applies if—aA does not issue electronic money except on terms that the electronic device on which the monetary value is stored is subject to a maximum storage amount of not more than 150 euro; andbA’s total liabilities with respect to the issuing of electronic money do not (or will not) usually exceed 5 million euro and do not (or will not) ever exceed 6 million euro.5This paragraph applies if—athe condition in paragraph (4)(a) is met;bA’s total liabilities with respect to the issuing of electronic money do not (or will not) exceed 10 million euro; andcelectronic money issued by A is accepted as a means of payment only by—isubsidiaries of A which perform operational or other ancillary functions related to electronic money issued or distributed by A; oriiother members of the same group as A (other than subsidiaries of A).6This paragraph applies if—athe conditions in paragraphs (4)(a) and (5)(b) are met; andbelectronic money issued by A is accepted as a means of payment, in the course of business, by not more than one hundred persons where—ithose persons accept such electronic money only at locations within the same premises or limited local area; oriithose persons have a close financial or business relationship with A, such as a common marketing or distribution scheme.7For the purposes of paragraph (6)(b)(i), locations are to be treated as situated within the same premises or limited local area if they are situated within—aa shopping centre, airport, railway station, bus station, or campus of a university, polytechnic, college, school or similar educational establishment; orban area which does not exceed four square kilometres;but sub-paragraphs (a) and (b) are illustrative only and are not to be treated as limiting the scope of paragraph (6)(b)(i).8For the purposes of paragraph (6)(b)(ii), persons are not to be treated as having a close financial or business relationship with A merely because they participate in arrangements for the acceptance of electronic money issued by A.9In this article, references to amounts in euro include references to equivalent amounts in sterling.10A person to whom a certificate has been given under this article (and whose certificate has not been revoked) is referred to in this Chapter as a “certified person”.9DThe following provisions of the Act apply to applications to the FCA for certificates under 9C (and the determination of such applications) as they apply to applications for Part IV permissions (and the determination of such applications)—asection 55U(1)(b) and (4) to (8);bsection 55V;csection 55X(2) and (4)(f); anddsection 55Z3(1).9E1The FCA may revoke a certificate given to a person (“A”) under article 9C if—ait appears to it that A does not meet the relevant conditions, or has failed to meet the relevant conditions at any time since the certificate was given; orbthe person to whom the certificate was given has contravened any rule or requirement to which he is subject as a result of article 9G.2For the purposes of paragraph (1), A meets the relevant conditions at any time if, at that time, paragraph (4), (5) or (6) of article 9C applies.3Sections 55Z and 55Z3(2) of the Act apply to the revocation of a certificate under paragraph (1) as they apply to the cancellation of a Part IV permission on the FCA’s own initiative, as if references in those sections to an authorised person were references to a certified person.9F1A certified person (“B”) may apply to the FCA for his certificate to be revoked, and the FCA must then revoke the certificate and give B written notice that it has done so.2An application under paragraph (1) must be made in such manner as the FCA may direct.3If—aB has made an application under Part IV of the Act for permission to carry on a regulated activity of the kind specified by article 9B (or for variation of an existing permission so as to add a regulated activity of that kind), andbon making an application for revocation of his certificate under paragraph (1), he requests that the revocation be conditional on the granting of his application under Part IV of the Act,the revocation of B’s certificate is to be conditional on the granting of his application under Part IV of the Act.9G1The FCA may make rules requiring certified persons to provide information to the FCA about their activities so far as relating to the issuing of electronic money, including the amount of their liabilities with respect to the issuing of electronic money.2Section 138A of the Act (modification or waiver of rules) applies in relation to rules made under paragraph (1) as if references in that section to an authorised person were references to a certified person.3Section 138D of the Act (actions for damages) applies in relation to a rule made under paragraph (1) as if the reference in subsection (1) of that section to an authorised person were a reference to a certified person.4The FCA may, by notice in writing given to a certified person, require him—ato provide specified information or information of a specified description; orbto produce specified documents or documents of a specified description.5Paragraph (4) applies only to information or documents reasonably required for the purposes of determining whether the certified person meets, or has met, the relevant conditions.6Subsections (2), (5) and (6) of section 165 of the Act (Regulator’s power to require information) apply to a requirement imposed under paragraph (4) as they apply to a requirement imposed under that section.7Section 166 of the Act (reports by skilled persons) has effect as if—a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .bthe reference in section 166(2)(a) of the Act to an authorised person included a reference to a certified person.8Subsection (4) of section 168 of the Act (appointment of persons to carry out investigations in particular cases) has effect as if it provided for subsection (5) of that section to apply if it appears to the FCA that there are circumstances suggesting that a certified person may not meet, or may not have met, the relevant conditions.9Sections 175 (information and documents: supplemental provisions), 176 (entry of premises under warrant) and 177 (offences) of the Act apply to a requirement imposed under paragraph (4) as they apply to a requirement imposed under section 165 of the Act (the reference in section 176(3)(a) to an authorised person being read as a reference to a certified person).10In this article—a“specified”, in paragraph (4), means specified in the notice mentioned in that paragraph;ba certified person (“A”) meets the relevant conditions at any time if, at that time, paragraph (4), (5) or (6) of article 9C applies.9H1 The FCA may make rules applying to authorised persons with permission to carry on an activity of the kind specified by article 9B, prohibiting the issue of electronic money having a monetary value greater than the funds received.2Section 138A of the Act (modification or waiver of rules) applies in relation to rules made under paragraph (1).9IA person who is not a certified person is to be treated as guilty of an offence under section 24 of the Act (false claims to be authorised or exempt) if he—adescribes himself (in whatever terms) as a certified person;bbehaves, or otherwise holds himself out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that he is a certified person.9JThe compensation scheme established under Part XV of the Act is not to provide for the compensation of persons in respect of claims made in connection with any activity of the kind specified by article 9B.9KThe record maintained by the FCA under section 347 of the Act (public record of authorised persons etc.) must include every certified person.9L. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Chapter 2B9M1Issuing a qualifying stablecoin is a specified kind of activity.2A person (“A”) “issues” a qualifying stablecoin if—aA offers, or arranges for another to offer, a qualifying stablecoin for sale or subscription from an establishment in the United Kingdom, or has previously done so, whether before or on or after the coming into force of this article,bthe qualifying stablecoin was created by, or on behalf of, A or a member of A’s group, andcA carries on both the following activities from an establishment in the United Kingdom—iundertaking, or arranging for another to undertake, to redeem the qualifying stablecoin;iiholding, or arranging for another to hold, fiat currency or other assets for the purpose of maintaining the stable value of the qualifying stablecoin, as mentioned in article 88G(2)(a).3The activity in paragraph (2)(a) does not include the minting of a qualifying stablecoin, such that it first exists—aas an identifiable asset on the blockchain, andbin a transferable form.4For the purposes of paragraph (1)—aA is to be considered as carrying on or having carried on the activity in paragraph (2)(a) where A accepts an invitation from another person (“B”) for B’s purchase of a qualifying stablecoin;bA is to be considered as carrying on the activities in paragraphs (2)(a) and (2)(c)(ii), and as having created the qualifying stablecoin for the purposes of paragraph (2)(b), where A has assumed (by assignment, variation, operation of law or by any other similar mechanism) an undertaking to redeem the qualifying stablecoin;cwhere all of the activities in paragraph (2)(a) and (c)(i) and (ii) are carried on by another person (“B”) under arrangements made by A, then only A is to be considered as carrying on the activity specified in paragraph (1), not B.9N1The following are specified kinds of activity—athe safeguarding of a qualifying cryptoasset or a relevant specified investment cryptoasset (“the cryptoasset”) on behalf of another person (“A”);barranging for a person to carry on that activity.2For the purposes of paragraph (1)(a)—aa person (“C”) is to be regarded as safeguarding the cryptoasset if C has control of the cryptoasset through any means that would enable C to bring about a transfer of the benefit of the cryptoasset to another person, including C;b“on behalf of another” includes where that other person, A, has—iboth legal and beneficial title to the cryptoasset;iithe beneficial title only to the cryptoasset;iiisubject to sub-paragraph (c), a right against C for the return of the cryptoasset;csubject to sub-paragraph (d), sub-paragraph (b)(iii) does not apply where A’s right against C for the cryptoasset arises in the following circumstances—iC received the cryptoasset from A under a title transfer cryptoasset collateral arrangement, oriiC acquired the cryptoasset from A under an agreement, pursuant to which A contracted to buy back the cryptoasset from C;dsub-paragraph (c) does not apply where A is—ia consumer, oriispecified, or of a description specified, in rules made by the FCA.3Rules made by virtue of paragraph (2)(d)(ii) may—aspecify a particular person or class of persons;bbe limited so as to apply only to agreements or arrangements, or classes of agreements or arrangements, specified by the rules.4For the purposes of paragraph (2)(a), the means by which C may have control of the cryptoasset include—aholding or storing of the means of access, or part of the means of access, to the cryptoasset;bappointing a person to hold or store the means of access, or part of the means of access, to the cryptoasset under an arrangement operated by C.5For the purposes of this article—a“consumer” means an individual who is acting for a purpose other than for any trade, business or profession carried on by that individual;b“relevant specified investment cryptoasset” means a specified investment cryptoasset that is a—isecurity, oriicontractually based investment;c“title transfer cryptoasset collateral arrangement” means an agreement or arrangement between C and the person who would otherwise be regarded as safeguarding the cryptoasset on behalf of another person (“A”), where—ithe purpose of the agreement or arrangement with A is to secure or otherwise guarantee financial obligations owed by A to C, andiiA transfers legal and beneficial ownership of the cryptoasset to C on terms that C must transfer legal and beneficial ownership of the cryptoasset or its equivalent to A when the financial obligations referred to in paragraph (i) are discharged;dreferences to the cryptoasset, a qualifying cryptoasset or a relevant specified investment cryptoasset include the means of access to that cryptoasset;ereferences to the “means of access” to a cryptoasset include a private cryptographic key to that cryptoasset.9O1There are excluded from article 9N(1)(a) activities which a person (“P”) carries on pursuant to arrangements—awhich are operated by an authorised cryptoasset custodian (“C”), who is connected with P, in the course of carrying on the activity in article 9N(1)(a), andbunder which C undertakes to the person on whose behalf the qualifying cryptoasset or relevant specified investment cryptoasset is being safeguarded a responsibility in respect of that cryptoasset which is no less onerous than C would have undertaken if C were safeguarding the cryptoasset.2For the purposes of paragraph (1), an authorised cryptoasset custodian is connected with a person if they are a member of the same group as that person.9P1There are excluded from article 9N(1)(b) arrangements pursuant to which introductions are made by a person (“P”) to an authorised cryptoasset custodian (“C”), with a view to C providing in the United Kingdom a service comprising an activity of the kind specified by article 9N(1)(a), provided that—aC is not connected with P, andbP is not remunerated by C.2For the purposes of paragraph (1), an authorised cryptoasset custodian is connected with a person if they are a member of the same group as that person.9QThere are excluded from article 9N(1) arrangements whereby a qualifying cryptoasset or a relevant specified investment cryptoasset is held temporarily to facilitate the settlement of a transaction.9R1A person (“P”) does not carry on the activity specified by article 9N(1)(a) on behalf of another person (“A”), if A appoints P as their agent for the purposes of giving instructions to a third person (“C”), where C has undertaken directly to A to safeguard that cryptoasset.2A person (“P”) does not carry on the activity specified by article 9N(1)(a) on behalf of another person (“A”) unless P holds itself out as engaging in the business of providing a service in relation to a qualifying cryptoasset or a relevant specified investment cryptoasset to A, or to a person acting on behalf of A.3There is excluded from article 9N(1) any activity where the qualifying cryptoasset in question is, or is to be, safeguarded by a person (“A”), or a member of the same group as A, for the purpose of enabling or facilitating transactions by A, or a member of the same group as A, that would be within article 9T (dealing in qualifying cryptoassets as principal) but for the operation of article 9V(1)(e).9SThe operation of a qualifying cryptoasset trading platform is a specified kind of activity.9TBuying, selling, subscribing for or underwriting a qualifying cryptoasset as principal is a specified kind of activity.9U1Subject to paragraph (3), a person (“P”) does not carry on an activity specified by article 9T by entering into a transaction which relates to a qualifying cryptoasset unless—aP holds itself out as willing, as principal, to buy, sell, subscribe for or underwrite qualifying cryptoassets of the kind to which the transaction relates at prices determined by P—igenerally, andiicontinuously rather than in respect of each particular transaction,bP holds itself out as engaging in the business of buying qualifying cryptoassets of the kind to which the transaction relates, with a view to selling them,cP holds itself out as engaging in the business of underwriting qualifying cryptoassets of the kind to which the transaction relates, ordP regularly solicits members of the public with the purpose of inducing them, as principals or agents, to enter into transactions constituting activities of the kind specified by article 9T, and the transaction is entered into as a result of P having solicited members of the public in that manner.2In paragraph (1)(d), “members of the public” means persons other than—aan authorised person with a Part 4A permission to carry on a regulated activity specified by article 9T;ba member of the same group as P.3Paragraph (1) does not apply where P enters into the transaction as bare trustee or, in Scotland, as nominee for another person (“B”), where—aP is acting on B’s instructions, andbP holds itself out as providing a service of buying and selling qualifying cryptoassets.9V1There are excluded from article 9T—athe creation, including the design, of a qualifying stablecoin;bthe minting of a qualifying stablecoin, such that it first exists as—ian identifiable asset on a blockchain, andiiin a transferable form;cactivity where the qualifying cryptoasset is acquired or transferred for no consideration;dthe distribution of a qualifying cryptoasset that was automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions;eactivity where the qualifying cryptoasset is—iissued by, or on behalf of, the person carrying on the activity, andiisold to or subscribed for by an employee or partner of the person carrying on the activity;fthe private sale or transfer by a person (“A”) of a qualifying cryptoasset—icreated and minted by, or on behalf of, A, andiihaving as its sole purpose the raising of capital by A;gany activity by a person who only enters into transactions as principal with other members of the same group.2There is excluded from article 9T any activity specified by—aarticle 9M (issuing qualifying stablecoin);barticle 9S (operating a qualifying cryptoasset trading platform);carticle 9Z6 (qualifying cryptoasset staking).9WBuying, selling, or subscribing for or underwriting a qualifying cryptoasset as agent is a specified kind of activity.9X1There is excluded from article 9W—athe creation, including the design, of a qualifying stablecoin;bthe minting of a qualifying stablecoin, such that it first exists as—ian identifiable asset on a blockchain, andiiin a transferable form;cactivity where the qualifying cryptoasset is acquired or transferred for no consideration;dthe distribution of a qualifying cryptoasset that was automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions;eactivity where the qualifying cryptoasset is—iissued by, or on behalf of, the person carrying on the activity, andiisold to or subscribed for by an employee or partner of the person carrying on the activity.2There is excluded from article 9W activity specified by—aarticle 9M (issuing qualifying stablecoin);barticle 9S (operating a qualifying cryptoasset trading platform);carticle 9Z6 (qualifying cryptoasset staking).9Y1Making arrangements for another person,whether as principal or agent, to buy, sell, subscribe for or underwrite a qualifying cryptoasset is a specified kind of activity.2Making arrangements with a view to a person who participates in the arrangements for the buying, selling, subscribing for or underwriting a qualifying cryptoasset, whether as principal or agent, is also a specified kind of activity.9ZThere are excluded from article 9Y(1) arrangements which do not, or would not, bring about the transaction to which the arrangements relate.9Z1There are excluded from article 9Y(2) arrangements where they are solely arrangements under which a person will be introduced to an authorised person with a Part 4A permission to carry on the regulated activity specified by this Chapter.9Z2A person does not carry on an activity specified by article 9Y(2) merely by providing means by which one party to a transaction, or potential transaction, is able to communicate with other such parties.9Z31There are excluded from article 9Y(1) arrangements for a transaction into which the person making the arrangements enters or is to enter as principal or agent for another person.2There are excluded from article 9Y(2) arrangements which a person (“A”) makes with a view to transactions into which A enters or is to enter as principal or agent for another person.9Z41There are excluded from article 9Y arrangements made by a person (“A”) acting as trustee or personal representative for, or with a view to a transaction which is, or is to be, entered into by—aA and a fellow trustee or personal representative, acting in their capacity as such, orba beneficiary under the trust, will or intestacy.2Paragraph (1) does not apply where A is remunerated for what A does in addition to any remuneration A receives as trustee or personal representative, and for these purposes A is not to be regarded as receiving additional remuneration merely because A’s remuneration is calculated by reference to time spent.9Z51There is excluded from article 9Y the following activities—athe creation, including the design, of a qualifying stablecoin;bthe minting of a qualifying stablecoin, such that it first exists as—ian identifiable asset on the blockchain, andiiin a transferable form;cactivity where the qualifying cryptoasset is acquired or transferred for no consideration;dthe distribution of a qualifying cryptoasset that was automatically created as a reward for the maintenance of the distributed ledger or the validation of transactions;eactivity where the qualifying cryptoasset is—iissued by, or on behalf of, the person carrying on the activity, andiisold to or subscribed for by an employee or partner of the person carrying on the activity;fany activity where—ia person (“A”) who only makes arrangements for, or with a view to, a transaction which is or is to be entered into, as principal, by another member of the same group, andiiA is not authorised or required to be authorised to carry on an activity specified by this Chapter.2There is excluded from article 9Y activity specified by—aarticle 9M (issuing qualifying stablecoin);barticle 9S (operating a qualifying cryptoasset trading platform);carticle 9Z6 (qualifying cryptoasset staking).9Z61Making arrangements on behalf of another person (whether as principal or agent) for qualifying cryptoasset staking is a specified kind of activity.2In this article—“blockchain validation” means the validation of transactions on—a blockchain, ora network that uses distributed ledger technology or other similar technology,and includes proof of stake distributed ledger technology consensus mechanisms;“qualifying cryptoasset staking” means the use of a qualifying cryptoasset in blockchain validation.9Z7There is excluded from article 9Z6 the provision of services solely for the purpose of introducing a person to an authorised person with a Part 4A permission to carry on the regulated activity specified by article 9Z6.9Z8A person does not carry on the activity specified by article 9Z6 merely by providing means by which one party to an arrangement, or potential arrangement, is able to communicate with other such parties.9Z9There is excluded from article 9Z6 a technical service provided by a person (a “P”) where—athe service allows another person to participate in qualifying cryptoasset staking, as defined by article 9Z6, including by the operation of a validator node for that staking, andbP does not hold itself out as offering qualifying cryptoasset staking to the public.9Z101There is excluded from this Chapter an activity carried on for the purpose of the sale of goods or supply of services, by a supplier to a customer.2Paragraph (1) does not apply to article 9N (safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets) so far as that article applies to relevant specified investment cryptoassets.3There is also excluded from the following articles activity for the purpose of a related sale of goods or supply of services—aarticle 9T (dealing in qualifying cryptoassets as principal);barticle 9W (dealing in qualifying cryptoassets as agent);carticle 9Y (arranging deals in qualifying cryptoassets).4In this article—“customer” means a person to whom a supplier sells goods or supplies services, or agrees to do so, and, where the customer is a member of a group, also means any other member of that group;“related sale of goods or supply of services” means a sale of goods or supply of services to the customer otherwise than by the supplier, but for the purpose of the sale or supply mentioned in paragraph (1);“supplier” means—a person whose main business is to sell goods or supply services, andwhere the supplier is a member of a group, includes any other member of that group;“supply of services” does not include the provision of a service comprising an activity of a kind specified by any provision of this Chapter.9Z111There is excluded from this Chapter activity where that activity (“the incidental activity”)—ais carried on in a manner that is incidental to the carrying on of a profession or business, andbdoes not itself constitute the carrying on of a regulated activity.2For the purposes of paragraph (1)(a), an activity is carried on in a manner that is incidental to the carrying on of a profession or business where the following apply—aa close factual connection exists between the carrying on of the profession or business and the incidental activity, such that the incidental activity may reasonably be regarded as a necessary ancillary to the carrying on of the profession or business,bthe incidental activity does not provide a systematic source of income to the person providing the professional activity,cthe person carrying on the professional activity does not market or otherwise promote their ability to provide the incidental activity, except where there are disclosed to clients as being a necessary ancillary to the carrying on of the profession or business, anddthe carrying on of a profession or business is supervised and regulated by any of the bodies listed in article 2 of the Financial Services and Markets Act 2000 (Designated Professional Bodies) Order 2001.Chapter III101Effecting a contract of insurance as principal is a specified kind of activity.2Carrying out a contract of insurance as principal is a specified kind of activity.11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121There is excluded from article 10(1) or (2) the effecting or carrying out, by a person who does not otherwise carry on an activity of the kind specified by that article, of a contract of insurance which—ais a contract under which the benefits provided by that person (“the provider") are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle; andbcontains the terms mentioned in paragraph (2).2Those terms are that—athe assistance takes either or both of the forms mentioned in paragraph (3)(a) and (b);bthe assistance is not available outside the United Kingdom and the Republic of Ireland except where it is provided without the payment of additional premium by a person in the country concerned with whom the provider has entered into a reciprocal agreement; andcassistance provided in the case of an accident or breakdown occurring in the United Kingdom or the Republic of Ireland is, in most circumstances, provided by the provider’s servants.3The forms of assistance are—arepairs to the relevant vehicle at the place where the accident or breakdown has occurred; this assistance may also include the delivery of parts, fuel, oil, water or keys to the relevant vehicle;bremoval of the relevant vehicle to the nearest or most appropriate place at which repairs may be carried out, or to—ithe home, point of departure or original destination within the United Kingdom of the driver and passengers, provided the accident or breakdown occurred within the United Kingdom;iithe home, point of departure or original destination within the Republic of Ireland of the driver and passengers, provided the accident or breakdown occurred within the Republic of Ireland or within Northern Ireland;iiithe home, point of departure or original destination within Northern Ireland of the driver and passengers, provided the accident or breakdown occurred within the Republic of Ireland;and this form of assistance may include the conveyance of the driver or passengers of the relevant vehicle, with the vehicle, or (where the vehicle is to be conveyed only to the nearest or most appropriate place at which repairs may be carried out) separately, to the nearest location from which they may continue their journey by other means.4A contract does not fail to meet the condition in paragraph (1)(a) solely because the provider may reimburse the person entitled to the assistance for all or part of any sums paid by him in respect of assistance either because he failed to identify himself as a person entitled to the assistance or because he was unable to get in touch with the provider in order to claim the assistance.5In this article—“the assistance" means the benefits to be provided under a contract of the kind mentioned in paragraph (1);“breakdown" means an event—which causes the driver of the relevant vehicle to be unable to start a journey in the vehicle or involuntarily to bring the vehicle to a halt on a journey because of some malfunction of the vehicle or failure of it to function, andafter which the journey cannot reasonably be commenced or continued in the relevant vehicle;“the relevant vehicle" means the vehicle (including a trailer or caravan) in respect of which the assistance is required.12AArticle 10 is subject to the exclusion in ... article 72AA (managers of UK UCITS and AIFs).12BA transformer vehicle does not carry on an activity of a kind specified by article 10 by assuming a risk from an undertaking, provided the assumption of the risk is a specified kind of activity falling within article 13A (transformer vehicles: insurance risk transformation).131In sections 327(5) and (7) and 332(3)(b) of the Act (exemption from the general prohibition for members of the professions, and rules in relation to such persons), the references to “a regulated activity" and “regulated activities" do not include—aany activity of the kind specified by article 10(1) or (2), where—iP is a member of the Society; andiiby virtue of section 316 of the Act (application of the Act to Lloyd’s underwriting), the general prohibition does not apply to the carrying on by P of that activity; orbany activity of the kind specified by article 10(2), where—iP is a former underwriting member; andiithe contract of insurance in question is one underwritten by P at Lloyd’s.2In paragraph (1)—“member of the Society" has the same meaning as in Lloyd’s Act 1982 ; and“former underwriting member" has the meaning given by section 324(1) of the Act.CHAPTER 3A13AIt is a specified kind of activity for a transformer vehicle to assume a risk from an undertaking where—athe undertaking assumes a risk under a contract of insurance (“the underlying risk”); andbthe assumption of risk by the transformer vehicle has the legal or economic effect of transferring some or all of the underlying risk to the transformer vehicle.Chapter IV141Buying, selling, subscribing for or underwriting securities or contractually based investments (other than investments of the kind specified by article 87, or article 89 so far as relevant to that article) as principal is a specified kind of activity.2Paragraph (1) does not apply to a kind of activity to which article 25D or 25DA applies.151Subject to paragraph (3), a person (“A") does not carry on an activity of the kind specified by article 14 by entering into a transaction which relates to a security or is the assignment (or, in Scotland, the assignation) of a qualifying contract of insurance (or an investment of the kind specified by article 89, so far as relevant to such a contract), unless—aA holds himself out as willing, as principal, to buy, sell or subscribe for investments of the kind to which the transaction relates at prices determined by him generally and continuously rather than in respect of each particular transaction;bA holds himself out as engaging in the business of buying investments of the kind to which the transaction relates, with a view to selling them;cA holds himself out as engaging in the business of underwriting investments of the kind to which the transaction relates; ordA regularly solicits members of the public with the purpose of inducing them, as principals or agents, to enter into transactions constituting activities of the kind specified by article 14, and the transaction is entered into as a result of his having solicited members of the public in that manner.2In paragraph (1)(d), “members of the public" means any persons other than—aauthorised persons or persons who are exempt persons in relation to activities of the kind specified by article 14;bmembers of the same group as A;cpersons who are or who propose to become participators with A in a joint enterprise;dany person who is solicited by A with a view to the acquisition by A of 20 per cent or more of the voting shares in a body corporate;eif A (either alone or with members of the same group as himself) holds more than 20 per cent of the voting shares in a body corporate, any person who is solicited by A with a view to—ithe acquisition by A of further shares in the body corporate; oriithe disposal by A of shares in the body corporate to the person solicited or to a member of the same group as the person solicited;fany person who—iis solicited by A with a view to the disposal by A of shares in a body corporate to the person solicited or to a member of the same group as that person; andiieither alone or with members of the same group holds 20 per cent or more of the voting shares in the body corporate;gany person whose head office is outside the United Kingdom, who is solicited by an approach made or directed to him at a place outside the United Kingdom and whose ordinary business involves him in carrying on activities of the kind specified by any of articles 14, 21, 25, 37, 40, 45, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 and 53 or (so far as relevant to any of those articles) article 64, or would do so apart from any exclusion from any of those articles made by this Order.3This article does not apply where A enters into the transaction as bare trustee or, in Scotland, as nominee for another person and is acting on that other person’s instructions (but the exclusion in article 66(1) applies if the conditions set out there are met).4This article is subject to article 4(4).161A person who is not an authorised person does not carry on an activity of the kind specified by article 14 by entering into a transaction relating to a contractually based investment—awith or through an authorised person, or an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt; orbthrough an office outside the United Kingdom maintained by a party to the transaction, and with or through a person whose head office is situated outside the United Kingdom and whose ordinary business involves him in carrying on activities of the kind specified by any of articles 14, 21, 25, 37, 40, 45, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 and 53 or, so far as relevant to any of those articles, article 64 (or would do so apart from any exclusion from any of those articles made by this Order).2This article is subject to article 4(4).171A person does not carry on an activity of the kind specified by article 14 by accepting an instrument creating or acknowledging indebtedness in respect of any loan, credit, guarantee or other similar financial accommodation or assurance which he has made, granted or provided.2The reference in paragraph (1) to a person accepting an instrument includes a reference to a person becoming a party to an instrument otherwise than as a debtor or a surety.181There is excluded from article 14 the issue by a company of its own shares or share warrants, and the issue by any person of his own debentures or debenture warrants.2In this article—a“company" means any body corporate other than an open-ended investment company;b“shares" and “debentures" include any investment of the kind specified by article 76 , 77 or 77A;c“share warrants" and “debenture warrants" mean any investment of the kind specified by article 79 which relates to shares in the company concerned or, as the case may be, debentures issued by the person concerned.3This article is subject to article 4(4).18A1A company does not carry on an activity of the kind specified by article 14 by purchasing its own shares where section 724 of the Companies Act 2006 (Treasury shares) applies to the shares purchased.2A company does not carry on an activity of the kind specified by article 14 by dealing in its own shares held as treasury shares, in accordance with section 727 (Treasury shares: disposal) or 729 (Treasury shares: cancellation) of that Act.3In this article “shares held as treasury shares” has the same meaning as in that Act.191A person (“B") does not carry on an activity of the kind specified by article 14 by entering as principal into a transaction with another person (“C") if—athe transaction relates to investments of the kind specified by any of articles 83 to 85 (or article 89 so far as relevant to any of those articles);bneither B nor C is an individual;cthe sole or main purpose for which B enters into the transaction (either by itself or in combination with other such transactions) is that of limiting the extent to which a relevant business will be affected by any identifiable risk arising otherwise than as a result of the carrying on of a regulated activity; anddthe relevant business consists mainly of activities other than—iregulated activities; oriiactivities which would be regulated activities but for any exclusion made by this Part.2In paragraph (1), “relevant business" means a business carried on by—aB;ba member of the same group as B; orcwhere B and another person are, or propose to become, participators in a joint enterprise, that other person.3This article is subject to article 4(4).19AA transformer vehicle does not carry on an activity of a kind specified by article 14 by assuming a risk from an undertaking, provided the assumption of the risk is a specified kind of activity falling within article 13A (transformer vehicles: insurance risk transformation).20Article 14 is also subject to the exclusions in articles 66 (trustees etc.), 68 (sale of goods and supply of services), 69 (groups and joint enterprises), 70 (sale of body corporate), 71 (employee share schemes) , 72 (overseas persons) ...72AA (managers of UK UCITS and AIFs) and 72H (insolvency practitioners).Chapter V211Buying, selling, subscribing for or underwriting securities, structured deposits or relevant investments ... as agent is a specified kind of activity.2Paragraph (1) does not apply to a kind of activity to which article 25D or 25DA applies.221A person who is not an authorised person does not carry on an activity of the kind specified by article 21 by entering into a transaction as agent for another person (“the client") with or through an authorised person if—athe transaction is entered into on advice given to the client by an authorised person; orbit is clear, in all the circumstances, that the client, in his capacity as an investor, is not seeking and has not sought advice from the agent as to the merits of the client’s entering into the transaction (or, if the client has sought such advice, the agent has declined to give it but has recommended that the client seek such advice from an authorised person).2But the exclusion in paragraph (1) does not apply if—athe transaction relates to a contract of insurance; orbthe agent receives from any person other than the client any pecuniary reward or other advantage, for which he does not account to the client, arising out of his entering into the transaction.3This article is subject to article 4(4).231A person (“B") does not carry on an activity of the kind specified by article 21 by entering as agent for a relevant person into a transaction with another person (“C") if—athe transaction relates to investments of the kind specified by any of articles 83 to 85 (or article 89 so far as relevant to any of those articles);bneither B nor C is an individual;cthe sole or main purpose for which B enters into the transaction (either by itself or in combination with other such transactions) is that of limiting the extent to which a relevant business will be affected by any identifiable risk arising otherwise than as a result of the carrying on of a regulated activity; anddthe relevant business consists mainly of activities other than—iregulated activities; oriiactivities which would be regulated activities but for any exclusion made by this Part.2In paragraph (1), “relevant person" means—aa member of the same group as B; orbwhere B and another person are, or propose to become, participators in a joint enterprise, that other person;and “relevant business" means a business carried on by a relevant person.3This article is subject to article 4(4).24Article 21 is also subject to the exclusions in articles 67 (profession or non-investment business), 68 (sale of goods and supply of services), 69 (groups and joint enterprises), 70 (sale of body corporate), 71 (employee share schemes) , 72 (overseas persons), ... 72B (activities carried on by a provider of relevant goods or services) , 72AA (managers of UK UCITS and AIFs), 72D (large risks contracts where risk situated outside the United Kingdom), 72G (local authorities) and 72H (insolvency practitioners).Chapter 5A24A1The reception, transmission or submission of a bid at an auction of an investment of the kind specified by article 82A conducted—aon a recognised auction platform in accordance with the UK auctioning regulations, orbon an auction platform which has been appointed under the emission allowance auctioning regulation in accordance with that regulation,is a specified kind of activity.2An activity which falls within paragraph (1) (or would do so but for the exclusions in article 24B) does not form part of any other activity specified under any other article of this Order.3In this article, “recognised auction platform” has the meaning given in regulation 1(3) of the Recognised Auction Platform Regulations 2011.24B1There is excluded from article 24A any activity carried on by—aan operator or an aircraft operator having an operator holding account, in either case bidding on its own account, including any parent undertaking, subsidiary undertaking or affiliated undertaking forming part of the same group of undertakings as the operator or the aircraft operator;bbusiness groupings of persons listed in sub-paragraph (a) bidding on their own account or acting as an agent on behalf of their members; orcpublic bodies or state-owned entities of the Member States or of the United Kingdom that control any of the persons listed in sub-paragraph (a).2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3In this article, the expressions “parent undertaking”, “subsidiary undertaking”, "affiliated undertaking", “business grouping”, “public bodies” and “state-owned entities” have the same meaning as in the UK auctioning regulations.Chapter VI251Making arrangements for another person (whether as principal or agent) to buy, sell, subscribe for or underwrite a particular investment which is—aa security,ba relevant investment, ...can investment of the kind specified by article 86, or article 89 so far as relevant to that article , orda structured deposit,is a specified kind of activity.2Making arrangements with a view to a person who participates in the arrangements buying, selling, subscribing for or underwriting investments falling within paragraph (1)(a), (b) , (c) or (d) (whether as principal or agent) is also a specified kind of activity.3Paragraphs (1) and (2) do not apply to a kind of activity to which article 25D , 25DA or 25DB, applies.25A1Making arrangements—afor another person to enter into a regulated mortgage contract as borrower; orbfor another person to vary the terms of a regulated mortgage contract falling within paragraph (1A) entered into by him as borrower ..., in such a way as to vary his obligations under that contract,is a specified kind of activity.1AA regulated mortgage contract falls within this paragraph if—athe contract was entered into on or after 31st October 2004; orbthe contract—iwas entered into before 31st October 2004; andiiwas a regulated credit agreement immediately before 21st March 2016.2Making arrangements with a view to a person who participates in the arrangements entering into a regulated mortgage contract as borrower is also a specified kind of activity.2AMaking arrangements to enter into a regulated mortgage contract with a borrower on behalf of a lender is also a specified kind of activity.3In this article “borrower” and “lender” have the meanings given by article 61(3)(a)(i).25B1Making arrangements—afor another person to enter into a regulated home reversion plan as reversion seller or as plan provider; orbfor another person to vary the terms of a regulated home reversion plan, entered into on or after 6th April 2007 by him as reversion seller or as plan provider, in such a way as to vary his obligations under that plan,is a specified kind of activity.2Making arrangements with a view to a person who participates in the arrangements entering into a regulated home reversion plan as reversion seller or as plan provider is also a specified kind of activity.25C1Making arrangements—afor another person to enter into a regulated home purchase plan as home purchaser; orbfor another person to vary the terms of a regulated home purchase plan, entered into on or after 6th April 2007 by him as home purchaser, in such a way as to vary his obligations under that plan,is a specified kind of activity.2Making arrangements with a view to a person who participates in the arrangements entering into a regulated home purchase plan as home purchaser is also a specified kind of activity.25D1The operation of a multilateral trading facility on which MiFID instruments are traded is a specified kind of activity.1AParagraph (1) does not apply to a kind of activity to which article 25DB applies.2In paragraph (1), “MiFID instrument” means any investment—aof the kind specified by article 76, 77, 77A, 78, 79, 80, 81, 82B, 83, 84 or 85; orbof the kind specified by article 89 so far as relevant to an investment falling within sub-paragraph (a),that is a financial instrument.25DA1The operation of an organised trading facility on which non-equity MiFID instruments are traded is a specified kind of activity.1AParagraph (1) does not apply to a kind of activity to which article 25DB applies.2In paragraph (1) a “non-equity MiFID instrument” means any investment—aof the kind specified by article 77, 77A, 78, 79, 80, 81, 82B, 83, 84 or 85; orbof the kind specified by article 89 so far as relevant to an investment falling within sub-paragraph (a),that is a bond, a structured finance product (within the meaning of Article 2.1.28 of the markets in financial instruments regulation), an emission allowance, or a derivative (within the meaning of Article 2.1.29 of the markets in financial instruments regulation).25DB1Operating an electronic system by means of which a qualifying public offer is made is a specified kind of activity.2“Qualifying public offer” means an offer of relevant securities to the public in the United Kingdom that meets the following conditions.3Condition A is that, if paragraph 13 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (which exempts offers made by means of a regulated platform) were disregarded, the offer would be prohibited by regulation 12(1) of those Regulations.4Condition B is that the relevant securities—afall within paragraph (1)(a) of regulation 5 of the Public Offers and Admissions to Trading Regulations 2024 (which defines “relevant securities” for the purposes of those Regulations) and are investments of a kind specified by Part 3 of this Order, orbfall within paragraph (1)(b) of that regulation as a result of being investments of the kind specified by article 77.5Condition C is that the relevant securities are not issued or to be issued by the person operating the electronic system.6In paragraph (2), the reference to an offer of relevant securities to the public in the United Kingdom is to be read in accordance with regulation 7 of the Public Offers and Admissions to Trading Regulations 2024.7In this article “relevant securities” has the same meaning as in the Public Offers and Admissions to Trading Regulations 2024 (see regulation 5 of those Regulations).25E1Making arrangements—afor another person to enter into a regulated sale and rent back agreement as an agreement seller or as an agreement provider; orbfor another person (“A”) to vary the terms of a regulated sale and rent back agreement, entered into on or after 1st July 2009 by A as agreement seller or agreement provider, in such a way as to vary A’s obligations under that agreement,is a specified kind of activity.2Making arrangements with a view to a person who participates in the arrangements entering into a regulated sale and rent back agreement as agreement seller or agreement provider is also a specified kind of activity.26There are excluded from articles 25(1), 25A(1), 25B(1) , 25C(1) and 25E(1) arrangements which do not or would not bring about the transaction to which the arrangements relate.271A person does not carry on an activity of the kind specified by article 25(2), 25A(2), 25B(2) , 25C(2) or 25 E(2) merely by providing means by which one party to a transaction (or potential transaction) is able to communicate with other such parties.2A person does not carry on an activity of the kind specified by article 25DB merely by providing a means of communication, where the person is not holding out the means of communication as being provided for the making of qualifying public offers within the meaning of that article.281There are excluded from article 25(1) any arrangements for a transaction into which the person making the arrangements enters or is to enter as principal or as agent for some other person.2There are excluded from article 25(2) any arrangements which a person makes with a view to transactions into which he enters or is to enter as principal or as agent for some other person.3But the exclusions in paragraphs (1) and (2) do not apply to arrangements made for or with a view to a transaction which relates to a contract of insurance, unless the person making the arrangements either—ais the only policyholder; orbas a result of the transaction, would become the only policyholder.28A1There are excluded from articles 25A(1), 25B(1) , 25C(1) and 25E(1) any arrangements—afor a contract , plan or agreement into which the person making the arrangements enters or is to enter; orbfor a variation of a contract , plan or agreement to which that person is (or is to become) a party.2There are excluded from articles 25A(2), 25B(2) , 25C(2) and 25E(2) any arrangements which a person makes with a view to contracts , plans or agreements into which he enters or is to enter.291There are excluded from articles 25(1) and (2), 25A(1), (2) and (2A), 25B(1) and (2) , 25C(1) and (2) and 25E(1) and (2) arrangements made by a person (“A") who is not an authorised person for or with a view to a transaction which is or is to be entered into by a person (“the client") with or though an authorised person if—athe transaction is or is to be entered into on advice to the client by an authorised person; orbit is clear, in all the circumstances, that the client, in his capacity as an investor, borrower, reversion seller, plan provider, home purchaser, agreement provider or (as the case may be) agreement seller, is not seeking and has not sought advice from A as to the merits of the client’s entering into the transaction (or, if the client has sought such advice, A has declined to give it but has recommended that the client seek such advice from an authorised person).2But the exclusion in paragraph (1) does not apply if—athe transaction relates, or would relate, to a contract of insurance; orbA receives from any person other than the client any pecuniary reward or other advantage, for which he does not account to the client, arising out of his making the arrangements.3This article is subject to article 4(4) and (4B).29A1 A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 25A(1)(b) as a result of—aanything done by an authorised person (“B”) in relation to a regulated mortgage contract which B is administering pursuant to an arrangement of the kind mentioned in article 62(a); orbanything A does in connection with the administration of a regulated mortgage contract in circumstances falling within article 62(b).2A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 25B(1)(b) as a result of—aanything done by an authorised person (“B”) in relation to a regulated home reversion plan which B is administering pursuant to an arrangement of the kind mentioned in article 63C(a); orbanything A does in connection with the administration of a regulated home reversion plan in circumstances falling within article 63C(b).3A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 25C(1)(b) as a result of—aanything done by an authorised person (“B”) in relation to a regulated home purchase plan which B is administering pursuant to an arrangement of the kind mentioned in article 63G(a); orbanything A does in connection with the administration of a regulated home purchase plan in circumstances falling within article 63G(b).4A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 25E(1)(b) as a result of—aanything done by an authorised person (“B”) in relation to a regulated sale and rent back agreement which B is administering pursuant to an arrangement of the kind mentioned in article 63K(a); orbanything A does in connection with the administration of a regulated sale and rent back agreement in circumstances falling within article 63K(b).301There are excluded from article 25(1) and (2) arrangements made by a money-lender under which either—aa relevant authorised person or a person acting on his behalf will introduce to the money-lender persons with whom the relevant authorised person has entered, or proposes to enter, into a relevant transaction, or will advise such persons to approach the money-lender, with a view to the money-lender lending money on the security of any contract effected pursuant to a relevant transaction;ba relevant authorised person gives an assurance to the money-lender as to the amount which, on the security of any contract effected pursuant to a relevant transaction, will or may be received by the money-lender should the money-lender lend money to a person introduced to him pursuant to the arrangements.2In paragraph (1)—“money-lender" means a person who is—a money-lending company within the meaning of section 209 of the Companies Act 2006;a body corporate incorporated under the law of, or of any part of, the United Kingdom relating to building societies; ora person whose ordinary business includes the making of loans or the giving of guarantees in connection with loans;“relevant authorised person" means an authorised person who has permission to effect contracts of insurance or to sell investments of the kind specified by article 89, so far as relevant to such contracts;“relevant transaction" means the effecting of a contract of insurance or the sale of an investment of the kind specified by article 89, so far as relevant to such contracts.3This article is subject to article 4(4A).311There are excluded from article 25(1) and (2) arrangements under which a person accepts or is to accept, whether as principal or agent, an instrument creating or acknowledging indebtedness in respect of any loan, credit, guarantee or other similar financial accommodation or assurance which is, or is to be, made, granted or provided by that person or his principal.2The reference in paragraph (1) to a person accepting an instrument includes a reference to a person becoming a party to an instrument otherwise than as a debtor or a surety.32There are excluded from article 25(2) arrangements having as their sole purpose the provision of finance to enable a person to buy, sell, subscribe for or underwrite investments.33There are excluded from articles 25(2), 25A(2), 25B(2) , 25C(2) and 25E(2) arrangements where—athey are arrangements under which persons (“clients") will be introduced to another person;bthe person to whom introductions are to be made is—ian authorised person;iian exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt; oriiia person who is not unlawfully carrying on regulated activities in the United Kingdom and whose ordinary business involves him in engaging in an activity of the kind specified by any of articles 14, 21, 25, 25A, 25B, 25C, 25E, 37 , 39A 40, 45, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52, 53, 53A, 53B, 53C and 53D (or, so far as relevant to any of those articles, article 64), or would do so apart from any exclusion from any of those articles made by this Order; ...cthe introduction is made with a view to the provision of independent advice or the independent exercise of discretion in relation to investments generally or in relation to any class of investments to which the arrangements relate ; anddThe arrangements—iare made with a view to a person entering into a transaction which does not relate to a contract of insurance, oriiare of the type specified in article 33B (provision of information – contracts of insurance).33A1There are excluded from article 25A(2) arrangements where—athey are arrangements under which a client is introduced to a person (“N”) who is—ian authorised person who has permission to carry on a regulated activity of the kind specified by any of articles 25A, 53A, and 61(1),iian appointed representative who may carry on a regulated activity of the kind specified by either of articles 25A and 53A without contravening the general prohibition, oriiian overseas person who carries on activities specified by any of articles 25A, 53A and 61(1); andbthe conditions mentioned in paragraph (2) are satisfied.1AThere are excluded from article 25B(2) arrangements where—athey are arrangements under which a client is introduced to a person (“N”) who is—ian authorised person who has permission to carry on a regulated activity of the kind specified by any of articles 25B, 53B and 63B(1),iian appointed representative who may carry on a regulated activity of the kind specified by either of articles 25B and 53B without contravening the general prohibition, oriiian overseas person who carries on activities specified by any of articles 25B, 53B and 63B(1); andbthe conditions mentioned in paragraph (2) are satisfied.1BThere are excluded from article 25C(2) arrangements where—athey are arrangements under which a client is introduced to a person (“N”) who is—ian authorised person who has permission to carry on a regulated activity of the kind specified by any of articles 25C, 53C and 63F(1),iian appointed representative who may carry on a regulated activity of the kind specified by either of articles 25C and 53C without contravening the general prohibition, oriiian overseas person who carries on activities specified by any of articles 25C, 53C and 63F(1); andbthe conditions mentioned in paragraph (2) are satisfied.1CThere are excluded from article 25E(2) arrangements where—athey are arrangements under which a client is introduced to a person (“N”) who is—ian authorised person who has permission to carry on a regulated activity of the kind specified by any of articles 25E, 53D and 63J(1),iian appointed representative who may carry on a regulated activity of the kind specified by either of articles 25E or 53D without contravening the general prohibition, oriiian overseas person who carries on activities specified by any of articles 25E, 53D and 63J(1); andbthe conditions mentioned in paragraph (2) are satisfied.2Those conditions are—athat the person making the introduction (“P”) does not receive any money, other than money payable to P on his own account, paid by the client for or in connection with any transaction which the client enters into with or through N as a result of the introduction; andbthat before making the introduction P discloses to the client such of the information mentioned in paragraph (3) as applies to P.3That information is—athat P is a member of the same group as N;bdetails of any payment which P will receive from N, by way of fee or commission, for introducing the client to N;can indication of any other reward or advantage received or to be received by P that arises out of his introducing clients to N.4In this article, “client” means—afor the purposes of paragraph (1), a borrower within the meaning given by article 61(3)(a)(i), or a person who is or may be contemplating entering into a regulated mortgage contract as such a borrower;bfor the purposes of paragraph (1A), a reversion seller, a plan provider or a person who is or may be contemplating entering into a regulated home reversion plan as a reversion seller or as a plan provider;cfor the purposes of paragraph (1B), a home purchaser or a person who is or may be contemplating entering into a regulated home purchase plan as a home purchaser;dfor the purposes of paragraph (1C), an agreement provider, an agreement seller or a person who is or may be contemplating entering into a regulated sale and rent back agreement as an agreement provider or agreement seller.33B1There is excluded from article 25(1) and (2) (arranging deals in investments) the making of arrangements for, or with a view to, a transaction for the sale or purchase of a contract of insurance, where that activity meets the conditions specified in paragraphs (2) and (3).2The conditions specified in this paragraph are that the activity—aconsists of the provision of information about a potential policyholder to a relevant insurer or an insurance or reinsurance intermediary, orbconsists of the provision of information to a potential policyholder about—ia contract of insurance, oriia relevant insurer or insurance or reinsurance intermediary.3The condition specified in this paragraph is that the provider of the information does not take any step other than the provision of information to assist in the conclusion of a contract of insurance.4In this article— “insurance intermediary” means a person, other than an insurance or reinsurance undertaking, or an employee of such an undertaking, who has Part 4A permission to carry on an insurance distribution activity; “reinsurance intermediary” means a person, other than a reinsurance undertaking, or an employee of such an undertaking, who has Part 4A permission to carry on an insurance distribution activity in relation to a contract of insurance that concerns reinsurance; “relevant insurer” has the meaning given in article 39B(2) (claims management on behalf of an insurer etc.).5In paragraph (4)—“ancillary insurance intermediary”, “insurance distribution” and “reinsurance distribution” have the same meaning as in article 4;“remuneration” means any commission, fee, charge or other payment, including an economic benefit of any kind or any other financial or non-financial advantage or incentive offered or given.341There are excluded from article 25(1) and (2)—aarrangements made by a company for the purposes of issuing its own shares or share warrants; andbarrangements made by any person for the purposes of issuing his own debentures or debenture warrants;and for the purposes of article 25(1) and (2), a company is not, by reason of issuing its own shares or share warrants, and a person is not, by reason of issuing his own debentures or debenture warrants, to be treated as selling them.2In paragraph (1), “company", “shares", “debentures", “share warrants" and “debenture warrants" have the meanings given by article 18(2).3This article is subject to article 4(4).351There are excluded from article 25(1) and (2) any arrangements made for the purposes of carrying out the functions of a body or association which is approved under this article as an international securities self-regulating organisation, whether the arrangements are made by the organisation itself or by a person acting on its behalf.2The Treasury may approve as an international securities self-regulating organisation any body corporate or unincorporated association with respect to which the conditions mentioned in paragraph (3) appear to them to be met if, having regard to such matters affecting international trade, overseas earnings and the balance of payments or otherwise as they consider relevant, it appears to them that to do so would be desirable and not result in any undue risk to investors.3The conditions are that—athe body or association does not have its head office in the United Kingdom;bthe body or association is not eligible for recognition under section 287 or 288 of the Act (applications by investment exchanges and clearing houses) on the ground that (whether or not it has applied, and whether or not it would be eligible on other grounds) it is unable to satisfy the requirements of one or both of paragraphs (a) and (b) of section 292(3) of the Act (requirements for overseas investment exchanges and overseas clearing houses);bathe body or association is also not eligible to become ... a third country central counterparty (as defined in section 285(1)(d) of the Act);bbthe body or association is also not eligible to become ... a third country CSD (as defined in section 285(1)(g) of the Act);cthe body or association is able and willing to co-operate with the FCA and the PRA by the sharing of information and in other ways;dadequate arrangements exist for co-operation between the FCA and the PRA and those responsible for the supervision of the body or association in the country or territory in which its head office is situated;ethe body or association has a membership composed of persons falling within any of the following categories, that is to say, authorised persons, exempt persons, and persons whose head offices are outside the United Kingdom and whose ordinary business involves them in engaging in activities which are activities of a kind specified by this Order (or would be apart from any exclusion made by this Part); andfthe body or association facilitates and regulates the activity of its members in the conduct of international securities business.4In paragraph (3)(f), “international securities business" means the business of buying, selling, subscribing for or underwriting investments (or agreeing to do so), either as principal or agent, where—athe investments are securities or relevant investments and are of a kind which, by their nature, and the manner in which the business is conducted, may be expected normally to be bought or dealt in by persons sufficiently expert to understand the risks involved; andbeither the transaction is international or each of the parties may be expected to be indifferent to the location of the other;and, for the purposes of this definition, it is irrelevant that the investments may ultimately be bought otherwise than in the course of such business by persons not so expert.5Any approval under this article is to be given by notice in writing; and the Treasury may by a further notice in writing withdraw any such approval if for any reason it appears to them that it is not appropriate to it to continue in force.35A1A trade repository does not carry on an activity of the kind specified by article 25(2) by carrying on its functions of centrally collecting and maintaining records of—aderivatives under Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories; orbsecurities financing transactions under the SFT regulation.2The reference in paragraph (1)(a) to Regulation (EU) 648/2012 is a reference to that instrument as it forms part of assimilated law.35ABA securitisation repository does not carry on an activity of the kind specified by article 25(2) by carrying on its functions of centrally collecting and maintaining records of securitisations under the Securitisation Regulations 2024.35B1A person does not carry on an activity of the kind specified in article 25(1) or (2) by reason of providing pensions guidance ....2For the purposes of paragraph (1), pensions guidance means—ainformation or guidance provided by the Money and Pensions Service in carrying out its pensions guidance function (see section 3 of the Financial Guidance and Claims Act 2018);binformation or guidance provided by another person with whom arrangements under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018 are made to carry out the Money and Pensions Service’s pensions guidance function.361Article 25 is also subject to the exclusions in articles 66 (trustees etc.), 67 (profession or non-investment business), 68 (sale of goods and supply of services), 69 (groups and joint enterprises), 70 (sale of body corporate), 71 (employee share schemes), 72 (overseas persons),...72B (activities carried on by a provider of relevant goods or services), 72C (provision of information about contracts of insurance on an incidental basis), 72AA (managers of UK UCITS and AIFs), 72D (large risks contracts where risk situated outside the United Kingdom), 72G (local authorities) and 72H (insolvency practitioners).2Articles 25A, 25B, 25C and 25E are also subject to the exclusions in articles 66 (trustees etc.), 67 (profession or non-investment business), 72 (overseas persons),... 72AA (managers of UK UCITS and AIFs) and 72G (local authorities).2AArticle 25A is also subject to the exclusion in article 72I (registered consumer buy-to-let mortgage firms).3Article 25D is also subject to the exclusions in articles 72 (overseas persons), 72AA (managers of UK UCITS and AIFs) and 72H (insolvency practitioners).Chapter 6A36A1Each of the following is a specified kind of activity—aeffecting an introduction of an individual or relevant recipient of credit who wishes to enter into a credit agreement to a person (“P”) with a view to P entering into by way of business as lender a regulated credit agreement (or an agreement which would be a regulated credit agreement but for any of the relevant provisions);beffecting an introduction of an individual or relevant recipient of credit who wishes to enter into a consumer hire agreement to a person (“P”) with a view to P entering into by way of business as owner a regulated consumer hire agreement or an agreement which would be a regulated consumer hire agreement but for article 60O (exempt agreements: exemptions relating to the nature of the agreement) or 60Q (exempt agreements: exemptions relating to the nature of the hirer);ceffecting an introduction of an individual or relevant recipient of credit who wishes to enter into a credit agreement or consumer hire agreement (as the case may be) to a person who carries on an activity of the kind specified in sub-paragraph (a) or (b) by way of business;dpresenting or offering an agreement which would (if entered into) be a regulated credit agreement (or an agreement which would be a regulated credit agreement but for any of the relevant provisions);eassisting an individual or relevant recipient of credit by undertaking preparatory work with a view to that person entering into a regulated credit agreement (or an agreement which would be a regulated credit agreement but for any of the relevant provisions);fentering into a regulated credit agreement (or an agreement which would be a regulated credit agreement but for any of the relevant provisions) on behalf of a lender.2Paragraph (1) does not apply in so far as the activity is an activity of the kind specified by article 36H (operating an electronic system in relation to lending).3For the purposes of paragraph (1) it is immaterial whether the credit agreement or consumer hire agreement is subject to the law of a country outside the United Kingdom.4For the purposes of this article, the “relevant provisions” are the following provisions—aarticle 60C (exempt agreements: exemptions relating to the nature of the agreement);barticle 60D (exempt agreements: exemptions relating to the purchase of land for non-residential purposes);carticle 60E (exempt agreements: exemptions relating to the nature of the lender), except for paragraph (5) of that article;darticle 60G (exempt agreements: exemptions relating to the total charge for credit);earticle 60H (exempt agreements: exemptions relating to the nature of the borrower).36B1There are excluded from article 36A activities carried on by an individual by canvassing off trade premises—aa restricted-use credit agreement used to finance a transaction between the lender or a member of the lender’s group and the borrower whether forming part of that agreement or not, orba regulated consumer hire agreement.2But paragraph (1) does not apply if A carries on any other activity of a kind specified by article 36A(1)(a) to (c).3A canvasses a restricted-use credit agreement or a regulated consumer hire agreement off trade premises for the purposes of this article if—aA solicits the entry of an individual or relevant recipient of credit (“B”) into such an agreement by making oral representations to B during a visit by A to any place (not excluded by paragraph (4)) where B is, andbthat visit is made by A for the purpose of making such oral representations.4A place is excluded from paragraph (3) if it is a place where a business is carried on (whether on a permanent or temporary basis) by—athe lender or owner,bthe supplier under the restricted-use credit agreement,cA,da person who employs A or has appointed A as an agent, oreB.36C1There are excluded from sub-paragraphs (d), (e) and (f) of article 36A(1) activities carried on by a person for which that person does not receive a fee.2For the purposes of this article, “fee” includes pecuniary consideration or any other form of financial consideration.36DThere are excluded from article 36A activities in relation to a regulated credit agreement (or an agreement which would be a regulated credit agreement but for the exclusions in articles 60C to 60H) or a regulated consumer hire agreement (or an agreement which would be a regulated consumer hire agreement but for the exclusions in articles 60O to 60Q) into which the person carrying on the activity enters or is to enter as lender or owner.36E1There are excluded from article 36A activities carried on with a view to an individual or a relevant recipient of credit entering into an investment property loan, as defined in article 61A(6) (mortgage contracts which are not regulated mortgage contracts).2There are excluded from article 36A activities of a kind specified by article 25A (arranging regulated mortgage contracts) or 25C (arranging regulated home purchase plans).3There are excluded from article 36A other activities not excluded by paragraph (1) or (2) which consist of effecting an introduction with a view to an individual or relevant recipient of credit entering into a relevant agreement, if the person to whom the introduction is made is an authorised person who has permission to—aenter into such an agreement as lender or home purchase provider (as the case may be), orbmake an introduction to an authorised person who has permission to enter into such an agreement as lender or home purchase provider (as the case may be).4In paragraph (3) “relevant agreement” means a regulated mortgage contract or a regulated home purchase plan.36F1There are excluded from article 36A (credit broking) activities carried on by—aa barrister or advocate acting in that capacity;ba solicitor (within the meaning of the Solicitors Act 1974) in the course of providing advocacy services or litigation services;ca solicitor (within the meaning of the Solicitors (Scotland) Act 1980) in the course of providing advocacy services or litigation services;da solicitor (within the meaning of the Solicitors (Northern Ireland) Order 1976) in the course of providing advocacy services or litigation services;ea relevant person (other than a person falling within sub-paragraph (a) to (d)) in the course of providing advocacy services or litigation services.2In paragraph (1)—“advocacy services” means any services which it would be reasonable to expect a person who is exercising, or contemplating exercising, a right of audience in relation to any proceedings, or contemplated proceedings, to provide for the purpose of those proceedings or contemplated proceedings;“litigation services” means any services which it would be reasonable to expect a person who is exercising, or contemplating exercising, a right to conduct litigation in relation to any proceedings, or contemplated proceedings, to provide for the purpose of those proceedings or contemplated proceedings;“relevant person” means a person who, for the purposes of the Legal Services Act 2007, is an authorised person in relation to an activity which constitutes the exercise of a right of audience or the conduct of litigation (within the meaning of that Act).36FA1There are excluded from article 36A (credit broking) activities carried on by a registered social landlord, for which the registered social landlord does not receive a fee.2The exclusion in paragraph (1) only applies to activities relating to the introduction of an individual who wishes to enter into a credit agreement, to—aa credit union;ba community benefit society;ca community interest company limited by guarantee;da registered charity, or a subsidiary of a registered charity;ea subsidiary of a registered social landlord.3For the purposes of this article, “fee” includes pecuniary consideration or any other form of financial consideration.4In this article—“community benefit society” means a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a registered society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969;“community interest company limited by guarantee” means a community interest company limited by guarantee within the meaning of section 26 of the Companies (Audit, Investigations and Community Enterprise) Act 2004;“credit union” means a credit union within the meaning of—the Credit Unions Act 1979;the Credit Unions (Northern Ireland) Order 1985;“registered charity” meansin England and Wales, a charity registered under section 30(1) of the Charities Act 2011;in Scotland, a charity registered within the meaning of section 13(1) of the Charities and Trustee Investment (Scotland) Act 2005in Northern Ireland, a charity registered under section 16(2) of the Charities Act (Northern Ireland) 2008;“registered social landlord” means—in England, a private registered provider within the meaning of section 80(3) of the Housing and Regeneration Act 2008;in Wales, a registered social landlord within the meaning of Part 1 of the Housing Act 1996;in Scotland, a registered social landlord within the meaning of the Housing (Scotland) Act 2010;in Northern Ireland, a housing association within the meaning of Part 2 of the Housing (Northern Ireland) Order 1992;“subsidiary” means a subsidiary as defined by section 1159 of the Companies Act 2006.36FB1There are excluded from article 36A activities carried on in relation to a regulated deferred payment credit agreement.4In this article—“regulated deferred payment credit agreement” means an agreement—which meets each of the conditions set out in article 60F(2)(a) to (d) (exempt agreements: exemptions relating to number of repayments to be made); andto which paragraph (7A) of that article applies.36GArticle 36A is also subject to the exclusions in articles ... 72G (local authorities) and 72I (registered consumer buy-to-let mortgage firms).Chapter 6B36H1Where the conditions in paragraphs (2), (2A) and (2C) are satisfied, operating an electronic system which enables the operator (“A”) to facilitate persons (“B” and “C”) becoming the lender and borrower under an article 36H agreement is a specified kind of activity.2The condition in this paragraph is that the system operated by A is capable of determining which agreements should be made available to each of B and C (whether in accordance with general instructions provided to A by B or C or otherwise).2AThe condition in this paragraph is that A, or another person (“X”) acting under an arrangement with A or at A’s direction, undertakes to—areceive payments in respect of either interest or capital or both due under the article 36H agreement from C, andbmake payments in respect of either interest or capital or both due under the article 36H agreement to B.2BFor the purposes of paragraph (2A)—aan agreement by A to appoint X to perform the activities in that paragraph is to be treated as an undertaking by A within the meaning of that paragraph;bit is immaterial that—ipayments may be subject to conditions;iiA, or X, may be entitled to retain a portion or the entirety of any payment received from C.2CThe condition in this paragraph is that A, or another person (“X”) acting under an arrangement with A or at A’s direction, undertakes to perform, or A undertakes to appoint or direct another person to perform either or both of the following activities—ataking steps to procure the payment of a debt under the article 36H agreement;bexercising or enforcing rights under the article 36H agreement on behalf of B.2DWhere A carries on an activity of the kind specified in paragraph (1), it is a specified kind of activity for A to operate an electronic system where—athat system enables A to facilitate a person (“B”) assuming the rights of the lender under an article 36H agreement by assignment or operation of law, andbthe conditions in paragraphs (2), (2A) and (2C) are satisfied where C is the borrower under the agreement in sub-paragraph (a).3The following are specified kinds of activities if carried on by A in the course of, or in connection with, the carrying on by A of the activity specified by paragraph (1) or (2D)—apresenting or offering article 36H agreements to either B or C with a view to B becoming the lender under the article 36H agreement or C becoming the borrower under the article 36H agreement,bfurnishing information relevant to the financial standing of a person (“Y”) with a view to assisting in the determination as to whether another person should—ienter into, as the lender, an article 36H agreement with Y, oriiassume the rights of the lender under an article 36H agreement under which Y is the borrower,ctaking steps to procure the payment of a debt due under an article 36H agreement,d taking steps to perform duties, or exercise or enforce rights under an article 36H agreement on behalf of the lender,e taking steps with a view to ascertaining whether a credit information agency (within the meaning given by article 89A(6)) holds information relevant to the financial standing of an individual or relevant person,f taking steps with a view to ascertaining the contents of such information,g taking steps with a view to securing the correction of, the omission of anything from, or the making of any other kind of modification of, such information, ...h taking steps with a view to securing that a credit information agency which holds such information—istops holding the information, oriidoes not provide it to any other person , origiving advice in relation to the taking of any of the steps in sub-paragraphs (e) to (h).4 Subject to article 60C(4C), an “article 36H agreement” is an agreement by which one person provides another person with credit and in relation to which—athe condition in paragraph (4A) is satisfied, andbthe condition in either paragraph (5) or (6) is satisfied, or was satisfied at the time the agreement was entered into.4AThe condition in this paragraph is that A does not provide credit, assume the rights (by assignment or operation of law) of a person who provided credit, or receive credit under the agreement.5The condition in this paragraph is that the lender is an individual or relevant person.6The condition in this paragraph is that the borrower is an individual or relevant person and—athe lender provides the borrower with credit less than or equal to £25,000, orbthe agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.7Paragraphs (5) and (6) of article 60C (exempt agreements: exemptions relating to the nature of the agreement) apply for the purposes of paragraph (6)(b).8It is immaterial for the purposes of this article whether the lender is carrying on a regulated activity.9In this article—“assignment”, in relation to Scotland, means assignation;“borrower” means a person who receives credit under an article 36H agreement or a person to whom the rights and duties of a borrower under such an agreement have passed by assignment or operation of law;“credit” has the meaning given by article 60L;“lender” means—a person providing credit under an article 36H agreement, ora person who by assignment or operation of law has assumed the rights of a person who provided credit under such an agreement;“relevant person” means—a partnership consisting of two or three persons not all of whom are bodies corporate, oran unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership.10For the purposes of the application of section 22(1) of the Act (regulated activities) to an activity of a kind specified by this article, article 88D (credit agreement), and article 73 (investments: general) in so far as it relates to that article, have effect as if the reference to a credit agreement in article 88D includes a reference to an article 36H agreement.36I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36IAThere is excluded from article 36H (operating an electronic system in relation to lending) any activity of a kind specified by article 14 (dealing in investments as principal), 25 (arranging deals in investments), 37 (managing investments) or 53 (advising on investments).36J1For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”), a person (“C”) is only to be regarded as a person who uses, may use, has, may have used or has or may have contemplated using, services provided by authorised persons in carrying on a regulated activity of the kind specified by article 36H or article 64 in so far as relevant to that activity if—aC is, may be, has been or may have been the lender under a relevant agreement and is an individual or relevant person, orbC is, may be, has been or may have been the borrower under a relevant agreement, C is an individual or relevant person and one of the conditions in paragraph (2) is satisfied, orcC meets the following conditions—iC is, was or would be the lender under a relevant agreement, andiiC is not, was not or would not be, as a result, carrying on a regulated activity.2The conditions in this paragraph are that—athe lender provides, provided or would provide the borrower with credit (within the meaning given by article 60L) less than or equal to £25,000, orbthe agreement is not, was not or would not be entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.3Paragraphs (5) and (6) of article 60C (exempt agreements: exemptions relating to the nature of the agreement) apply for the purposes of paragraph (2)(b).4In paragraph (1)—“relevant agreement” means an agreement between one person (“the borrower”) and another person (“the lender”) by which the lender provides the borrower with credit (within the meaning given by article 60L);“relevant person” has the meaning given in article 36H.Chapter VII37Managing assets belonging to another person, in circumstances involving the exercise of discretion, is a specified kind of activity if—athe assets consist of or include any investment which is a security, structured deposit or a contractually based investment; orbthe arrangements for their management are such that the assets may consist of or include such investments, and either the assets have at any time since 29th April 1988 done so, or the arrangements have at any time (whether before or after that date) been held out as arrangements under which the assets would do so.381A person does not carry on an activity of the kind specified by article 37 if—ahe is a person appointed to manage the assets in question under a power of attorney; andball routine or day-to-day decisions, so far as relating to investments of a kind mentioned in article 37(a), are taken on behalf of that person by—ian authorised person with permission to carry on activities of the kind specified by article 37; ...iia person who is an exempt person in relation to activities of that kind ; oriiian overseas person.2 This article is subject to article 4(4).39Article 37 is also subject to the exclusions in articles 66 (trustees etc.), 68 (sale of goods and supply of services), 69 (groups and joint enterprises)..., 72AA (managers of UK UCITS and AIFs) , 72C (provision of information about contracts of insurance on an incidental basis) and 72H (insolvency practitioners).CHAPTER VIIA39AAssisting in the administration and performance of a contract of insurance is a specified kind of activity.39B1A person does not carry on an activity of the kind specified by article 39A if he acts in the course of carrying on the activity of—aexpert appraisal;bloss adjusting on behalf of a relevant insurer; orcmanaging claims on behalf of a relevant insurer,and that activity is carried on in the course of carrying on any profession or business.2In this article—a“relevant insurer” means—ia person who has Part IV permission to carry on an activity of the kind specified by article 10;iia person to whom the general prohibition does not apply by virtue of section 316(1)(a) of the Act (members of the Society of Lloyd's);iii...;oriva relevant reinsurer;b“relevant reinsurer” means a person whose main business consists of accepting risks ceded by—ia person falling within sub-paragraph (i), (ii) or (iii) of the definition of “relevant insurer”; ...ii...; oriiia person established outside the United Kingdom ... who carries on an activity of the kind specified by article 10 by way of business.39CArticle 39A is also subject to the exclusions in articles 66 (trustees etc.), 67 (profession or non-investment business)..., 72B (activities carried on by a provider of relevant goods or services), 72C (provision of information about contracts of insurance on an incidental basis) , 72AA (managers of UK UCITS and AIFs) , 72D (large risks contracts where risk situated outside the United Kingdom), 72G (local authorities) and 72H (insolvency practitioners)).Chapter 7B39D1When carried on in relation to debts due under a credit agreement—anegotiating with the lender, on behalf of the borrower, terms for the discharge of a debt,btaking over, in return for payments by the borrower, that person’s obligation to discharge a debt, orcany similar activity concerned with the liquidation of a debt,is a specified kind of activity.2When carried on in relation to debts due under a consumer hire agreement—anegotiating with the owner, on behalf of the hirer, terms for the discharge of a debt,btaking over, in return for payments by the hirer, that person’s obligation to discharge a debt, orcany similar activity concerned with the liquidation of a debt,is a specified kind of activity.39E1Giving advice to a borrower about the liquidation of a debt due under a credit agreement is a specified kind of activity.2Giving advice to a hirer about the liquidation of a debt due under a consumer hire agreement is a specified kind of activity.39F1Taking steps to procure the payment of a debt due under a credit agreement or a relevant article 36H agreement is a specified kind of activity.2Taking steps to procure the payment of a debt due under a consumer hire agreement is a specified kind of activity.3Paragraph (1) does not apply in so far as the activity is an activity of the kind specified by article 36H (operating an electronic system in relation to lending).4In this article, “relevant article 36H agreement” means an article 36H agreement (within the meaning of article 36H) which has been entered into with the facilitation of an authorised person with permission to carry on a regulated activity of the kind specified by that article.39G1Subject to paragraph (3), taking steps—ato perform duties under a credit agreement or relevant article 36H agreement on behalf of the lender, orbto exercise or enforce rights under such an agreement on behalf of the lender,is a specified kind of activity2Subject to paragraph (3), taking steps—ato perform duties under a consumer hire agreement on behalf of the owner, orbto exercise or enforce rights under such an agreement on behalf of the owner,is a specified kind of activity.3Paragraphs (1) and (2) do not apply in so far as the activity is an activity of the kind specified by article 36H (operating an electronic system in relation to lending) or article 39F (debt-collecting).4In this article, “relevant article 36H agreement” means an article 36H agreement (within the meaning of article 36H) which has been entered into with the facilitation of an authorised person with permission to carry on a regulated activity of the kind specified by that article.39H1There are excluded from articles 39D(1), 39E(1) and 39F(1) activities carried on by a person who is—athe lender under the agreement,bthe supplier in relation to that agreement,ca person carrying on an activity of the kind specified by article 36A by way of business and who has acquired the business of the person who was the supplier in relation to the agreement, orda person who would be carrying on an activity of the kind specified by article 36A by way of business but for the exclusion in article 36B where the agreement was made in consequence of an introduction (by that person or another person) to which article 36B applies.1AIn so far as it applies to article 39F(1), the exclusion in paragraph (1)(a) does not apply to a lender under a credit agreement which is an exempt agreement by virtue of article 60C(4A).2There are excluded from articles 39D(2), 39E(2) and 39F(2) activities carried on by a person who is—athe owner under the consumer hire agreement, orba person who would be carrying on an activity of the kind specified by article 36A by way of business but for the exclusion in article 36B where the agreement was made in consequence of an introduction (by that person or another person) to which article 36B applies.3There is excluded from article 39G(1) steps taken under or in relation to an agreement by a person who is, in relation to that agreement, a person falling within paragraph (1)(a) to (d).4There is excluded from article 39G(2) steps taken under or in relation to a consumer hire agreement by a person who is, in relation to that agreement, a person falling within paragraph (2)(a) or (b).5In paragraph (1), “supplier”, in relation to an agreement, means—aa person, other than the lender, whose transaction with the borrower is, or is to be, financed by the agreement, orba person to whom the rights and duties of a person falling within sub-paragraph (a) have been passed by assignment or operation of law.39I1There are excluded from articles 39D, 39E, 39F and 39G activities carried on by a relevant energy supplier acting in that capacity in relation to debts due under a green deal plan associated with the supplier.2A green deal plan is associated with a supplier if the payments under the plan are to be made to the supplier.3In this article—a“green deal plan” has the meaning given by section 1 of the Energy Act 2011;b“relevant energy supplier” has the meaning given in regulations made for the purpose of section 2(9) of that Act the Energy Act 2011.39JThere is excluded from articles 39D, 39E, 39F and 39G any activity that relates to a regulated mortgage contract or a regulated home purchase plan to the extent that the activity constitutes an activity of the kind specified by a provision of Part 2 of this Order other than articles 39D, 39E, 39F and 39G, where entering into that contract as lender constitutes an activity of the kind specified by article 61 or entering into that plan as home purchase provider constitutes an activity of the kind under article 63F.39K1There are excluded from articles 39D, 39E, 39F and 39G activities carried on by—aa barrister or advocate acting in that capacity;ba solicitor (within the meaning of the Solicitors Act 1974) in the course of providing advocacy services or litigation services;ca solicitor (within the meaning of the Solicitors (Scotland) Act 1980) in the course of providing advocacy services or litigation services;da solicitor (within the meaning of the Solicitors (Northern Ireland) Order 1976) in the course of providing advocacy services or litigation services;ea relevant person (other than a person falling within sub-paragraph (a) to (d)) in the course of providing advocacy services or litigation services.2In paragraph (1)—“advocacy services” means any services which it would be reasonable to expect a person who is exercising, or contemplating exercising, a right of audience in relation to any proceedings, or contemplated proceedings, to provide for the purpose of those proceedings or contemplated proceedings;“litigation services” means any services which it would be reasonable to expect a person who is exercising, or contemplating exercising, a right to conduct litigation in relation to any proceedings, or contemplated proceedings, to provide for the purpose of those proceedings or contemplated proceedings;“relevant person” means a person who, for the purposes of the Legal Services Act 2007, is an authorised person in relation to an activity which constitutes the exercise of a right of audience or the conduct of litigation (within the meaning of that Act).39KA1There are excluded from article 39E activities carried on by reason of providing pensions guidance ....2For the purposes of paragraph (1), pensions guidance means—ainformation or guidance provided by the Money and Pensions Service in carrying out its pensions guidance function (see section 3 of the Financial Guidance and Claims Act 2018);binformation or guidance provided by another person with whom arrangements under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018 are made to carry out the Money and Pensions Service’s pensions guidance function.39LArticles 39D, 39E, 39F and 39G are also subject to the exclusions in ..., article 72G (local authorities) and article 72H (insolvency practitioners).39M1For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”), in so far as those provisions relate to a person (“A”) carrying on a regulated activity of the kind specified by article 39F (debt-collecting) or 39G (debt administration), or article 64 (agreeing to carry on specified kinds of activity) so far as relevant to that activity the following are to be treated as a “consumer”—athe borrower under the agreement or the hirer under the consumer hire agreement;bsomeone who has been the borrower or hirer under that agreement;ca person who is treated by A as a person falling within sub-paragraph (a) or (b).2For the purposes of section 328(8) of the Act (meaning of “clients”) in so far as that provision relates to a person (“A”) carrying on a regulated activity of the kind specified by article 39F or 39G, the following are to be treated as a “client”—athe borrower under the agreement or the hirer under the consumer hire agreement;bsomeone who has been the borrower or hirer under that agreement;ca person who is treated by A as a person falling within sub-paragraph (a) or (b).3In this article, “borrower” includes (in addition to those persons included in the definition in article 60L)—aany person providing a guarantee or indemnity under the agreement, andba person to whom the rights and duties of a person falling within sub-paragraph (a) have passed by assignment or operation of law.Chapter VIII401The activity consisting of both—athe safeguarding of assets belonging to another, andbthe administration of those assets,or arranging for one or more other persons to carry on that activity, is a specified kind of activity if the condition in sub-paragraph (a) or (b) of paragraph (2) is met.2The condition is that—athe assets consist of or include any investment which is a security or a contractually based investment; orbthe arrangements for their safeguarding and administration are such that the assets may consist of or include such investments, and either the assets have at any time since 1st June 1997 done so, or the arrangements have at any time (whether before or after that date) been held out as ones under which such investments would be safeguarded and administered.3For the purposes of this article—ait is immaterial that title to the assets safeguarded and administered is held in uncertificated form;bit is immaterial that the assets safeguarded and administered may be transferred to another person, subject to a commitment by the person safeguarding and administering them, or arranging for their safeguarding and administration, that they will be replaced by equivalent assets at some future date or when so requested by the person to whom they belong.4For the purposes of this article, references to “assets” do not include—aqualifying cryptoassets, orbrelevant specified investment cryptoassets.411There are excluded from article 40 any activities which a person carries on pursuant to arrangements which—aare ones under which a qualifying custodian undertakes to the person to whom the assets belong a responsibility in respect of the assets which is no less onerous than the qualifying custodian would have if the qualifying custodian were safeguarding and administering the assets; andbare operated by the qualifying custodian in the course of carrying on in the United Kingdom an activity of the kind specified by article 40.2In paragraph (1), “qualifying custodian" means a person who is—aan authorised person who has permission to carry on an activity of the kind specified by article 40, orban exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt.421There are excluded from article 40 any arrangements pursuant to which introductions are made by a person (“P") to a qualifying custodian with a view to the qualifying custodian providing in the United Kingdom a service comprising an activity of the kind specified by article 40, where the qualifying person (or other person who is to safeguard and administer the assets in question) is not connected with P.2For the purposes of paragraph (1)—a“qualifying custodian" has the meaning given by article 41(2); andba person is connected with P if either he is a member of the same group as P, or P is remunerated by him.42AA person does not carry on an activity of the kind specified by article 40 article 9N or 40 if the person carries on the activity in relation to—aa UK UCITS, and the person has a Part 4A permission to carry on the activity specified in article 51ZB in respect of that UCITS; orban AIF, and the person has a Part 4A permission to carry on the activity specified in article 51ZD in respect of that AIF.43The following activities do not constitute the administration of assets for the purposes of article 40—aproviding information as to the number of units or the value of any assets safeguarded;bconverting currency;creceiving documents relating to an investment solely for the purpose of onward transmission to, from or at the direction of the person to whom the investment belongs.44Article 40 is also subject to the exclusions in articles 66 (trustees etc.), 67 (profession or non-investment business), 68 (sale of goods and supply of services), 69 (groups and joint enterprises), 71 (employee share schemes)..., 72AA (managers of UK UCITS and AIFs) , 72C (provisions of information about contracts of insurance on an incidental basis) and 72H (insolvency practitioners).Chapter IX451Sending, on behalf of another person, dematerialised instructions relating to a security or a contractually based investment is a specified kind of activity, where those instructions are sent by means of a relevant system within the meaning of the 2001 Regulations.2Causing dematerialised instructions relating to a security or a contractually based investment to be sent on behalf of another person by means of such a system is also a specified kind of activity where the person causing them to be sent is a system-participant.3In this Chapter—a“the 2001 Regulations” means the Uncertificated Securities Regulations 2001;b“dematerialised instruction", ..., “settlement bank" and “system-participant" have the meaning given by regulation 3 of the 2001 Regulations.46There is excluded from article 45 the act of sending, or causing to be sent, a dematerialised instruction where the person on whose behalf the instruction is sent or caused to be sent is a participating issuer within the meaning of the 2001 Regulations.47There is excluded from article 45 the act of sending, or causing to be sent, a dematerialised instruction where the person on whose behalf the instruction is sent or caused to be sent is a settlement bank in its capacity as such.481There is excluded from article 45 of the act of sending, or causing to be sent, a dematerialised instruction where the person on whose behalf the instruction is sent or caused to be sent is an offeror making a takeover offer.2In this article—a“offeror" means, in the case of a takeover offer made by two or more persons jointly, the joint offers or any of them;b“takeover offer" means—ian offer to acquire shares (which in this sub-paragraph has the same meaning as in section 974 of the Companies Act 2006) in a body corporate incorporated in the United Kingdom which is a takeover offer within the meaning of Chapter 3 of Part 28 of that Act (or would be such an offer if that Part of that Act applied in relation to any body corporate);iian offer to acquire all or substantially all the shares, or all the shares of a particular class, in a body corporate incorporated outside the United Kingdom; oriiian offer made to all the holders of shares, or shares of a particular class, in a body corporate to acquire a specified proportion of those shares;but in determining whether an offer falls within paragraph (ii) there are to be disregarded any shares which the offeror or any associate of his (within the meaning of section 988 of the Companies Act 2006) holds or has contracted to acquire; and in determining whether an offer falls within paragraph (iii) the offeror, any such associate and any person whose shares the offeror or any such associate has contracted to acquire is not to be regarded as a holder of shares.49There is excluded from article 45 the act of sending, or causing to be sent, a dematerialised instruction as a necessary part of providing a network, the purpose of which is to carry dematerialised instructions which are at all time properly authenticated (within the meaning of the 2001 Regulations).50Article 45 is also subject to the exclusions in articles 66 (trustees etc.), 69 (groups and joint enterprises)... , 72AA (managers of UK UCITS and AIFs) and 72H (insolvency practitioners).Chapter X51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51ZA1Managing a UK UCITS is a specified kind of activity.2A person manages a UK UCITS when the person carries on collective portfolio management of it.2AIn paragraph (2) “collective portfolio management” includes investment management, administration and marketing; and “administration” here means—alegal and fund management accounting services;bcustomer inquiries;cvaluation and pricing (including tax returns);dregulatory compliance monitoring;emaintenance of unit-holder register;fdistribution of income;gunit issues and redemptions;hcontract settlements (including certificate dispatch);irecord keeping.”.3If a person manages a UK UCITS and also carries on other activities in connection with or for the purposes of the management of that UCITS, such other activities are also included in the activity specified in paragraph (1).51ZB1Acting as—athe trustee of an authorised unit trust scheme, orbthe depositary of an open-ended investment company or authorised contractual scheme,where the scheme or company is a UK UCITS, is a specified kind of activity.2In paragraph (1), “authorised contractual scheme”, “authorised unit trust scheme”, “trustee” and “depositary” have the meanings given by section 237 of the Act (other definitions).51ZC1Managing an AIF is a specified kind of activity.2A person manages an AIF when the person performs at least risk management or portfolio management for the AIF.3A person does not manage an AIF if the functions they perform for the AIF have been delegated to it by another person, provided that such other person is not an AIFM that has delegated such functions to the extent that it is a letter-box entity.4Paragraph (5) applies if a person manages an AIF, and also carries on—aone or more of the additional activities listed in paragraph 2 of Annex 1 to the alternative investment fund managers directive (the text of which is set out in Schedule 7) for that AIF; orbone or more other activities in connection with or for the purposes of the management of that AIF.5The additional or other activities are included in the activity specified in paragraph (1).6Any expression used in this article which is not defined in this Order and is used in the alternative investment fund managers directive has the same meaning as in that directive.51ZD1Acting as—athe depositary of an AIF falling within paragraph (2),bthe trustee of an authorised unit trust scheme which is an AIF that does not fall within paragraph (2), orcthe depositary of an open-ended investment company or authorised contractual scheme which is an AIF that does not fall within paragraph (2),is a specified kind of activity.2An AIF falls within this paragraph if it is—aan AIF managed by a full-scope UK AIFM; ...b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3In paragraph (1)(a) “depositary” means—aa person appointed as a depositary by the AIFM in compliance with a requirement imposed by rule 3.11.10, 3.11.12 or 3.11.33 of the Investment Funds sourcebook; orban Article 36 custodian as defined in regulation 57(5)(a) of the Alternative Investment Fund Managers Regulations 2013.4In paragraph (1)(b) “authorised unit trust scheme” and “trustee” have the meanings given by section 237 of the Act.5In paragraph (1)(c) “authorised contractual scheme” and “depositary” have the meanings given by section 237 of the Act.6Until 22nd July 2017, an AIF also falls within paragraph (2) if the FCA or an authority in another EEA State has permitted a person with its registered office or a branch in the United Kingdom to be appointed as a depositary of the AIF in accordance with Article 61.5 of the alternative investment fund managers directive.51ZEEstablishing, operating or winding up a collective investment scheme is a specified kind of activity.51ZFThere is excluded from article 51ZC the activity of managing an AIF if the person carrying on the activity is listed or described in Schedule 8.51ZG1A person does not carry on an activity of the kind specified by article 51ZE if the person carries on the activity—ain relation to a UK UCITS, and—iat the time the person carries on the activity, the UCITS is managed by a person with a Part 4A permission to carry on the activity specified by article 51ZA in respect of that UCITS; oriino more than the permitted period has passed since the UCITS was managed by a person with such a Part 4A permission; orbin relation to an AIF, and—iat the time the person carries on the activity, the AIF is managed by—aaa person with a Part 4A permission to carry on the activity specified by article 51ZC in respect of that AIF; orbba person registered as a small registered UK AIFM because the conditions in regulation 10(4) of the Alternative Investment Fund Managers Regulations 2013 are met in respect of that AIF; oriino more than the permitted period has passed since the AIF was managed by a person with such a Part 4A permission or registration.2In this article “the permitted period” means a period calculated as follows—asubject to sub-paragraphs (b) and (c), the period is 30 days;bif, before the end of the period, the FCA receives notice of the action being taken to appoint a person with a Part 4A permission or registration to manage the UK UCITS or the AIF, the period is extended by a further 30 days, and may be so extended a second time;cif, before the end of the period calculated in accordance with sub-paragraphs (a) and (b), the FCA receives notice of a proposal in respect of the UK UCITS or the AIF for a new manager under section 251(3) of the Act, a new operator under section 261Q(5) of the Act or a new director under regulation 21(1)(e) of the Open-Ended Investment Company Regulations 2001, the period is further extended until the earlier of—ithe date on which the FCA gives written notice of its approval to the proposal;iithe date on which the FCA gives a decision notice refusing the proposal; oriiione month after the date on which notice of the proposal was given.51AArticles 51ZA, 51ZB, 51ZC, 51ZD, and 51ZE are also subject to the exclusions in articles 72AA (managers of UK UCITS and AIFs) and 72H (insolvency practitioners).Chapter XI52The following are specified kinds of activity—aestablishing, operating or winding up a stakeholder pension scheme;bestablishing, operating or winding up a personal pension scheme.52AArticle 52 is subject to the exclusions in articles 72AA (managers of UK UCITS and AIFs) and 72H (insolvency practitioners).CHAPTER XIA52B1Providing basic advice to a retail consumer on a stakeholder product is a specified kind of activity.2For the purposes of paragraph (1), a person (“P”) provides basic advice when—ahe asks a retail consumer questions to enable him to assess whether a stakeholder product is appropriate for that consumer; andbrelying on the information provided by the retail consumer P assesses that a stakeholder product is appropriate for the retail consumer and—idescribes that product to that consumer;iigives a recommendation of that product to that consumer; andcthe retail consumer has indicated to P that he has understood the description and the recommendation in sub-paragraph (b).3In this article—“retail consumer” means any person who is advised by P on the merits of opening or buying a stakeholder product in the course of a business carried on by P and who does not receive the advice in the course of a business carried on by him;“stakeholder product” means—an account which qualifies as a stakeholder child trust fund within the meaning given by the Child Trust Funds Regulations 2004;rights under a stakeholder pension scheme;“relevant stakeholder pension scheme” means a stakeholder pension scheme within the meaning given by section 1 of the Welfare Reform and Pensions Act 1999 and which is subject to lifestyling, and“lifestyling” means the process, applied from a date at least five years before the member’s retirement date, or, in the case of a member who joins the scheme less than five years before his retirement date, immediately after he becomes a member, and continuing until the member’s retirement date, by which an investment strategy is adopted by the trustees or manager which aims progressively to minimise the variation or potential variation in the value of the member’s rights caused by market conditions from time to time, and the words “member” and “scheme” have the same meaning as they have in the Welfare Reform and Pensions Act 1999;an investment of a kind specified in regulations made by the Treasury.52C1A person does not carry on an activity of the kind specified in article 52B by reason of providing pensions guidance ....2For the purposes of paragraph (1), pensions guidance means—ainformation or guidance provided by the Money and Pensions Service in carrying out its pensions guidance function (see section 3 of the Financial Guidance and Claims Act 2018);binformation or guidance provided by another person with whom arrangements under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018 are made to carry out the Money and Pensions Service’s pensions guidance function.Chapter XII53 1 Advising a person is a specified kind of activity if the advice is—agiven to the person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor; andbadvice on the merits of his doing any of the following (whether as principal or agent)—ibuying, selling, subscribing for, exchanging, redeeming, holding or underwriting a particular investment which is a security, structured deposit or a relevant investment, oriiexercising or not exercising any right conferred by such an investment to buy, sell, subscribe for, exchange or redeem such an investment.1AParagraph (1) does not apply to a person who is appropriately authorised except to the extent that they are providing a personal recommendation.1BA person is appropriately authorised when they are authorised for the purposes of the Act to carry on an activity of a kind specified by a provision of this Order which is not the activity specified by paragraph (1) and is not the activity of agreeing to carry on the activity specified by paragraph (1).1CSubject to paragraph (1D), a personal recommendation is a recommendation–amade to a person in their capacity as an investor or potential investor, or in their capacity as agent for an investor or a potential investor;bwhich constitutes a recommendation to them to do any of the following (whether as principal or agent)–ibuy, sell, subscribe for, exchange, redeem, hold or underwrite a particular investment which is a security, structured deposit or a relevant investment; oriiexercise or not exercise any right conferred by such an investment to buy, sell, subscribe for, exchange or redeem such an investment; andcthat is–ipresented as suitable for the person to whom it is made; oriibased on a consideration of the circumstances of that person.1DA recommendation is not a personal recommendation if it is issued exclusively to the public.2Advising a person is a specified kind of activity if the advice is—agiven to the person in that person’s capacity as a lender or potential lender under a relevant article 36H agreement, or in that person’s capacity as an agent for a lender or potential lender under such an agreement; andbadvice on the merits of that person doing any of the following (whether as principal or agent)—ientering into a relevant article 36H agreement as a lender or assuming the rights of a lender under such an agreement by assignment or operation of law,iiproviding instructions to an operator with a view to entering into a relevant article 36H agreement as a lender or assuming the rights of a lender under such an agreement by assignment or operation of law, where the instructions involve—aaaccepting particular parameters for the terms of the agreement presented by an operator,bbchoosing between options governing the parameters of the terms of the agreement presented by an operator, orccspecifying the parameters of the terms of the agreement by other means,iiienforcing or exercising the lender’s rights under a relevant article 36H agreement, orivassigning rights under a relevant article 36H agreement.3Paragraph (2) does not apply in so far as—athe advice is given in relation to a relevant article 36H agreement which has been facilitated by the person giving the advice, in the course of carrying on an activity of a kind specified by article 36H and is given by—ian authorised person with permission to carry on a regulated activity of the kind specified by article 36H(1) (operating an electronic system in relation to lending),iian appointed representative in relation to that activity,iiian exempt person in relation to that activity, oriva person to whom, as a result of Part 20 of the Act, the general prohibition does not apply in relation to that activity;bthe advice is given in the course of carrying on an activity of a kind specified by article 39F (debt-collecting) by a person carrying on that activity not in contravention of the general prohibition; orcthe advice is given in the course of carrying on an activity of a kind specified by article 39G (debt administration) by a person carrying on that activity not in contravention of the general prohibition.4In this article—“operator” means a person carrying on an activity of the kind specified by article 36H(1) or (2D), and“relevant article 36H agreement” means an article 36H agreement (within the meaning of article 36H (operating an electronic system in relation to lending)) which has been, or may be, entered into with the facilitation of a person carrying on an activity of the kind specified by article 36H(1) or (2D).5For the purposes of the application of section 22(1) of the Act (regulated activities) to an activity of a kind specified by paragraph (2) of this article, article 88D (credit agreement), and article 73 (investments: general) in so far as it relates to that article, have effect as if the reference to a credit agreement in article 88D includes a reference to a relevant article 36H agreement.53A1Advising a person is a specified kind of activity if the advice—ais given to the person in his capacity as a borrower or potential borrower; andbis advice on the merits of his doing any of the following—ientering into a particular regulated mortgage contract, oriivarying the terms of a regulated mortgage contract falling within paragraph (1A) entered into by him ... in such a way as to vary his obligations under that contract.1AA regulated mortgage contract falls within this paragraph if—athe contract was entered into on or after 31st October 2004; orbthe contract—iwas entered into before 31st October 2004; andiiwas a regulated credit agreement immediately before 21st March 2016.2In this article, “borrower” has the meaning given by article 61(3)(a)(i).53BAdvising a person is a specified kind of activity if the advice—ais given to the person in his capacity as—ia reversion seller or potential reversion seller, oriia plan provider or potential plan provider; andbis advice on the merits of his doing either of the following—ientering into a particular regulated home reversion plan, oriivarying the terms of a regulated home reversion plan, entered into on or after 6th April 2007 by him, in such a way as to vary his obligations under that plan.53CAdvising a person is a specified kind of activity if the advice—ais given to the person in his capacity as a home purchaser or potential home purchaser; andbis advice on the merits of his doing either of the following—ientering into a particular regulated home purchase plan, oriivarying the terms of a regulated home purchase plan, entered into on or after 6th April 2007 by him, in such a way as to vary his obligations under that plan.53DAdvising a person is a specified kind of activity if the advice—ais given to the person (“A”) in A’s capacity as—ian agreement seller or potential agreement seller, oriian agreement provider or potential agreement provider; andbis advice on the merits of A doing either of the following—ientering into a particular regulated sale and rent back agreement; oriivarying the terms of a regulated sale and rent back agreement entered into on or after 1st July 2009 by A as agreement seller or agreement provider, in such a way so as to vary A’s obligations under that agreement.53DA1Advising a person (“P”) is a specified kind of activity if—athe advice is given to P in P's capacity as a recipient of credit, or potential recipient of credit, under a regulated credit agreement;bP intends to use the credit to acquire or retain property rights in land or in an existing or projected building; andcthe advice consists of the provision of personal recommendations to P in respect of one or more transactions relating to regulated credit agreements entered into, or to be entered into, on or after 21st March 2016.2In this article—aa reference to any land or building—iin 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;iiin 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).53E1Advising a person (“P”) is a specified kind of activity if—athe advice is given to P in P’s capacity as—ia member of a pension scheme; oriia survivor of a member of a pension scheme;bP has subsisting rights in respect of any safeguarded benefits; andcthe advice is advice on the merits of P requiring the trustee or manager of the pension scheme to—iconvert any of the safeguarded benefits into different benefits that are flexible benefits under the scheme;iimake a transfer payment in respect of any of the safeguarded benefits with a view to acquiring a right or entitlement to flexible benefits for P under another pension scheme; oriiipay a lump sum that would be an uncrystallised funds pension lump sum in respect of any of the safeguarded benefits.2In this article—“flexible benefit” means—a money purchase benefit;a cash balance benefit; ora benefit, other than a money purchase benefit or cash balance benefit, calculated by reference to an amount available for the provision of benefits to or in respect of the member (whether the amount so available is calculated by reference to payments made by the member or any other person in respect of the member or any other factor);“pension scheme” has the meaning given by section 1(5) of the Pension Schemes Act 1993 or section 1(5) of the Pension Schemes (Northern Ireland) Act 1993;“safeguarded benefits” means benefits other than—money purchase benefits; andcash balance benefits;“subsisting right”—in relation to a member of a pension scheme, means—any right which has accrued to or in respect of the member to future benefits under the scheme; orany entitlement to benefits under the scheme; andin relation to a survivor of a member of a pension scheme means any right to future benefits, or entitlement to benefits, which the survivor has under the scheme in respect of the member;“survivor”, in relation to a member of a pension scheme, means a person who has survived the member and has a right to future benefits, or is entitled to benefits, under the scheme in respect of the member;“trustees or managers” means—in relation to a scheme established under a trust, the trustees; andin relation to any other scheme, the managers; and“uncrystallised funds pension lump sum” has the meaning given by paragraph 4A of Schedule 29 to the Finance Act 2004.3Paragraphs (4) to (9) apply for the interpretation of “flexible benefit” and “safeguarded benefits”.4“Cash balance benefit”, in relation to a member of a pension scheme or a survivor of a member, means a benefit calculated by reference to an amount available for the provision of benefits to or in respect of the member (“the available amount”) where there is a promise about that amount.5But a benefit is not a “cash balance benefit” if, under the scheme—aa pension may be provided from the available amount to or in respect of the member; andbthere is a promise about the rate of that pension.6The promise mentioned in paragraph (4) includes, in particular, a promise about the change in the value of, or the return from, payments made by the member or any other person in respect of the member.7The promise mentioned in paragraph (5)(b) includes a promise that—athe available amount will be sufficient to provide a pension of a particular rate;bthe rate of a pension will represent a particular proportion of the available amount.8A benefit is not excluded from the definition of “cash balance benefit” by paragraph (5) merely because under the scheme there is a promise that—athe rate or amount of the benefit payable in respect of a deceased member will be a particular proportion of the rate or amount of the benefit which was (or would have been) payable to the member; orbthe amount of a lump sum payable to a member, or in respect of a deceased member, will represent a particular proportion of the available amount.9“Money purchase benefits”—ain relation to a pension scheme governed by the law of England and Wales or Scotland, has the meaning given by section 181 of the Pension Schemes Act 1993; andbin relation to a pensions scheme governed by the law of Northern Ireland, has the meaning given by section 176 of the Pension Schemes (Northern Ireland) Act 1993.541There is excluded from articles 53, 53A, 53B , 53C , 53D , 53DA and 53E the giving of advice in writing or other legible form if the advice is contained in a newspaper, journal, magazine, or other periodical publication, or is given by way of a service comprising regularly updated news or information, if the principal purpose of the publication or service, taken as a whole and including any advertisements or other promotional material contained in it, is neither—athat of giving advice of a kind mentioned in article 53 , 53A, 53B , 53C , 53D , 53DA or 53E, as the case may be; norbthat of leading or enabling persons—ito buy, sell, subscribe for or underwrite securities , structured deposits, or relevant investments, or (as the case may be),iato enter into a relevant article 36H agreement (within the meaning of that article) as a lender, to assume the rights of a lender under such an agreement by assignment or operation of law, or to assign rights under such an agreement,iito enter as borrower into regulated mortgage contracts, or vary the terms of regulated mortgage contracts entered into by them as borrower;iiito enter as reversion seller or plan provider into regulated home reversion plans, or vary the terms of regulated home reversion plans entered into by them as reversion seller or plan provider,ivto enter as home purchaser into regulated home purchase plans, or vary the terms of regulated home purchase plans entered into by them as home purchaser ;vto enter as agreement seller or agreement provider into regulated sale and rent back agreements, or vary the terms of regulated sale and rent back agreements entered into by them as agreement seller or agreement provider;vato enter as a recipient of credit into a regulated credit agreement the purpose of which is to acquire or retain property rights in land in the United Kingdom or in an existing or projected building in the United Kingdom,vito require the trustee or manager of a pension scheme to take any of the actions referred to in article 53E(1)(c).2There is also excluded from articles 53, 53A, 53B , 53C , 53D , 53DA and 53E the giving of advice in any service consisting of the broadcast or transmission of television or radio programmes, if the principal purpose of the service, taken as a whole and including any advertisements or other promotional material contained in it, is neither of those mentioned in paragraph (1)(a) and (b).2AParagraphs (1) and (2) do not apply to advice which is a personal recommendation falling within article 53(1A).3The FCA may, on the application of the proprietor of any such publication or service as is mentioned in paragraph (1) or (2), certify that it is of the nature described in that paragraph, and may revoke any such certificate if it considers that it is no longer justified.4A certificate given under paragraph (3) and not revoked is conclusive evidence of the matters certified.54A1A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 53A by reason of—aanything done by an authorised person (“B”) in relation to a regulated mortgage contract which B is administering pursuant to arrangements of the kind mentioned in article 62(a); orbanything A does in connection with the administration of a regulated mortgage contract in circumstances falling within article 62(b).2A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 53B by reason of—aanything done by an authorised person (“B”) in relation to a regulated home reversion plan which B is administering pursuant to arrangements of the kind mentioned in article 63C(a); orbanything A does in connection with the administration of a regulated home reversion plan in circumstances falling within article 63C(b).3A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 53C by reason of—aanything done by an authorised person (“B”) in relation to a regulated home purchase plan which B is administering pursuant to arrangements of the kind mentioned in article 63G(a); orbanything A does in connection with the administration of a regulated home purchase plan in circumstances falling within article 63G(b).4A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 53D by reason ofaanything done by an authorised person (“B”) in relation to a regulated sale and rent back agreement which B is administering pursuant to arrangements of the kind mentioned in article 63K(a); orbanything A does in connection with the administration of a regulated sale and rent back agreement in circumstances falling within article 63K(b).5A person who is not an authorised person (“A”) does not carry on an activity of the kind specified by article 53DA by reason of—aanything done by an authorised person (“B”) in relation to a regulated credit agreement which B is administering pursuant to arrangements of the kind mentioned in article 60I(a) (arranging administration by authorised person); orbanything A does in connection with the administration of a regulated credit agreement in circumstances falling within article 60I(b).54B1A person does not carry on an activity of the kind specified in article 53, 53A, 53B, 53C or 53D , 53D or 55A by reason of providing pensions guidance ....2For the purposes of paragraph (1), pensions guidance means—ainformation or guidance provided by the Money and Pensions Service in carrying out its pensions guidance function (see section 3 of the Financial Guidance and Claims Act 2018);binformation or guidance provided by another person with whom arrangements under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018 are made to carry out the Money and Pensions Service’s pensions guidance function.551Article 53 is also subject to the exclusions in articles 66 (trustees etc.), 67, (profession or non-investment business), 68 (sale of goods and supply of services), 69 (groups and joint enterprises), 70 (sale of body corporate) , 72 (overseas persons)... 72B (activities carried on by a provider of relevant goods or services) , 72AA (managers of UK UCITS and AIFs) , 72D (large risks contracts where risk situated outside the United Kingdom), 72G (local authorities) and 72H (insolvency practitioners).1AArticle 53 is also subject to article 55A(2).2 Articles 53A, 53B , 53C, 53D and 53DA are also subject to the exclusions in articles 66 (trustees etc.), 67 (profession or non-investment business) ..., 72AA (managers of UK UCITS and AIFs) , 72G (local authorities) and 72I (registered consumer buy-to-let mortgage firms).Chapter 12A55A1Providing targeted support is a specified kind of activity.2Where a person provides targeted support they are not advising an individual for the purposes of article 53 (advising on investments).3For the purposes of paragraphs (1) and (2), a person (“P”) provides targeted support when—aP uses information about an individual to group the individual with other individuals in a group who share—isimilar characteristics;iisimilar circumstances; oriiisimilar characteristics and similar circumstances;bP makes a recommendation which—iis provided to the individual;iiconstitutes a recommendation for the individual to do or not do any of the following—aabuy, sell, subscribe for, exchange, redeem, hold or underwrite a particular investment which is a security, structured deposit or a relevant investment; orbbexercise any right conferred by such an investment to buy, sell, subscribe for, exchange or redeem such an investment; andiiiis presented as suitable for the individual on the basis of the individual being in the group; andcP makes a statement to the individual in accordance with paragraphs (4) and (5).4The statement made by P must specify—athat the recommendation is not based on a comprehensive consideration by P of the individual’s characteristics or circumstances;bthat the recommendation is not specific to the individual; andcthe characteristics, or circumstances, or both if applicable, of the group which P has used as the basis for the recommendation.5The statement must be made by P at the same time as the recommendation is made to the individual.6In this article, “the group” means the group of individuals referred to in paragraph (3)(a).Chapter XIII56Advising a person to become, or continue or cease to be, a member of a particular Lloyd’s syndicate is a specified kind of activity.57Managing the underwriting capacity of a Lloyd’s syndicate as a managing agent at Lloyd’s is a specified kind of activity.58The arranging, by the society incorporated by Lloyd’s Act 1871 by the name of Lloyd’s, of deals in contracts of insurance written at Lloyd’s, is a specified kind of activity.58AArticles 56 to 58 are subject to the exclusion in ... article 72AA (managers of UK UCITS and AIFs).Chapter XIV591Entering as provider into a funeral plan contract is a specified kind of activity.1A Carrying out a funeral plan contract as provider is a specified kind of activity.2A “funeral plan contract" is a contract ... under which—aa person (“the customer") makes one or more payments to another person (“the provider"); andbthe provider undertakes to provide, or secure that another person provides, a funeral in the United Kingdom for the customer (or some other person who is living at the date when the contract is entered into) on his death;unless, at the time of entering into the contract, the customer and the provider intend or expect the funeral to occur within one month.2AFor the purposes of paragraph (1A), “provider” includes a person who has assumed the undertaking referred to in paragraph (2)(b) as a result of the novation, assignment or transfer by operation of law of an existing funeral plan contract.3Where—aa person (“A”) has a funeral plan contract (“the contract”) with a customer under which A has given or assumed the undertaking referred to in paragraph (2)(b);banother person (“B”) intends to give an equivalent or substantially similar undertaking (“the proposed undertaking”) to that customer;cA and B intend that B’s proposed undertaking will replace A’s undertaking;dparagraph (4) or (5) applies; andeA and B have notified the FCA in writing—ithat they consider the conditions in sub-paragraphs (a) to (d) to be met; andiiof a date, on or after 29th July 2022, from which A and B agree to regard B’s undertaking as having replaced A’s undertaking for the purpose of the operation of this article;for the purposes of paragraph (1A), B is to be treated as if B were carrying out the contract as provider from the date specified in the notification to the FCA under sub-paragraph (e)(ii).4This paragraph applies if—aA and B intend that, in order for B’s proposed undertaking to replace A’s undertaking under the contract, B should assume A’s undertaking by novation;bA has taken reasonable steps to secure the customer’s written consent to the proposed novation; andcthe customer has neither provided that consent nor objected, in either case within a reasonable period.5This paragraph applies if it appears to A and B that it would not be reasonably practicable for B to assume A’s undertaking referred to in paragraph (2)(b) by novation, assignment or operation of law, or for the conditions in paragraph (4) to be met, before the first day paragraph (1A) applies in relation to activities carried on by A in accordance with articles 1 and 1A of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021.6If—aparagraph (3) applies; andbthe proposed undertaking referred to in paragraph (3)(b) is given to the customer;then that undertaking is to be treated as if it were a “funeral plan contract” for the purposes of paragraph (2).60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60ZAArticle 59 is subject to the exclusion in article 72G (local authorities).60AArticle 59 is subject to the exclusion in ... article 72AA (managers of UK UCITS and AIFs).60AAArticle 59(1A) is subject to the exclusion in article 72H (insolvency practitioners).Chapter 14A60B1Entering into a regulated credit agreement as lender is a specified kind of activity.2It is a specified kind of activity for the lender or another person to exercise, or to have the right to exercise, the lender’s rights and duties under a regulated credit agreement.3In this article—“credit agreement” means an agreement between an individual or relevant recipient of credit (“A”) and any other person (“B”) under which B provides A with credit of any amount; “credit agreement”— in relation to an agreement other than a green deal plan, means an agreement between an individual or relevant recipient of credit (“A”) and any other person (“B”) under which B provides A with credit of any amount;in relation to a green deal plan, has the meaning given by article 60LB; “exempt agreement” means a credit agreement which is an exempt agreement under articles 60C to 60H, but where only part of a credit agreement falls within a provision of articles 60C to 60H, only that part is an exempt agreement under those articles; “regulated credit agreement” means—in the case of an agreement entered into on or after 1st April 2014, any credit agreement which is not an exempt agreement; orin the case of an agreement entered into before 1st April 2014, a credit agreement which—was a regulated agreement within the meaning of section 189(1) of the Consumer Credit Act 1974 when the agreement was entered into; orbecame such a regulated agreement after being varied or supplemented by another agreement before 1st April 2014,and would not be an exempt agreement pursuant to article 60C(2) on 21st March 2016 if the agreement were entered into on that date. 60C1A credit agreement is an exempt agreement for the purposes of this Chapter in the following cases.2A credit agreement is an exempt agreement if—aby entering into the agreement as lender, a person is or was carrying on an activity of a kind specified by article 61(1) (entering into regulated mortgage contracts); ...bby entering into the agreement as home purchase provider, a person is or was carrying on an activity of a kind specified by article 63F(1) (entering into regulated home purchase plans) ; orc... by administering the agreement on 21st March 2016 a person is carrying on an activity of a kind specified by article 61(2) (administering regulated mortgage contracts).3A credit agreement is an exempt agreement if—athe lender provides the borrower with credit exceeding £25,000, andbthe agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.4A credit agreement is an exempt agreement if—athe lender provides the borrower with credit of £25,000 or less,bthe agreement is entered into by the borrower wholly for the purposes of a business carried on, or intended to be carried on, by the borrower, andcthe agreement is a green deal plan (within the meaning of section 1 of the Energy Act 2011).cthe agreement is a green deal plan made in relation to a property that is not a domestic property (as defined by article 60LB).4AA credit agreement is an exempt agreement if—athe lender provides the borrower with credit of £25,000 or less,bthe agreement is entered into by the borrower wholly for the purposes of a business carried on, or intended to be carried on, by the borrower, andcthe agreement is entered into by the lender and the borrower under the Bounce Back Loan Scheme.4BFor the purposes of paragraph (4A), “Bounce Back Loan Scheme” means the scheme of that name operated from 4th May 2020 by the British Business Bank plc on behalf of the Secretary of State.4CAn agreement exempt under paragraph (4A) may not also be an article 36H agreement by virtue of paragraph (4) of that article.5For the purposes of paragraph (3), if an agreement includes a declaration which—ais made by the borrower,bprovides that the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower, andccomplies with rules made by the FCA for the purpose of this article,the agreement is to be presumed to have been entered into by the borrower wholly or predominantly for the purposes specified in sub-paragraph (b) unless paragraph (6) applies.6This paragraph applies if, when the agreement is entered into—athe lender (or, if there is more than one lender, any of the lenders), orbany person who has acted on behalf of the lender (or, if there is more than one lender, any of the lenders) in connection with the entering into of the agreement,knows or has reasonable cause to suspect that the agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.7Paragraphs (5) and (6) also apply for the purposes of paragraph (4) but with the omission of the words “or predominantly”.8A credit agreement is an exempt agreement if it is made in connection with trade in goods or services—abetween the United Kingdom and a country outside the United Kingdom,bwithin a country outside the United Kingdom, orcbetween countries outside the United Kingdom, andthe credit is provided to the borrower in the course of a business carried on by the borrower.60D1A credit agreement is an exempt agreement for the purposes of this Chapter if, at the time it is entered into, any sums due under it are secured by a legal or equitable mortgage on land and the condition in paragraph (2) is satisfied.2The condition is that less than 40% of the land is used, or is intended to be used, as or in connection with a dwelling—aby the borrower or a related person of the borrower, orbin the case of credit provided to trustees, by an individual who is a beneficiary of the trust or a related person of a beneficiary.3For the purposes of paragraph (2)—athe area of any land which comprises a building or other structure containing two or more storeys is to be taken to be the aggregate of the floor areas of each of those stories;b“related person” in relation to a person (“B”) who is the borrower or (in the case of credit provided to trustees) a beneficiary of the trust, means—iB’s spouse or civil partner,iia person (whether or not of the opposite sex) whose relationship with B has the characteristics of the relationship between husband and wife, oriiiB’s parent, brother, sister, child, grandparent or grandchild.4This article does not apply to an agreement if—athe agreement is entered into on or after 21st March 2016,bunder the agreement a mortgage creditor grants or promises to grant a credit in the form of a deferred payment, loan or other similar financial accommodation,cthe credit is granted or promised to an individual who is acting for purposes outside those of any trade, business or profession carried on by the individual,dthe purpose of the agreement is to acquire or retain property rights in land or in an existing or projected building, andethe agreement does not meet the conditions in paragraphs (i) to (iii) of article 61(3)(a) (regulated mortgage contracts).5A reference in paragraph (4)(d) to any land or building—ain 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;bin relation to an agreement entered into on or after IP completion day, is a reference to any land or building in the United Kingdom.60E1A credit agreement is an exempt agreement for the purposes of this Chapter in the following cases.2Subject to article 60HA, a relevant credit agreement relating to the purchase of land is an exempt agreement if the lender is—aspecified, or of a description specified, in rules made by the FCA under paragraph (3), orba local authority.3The FCA may make rules specifying any of the following for the purpose of paragraph (2)—aan authorised person with permission to effect or carry out contracts of insurance;ba friendly society;can organisation of employers or organisation of workers;da charity;ean improvement company (within the meaning given by section 7 of the Improvement of Land Act 1899);fa body corporate named or specifically referred to in any public general Act;ga body corporate named or specifically referred to in, or in an order made under, a relevant housing provision;ha building society (within the meaning of the Building Societies Act 1986);ian authorised person with permission to accept deposits.4Rules under paragraph (3) may—aspecify a particular person or class of persons;bbe limited so as to apply only to agreements or classes of agreement specified in the rules.5Subject to article 60HA, a relevant credit agreement is an exempt agreement if it is—asecured by a legal or equitable mortgage on land,bthat land is used or is intended to be used as or in connection with a dwelling, andcthe lender is a housing authority.6A credit agreement is an exempt agreement if—athe lender is an investment firm or a qualifying credit institution, andbthe agreement is entered into for the purpose of allowing the borrower to carry out a transaction relating to one or more financial instruments.7In this article—“housing authority” means—in England and Wales, the Homes and Communities Agency, the Welsh Ministers, a company which is a wholly-owned subsidiary of the Welsh Ministers, a registered social landlord within the meaning of Part 1 of the Housing Act 1996, or a private registered provider (within the meaning of Part 2 of the Housing and Regeneration Act 2008);in Scotland, the Scottish Ministers or a registered social landlord (within the meaning of the Housing (Scotland) Act 2010;in Northern Ireland, the Northern Ireland Housing Executive or a housing association within the meaning of Part 2 of the Housing (Northern Ireland) Order 1992;“relevant credit agreement relating to the purchase of land” means—a borrower-lender-supplier agreement financing—the purchase of land, orprovision of dwellings on land,and secured by a legal or equitable mortgage on that land,a borrower-lender agreement secured by a legal or equitable mortgage on land, ora borrower-lender-supplier agreement financing a transaction which is a linked transaction in relation to—an agreement falling within sub-paragraph (a), oran agreement falling within sub-paragraph (b) financing—the purchase of land,the provision of dwellings on land,and secured by a legal or equitable mortgage on the land referred to in sub-paragraph (a) or the land referred to in paragraph (ii);“relevant housing provision” means any of the following—section 156(4) or 447(2)(a) of the Housing Act 1985,section 156(4) of that Act as it has effect by virtue of section 17 of the Housing Act 1996 (the right to acquire), orarticle 154(1)(a) of the Housing (Northern Ireland) Order 1981.7AIn paragraph (7), in the definition of “housing authority”, in paragraph (a), “wholly-owned subsidiary” has the same meaning as in section 1159 (meaning of “subsidiary” etc.) of the Companies Act 2006.7BFor the purpose of paragraph (7A), the Welsh Ministers are to be treated as a body corporate.8For the purposes of the definition of “relevant credit agreement relating to the purchase of land”, a transaction is, unless paragraph (9) applies, a “linked transaction” in relation to a credit agreement (“the principal agreement”) if—ait is (or will be) entered into by the borrower under the principal agreement or by a relative of the borrower,bit does not relate to the provision of security,cit does not form part of the principal agreement, anddone of the following conditions is satisfied—ithe transaction is entered into in compliance with a term of the principal agreement;iithe principal agreement is a borrower-lender-supplier agreement and the transaction is financed, or to be financed, by the principal agreement;iiithe following conditions are met—aathe other party is a person to whom paragraph (10) applies,bbthe other party initiated the transaction by suggesting it to the borrower or the relative of the borrower, andccthe borrower or the relative of the borrower enters into the transaction to induce the lender to enter into the principal agreement or for another purpose related to the principal agreement or to a transaction financed or to be financed by the principal agreement.9This paragraph applies if the transaction is—aa contract of insurance,ba contract which contains a guarantee of goods, orca transaction which comprises, or is effected under—ian agreement for the operation of an account (including any savings account) for the deposit of money, oriian agreement for the operation of a current account, under which the customer (“C”) may, by means of cheques or similar orders payable to C or to any other person, obtain or have the use of money held or made available by the person with whom the account is kept.10The persons to whom this paragraph applies are—athe lender;bthe lender’s associate;ca person who, in the negotiation of the transaction, is represented by a person who carries on an activity of the kind specified by article 36A (credit broking) by way of business who is or was also a negotiator in negotiations for the principal agreement;da person who, at the time the transaction is initiated, knows that the principal agreement has been made or contemplates that it might be made.60F1A credit agreement is an exempt agreement for the purposes of this Chapter in the following cases.2A credit agreement is an exempt agreement if—athe agreement is a borrower-lender-supplier agreement for fixed-sum credit, other than a green deal plan,bthe number of payments to be made by the borrower is not more than twelve,cthose payments are required to be made within a period of 12 months or less (beginning on the date of the agreement),dthe credit is—isecured on land, oriiprovided without interest or other ... charges, andeparagraph (7) does not apply to the agreement.neither paragraph (7) nor paragraph (7A) (taken with paragraph (7B)) applies to the agreement.3A credit agreement is an exempt agreement if—athe agreement is a borrower-lender-supplier agreement for running-account credit,bthe borrower is to make payments in relation to specified periods which must be, unless the agreement is secured on land, of 3 months or less,cthe number of payments to be made by the borrower in repayment of the whole amount of credit provided in each such period is not more than one,dthe credit is—isecured on land, oriiprovided without interest or other significant charges, andeparagraph (7) does not apply to the agreement.4Subject to article 60HA, a credit agreement is an exempt agreement if—athe agreement is a borrower-lender-supplier agreement financing the purchase of land,bthe number of payments to be made by the borrower is not more than four, andcthe credit is—isecured on land, oriiprovided without interest or other charges.5A credit agreement is an exempt agreement if—athe agreement is a borrower-lender-supplier agreement for fixed-sum credit,bthe credit is to finance a premium under a contract of insurance relating to land or anything on land,cthe lender is the lender under a credit agreement secured by a legal or equitable mortgage on that land,dthe credit is to be repaid within the period (which must be 12 months or less) to which the premium relates,ein the case of an agreement secured on land, there is no charge forming part of the total charge for credit under the agreement other than interest at a rate not exceeding the rate of interest from time to time payable under the agreement mentioned at sub-paragraph (c),fin the case of an agreement which is not secured on land, the credit is provided without interest or other charges, andgthe number of payments to be made by the borrower is not more than twelve.6A credit agreement is an exempt agreement if—athe agreement is a borrower-lender-supplier agreement for fixed-sum credit,bthe lender is the lender under a credit agreement secured by a legal or equitable mortgage on land,cthe agreement is to finance a premium under a contract of whole life insurance which provides, in the event of the death of the person on whose life the contract is effected before the credit referred to in sub-paragraph (b) has been repaid, for payment of a sum not exceeding the amount sufficient to meet the amount which, immediately after that credit has been advanced, would be payable to the lender in respect of that credit (including interest from time to time payable under that agreement),din the case of an agreement secured on land, there is no charge forming part of the total charge for credit under the agreement other than interest at a rate not exceeding the rate of interest from time to time payable under the agreement mentioned at sub-paragraph (b),ein the case of an agreement which is not secured on land, the credit is provided without interest or other charges, andfthe number of payments to be made by the borrower is not more than twelve.7This paragraph applies to—aagreements financing the purchase of land;bagreements which are conditional sale agreements or hire-purchase agreements;cagreements secured by a pledge (other than a pledge of documents of title or of bearer bonds).7AThis paragraph applies to agreements entered into on or after the regulatory commencement date which are not secured on land—awhere—ithe lender and the supplier are not the same person; andiiparagraph (7B) does not apply to the agreement; orbmade in the following way—ia person (“the principal supplier”) offers to supply goods or services to a consumer (“the consumer”) financed by a credit agreement provided by another person (“the lender”);iithe lender, under a pre-existing arrangement with that principal supplier, purchases the goods or services from the principal supplier, for supply to the consumer; andiiithe lender is, in relation to the credit agreement with the consumer mentioned in sub-paragraph (i), also the supplier of the goods or services to that consumer.7BThis paragraph applies to—aagreements to finance premiums under contracts of insurance;bagreements where—ithe borrowers are employees; andiithe agreements result from an arrangement between the lender or supplier and—aathe borrowers’ employer, orbban undertaking which is a member of the same group as the borrowers’ employer;cagreements to finance the provision of goods or services offered by a registered social landlord (as defined by article 36FA(4)) to—iits tenants,iiits leaseholders, oriiipersons with whom the registered social landlord has entered a shared ownership agreement within the meaning of section 83(3) of the Housing (Scotland) Act 2001.7CIn paragraph (7A), “regulatory commencement date” has the meaning given in article 1(3) of the Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025.8In this article, “payment” means any payment which comprises or includes—athe repayment of capital, orbthe payment of interest or any other charge which forms part of the total charge for credit.60G1A credit agreement is an exempt agreement for the purposes of this Chapter in the following cases.2A credit agreement is an exempt agreement if—ait is a borrower-lender agreement, ...bthe lender is a credit union and the rate of the total charge for credit does not exceed 42.6 per cent, andcparagraph (2A) applies to the agreement.2AThis paragraph applies to the agreement if—athe agreement is not one to which subsection (2) of section 423A of the Act applies; ...bthe agreement is one to which that subsection applies and—ithe agreement is one to which subsection (3) of that section applies,iithe agreement is a bridging loan ..., oriiiin relation to the agreement—aathe borrower receives timely information on the main features, risks and costs of the agreement at the pre-contractual stage, andbbany advertising of the agreement is fair, clear and not misleading; orcthe agreement was entered into before 21st March 2016.3Subject to paragraph (8), a credit agreement is an exempt agreement if—ait is a borrower-lender agreement,bit is an agreement of a kind offered to a particular class of individual or relevant recipient of credit and not offered to the public generally,cit provides that the only charge included in the total charge for credit is interest,dinterest under the agreement may not at any time be more than the sum of one per cent and the highest of the base rates published by the banks specified in paragraph (7) on the date 28 days before the date on which the interest is charged, andeparagraph (5) does not apply to the agreement.4Subject to paragraph (8), a credit agreement is an exempt agreement if—ait is a borrower-lender agreement,bit is an agreement of a kind offered to a particular class of individual or relevant recipient of credit and not offered to the public generally,cit does not provide for or permit an increase in the rate or amount of any item which is included in the total charge for credit,dthe total charge for credit under the agreement is not more than the sum of one per cent and the highest of the base rates published by the banks specified in paragraph (7) on the date 28 days before the date on which the charge is imposed, andeparagraph (5) does not apply to the agreement.5This paragraph applies to an agreement if—athe total amount to be repaid by the borrower to discharge the borrower’s indebtedness may vary according to a formula which is specified in the agreement and which has effect by reference to movements in the level of any index or other factor, orbthe agreement—iis not—aasecured on land, orbboffered by a lender to a borrower as an incident of the borrower’s employment with the lender or with an undertaking in the same group as the lender;iidoes not meet the general interest test.6For the purposes of paragraphs (5) and (8), an agreement meets the general interest test if—athe agreement is offered under an enactment with a general interest purpose, andbthe terms on which the credit is provided are more favourable to the borrower than those prevailing on the market, either because the rate of interest is lower than that prevailing on the market, or because the rate of interest is no higher than that prevailing on the market but the other terms on which credit is provided are more favourable to the borrower.7The banks specified in this paragraph are—athe Bank of England;bBank of Scotland;cBarclays Bank plc;dClydesdale Bank plc;eCo-operative Bank Public Limited Company;fCoutts & Co;gNational Westminster Bank Public Limited Company;hthe Royal Bank of Scotland plc.8A credit agreement to which subsection (2) of section 423A of the Act applies which is entered into on or after 21st March 2016 is an exempt agreement pursuant to paragraph (3) or (4) only if—athe agreement meets the general interest test;bthe borrower receives timely information on the main features, risks and costs of the agreement at the pre-contractual stage; andcany advertising of the agreement is fair, clear and not misleading.9In this article “bridging loan” means a mortgage agreement that—ais of no fixed duration or is due to be repaid within 12 months, andbis used by a consumer, within the meaning given by section 423A(4) of the Act, as a temporary financing solution while transitioning to another financial arrangement for the immovable property concerned.60H 1 A credit agreement is an exempt agreement for the purposes of this Chapter if—athe borrower is an individual,bthe agreement is either—isecured on land, oriifor credit which exceeds £60,260 and , if entered into on or after 21st March 2016, is for a purpose other than—aathe renovation of residential property ...bb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .cthe agreement includes a declaration made by the borrower which provides that the borrower agrees to forgo the protection and remedies that would be available to the borrower if the agreement were a regulated credit agreement and which complies with rules made by the FCA for the purposes of this paragraph,da statement has been made in relation to the income or assets of the borrower which complies with rules made by the FCA for the purposes of this paragraph,ethe connection between the statement and the agreement complies with any rules made by the FCA for the purposes of this paragraph (including as to the period of time between the making of the statement and the agreement being entered into), andfa copy of the statement was provided to the lender before the agreement was entered into.1AArticle 4(4B) does not apply to an agreement which is exempt under paragraph (1), the purpose of which is to acquire or retain property rights in land or in an existing or projected building, and—aa declaration has been made by the borrower which either—iprovides that the borrower is UK resident, oriiprovides that the borrower is treated as present in the United Kingdom,ba copy of that declaration was provided to the lender before the agreement was entered into, andcthe agreement is entered into on or after 21st July 2022.1BFor the purposes of paragraph (1A), a borrower is “UK resident” if—athe borrower is present in the United Kingdom on at least 183 days during the continuous period of 365 days ending with the date the agreement is entered into, orbthe spouse or civil partner of the borrower—iis living with the borrower on the date the agreement was entered into, andiiis present in the United Kingdom on at least 183 days during the continuous period of 365 days ending with the date the agreement is entered into.1CFor the purposes of paragraph (1A), a borrower is treated as present in the United Kingdom if, on the date the agreement was entered into, the borrower—ais in Crown employment, andbis present in a country or territory outside the United Kingdom for the purpose of performing activities in the course of that employment, orcis the spouse or civil partner of an individual who—iis in Crown employment,iiis present in a country or territory outside the United Kingdom for the purpose of performing activities in the course of that employment, anddis living with their spouse or civil partner.1DReferences in this article to a borrower being present in the United Kingdom on a day are to the borrower being present in the United Kingdom at the end of that day.1EIndividuals who are married to, or are civil partners of, each other are treated, for the purposes of this article, as living together unless—athey are separated under an order of a court of competent jurisdiction,bthey are separated by deed of separation, orcthey are in fact separated in circumstances in which the separation is likely to be permanent.1FFor the purposes of this article, “Crown employment” means employment under or for the purposes of a government department or any officer or body exercising on behalf of the Crown functions conferred by a statutory provision.2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60HA1A credit agreement entered into on or after 21st March 2016 is not an exempt agreement pursuant to article 60E(2) or (5) or 60F(4) if it is a mortgage agreement to which paragraph (2) does not apply.2This paragraph applies to an agreement if—a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .bthe agreement is a bridging loan within the meaning given by article 60G(9); orcthe agreement is a restricted public loan in respect of which—ithe borrower receives timely information on the main features, risks and costs at the pre-contractual stage; andiiany advertising is fair, clear and not misleading.3In paragraph (2)(c) “restricted public loan” means a credit agreement that is—aoffered to a particular class of borrower and not offered to the public generally;boffered under an enactment with a general interest purpose; andcprovided on terms which are more favourable to the borrower than those prevailing on the market, because it meets one of the following conditions—iit is interest free;iithe rate of interest is lower than that prevailing on the market; oriiithe rate of interest is no higher than that prevailing on the market but the other terms on which credit is provided are more favourable to the borrower.60IA person (“A”) who is not an authorised person does not carry on an activity of the kind specified by article 60B(2) in relation to a regulated credit agreement where A—aarranges for another person, who is an authorised person with permission to carry on an activity of that kind, to exercise or to have the right to exercise the lender’s rights and duties under the agreement, orbexercises or has the right to exercise the lender’s rights and duties under the agreement during a period of not more than one month beginning with the day on which any such arrangement comes to an end.60JA person who is not an authorised person does not carry on an activity of the kind specified by article 60B(2) in relation to regulated credit agreement if that person exercises or has the right to exercise the lender’s rights and duties under the agreement pursuant to an agreement with an authorised person who has permission to carry on an activity of the kind specified by article 60B(2).60JA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60JB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60KArticle 60B is also subject to the exclusions in articles ... 72G (local authorities) and 72I (registered consumer buy-to-let mortgage firms).60L1In this Chapter—“assignment”, in relation to Scotland, means assignation;“associate” means, in relation to a person (“P”)—where P is an individual, any person who is or who has been—P’s spouse or P’s civil partner;a relative of P, of P’s spouse or of P’s civil partner;the spouse or civil partner of a relative of P or P’s spouse or civil partner;if P is a member of a partnership, any of P’s partners and the spouse or civil partner of any such person;where P is a body corporate—any person who is a controller (“C”) of P, andany other person for whom C is a controller;“borrower” means (except in relation to green deal plans: see instead article 60LB) a person who receives credit under a credit agreement or a person to whom the rights and duties of a borrower under a credit agreement have passed by assignment or operation of law;“borrower-lender agreement” means—a credit agreement—to finance a transaction between the borrower and a person (“the supplier”) other than the lender, andwhich is not made by the lender under pre-existing arrangements, or in contemplation of future arrangements, between the lender and the supplier,a credit agreement to refinance any existing indebtedness of the borrower, whether to the lender or another person, ora credit agreement which is—an unrestricted-use credit agreement, andnot made by the lender—under pre-existing arrangements between the lender and a person other than the borrower (“the supplier”), andin the knowledge that the credit is to be used to finance a transaction between the borrower and the supplier;“borrower-lender-supplier agreement” means—a credit agreement to finance a transaction between the borrower and the lender, whether forming part of that agreement or not;a credit agreement—to finance a transaction between the borrower and a person (“the supplier”) other than the lender, andwhich is made by the lender under pre-existing arrangements, or in contemplation of future arrangements, between the lender and the supplier, ora credit agreement which is—an unrestricted-use credit agreement, andmade by the lender under pre-existing arrangements between the lender and a person (“the supplier”) other than the borrower in the knowledge that the credit is to be used to finance a transaction between the borrower and the supplier;“conditional sale agreement” means an agreement for the sale of goods or land under which the purchase price or part of it is payable by instalments, and the property in the goods or land is to remain with the seller (notwithstanding that the buyer is to be in possession of the goods or land) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled;“credit” includes a cash loan and any other form of financial accommodation;“credit agreement” has the meaning given by article 60B;“credit agreement”—in relation to an agreement other than a green deal plan, has the meaning given by article 60B;in relation to a green deal plan, has the meaning given by article 60LB;“credit union” means a credit union within the meaning of—the Credit Unions Act 1979;the Credit Unions (Northern Ireland) Order 1985;“deposit” (except where specified otherwise) means any sum payable by a borrower by way of deposit or down-payment, or credited or to be credited to the borrower on account of any deposit or down-payment, whether the sum is to be or has been paid to the lender or any other person, or is to be or has been discharged by a payment of money or a transfer or delivery of goods or other means;“exempt agreement” has the meaning given by article 60B;“finance” includes financing in whole or in part, and “refinance” is to be read accordingly;“fixed-sum credit” means a facility under a credit agreement whereby the borrower is enabled to receive credit (whether in one amount or by instalments) but which is not running-account credit;“hire-purchase agreement” means an agreement—which is not a conditional sale agreement,under which goods are bailed or (in Scotland) hired to a person (“P”) in return for periodical payments by P, andthe property in the goods will pass to P if the terms of the agreement are complied with and one or more of the following occurs—the exercise by P of an option to purchase the goods;the doing by any party to the agreement of any other act specified in the agreement;the happening of any event specified in the agreement;“legal or equitable mortgage” includes a legal or equitable charge and, in Scotland, a heritable security;“lender” means (except in relation to green deal plans: see instead article 60LB)—the person providing credit under a credit agreement, ora person who exercises or has the right to exercise the rights and duties of a person who provided credit under such an agreement;“payment” (except in article 60F) means a payment comprising or including an amount in respect of credit;“regulated credit agreement” has the meaning given by article 60B;“relative” means brother, sister, uncle, aunt, nephew, niece, lineal ancestor or lineal descendent;“relevant recipient of credit” means—a partnership consisting of two or three persons not all of whom are bodies corporate, oran unincorporated body of persons which does not consist entirely of bodies corporate and is not a partnership;“restricted-use credit agreement” means a credit agreement—to finance a transaction between the borrower and the lender, whether forming part of that agreement or not,to finance a transaction between the borrower and a person (“the supplier”) other than the lender, orto refinance any existing indebtedness of the borrower’s, whether to the lender or another person;“running-account credit” means a facility under a credit agreement under which the borrower or another person is enabled to receive from time to time from the lender or a third party cash, goods or services to an amount or value such that, taking into account payments made by or to the credit of the borrower, the credit limit (if any) is not at any time exceeded;“security” in relation to a credit agreement, means a mortgage, charge, pledge, bond, debenture, indemnity, guarantee, bill, note or other right provided by the borrower or at the implied or express request of the borrower to secure the carrying out of the obligations of the borrower under the agreement;“total charge for credit” has the meaning given in rules made by the FCA under article 60M;“total price” means the total sum payable by the debtor under a hire-purchase agreement, including any sum payable on the exercise of an option to purchase but excluding any sum payable as a penalty or as compensation or damages for a breach of the agreement;“unrestricted-use credit agreement” means a credit agreement which is not a restricted-use credit agreement.1AFor the purposes of this Chapter, a credit agreement that is a green deal plan is to be treated as—aa borrower-lender-supplier agreement falling within paragraph (a) of the definition of “borrower-lender-supplier agreement”;ba restricted-use credit agreement falling within paragraph (a) of the definition of “restricted-use credit agreement”.2For the purposes of the definition of “restricted-use credit agreement”—aa credit agreement does not fall within the definition if the credit is in fact provided in such a way as to leave the borrower free to use it as the borrower chooses, even though certain uses would contravene that or any other agreement; andban agreement may fall within paragraph (b) of the definition even though the identity of the supplier is unknown at the time the agreement is made.3For the purposes of the definition of “borrower-lender agreement” and the definition of “borrower-lender-supplier agreement”, a credit agreement is, subject to paragraph (6), entered into under pre-existing arrangements between a lender and a supplier if it is entered into in accordance with, or in connection with, arrangements previously made between the lender (or the lender’s associate) and the supplier (or the supplier’s associate) unless the arrangements fall within paragraph (5).4For the purposes of the definition of “borrower-lender agreement” and the definition of “borrower-lender-supplier agreement”, a credit agreement is entered into in contemplation of future arrangements between a lender and a supplier if it is entered into in the expectation that arrangements will subsequently be made between the lender (or the lender’s associate) and the supplier (or the supplier’s associate) for the supply of cash, goods or services to be financed by the credit agreement unless the arrangements fall within paragraph (5).5Arrangements fall within this paragraph if they are—afor the making, in circumstances specified in the credit agreement, of payments to the supplier by the lender (“L”) and L indicates that L is willing to make, in such circumstances, payments of the kind to suppliers generally, orbfor the electronic transfer of funds from a current account held with an authorised person with permission to accept deposits (within the meaning given by article 3).6If a lender is an associate of the supplier’s, the credit agreement is to be treated as entered into under pre-existing arrangements between the lender and the supplier unless the lender can show that this is not the case.7For the purposes of the definition of “running-account credit”, “credit limit” means, as respects any period, the maximum debit balance which, under a credit agreement, is allowed to stand on the account during that period, disregarding any term of the agreement allowing that maximum to be exceeded on a temporary basis.8For the purposes of this Chapter, a person by whom goods are bailed or (in Scotland) hired to an individual or relevant recipient of credit under a hire-purchase agreement is to be taken to be providing that individual or person with fixed-sum credit to finance the transaction of an amount equal to the total price of the goods less the aggregate of the deposit (if any) and the total charge for credit.9For the purposes of this Chapter, where credit is provided otherwise than in sterling, it is to be treated as provided in sterling of an equivalent amount.10For the purposes of this Chapter, where a provision specifies an amount of credit, running-account credit shall be taken not to exceed the amount specified in that provision (“the specified amount”) if—athe credit limit does not exceed the specified amount; orbthe credit limit exceeds the specified amount, or there is no credit limit, and—ithe borrower is not enabled to draw at any one time an amount which, so far as it represents credit, exceeds the specified amount; oriithe agreement provides that, if the debit balance rises above a given amount (not exceeding the specified amount), the rate of the total charge for credit increases or any other condition favouring the lender or the lender’s associate comes into operation; oriiiat the time the agreement is made it is probable, having regard to the terms of the agreement and any other relevant considerations, that the debit balance will not at any time rise above the specified amount.11For the purposes of this Chapter, an item entering into the total charge for credit is not to be treated as credit even though time is allowed for its payment.60LA1For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”), in so far as those provisions relate to a person (“A”) carrying on a regulated activity of the kind specified by—aarticle 60B (regulated credit agreements), orbarticle 64 (agreeing to carry on specified kinds of activity) in so far as that article relates to article 60B,a person who is treated by A as a person who is or has been the borrower under a regulated credit agreement is to be treated as a “consumer”.2For the purposes of section 328(8) of the Act (meaning of “clients”) in so far as that provision relates to a person (“A”) carrying on a regulated activity of the kind specified by—aarticle 60B (regulated credit agreements), orbarticle 64 (agreeing to carry on specified kinds of activity) in so far as that article relates to article 60B,a person who is treated by A as a person who is or has been the borrower under a regulated credit agreement is to be treated as a “client”.3In this article, “borrower” includes (in addition to those persons included in the definition in article 60L or, where the credit agreement is a green deal plan, article 60LB)—aany person providing a guarantee or indemnity under a regulated credit agreement, andba person to whom the rights and duties of a person falling within sub-paragraph (a) have passed by assignment or operation of law.60LB1A green deal plan is to be treated as a credit agreement for the purposes of this Order if (and only if)—athe property in relation to the plan is a domestic property at the time when the plan is commenced, orbif sub-paragraph (a) does not apply, the occupier or owner of the property who makes the arrangement for the plan is an individual or relevant recipient of credit.2In the application of this Order to a green deal credit agreement—athe lender is to be treated as being—ithe green deal provider (within the meaning of Chapter 1 of Part 1 of the Energy Act 2011) for the plan, oriia person who exercises or has the right to exercise the rights and duties of the green deal provider under the plan,bcredit is to be treated as advanced under the agreement of an amount equal to the amount of the improvement costs, andcthe advance of credit is to be treated as made on the completion of the installation of the energy efficiency improvements to the property (but this sub-paragraph is subject to any term of the green deal plan providing that part of the advance is to be treated as made on completion of any part of the installation).3A reference in a provision of this Order listed in the first column of the table in Schedule 4A to the borrower is, in the application of the provision in relation to a green deal credit agreement, to be read as a reference to—aa person who at the relevant time falls (or fell) within the description or descriptions specified in the corresponding entry in the second column of the table, orbif more than one description is specified and at the relevant time different persons fall (or fell) within the descriptions, each of those persons,and except as provided by this paragraph, a person is not and is not to be treated as the borrower in relation to the agreement.4References in Schedule 4A to the “improver”, “first bill payer”, “current bill payer” and “previous bill payer” are to be read as follows—aa person is the “improver” if the person—iis the owner or occupier of the property, andiiis the person who makes (or has made or proposes to make) the arrangement for the green deal plan;ba person is the “first bill payer” if the person is liable to pay the energy bills for the property at the time when the green deal plan is commenced;ca person is the “current bill payer” if the person is liable by virtue of section 1(6)(a) of the Energy Act 2011 to pay instalments under the plan as a result of being for the time being liable to pay the energy bills for the property;da person is a “previous bill payer” if, as a result of previously falling within sub-paragraph (c) for an earlier period, the person has an outstanding payment liability under the plan in respect of that period.5In this article—“domestic property” means a building or part of a building that is occupied as a dwelling or (if not occupied) is intended to be occupied as a dwelling;“energy bill” has the same meaning as in section 1 of the Energy Act 2011;“energy efficiency improvements” has the meaning given by section 2(4) of the Energy Act 2011;“green deal credit agreement” means a green deal plan that is to be treated as a credit agreement for the purposes of this Order by virtue of paragraph (1);“improvement costs”, in relation to a green deal plan, are the costs of the energy efficiency improvements to the property which are to be paid by instalments under the plan after the time when credit is to be treated as being advanced by virtue of paragraph (2) (but ignoring any interest or other charges for credit in determining those costs);“occupier” and “owner” have the same meanings as in Chapter 1 of Part 1 of the Energy Act 2011;“property”, in relation to a green deal plan, means the property to which the energy efficiency improvements under the plan are or are intended to be made.6For the purposes of this article—aa green deal plan is commenced when—ithe occupier or owner of the property signs in the prescribed manner a document in relation to the plan in accordance with section 61(1) of the Consumer Credit Act 1974 (requirements as to form and content of regulated agreements), oriiif the occupier or owner of the property does not sign such a document, the green deal plan is made;ba person is liable to pay the energy bills for a property at any time if the person would be treated as the bill payer for the property at that time for the purposes of Chapter 1 of Part 1 of the Energy Act 2011 (see section 2(3) and (10)).60M1The FCA may make rules specifying how the total charge for credit to the borrower under a credit agreement is to be determined for the purposes of this Chapter.2Rules made under paragraph (1) may in particular—aspecify how the total charge for credit to a person who is, or is to become, the borrower under a credit agreement is to be determined;bspecify what items are to be included in determining the total charge for credit and how the value of those items is to be determined;cspecify the method of calculating the rate of the total charge for credit;dprovide for the whole or part of the amount payable by the borrower or a relative of the borrower under a linked transaction (within the meaning given by article 60E(8)) to be included in the total charge for credit, whether or not the lender is a party to the transaction or derives a benefit from it.Chapter 14B60N1Entering into a regulated consumer hire agreement as owner is a specified kind of activity.2It is a specified kind of activity for the owner or another person to exercise, or to have the right to exercise, the owner’s rights and duties under a regulated consumer hire agreement.3In this Chapter—“consumer hire agreement” means an agreement between a person (“the owner”) and an individual or relevant recipient of credit (“the hirer”) for the bailment or, in Scotland, the hiring, of goods to the hirer which—is not a hire-purchase agreement, andis capable of subsisting for more than three months;“exempt agreement” means a consumer hire agreement which is an exempt agreement under articles 60O to 60Q;“owner” means—the person who bails or, in Scotland, hires, goods under a ... consumer hire agreement, ora person who exercises or has the right to exercise the rights and duties of a person who bailed or, in Scotland, hired, goods under such an agreement;“regulated consumer hire agreement” means—in the case of an agreement entered into on or after 1st April 2014, any consumer hire agreement which is not an exempt agreement; orin the case of an agreement entered into before 1st April 2014, a consumer hire agreement which—was a regulated agreement within the meaning of section 189(1) of the Consumer Credit Act 1974 when the agreement was entered into; orbecame such a regulated agreement after being varied or supplemented by another agreement before 1st April 2014.60O1An agreement is an exempt agreement for the purposes of this Chapter if—athe hirer is required by the agreement to make payments exceeding £25,000, andbthe agreement is entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer.2For the purposes of paragraph (1), if an agreement includes a declaration which—ais made by the hirer,bprovides that the agreement is entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer, andccomplies with rules made by the FCA for the purposes of this article,the agreement is to be presumed to have been entered into by the hirer wholly or predominantly for the purpose in sub-paragraph (b) unless paragraph (3) applies.3This paragraph applies if, when the agreement is entered into—athe owner (or, if there is more than one owner, any of the owners), orbany person who has acted on behalf of the owner (or, if there is more than one owner, any of the owners), in connection with the entering into of the agreement,knows or has reasonable cause to suspect that the agreement is not entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer.4For the purposes of this article, where credit is provided otherwise than in sterling, it is to be treated as provided in sterling of an equivalent amount.60PAn agreement is an exempt agreement for the purposes of this Chapter if—athe owner is a body corporate which is authorised by or under an enactment to supply gas, electricity or water, andbthe subject of the agreement is a meter or metering equipment which is used (or is to be used) in connection with the supply of gas, electricity or water.60QAn agreement is an exempt agreement for the purposes of this Chapter if—athe hirer is an individual,bthe agreement includes a declaration made by the hirer which provides that the hirer agrees to forgo the protection and remedies that would be available to the hirer if the agreement were a regulated consumer hire agreement and which complies with rules made by the FCA for the purposes of this paragraph,ca statement has been made in relation to the income or assets of the hirer which complies with rules made by the FCA for the purposes of this paragraph,dthe connection between the statement and the agreement complies with any rules made by the FCA for the purposes of this paragraph (including as to the period of time between the making of the statement and the agreement being entered into), andea copy of the statement was provided to the owner before the agreement was entered into.60RArticle 60N is subject to ... the exclusion in article 72G (local authorities).60S1For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”), in so far as those provisions relate to a person (“A”) carrying on a regulated activity of the kind specified by—aarticle 60N (regulated consumer hire agreements), orbarticle 64 (agreeing to carry on specified kinds of activity) in so far as that article relates to article 60N,a person who is treated by A as a person who is or has been the hirer under a regulated consumer hire agreement is to be treated as a “consumer”.2For the purposes of section 328(8) of the Act (meaning of “clients”) in so far as that provision relates to a person (“A”) carrying on a regulated activity of the kind specified by—aarticle 60N (regulated consumer hire agreements), orbarticle 64 (agreeing to carry on specified kinds of activity) in so far as that article relates to article 60N,a person who is treated by A as a person who is or has been the hirer under a regulated consumer hire agreement is to be treated as a “client”.3In this article, “hirer” includes (in addition to those persons defined as “the hirer” in the definition of “consumer hire agreement” in article 60N(3))—aany person providing a guarantee or indemnity under a consumer hire agreement, andba person to whom the rights and duties of a person falling within sub-paragraph (a) have passed by assignment or operation of law.Chapter XV611Entering into a regulated mortgage contract as lender is a specified kind of activity.2Administering a regulated mortgage contract is also a specified kind of activity, where—athe contract was entered into by way of business on or after 31st October 2004; orbthe contract—iwas entered into by way of business before 31st October 2004, andiiwas a regulated credit agreement immediately before 21st March 2016.3In this Chapter—a subject to paragraph (5), a contract is a “regulated mortgage contract” if, at the time it is entered into, the following conditions are met—ithe contract is one under which a person (“the lender”) provides credit to an individual or to trustees (“the borrower”);iithe contract provides for the obligation of the borrower to repay to be secured by a mortgage on land ...;iiiat least 40% of that land is used, or is intended to be used—aain the case of credit provided to an individual, as or in connection with a dwelling; orbbin the case of credit provided to a trustee which is not an individual, as or in connection with a dwelling by an individual who is a beneficiary of the trust, or by a related person; but such a contract is not a regulated mortgage contract if it falls within article 61A(1) or (2); b“administering" a regulated mortgage contract means either or both of—inotifying the borrower of changes in interest rates or payments due under the contract, or of other matters of which the contract requires him to be notified; andiitaking any necessary steps for the purposes of collecting or recovering payments due under the contract from the borrower;but a person is not to be treated as administering a regulated mortgage contract merely because he has, or exercises, a right to take action for the purposes of enforcing the contract (or to require that such action is or is not taken);c“credit" includes a cash loan, and any other form of financial accommodation.4For the purposes of paragraph 3(a)—a“mortgage” includes a charge and (in Scotland) a heritable security;aa“land”—iin relation to a contract entered into before IP completion day, means land in the United Kingdom or within the territory of an EEA State;iiin relation to a contract entered into on or after IP completion day, means land in the United Kingdom.bthe area of any land which comprises a building or other structure containing two or more storeys is to be taken to be the aggregate of the floor areas of each of those storeys;c“related person", in relation to the borrower or (in the case of credit provided to trustees) a beneficiary of the trust, means—ithat person’s spouse or civil partner;iia person (whether or not of the opposite sex) whose relationship with that person has the characteristics of the relationship between husband and wife; oriiithat person’s parent, brother, sister, child, grandparent or grandchild; ...d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5In this Chapter, a contract entered into before 21st March 2016 is a “regulated mortgage contract” only if—aat the time it was entered into, entering into the contract was an activity of the kind specified by paragraph (1), orbthe contract is a consumer credit back book mortgage contract within the meaning of article 2 of the Mortgage Credit Directive Order 2015.61A1A contract falls within this paragraph if it is—aa regulated home purchase plan;ba limited payment second charge bridging loan;ca second charge business loan;dan investment property loan; ...ean exempt consumer buy-to-let mortgage contract; ...fan exempt equitable mortgage bridging loan; organ exempt housing authority loan.2A contract falls within this paragraph if—ait is a limited interest second charge credit union loan;bthe borrower receives timely information on the main features, risks and costs of the contract at the pre-contractual stage; andcany advertising of the contract is fair, clear and not misleading.3For the purposes of this article, if an agreement includes a declaration which—ais made by the borrower, andbincludes—ia statement that the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower,iia statement that the borrower understands that the borrower will not have the benefit of the protection and remedies that would be available to the borrower under the Act if the agreement were a regulated mortgage contract under the Act, andiiia statement that the borrower is aware that if the borrower is in any doubt as to the consequences of the agreement not being regulated by the Act, then the borrower should seek independent legal advice,the agreement is to be presumed to have been entered into by the borrower wholly or predominantly for the purposes specified in sub-paragraph (b)(i) unless paragraph (4) applies.4This paragraph applies if, when the agreement is entered into—athe lender (or, if there is more than one lender, any of the lenders), orbany person who has acted on behalf of the lender (or, if there is more than one lender, any of the lenders) in connection with the entering into of the agreement,knows or has reasonable cause to suspect that the agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.5For the purposes of this article a borrower is to be regarded as entering into an agreement for the purposes of a business carried on, or intended to be carried on, by the borrower if the agreement is a buy-to-let mortgage contract and—aithe borrower previously purchased, or is entering into the contract in order to finance the purchase by the borrower of, the land subject to the mortgage;iiat the time of the purchase the borrower intended that the land would be occupied as a dwelling on the basis of a rental agreement and would not at any time be occupied as a dwelling by the borrower or by a related person, or where the borrower has not yet purchased the land the borrower has such an intention at the time of entering into the contract; andiiiwhere the borrower has purchased the land, since the time of the purchase the land has not at any time been occupied as a dwelling by the borrower or by a related person; orbthe borrower is the owner of land, other than the land subject to the mortgage, which is—ioccupied as a dwelling on the basis of a rental agreement and is not occupied as a dwelling by the borrower or by a related person; oriisecured by a mortgage under a buy-to-let mortgage contract.6For the purposes of this article—“borrower” and “lender” have the meaning set out in article 61(3) (regulated mortgage contracts);“borrower-lender agreement”, “borrower-lender-supplier agreement”, “credit union” and “total charge for credit” have the meanings set out in article 60L (interpretation of Chapter 14A);“bridging loan” has the meaning given by article 60G(9);“buy-to-let mortgage contract” has the meaning given in article 4 of the Mortgage Credit Directive Order 2015 (interpretation of Part 3);“exempt consumer buy-to-let mortgage contract” is a contract that, at the time it is entered into, is a consumer buy-to-let mortgage contract within the meaning of article 4 of the Mortgage Credit Directive Order 2015 and—is an agreement to which section 423A(3) of the Act applies; oris a bridging loan; “exempt equitable mortgage bridging loan” is a contract that—is a bridging loan;is secured by an equitable mortgage on land; andis an exempt agreement within the meaning of article 60B(3) (regulated credit agreements) by virtue of article 60E(2) (exempt agreements: exemptions relating to the nature of the lender); “exempt housing authority loan” is a contract that—provides for credit to be granted by a housing authority within the meaning of article 60E (exempt agreements: exemptions relating to the nature of the lender); andif it is entered into on or after 21st March 2016— is an agreement to which section 423A(3) of the Act applies; is a bridging loan, oris a restricted public loan within the meaning of article 60HA (exempt agreements: provision qualifying articles 60E, 60F and 60H ), in respect of which the borrower receives timely information on the main features, risks and costs at the pre-contractual stage, and any advertising is fair, clear and not misleading. “investment property loan” is a contract that, at the time it is entered into, meets the conditions in paragraphs (i) to (iii) of article 61(3)(a) and the following conditions—less than 40% of the land subject to the mortgage is used, or intended to be used, as or in connection with a dwelling by the borrower or (in the case of credit provided to trustees) by an individual who is a beneficiary of the trust, or by a related person; andthe agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower;“limited payment second charge bridging loan” is a contract that, at the time it is entered into, meets the conditions in paragraphs (i) to (iii) of article 61(3)(a) and the following conditions—it is a borrower-lender-supplier agreement financing the purchase of land;it is used by the borrower as a temporary financing solution while transitioning to another financial arrangement for the land subject to the mortgage;the mortgage ranks in priority behind one or more other mortgages affecting the land in question; andthe number of payments to be made by the borrower under the contract is not more than four;“limited interest second charge credit union loan” is a contract that, at the time it is entered into, meets the conditions in paragraphs (i) to (iii) of article 61(3)(a) and the following conditions—it is a borrower-lender agreement;the mortgage ranks in priority behind one or more other mortgages affecting the land in question;the lender is a credit union; andthe rate of the total charge for credit does not exceed 42.6 per cent;“payment” has the meaning set out in article 60F(8) (exempt agreement: exemptions relating to number of repayments to be made);“regulated home purchase plan” has the meaning set out in article 63F(3)(a) (entering into and administering regulated home purchase plans);“related person” in relation to the borrower or (in the case of credit provided to trustees) a beneficiary of the trust, means—that person's spouse or civil partner;a person (whether or not of the opposite sex) whose relationship with that person has the characteristics of the relationship between husband and wife; orthat person's parent, brother, sister, child, grandparent or grandchild;“second charge business loan” is a contract that, at the time it is entered into, meets the conditions in paragraphs (i) to (iii) of article 61(3)(a) and the following conditions—the lender provides the borrower with credit exceeding £25,000;the mortgage ranks in priority behind one or more other mortgages affecting the land in question; andthe agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.62A person who is not an authorised person does not carry on an activity of the kind specified by article 61(2) in relation to a regulated mortgage contract where he—aarranges for another person, being an authorised person with permission to carry on an activity of that kind, to administer the contract; orbadministers the contract himself during a period of not more than one month beginning with the day on which any such arrangement comes to an end.63A person who is not an authorised person does not carry on an activity of the kind specified by article 61(2) in relation to a regulated mortgage contract where he administers the contract pursuant to an agreement with an authorised person who has permission to carry on an activity of that kind.63AArticle 61 is also subject to the exclusions in articles 66 (trustees etc.), 72 (overseas persons) ,... 72AA (managers of UK UCITS and AIFs) , 72G (local authorities) and 72I (registered consumer buy-to-let mortgage firms).Chapter XVA63B1Entering into a regulated home reversion plan as plan provider is a specified kind of activity.2Administering a regulated home reversion plan is also a specified kind of activity where the plan was entered into on or after 6th April 2007.3In this Chapter—aa “regulated home reversion plan” is an arrangement comprised in one or more instruments or agreements, in relation to which the following conditions are met at the time it is entered into—ithe arrangement is one under which a person (the “plan provider”) buys all or part of a qualifying interest in land (other than timeshare accommodation) in the United Kingdom from an individual or trustees (the “reversion seller”);iithe reversion seller (if he is an individual) or an individual who is a beneficiary of the trust (if the reversion seller is a trustee), or a related person, is entitled under the arrangement to occupy at least 40% of the land in question as or in connection with a dwelling, and intends to do so; andiiithe arrangement specifies one or more qualifying termination events, on the occurrence of which that entitlement will end;b“administering” a regulated home reversion plan means any of—inotifying the reversion seller of changes in payments due under the plan, or of other matters of which the plan requires him to be notified;iitaking any necessary steps for the purposes of making payments to the reversion seller under the plan; andiiitaking any necessary steps for the purposes of collecting or recovering payments due under the plan from the reversion seller,but a person is not to be treated as administering a regulated home reversion plan merely because he has, or exercises, a right to take action for the purposes of enforcing the plan (or to require that such action is or is not taken).4For the purposes of paragraph (3)—athe reference to a “qualifying interest” in land—iin relation to land in England or Wales, is to an estate in fee simple absolute or a term of years absolute, whether subsisting at law or in equity;iiin relation to land in Scotland, is to the interest of an owner in land or the tenant’s right over or interest in a property subject to a lease;iiiin relation to land in Northern Ireland, is to any freehold estate or any leasehold estate, whether subsisting at law or in equity;b“timeshare accommodation” has the meaning given by section 1 of the Timeshare Act 1992;c“related person” in relation to the reversion seller or, where the reversion seller is a trustee, a beneficiary of the trust, means—ithat person’s spouse or civil partner;iia person (whether or not of the opposite sex) whose relationship with that person has the characteristics of the relationship between husband and wife; oriiithat person’s parent, brother, sister, child, grandparent or grandchild; andd“qualifying termination event”, in relation to a person’s entitlement to occupy land, means—ithe person becomes a resident of a care home;iithe person dies;iiithe end of a specified period of at least twenty years beginning with the day on which the reversion seller entered into the arrangement.5For the purposes of paragraph (3)(a)(ii), the area of any land which comprises a building or other structure containing two or more storeys is to be taken to be the aggregate of the floor areas of each of those storeys.6For the purposes of the definition of “qualifying termination event” in paragraph (4), “care home”—ain relation to England ..., has the meaning given by section 3 of the Care Standards Act 2000;aain relation to Wales, means a place at which a care home service, within the meaning of Part 1 of the Regulation and Inspection of Social Care (Wales) Act 2016, is provided wholly or mainly to persons aged 18 or over;bin relation to Scotland, means accommodation provided by a “care home service” within the meaning of paragraph 2 of schedule 12 to the Public Services Reform (Scotland) Act 2010;cin relation to Northern Ireland, means—ia residential care home within the meaning of article 10 of the Health and Personal Social Services (Quality, Improvement and Regulation) (Northern Ireland) Order 2003; oriia nursing home within the meaning of article 11 of that Order.7In this Order—areferences to entering into a regulated home reversion plan as plan provider include acquiring any obligations or rights (including his interest in land) of the plan provider, under such a plan; butbin relation to a person who acquires any such obligations or rights, an activity is a specified kind of activity for the purposes of articles 25B(1)(b) and 53B(b)(ii) and paragraph (2) only if the plan was entered into by the plan provider (rather than the obligations or rights acquired) on or after 6th April 2007.8Accordingly, references in this Order to a plan provider, other than in paragraph (7), include a person who acquires any such obligations or rights.63CA person who is not an authorised person does not carry on an activity of the kind specified by article 63B(2) in relation to a regulated home reversion plan where he—aarranges for another person, being an authorised person with permission to carry on an activity of that kind, to administer the plan; orbadministers the plan himself during a period of not more than one month beginning with the day on which any such arrangement comes to an end.63DA person who is not an authorised person does not carry on an activity of the kind specified by article 63B(2) in relation to a regulated home reversion plan where he administers the plan pursuant to an agreement with an authorised person who has permission to carry on an activity of that kind.63EArticle 63B is also subject to the exclusions in articles 66 (trustees etc.), 72 (overseas persons) , ...72AA (managers of UK UCITS and AIFs) and 72G (local authorities).Chapter XVB63F1Entering into a regulated home purchase plan as home purchase provider is a specified kind of activity.2Administering a regulated home purchase plan is also a specified kind of activity where the plan was entered into by way of business on or after 6th April 2007.3In this Chapter—aa “regulated home purchase plan” is an arrangement comprised in one or more instruments or agreements, in relation to which the following conditions are met at the time it is entered into—ithe arrangement is one under which a person (the “home purchase provider”) buys a qualifying interest or an undivided share of a qualifying interest in land (other than timeshare accommodation) in the United Kingdom;iiwhere an undivided share of a qualifying interest in land is bought, the interest is held on trust for the home purchase provider and the individual or trustees mentioned in paragraph (iii) as beneficial tenants in common;iiithe arrangement provides for the obligation of an individual or trustees (the “home purchaser”) to buy the interest bought by the home purchase provider over the course of or at the end of a specified period; andivthe home purchaser (if he is an individual) or an individual who is a beneficiary of the trust (if the home purchaser is a trustee), or a related person, is entitled under the arrangement to occupy at least 40% of the land in question as or in connection with a dwelling during that period, and intends to do so;b“administering” a regulated home purchase plan means either or both of—inotifying the home purchaser of changes in payments due under the plan, or of other matters of which the plan requires him to be notified; andiitaking any necessary steps for the purposes of collecting or recovering payments due under the plan from the home purchaser;but a person is not to be treated as administering a regulated home purchase plan merely because he has, or exercises, a right to take action for the purposes of enforcing the plan or to require that such action is or is not taken.4Article 63B(4)(a) to (c) applies for the purposes of paragraph (3)(a) with references to the “reversion seller” being read as references to the “home purchaser”.5Article 63B(5) applies for the purposes of paragraph (3)(a)(iv) with the reference to “paragraph (3)(a)(ii)” being read as a reference to “paragraph (3)(a)(iv)”.63GA person who is not an authorised person does not carry on an activity of the kind specified by article 63F(2) in relation to a regulated home purchase plan where he—aarranges for another person, being an authorised person with permission to carry on an activity of that kind, to administer the plan; orbadministers the plan himself during a period of not more than one month beginning with the day on which any such arrangement comes to an end.63HA person who is not an authorised person does not carry on an activity of the kind specified by article 63F(2) in relation to a regulated home purchase plan where he administers the plan pursuant to an agreement with an authorised person who has permission to carry on an activity of that kind.63IArticle 63F is also subject to the exclusions in articles 66 (trustees etc.), 72 (overseas persons) , ... 72AA (managers of UK UCITS and AIFs) and 72G (local authorities).Chapter XVC63J1Entering into a regulated sale and rent back agreement as an agreement provider is a specified kind of activity.2Administering a regulated sale and rent back agreement is also a specified kind of activity when the agreement was entered into on or after 1st July 2009.3In this Chapter—aa “regulated sale and rent back agreement” is an arrangement comprised in one or more instruments or agreements, in relation to which the following conditions are met at the time it is entered into—ithe arrangement is one under which a person (the “agreement provider”) buys all or part of the qualifying interest in land (other than timeshare accommodation) in the United Kingdom from an individual or trustees (the “agreement seller ”); andiithe agreement seller (if the agreement seller is an individual) or an individual who is the beneficiary of the trust (if the agreement seller is a trustee), or a related person, is entitled under the arrangement to occupy at least 40% of the land in question as or in connection with a dwelling, and intends to do so;but such an arrangement is not a regulated sale and rent back agreement if it is a regulated home reversion plan;b“administering” a regulated sale and rent back agreement means any of—inotifying the agreement seller of changes in payments due under the agreement, or of other matters of which the agreement requires the agreement seller to be notified;iitaking any necessary steps for the purpose of making payments to the agreement seller under the agreement; andiiitaking any necessary steps for the purposes of collecting or recovering payments due under the agreement from the agreement seller,but a person is not to be treated as administering a regulated sale and rent back agreement because that person has, or exercises, a right to take action for the purposes of enforcing the agreement (or to require that such action is or is not taken).4For the purposes of paragraph (3)—athe reference to a “qualifying interest” in land—iin relation to land in England and Wales, is to an estate in fee simple absolute or a term of years absolute, whether subsisting at law or in equity;iiin relation to land in Scotland, is to the interest of an owner in land or the tenant’s right over or interest in a property subject to a lease;iiiin relation to land in Northern Ireland, is to any freehold estate or any leasehold estate, whether subsisting at law or in equity;b“timeshare accommodation” means overnight accommodation which is the subject of a timeshare contract within the meaning of the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010; andc“related person” in relation to the agreement seller or, where the agreement seller is a trustee, a beneficiary of the trust, means—ithat person’s spouse or civil partner;iia person (whether or not of the opposite sex) whose relationship with that person has the characteristic of the relationship between husband and wife;iiithat person’s parent, brother, sister, child, grandparent or grandchild.5For the purposes of paragraph (3)(a)(ii), the area of any land which compromises a building or other structure containing two or more storeys is to be taken to be the aggregate of the floor areas of each of those storeys.6In this Order—areferences to entering into a regulated sale and rent back agreement as agreement provider include acquiring any obligations or rights of the agreement provider, including the agreement provider’s interest in land or interests under one or more of the instruments or agreements referred to in paragraph (3)(a); butbin relation to a person who acquires any such obligations or rights, an activity is a specified kind of activity for the purposes of articles 25E(1)(b) and 53D(b)(ii) and paragraph (2) only if the agreement was entered into by the agreement provider (rather than the obligations or rights acquired) on or after 1st July 2009.7Accordingly, references in this Order to an agreement provider, other than in paragraph (6), include a person who acquires any such obligations or rights.63KA person who is not an authorised person does not carry on an activity of the kind specified by article 63J(2) in relation to a regulated sale and rent back agreement where that person—aarranges for another person, being an authorised person with permission to carry on an activity of that kind, to administer the agreement; orbadministers the agreement during a period of not more than one month beginning with the day on which any such arrangement comes to an end.63LA person who is not an authorised person does not carry on an activity of the kind specified by article 63J(2) in relation to a regulated sale and rent back agreement where that person administers the agreement pursuant to an agreement with an authorised person who has permission to carry on activity of that kind.63MArticle 63J is also subject to the exclusions in article 66 (trustees etc.), 72 (overseas persons) , ... 72AA (managers of UK UCITS and AIFs) and 72G (local authorities).Chapter 15D63N1The following are specified kinds of activity—athe meeting of repayment claims by a reclaim fund;bthe management of dormant assets funds (including the investment of such funds) by a reclaim fund;cdealing with unwanted asset money.2In this article—... “dealing with unwanted asset money” means—the acceptance of transfers of amounts as mentioned in section 21(2)(b) of the Dormant Assets Act 2022, anddealing with those funds (so far as they are not needed for either of the purposes mentioned in section 5(1)(c)(ii) or (iii) of the Dormant Bank and Building Society Accounts Act 2008) with a view to their transfer to the body or bodies for the time being specified in section 16 of the Dormant Bank and Building Society Accounts Act 2008; “dormant assets funds”, “reclaim fund” and “repayment claims” have the same meaning as in section 5 of that Act; “management of dormant assets funds” means—the acceptance of transfers of amounts as mentioned in section 1(1)(a) or 2(1)(a) of the Dormant Bank and Building Society Accounts Act 2008 or 2(1)(a), 5(1)(a), 8(1)(a), 12(1)(a) or 14(1)(a) of the Dormant Assets Act 2022,the management of those funds in such a way as to enable the reclaim fund to meet whatever repayment claims it is prudent to anticipate, and dealing with those funds with a view to the transfer of amounts to the body or bodies for the time being specified in section 16 of the Dormant Bank and Building Society Accounts Act 2008. Chapter 15E63O. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63Q. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63R. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63S1Administering a benchmark is a specified kind of activity.2In paragraph (1) “administering a benchmark” means acting as an administrator of a benchmark within the meaning of Article 3 of Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 .63TThe FCA does not carry on the activity of the kind specified by article 63S(1) in relation to a benchmark where the FCA administers the benchmark itself.CHAPTER 15F63U1Unless paragraph (2) applies, providing an ESG rating is a specified kind of activity, where that rating is likely to influence a decision to make an investment specified in Part 3.2This paragraph applies where the person providing an ESG rating could not reasonably have expected it to influence a decision to make an investment specified in Part 3.3For the purposes of paragraph (1), it is immaterial whether the ESG rating is solicited or unsolicited.4In paragraphs (1) and (2), “make”, in relation to an investment specified in Part 3, has the meaning given in article 63Z7.63V1A person does not carry on an activity of the kind specified by article 63U by providing an ESG rating in the course of carrying on—aanother activity which is carried on in accordance with a Part 4A permission and is—ia regulated activity, oriian ancillary service listed in Part 3A of Schedule 2;ban activity for which they are subject to approval by the FCA under a provision of assimilated law or legislation restated by virtue of section 4 (power to restate and modify saved legislation) of the Financial Services and Markets Act 2023;can activity that is within the scope of a market access arrangement;dan activity in relation to—ia scheme recognised for the purposes of Part 17 of the Act, oriian AIF which is marketed under regulation 58 (marketing of AIFs managed by small third country AIFMs) or 59 (marketing of AIFs managed by other third country AIFMs) of the Alternative Investment Fund Managers Regulations 2013.2For the purposes of paragraph (1), an ESG rating is not provided in the course of carrying on an activity under any of sub-paragraphs (a) to (d) where it is provided as a standalone product or service.3In this article—“approval by the FCA” includes authorisation, registration, and any other functionally equivalent process of approval however expressed;“market access arrangement” means—the provision of a credit rating by a credit rating agency which is certified by the FCA under Article 5 (equivalence and certification based on equivalence) of the UK CRAR;an arrangement under which a person provides a benchmark to supervised entities for the purposes of the UK Benchmarks Regulation, which is—in reliance on—Article 30 (equivalence),Article 32 (recognition of an administrator located in a third country), orArticle 33 (endorsement of benchmarks provided in a third country), andin respect of which the person is included on the FCA’s register of administrators and benchmarks under Article 36(1) (b), (c) or (d) (register of administrators and benchmarks),of that Regulation;an arrangement under which a person provides a benchmark to supervised entities under Article 51(5) (transitional provisions) of the UK Benchmarks Regulation;an activity which is carried on—by an overseas person and which is subject to an exclusion in article 72 (overseas persons), other than an activity of the kind specified by article 63U;by a registered Swiss supplier in the circumstances described in article 72ZA(1) (Swiss mutual recognition firms).63W1A person does not carry on the activity of the kind specified by article 63U where they provide an ESG rating in the course of providing a benchmark to which the UK Benchmarks Regulation does not apply as a result of Article 2(2)(a) to (g) (scope: exclusions) of that Regulation.2For the purposes of paragraph (1), an ESG rating is not provided in the course of providing a benchmark of the kind mentioned in paragraph (1) where the ESG rating is provided as a standalone product or service.63X1A person does not carry on an activity of the kind specified by article 63U by providing an ESG rating which is used to produce, or is incorporated in—aa credit rating,ba credit score, orca credit scoring system or similar assessment related to obligations arising from a consumer, commercial or industrial relationship, andwhich is excluded from the UK CRAR by Article 2(2) of that Regulation.2For the purposes of paragraph (1)—a“credit rating” and “credit score” have the meaning given in Article 3(1) of the UK CRAR;ban ESG rating is not provided to produce, or as incorporated in, any of the matters described at paragraph (1)(a) to (c) where the ESG rating is provided as a standalone product or service.63YA person (“P”) does not carry on an activity of the kind specified by article 63U by providing an ESG rating where P is a member of the same group as the person to whom the ESG rating is provided (“Q”), and—aP does not reasonably expect the ESG rating to be made available to another person outside that group, orbP reasonably expects that Q will only make the ESG rating available outside of that group as part of carrying on an activity mentioned in sub-paragraphs (a) to (d) of article 63V(1).63ZA person (“P”) does not carry on an activity of the kind specified by article 63U by providing an ESG rating which—ais provided pursuant to a contract with another person (“Q”),brelates solely to Q, andcP does not reasonably expect to be made available to another person outside Q’s group.63Z11A person does not carry on an activity of the kind specified by article 63U by providing an ESG rating where the following conditions are met—athe ESG rating is provided in the course of the person’s activities as a journalist, an academic, or a charity, andbeither of the following applies—ithe person does not receive relevant remuneration from a person who uses or is the subject of the ESG rating in connection with the provision of the ESG rating, oriithe ESG rating is provided on an occasional or one-off basis.2The condition in paragraph (1)(b)(ii) is not met where the ESG rating is regularly updated or maintained in a way that would enable it to be relied upon on an ongoing basis.3In this article, “relevant remuneration” means any commission, fee, charge or other payment, including an economic benefit of any kind or any other financial advantage or incentive offered.63Z21The provision of an ESG rating by a public authority, a central bank or an international organisation is excluded from article 63U.2In this article—“central bank” means the Bank of England, the European Central Bank and the central banks of any country or territory outside the United Kingdom;“international organisation” means any body the members of which comprise—states including the United Kingdom, orbodies whose members comprise states including the United Kingdom,where “state” includes the public authority of a state;“public authority” means a person or body exercising functions of a public nature.63Z3A person does not carry on an activity of the kind specified by article 63U by providing an ESG rating where the ESG rating is developed exclusively for accreditation or certification processes, and the purpose of that accreditation or certification is not to influence a decision to make an investment specified in Part 3.63Z41A person (“P”) does not carry on an activity of the kind specified by article 63U where an ESG rating is provided solely for the purpose of complying with any regulatory or legal requirement to which P is subject.2In this article, “regulatory or other legal requirement” means a requirement imposed by an Act, or any other enactment, including rules made by a regulator under such enactment.3In paragraph (2), “enactment” has the meaning given in section 3T of the Act.63Z5A person does not carry on an activity of the kind specified by article 63U by providing an ESG rating as part of the provision of proxy advisor services within the meaning given in regulation 2 of the Proxy Advisors (Shareholders' Rights) Regulations 2019.63Z6Article 63U is also subject to the exclusion in article 72 (overseas persons).63Z7In this Chapter—“benchmark” has the meaning given in Article 3(1)(3) (definitions) of the UK Benchmarks Regulation;“charity” means—in England and Wales, a charity registered under section 30(1) of the Charities Act 2011;in Scotland, a charity registered under section 3 of the Charities and Trustee Investment (Scotland) Act 2005;in Northern Ireland, a charity registered under section 16(2) of the Charities Act (Northern Ireland) 2008;“ESG factor” means an environmental, social or governance factor;“ESG rating” means an assessment regarding one or more ESG factors, which—is produced in the form of an opinion, a score or a combination of both, where—“score” means a measure derived from data and a pre-established statistical or algorithmic system or model, without additional substantial analytical input from an analyst, and“opinion” means an assessment involving substantial analytical input from an analyst, andis prepared using an established methodology and a defined ranking system of rating categories,whether or not it is characterised as an ESG rating;“located in the United Kingdom” means—in relation to a legal person—the person’s registered office is in the United Kingdom, or, if the person does not have a registered office, the person’s head office is in the United Kingdom, orthe person's registered office is outside of the United Kingdom (or, if the person does not have a registered office, the person's head office is outside of the United Kingdom) but it is providing or receiving the ESG rating (as the case may be) through an establishment maintained by it in the United Kingdom, andin relation to a natural person, means a person who is able to satisfy the requirements of the statutory residence test as set out in Schedule 45 to the Finance Act 2013 at the time that the ESG rating is made available to them;“make”, in relation to an investment specified in Part 3, includes, but is not limited to—buying, selling, subscribing for, exchanging, redeeming, holding or underwriting the investment, orexercising or not exercising any right conferred by such an investment to buy, sell, subscribe for, exchange or redeem such an investment;“making available”, in relation to an ESG rating, includes, but is not limited to, issuing the rating to another person in hard-copy or electronic form or publishing on a website or other digital medium, and references to the rating having been made available are to be construed accordingly;“providing”, in relation to an ESG rating, means producing it and making it available, and a person (“P”)—does not provide an ESG rating unless they both produce it and make it available, andis to be regarded as providing an ESG rating to a person located in the United Kingdom (“R”) where P—is not located in the United Kingdom, andproduces and makes available an ESG rating to a person other than R in circumstances where P could reasonably expect the rating to be made available to R;“provision of a benchmark” has the meaning given in Article 3(1)(5) of the UK Benchmarks Regulation and “provide a benchmark” is to be construed accordingly;“rating category” includes, but is not limited to, a variable or division within a system, such as a letter, number, symbol, colour or temperature, that provides a relative measure to distinguish one or more characteristics of various rated items;“supervised entity” has the meaning given in Article (3)(1)(17) of the UK Benchmarks Regulation;“the UK Benchmarks Regulation” means Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014, as it forms part of assimilated law;“the UK CRAR” means Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.Chapter XVI64Agreeing to carry on an activity of the kind specified by any other provision of this Part, Part 3A or Part 3B (other than article 5, 9B, 9M, 9S, 10, 25D, 25DA, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 , 63N and 63S) is a specified kind of activity.65Article 64 is subject to the exclusions in articles 72 (overseas persons) , ... 72G (local authorities) and 72H (insolvency practitioners).Chapter XVII661A person (“X") does not carry on an activity of the kind specified by article 14 where he enters into a transaction as bare trustee or, in Scotland, as nominee for another person (“Y") and—aX is acting on Y’s instructions; andbX does not hold himself out as providing a service of buying and selling securities or contractually based investments.2Subject to paragraph (7), there are excluded from articles 25(1) and (2) , 25A(1), (2) and (2A), 25B(1) and (2) , 25C(1) and (2) and 25E (1) and (2) arrangements made by a person acting as trustee or personal representative for or with a view to a transaction which is or is to be entered into—aby that person and a fellow trustee or personal representative (acting in their capacity as such); orbby a beneficiary under the trust, will or intestacy.3Subject to paragraph (7), there is excluded from article 37 any activity carried on by a person acting as trustee or personal representative, unless—ahe holds himself out as providing a service comprising an activity of the kind specified by article 37; orbthe assets in question are held for the purposes of an occupational pension scheme, and, by virtue of article 4 of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 , he is to be treated as carrying on that activity by way of business.3ASubject to paragraph (7), there is excluded from article 39A any activity carried on by a person acting as trustee or personal representative, unless he holds himself out as providing a service comprising an activity of the kind specified by article 39A.4Subject to paragraph (7), there is excluded from article 40 any activity carried on by a person acting as trustee or personal representative, unless he holds himself out as providing a service comprising an activity of the kind specified by article 40.4AThere is excluded from article 40 any activity carried on by a person acting as trustee which consists of arranging for one or more other persons to safeguard and administer trust assets where—athat other person is a qualifying custodian; orbthat safeguarding and administration is also arranged by a qualifying custodian.In this paragraph, “qualifying custodian” has the meaning given by article 41(2).5A person does not, by sending or causing to be sent a dematerialised instruction (within the meaning of article 45), carry on an activity of the kind specified by that article if the instruction relates to an investment which that person holds as trustee or personal representative.6Subject to paragraph (7), there is excluded from articles 53 , 53A, 53B, 53C, 53D and 53DA , 53DA and 55A the giving of advice by a person acting as trustee or personal representative where he gives the advice to—aa fellow trustee or personal representative for the purposes of the trust or the estate; orba beneficiary under the trust, will or intestacy concerning his interest in the trust fund or estate.6ASubject to paragraph (7), a person acting as trustee or personal representative does not carry on an activity of the kind specified by article 61(1) or (2) where the borrower under the regulated mortgage contract in question is a beneficiary under the trust, will or intestacy.6BSubject to paragraph (7), a person acting as trustee or personal representative does not carry on an activity of the kind specified by article 63B(1) or (2) where the reversion seller under the regulated home reversion plan in question is a beneficiary under the trust, will or intestacy.6CSubject to paragraph (7), a person acting as trustee or personal representative does not carry on an activity of the kind specified by article 63F(1) or (2) where the home purchaser under the regulated home purchase plan in question is a beneficiary under the trust, will or intestacy.6DSubject to paragraph (7), a person acting as a trustee or personal representative does not carry on an activity of the kind specified by article 63J(1) or (2) where the agreement seller under the regulated sale and rent back agreement is a beneficiary under the trust, will or intestacy.7Paragraphs (2), (3) , (3A), (4), (6) , (6A), (6B) , (6C) and (6D) do not apply if the person carrying on the activity is remunerated for what he does in addition to any remuneration he receives as trustee or personal representative, and for these purposes a person is not to be regarded as receiving additional remuneration merely because his remuneration is calculated by reference to time spent.8This article is subject to article 4(4A) and (4B).671There is excluded from articles 21, 25(1) and (2) , 25A, 25B, 25C, 25E, 39A, 40 53 , 53A, 53B, 53C, 53D and 53DA , 53DA and 55A any activity which—ais carried on in the course of carrying on any profession or business which does not otherwise consist of the carrying on of regulated activities in the United Kingdom; andbmay reasonably be regarded as a necessary part of other services provided in the course of that profession or business.2But the exclusion in paragraph (1) does not apply if the activity in question is remunerated separately from the other services.3This article is subject to article 4(4), (4A) and (4B).681Subject to paragraphs (9), (10) and (11), this article concerns certain activities carried on for the purposes of or in connection with the sale of goods or supply of services by a supplier to a customer, where—“supplier" means a person whose main business is to sell goods or supply services and not to carry on any activities of the kind specified by any of articles 14, 21, 25, 37 , 39A, 40, 45, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 and 53 , 53 and 55A and, where the supplier is a member of a group, also means any other member of that group; and“customer" means a person, other than an individual, to whom a supplier sells goods or supplies services, or agrees to do so, and, where the customer is a member of a group, also means any other member of that group;and in this article “related sale or supply" means a sale of goods or supply of services to the customer otherwise than by the supplier, but for or in connection with the same purpose as the sale or supply mentioned above.2There is excluded from article 14 any transaction entered into by a supplier with a customer, if the transaction is entered into for the purposes of or in connection with the sale of goods or supply of services, or a related sale or supply.3There is excluded from article 21 any transaction entered into by a supplier as agent for a customer, if the transaction is entered into for the purposes of or in connection with the sale of goods or supply of services, or a related sale or supply, and provided that—awhere the investment to which the transaction relates is a security, the supplier does not hold himself out (other than to the customer) as engaging in the business of buying securities of the kind to which the transaction relates with a view to selling them, and does not regularly solicit members of the public for the purpose of inducing them (as principals or agents) to buy, sell, subscribe for or underwrite securities;bwhere the investment to which the transaction relates is a contractually based investment, the supplier enters into the transaction—iwith or through an authorised person, or an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt; oriithrough an office outside the United Kingdom maintained by a party to the transaction, and with or through a person whose head office is situated outside the United Kingdom and whose ordinary business involves him in carrying on activities of the kind specified by any of articles 14, 21, 25, 37, 40, 45, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 and 53 , 53 and 55A or, so far as relevant to any of those articles, article 64, or would do so apart from any exclusion from any of those articles made by this Order.4In paragraph (3)(a), “members of the public" has the meaning given by article 15(2), references to “A" being read as references to the supplier.5There are excluded from article 25(1) and (2) arrangements made by a supplier for, or with a view to, a transaction which is or is to be entered into by a customer for the purposes of or in connection with the sale of goods or supply of services, or a related sale or supply.6There is excluded from article 37 any activity carried on by a supplier where the assets in question—aare those of a customer; andbare managed for the purposes of or in connection with the sale of goods or supply of services, or a related sale or supply.7There is excluded from article 40 any activity carried on by a supplier where the assets in question are or are to be safeguarded and administered for the purposes of or in connection with the sale of goods or supply of services, or a related sale or supply.8There is excluded from article 53 the giving of advice by a supplier There is excluded from articles 53 and 55A the giving of advice or the provision of targeted support by a supplier to a customer for the purposes of or in connection with the sale of goods or supply of services, or a related sale or supply, or to a person with whom the customer proposes to enter into a transaction for the purposes of or in connection with such a sale or supply or related sale or supply.9Paragraphs (2), (3) and (5) do not apply in the case of a transaction for the sale or purchase of a contract of insurance, an investment of the kind specified by article 81, or an investment of the kind specified by article 89 so far as relevant to such a contract or such an investment.10Paragraph (6) does not apply where the assets managed consist of qualifying contracts of insurance, investments of the kind specified by article 81, or investments of the kind specified by article 89 so far as relevant to such contracts or such investments.11Paragraph (8) does not apply in the case of advice in relation to an investment which is a contract of insurance, is of the kind specified by article 81, or is of the kind specified by article 89 so far as relevant to such a contract or such an investment.12This article is subject to article 4(4).691There is excluded from article 14 any transaction into which a person enters as principal with another person if that other person is also acting as principal and—athey are members of the same group; orbthey are, or propose to become, participators in a joint enterprise and the transaction is entered into for the purposes of or in connection with that enterprise.2There is excluded from article 21 any transaction into which a person enters as agent for another person if that other person is acting as principal, and the condition in paragraph (1)(a) or (b) is met, provided that—awhere the investment to which the transaction relates is a security, the agent does not hold himself out (other than to members of the same group or persons who are or propose to become participators with him in a joint enterprise) as engaging in the business of buying securities of the kind to which the transaction relates with a view to selling them, and does not regularly solicit members of the public for the purpose of inducing them (as principals or agents) to buy, sell, subscribe for or underwrite securities;bwhere the investment to which the transaction relates is a contractually based investment, the agent enters into the transaction—iwith or through an authorised person, or an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt; oriithrough an office outside the United Kingdom maintained by a party to the transaction, and with or through a person whose head office is situated outside the United Kingdom and whose ordinary business involves him in carrying on activities of the kind specified by any of articles 14, 21, 25, 37, 40, 45, 51ZA, 51ZB, 51ZC, 51ZD, 51ZE, 52 and 53 , 53 and 55A or, so far as relevant to any of those articles, article 64, or would do so apart from any exclusion from any of those articles made by this Order.3In paragraph (2)(a), “members of the public" has the meaning given by article 15(2), references to “A" being read as references to the agent.4There are excluded from article 25(1) and (2) arrangements made by a person if—ahe is a member of a group and the arrangements in question are for, or with a view to, a transaction which is or is to be entered into, as principal, by another member of the same group; orbhe is or proposes to become a participator in a joint enterprise, and the arrangements in question are for, or with a view to, a transaction which is or is to be entered into, as principal, by another person who is or proposes to become a participator in that enterprise, for the purposes of or in connection with that enterprise.5There is excluded from article 37 any activity carried on by a person if—ahe is a member of a group and the assets in question belong to another member of the same group; orbhe is or proposes to become a participator in a joint enterprise with the person to whom the assets belong, and the assets are managed for the purposes of or in connection with that enterprise.6There is excluded from article 40 any activity carried on by a person if—ahe is a member of a group and the assets in question belong to another member of the same group; orbhe is or proposes to become a participator in a joint enterprise, and the assets in question—ibelong to another person who is or proposes to become a participator in that joint enterprise; andiiare or are to be safeguarded and administered for the purposes of or in connection with that enterprise.7A person who is a member of a group does not carry on an activity of the kind specified by article 45 where he sends a dematerialised instruction, or causes one to be sent, on behalf of another member of the same group, if the investment to which the instruction relates is one in respect of which a member of the same group is registered as holder in the appropriate register of securities, or will be so registered as a result of the instruction.8In paragraph (7), “dematerialised instruction" and “register of securities" have the meaning given by regulation 3 of the Uncertificated Securities Regulations 2001.9There is excluded from article 53 the giving of advice by a person There is excluded from articles 53 and 55A the giving of advice or the provision of targeted support by a person if—ahe is a member of a group and gives the advice in question to another member of the same group; orbhe is, or proposes to become, a participator in a joint enterprise and the advice in question is given to another person who is, or proposes to become, a participator in that enterprise for the purposes of or in connection with that enterprise.10Paragraph (2) does not apply to a transaction for the sale or purchase of a contract of insurance.11Paragraph (4) does not apply to arrangements for, or with a view to, a transaction for the sale or purchase of a contract of insurance.12Paragraph (9) does not apply where the advice relates to a transaction for the sale or purchase of a contract of insurance.13This article is subject to article 4(4).701A person does not carry on an activity of the kind specified by article 14 by entering as principal into a transaction if—athe transaction is one to acquire or dispose of shares in a body corporate other than an open-ended investment company, or is entered into for the purposes of such an acquisition or disposal; andbeither—ithe conditions set out in paragraph (2) are met; oriithose conditions are not met, but the object of the transaction may nevertheless reasonably be regarded as being the acquisition of day to day control of the affairs of the body corporate.2The conditions mentioned in paragraph (1)(b) are that—athe shares consist of or include 50 per cent or more of the voting shares in the body corporate; orbthe shares, together with any already held by the person acquiring them, consist of or include at least that percentage of such shares; andcin either case, the acquisition or disposal is between parties each of whom is a body corporate, a partnership, a single individual or a group of connected individuals.3In paragraph (2)(c), “a group of connected individuals" means—ain relation to a party disposing of shares in a body corporate, a single group of persons each of whom is—ia director or manager of the body corporate;iia close relative of any such director or manager;iiia person acting as trustee for any person falling within paragraph (i) or (ii); andbin relation to a party acquiring shares in a body corporate, a single group of persons each of whom is—ia person who is or is to be a director or manager of the body corporate;iia close relative of any such person; oriiia person acting as trustee for any person falling within paragraph (i) or (ii).4A person does not carry on an activity of the kind specified by article 21 by entering as agent into a transaction of the kind described in paragraph (1).5There are excluded from article 25(1) and (2) arrangements made for, or with a view to, a transaction of the kind described in paragraph (1).6There is excluded from article 53 the giving of advice There is excluded from articles 53 and 55A the giving of advice or the provision of targeted support in connection with a transaction (or proposed transaction) of the kind described in paragraph (1).7Paragraphs (4), (5) and (6) do not apply in the case of a transaction for the sale or purchase of a contract of insurance.8This article is subject to article 4(4).711A person (“C"), a member of the same group as C or a relevant trustee does not carry on an activity of the kind specified by article 14 by entering as principal into a transaction the purpose of which is to enable or facilitate—atransactions in shares in, or debentures issued by, C between, or for the benefit of, any of the persons mentioned in paragraph (2); orbthe holding of such shares or debentures by, or for the benefit of, such persons.2The persons referred to in paragraph (1) are—athe bona fide employees or former employees of C or of another member of the same group as C;bthe wives, husbands, widows, widowers, civil partners, surviving civil partners, or children or step-children under the age of eighteen of such employees or former employees.3C, a member of the same group as C or a relevant trustee does not carry on an activity of the kind specified by article 21 by entering as agent into a transaction of the kind described in paragraph (1).4There are excluded from article 25(1) or (2) arrangements made by C, a member of the same group as C or a relevant trustee if the arrangements in question are for, or with a view to, a transaction of the kind described in paragraph (1).5There is excluded from article 40 any activity if the assets in question are, or are to be, safeguarded and administered by C, a member of the same group as C or a relevant trustee for the purpose of enabling or facilitating transactions of the kind described in paragraph (1).5AThere is excluded from article 9N any activity if the relevant specified investment cryptoassets in question are, or are to be, safeguarded by C, a member of the same group as C or a relevant trustee for the purpose of enabling or facilitating transactions of the kind described in paragraph (1).6In this article—a“shares" and “debentures" include—iany investment of the kind specified by article 76 , 77 or 77A;iiany investment of the kind specified by article 79 or 80 so far as relevant to articles 76 , 77 and 77A; andiiiany investment of the kind specified by article 89 so far as relevant to investments of the kind mentioned in paragraph (i) or (ii);b“relevant trustee" means a person who, in pursuance of the arrangements made for the purpose mentioned in paragraph (1), holds, as trustee, shares in or debentures issued by C.721An overseas person does not carry on an activity of the kind specified by article 14 , 25D or 25DA by—aentering into a transaction as principal with or though an authorised person, or an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt; orbentering into a transaction as principal with a person in the United Kingdom, if the transaction is the result of a legitimate approach.2An overseas person does not carry on an activity of the kind specified by article 21 , 25D or 25DA by—aentering into a transaction as agent for any person with or through an authorised person or an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt; orbentering into a transaction with another party (“X") as agent for any person (“Y"), other than with or through an authorised person or such an exempt person, unless—ieither X or Y is in the United Kingdom; andiithe transaction is the result of an approach (other than a legitimate approach) made by or on behalf of, or to, whichever of X or Y is in the United Kingdom.3There are excluded from article 25(1) , 25D or 25DA arrangements made by an overseas person with an authorised person, or an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt.4There are excluded from article 25(2) , 25D or 25DA arrangements made by an overseas person with a view to transactions which are, as respects transactions in the United Kingdom, confined to—atransactions entered into by authorised persons as principal or agent; andbtransactions entered into by exempt persons, as principal or agent, in the course of business comprising regulated activities in relation to which they are exempt.5There is excluded from article 53 the giving of advice by an overseas person There is excluded from articles 53 and 55A the giving of advice or the provision of targeted support by an overseas person as a result of a legitimate approach.5AAn overseas person does not carry on an activity of the kind specified by article 25A(1)(a), 25A(2A), 25B(1)(a) , 25C(1)(a) or 25E(1)(a) if each person who may be contemplating entering into the relevant type of agreement in the relevant capacity is non-resident.5BThere are excluded from articles 25A(1)(b), 25B(1)(b) , 25C(1)(b) and 25E(1)(b) arrangements made by an overseas person to vary the terms of a qualifying agreement.5CThere are excluded from articles 25A(2), 25B(2) , 25C(2) and 25E(2), arrangements made by an overseas person which are made solely with a view to non-resident persons who participate in those arrangements entering, in the relevant capacity, into the relevant type of agreement.5DAn overseas person does not carry on an activity of the kind specified in article 61(1), 63B(1) , 63F(1) or 63J(1) by entering into a qualifying agreement.5EAn overseas person does not carry on an activity of the kind specified in article 61(2), 63B(2) , 63F(2) or 63J(2) where he administers a qualifying agreement.5FIn paragraphs (5A) to (5E)—a“non-resident” means not normally resident in the United Kingdom;b“qualifying agreement” means—iin relation to articles 25A and 61, a regulated mortgage contract where the borrower (or each borrower) is non-resident when he enters into it;iiin relation to articles 25B and 63B, a regulated home reversion plan where the reversion seller (or each reversion seller) is non-resident when he enters into it;iiiin relation to articles 25C and 63F, a regulated home purchase plan where the home purchaser (or each home purchaser) is non-resident when he enters into it;ivin relation to articles 25E and 63J, a regulated sale and rent back agreement where the agreement seller (or each agreement seller) is non-resident when the agreement seller enters into it;c“the relevant capacity” means—iin the case of a regulated mortgage contract, as borrower;iiin the case of a regulated home reversion plan, as reversion seller or plan provider;iiiin the case of a regulated home purchase plan, as home purchaser;ivin the case of a regulated sale and rent back agreement, as agreement seller or agreement provider;d“the relevant type of agreement” means—iin relation to article 25A, a regulated mortgage contract;iiin relation to article 25B, a regulated home reversion plan;iiiin relation to article 25C, a regulated home purchase plan;ivin relation to article 25E, a regulated sale and rent back agreement.5GAn overseas person (“P”) does not carry on the activity specified by article 63U by providing an ESG rating to a person who is located in the United Kingdom (“Q”) where P receives no remuneration in respect of the ESG rating from any person.5HIn paragraph (5G)—a“ESG rating” and “located in the United Kingdom” have the meanings given in article 63Z7;bthe reference to P making the rating available is to be interpreted in accordance with the definition of “making available” in article 63Z7;c“remuneration” means any commission, fee, charge or other payment, including an economic benefit of any kind or any other financial or non-financial advantage or incentive offered or given.6There is excluded from article 64 any agreement made by an overseas person to carry on an activity of the kind specified by article 25(1) or (2), 37 , 39A, 40 or 45 if the agreement is the result of a legitimate approach.7In this article, “legitimate approach" means—aan approach made to the overseas person which has not been solicited by him in any way, or has been solicited by him in a way which does not contravene section 21 of the Act; orban approach made by or on behalf of the overseas person in a way which does not contravene that section.8Paragraphs (1) to (5) do not apply where the overseas person is an investment firm or qualifying credit institution—awho is providing or performing investment services and activities on a professional basis; andbwhose home ... State is the United Kingdom.9Paragraphs (1) to (5) do not apply where the overseas person is providing clearing services as a central counterparty (within the meaning of section 313(1) of the Act).9AParagraphs (1) to (5) do not apply—awhere the overseas person is a central securities depository which provides the services referred to in Article ... 25(2) of the CSD regulation in the United Kingdom (including through a branch in the United Kingdom); ...b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Paragraphs (5A) and (5C) do not apply where the overseas person is a mortgage intermediary whose home ... State is the United Kingdom.10AThis article does not apply in the following two cases.11The first case is where the overseas person is—aa third-country firm, as defined by Article 4.1.57 (“definitions”) of the markets in financial instruments directive (“third country firm”);bestablished in a country subject to an equivalence decision; andccarrying on an activity a third country firm established in that third country may carry on by virtue of the equivalence decision under—iArticle 46.1 of the markets in financial instruments regulation (general provisions) if it is registered by ESMA in the register of third country firms established in accordance with Article 48 of that Regulation (register);iiArticle 47.3 of the markets in financial instruments regulation (equivalence decision) if it has a branch in an EEA State other than the United Kingdom and is authorised in that State in accordance with Article 39 of the markets in financial instruments directive (establishment of a branch); oriiiArticle 46.5 of the markets in financial instruments regulation.11AThe second case is where the overseas person is—aa third-country firm, as defined by Article 2.1.42 of the markets in financial instruments regulation;bestablished in a county that is the subject of an equivalence determination; andccarrying on an activity a third country firm established in that third country may carry on, by virtue of the equivalence determination, under—iArticle 46.1 of the markets in financial instruments regulation, if it is registered by the FCA in the register of third country firms established in accordance with Article 48 of that regulation, oriiArticle 46.5 of that regulation.12For the purposes of paragraphs (11) and (11A)—a“equivalence decision” means a decision adopted by the Commission before IP completion day in relation to a country under Article 47.1 of the markets in financial instruments regulation which has not been withdrawn by a subsequent decision adopted by the Commission before IP completion day under that Article; ...ba country is subject to an equivalence decision if a period of more than three years has elapsed since the adoption of the decision by the Commission, beginning on the day after the date of the adoption of the decision.c “equivalence determination” means a determination made by the Treasury—iin regulations under Article 47.1 of the markets in financial instruments regulation and not revoked; oriiby direction under regulation 2 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 and not revoked;d a country is the subject of an equivalence determination if a period of more than three years has elapsed since—ithe date on which the equivalence determination came into force, oriiwhere two or more equivalence determinations have been made in succession in relation to the country concerned, the date on which the first equivalence determination came into force; efor the purposes of sub-paragraph (d), an equivalence determination is not made in succession to an earlier determination if the earlier determination ceased to have effect before the later determination came into force.13This article does not apply to the carrying on of an activity of any of the kinds specified in this article (“the RAO activity”) by an overseas person where—athe overseas person is registered in the register in respect of a description of—irelevant services,iia category of relevant clients, andiiione or more relevant financial instruments, andbthe activity which the overseas person may carry on by virtue of their registration in the register is in substance the same as the RAO activity, taking account of the financial instruments in relation to which, and the clients in relation to whom, the RAO activity may be carried out.14In paragraph (13)—“register” is the register maintained by the FCA in accordance with regulation 8 of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (the “Switzerland Regulations”);“relevant client” has the same meaning as in Part 4 of the Switzerland Regulations;“relevant financial instrument” has the same meaning as in Part 4 of the Switzerland Regulations;“relevant service” has the same meaning as in Part 4 of the Switzerland Regulations.72ZA1There is excluded from articles 14, 21, 25, 37, 40, 53(1) and 64 any activity carried on by a registered Swiss supplier, to the extent that the activity is being carried on—ato provide a registered service to the relevant clients and in relation to the relevant financial instruments specified in the entry for that registered Swiss supplier in the register, andbby the registered Swiss supplier from Switzerland.2In paragraph (1)—“register” is the register maintained by the FCA in accordance with regulation 8 of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (the “Switzerland Regulations”);“registered service” has the same meaning as in Part 1 of the Switzerland Regulations;“registered Swiss supplier” has the same meaning as in Part 1 of the Switzerland Regulations;“relevant client” has the same meaning as in Part 4 of the Switzerland Regulations;“relevant financial instrument” has the same meaning as in Part 4 of the Switzerland Regulations.72A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72AA1This article applies to a person with a Part 4A permission to carry on the activity of the kind specified by article 51ZA or 51ZC.2Activities carried on by the person in connection with or for the purposes of managing a UK UCITS or, as the case may be, managing an AIF, are excluded from the activities specified by this Part, other than the activities mentioned in paragraph (1) or the activity of the kind specified by article 55A.72B1In this article—“connected contract of insurance” means a contract of insurance which—is not a contract of long-term insurance;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .has a premium of— £500 or less (calculated on a pro rata annual basis), orwhere the insurance is complementary to a service being provided by the provider and the duration of that service is equal to or less than three months, £175 or less,or equivalent amounts of ... another currency;covers the risk of—breakdown, loss of, or damage to, non-motor goods supplied by the provider; ...the non-use of services supplied by the provider; ordamage to, or loss of, baggage and other risks linked to the travel booked with the provider (“travel risks”) in circumstances where—the travel booked with the provider relates to attendance at an event organised or managed by that provider and the party seeking insurance is not an individual (acting in his private capacity) or a small business; orthe travel booked with the provider is only the hire of an aircraft, vehicle or vessel which does not provide sleeping accommodation;does not cover any liability risks (except, in the case of a contract which covers travel risks, where that cover is ancillary to the main cover provided by the contract); andis complementary to the non-motor goods being supplied or service being provided by the provider; .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .“non-motor goods” means goods which are not mechanically propelled road vehicles;“provider” means a person who supplies non-motor goods or services or provides services related to travel in the course of carrying on a profession or business which does not otherwise consist of the carrying on of regulated activities. For these purposes, the transfer of possession of an aircraft, vehicle or vessel under an agreement for hire which is not—a hire-purchase agreement ... , orany other agreement which contemplates that the property in those goods will also pass at some time in the future, is the provision of a service related to travel, not a supply of goods;“small business” means—subject to paragraph (b) a sole trader, body corporate, partnership or an unincorporated association which had a turnover in the last financial year of less than £1,000,000;where the business concerned is a member of a group within the meaning of section 474(1) of the Companies Act 2006, reference to its turnover means the combined turnover of the group;“turnover” means the amounts derived from the provision of goods and services falling within the business’s ordinary activities, after deduction of trade discounts, value added tax and any other taxes based on the amounts so derived.2There is excluded from article 21 any transaction for the sale or purchase of a connected contract of insurance into which a provider enters as agent.3There are excluded from article 25(1) and (2) any arrangements made by a provider for, or with a view to, a transaction for the sale or purchase of a connected contract of insurance.4There is excluded from article 39A any activity carried on by a provider where the contract of insurance in question is a connected contract of insurance.5There is excluded from article 53 the giving of advice by a provider There is excluded from articles 53 and 55A the giving of advice or the provision of targeted support by a provider in relation to a transaction for the sale or purchase of a connected contract of insurance.6For the purposes of this article, a contract of insurance which covers travel risks is not to be treated as a contract of long-term insurance, notwithstanding the fact that it contains related and subsidiary provisions such that it might be regarded as a contract of long-term insurance, if the cover to which those provisions relate is ancillary to the main cover provided by the contract.72C1There is excluded from articles 25(1) and (2) the making of arrangements for, or with a view to, a transaction for the sale or purchase of a contract of insurance or an investment of the kind specified by article 89, so far as relevant to such a contract, where that activity meets the conditions specified in paragraph (4).2There is excluded from articles 37 and 40 any activity—awhere the assets in question are rights under a contract of insurance or an investment of the kind specified by article 89, so far as relevant to such a contract; andbwhich meets the conditions specified in paragraph (4).3There is excluded from article 39A any activity which meets the conditions specified in paragraph (4).4The conditions specified in this paragraph are that the activity—aconsists of the provision of information to the policyholder or potential policyholder;bis carried on by a person in the course of carrying on a profession or business which does not otherwise consist of the carrying on of regulated activities; andcmay reasonably be regarded as being incidental to that profession or business.72D1There is excluded from articles 21, 25(1) and (2), 39A and 53 , 53 and 55A any activity which is carried on in relation to a large risks contract of insurance, to the extent that the risk or commitment covered by the contract is not situated in the United Kingdom.2In this article, a “large risks contract of insurance” is a contract of insurance the principal object of which is to cover—arisks falling within paragraph 4 (railway rolling stock), 5 (aircraft), 6 (ships), 7 (goods in transit), 11 (aircraft liability) or 12 (liability of ships) of Part 1 of Schedule 1;brisks falling within paragraph 14 (credit) or 15 (suretyship) of that Part provided that the risks relate to a business carried on by the policyholder; orcrisks falling within paragraph 3 (land vehicles), 8 (fire and natural forces), 9 (damage to property), 10 (motor vehicle liability), 13 (general liability) or 16 (miscellaneous financial loss) of that Part provided that the risks relate to a business carried on by the policyholder and that the condition specified in paragraph (3) is met in relation to that business.3The condition specified in this paragraph is that at least two of the three following criteria were met in the most recent financial year for which information is available—athe balance sheet total of the business (within the meaning of section 382(5) or 465(5) of the Companies Act 2006) exceeded 6.2 million euro,bthe net turnover (within the meaning given to “turnover” by section 474(1) of the Companies Act 2006) exceeded 12.8 million euro,cthe number of employees (within the meaning given by sections 382(6) and 465(6) of the Companies Act 2006) exceeded 250,and for a financial year which is a company’s financial year but not in fact a year, the net turnover of the policyholder shall be proportionately adjusted.4For the purposes of paragraph (3), where the policyholder is a member of a group for which consolidated accounts ... are drawn up, the question whether the condition specified by that paragraph is met is to be determined by reference to those accounts.72E1A body corporate of a type specified in paragraph (7) does not carry on the activity of the kind specified by article 21 by entering as agent into a transaction on behalf of the participants of a Business Angel-led Enterprise Capital Fund.2There are excluded from article 25(1) and (2) arrangements, made by a body corporate of a type specified in paragraph (7), for or with a view to a transaction which is or is to be entered into by or on behalf of the participants in a Business Angel-led Enterprise Capital Fund.3There is excluded from article 37 any activity, carried on by a body corporate of a type specified in paragraph (7), which consists in the managing of assets belonging to the participants in a Business Angel-led Enterprise Capital Fund.4There is excluded from article 40 any activity, carried on by a body corporate of a type specified in paragraph (7), in respect of assets belonging to the participants in a Business Angel-led Enterprise Capital Fund.5A body corporate of a type specified in paragraph (7) does not carry on the activity of the kind specified in article 51ZA, 51ZC or 51ZE where it carries on the activity of establishing, operating or winding up a Business Angel-led Enterprise Capital Fund.6A body corporate of a type specified in paragraph (7) does not carry on the activity of the kind specified in article 53 where it is advising the participants in a Business Angel-led Enterprise Capital Fund on investments to be made by or on behalf of the participants of that Business Angel-led Enterprise Capital Fund.7The type of body corporate specified is a limited company—iwhich operates a Business Angel-led Enterprise Capital Fund; andiithe members of which are participants in the Business Angel-led Enterprise Capital Fund operated by that limited company and between them have invested at least 50 per cent of the total investment in that Business Angel-led Enterprise Capital Fund excluding any investment made by the Secretary of State.8For the purposes of paragraph (7), “a limited company” means a body corporate with limited liability which is a company or firm formed under the law of any part of the United Kingdom and having its registered office, central administration or principal place of business in the United Kingdom.9Nothing in this article has the effect of excluding a body corporate from the application of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, in so far as those Regulations would have applied to it but for this article.10Nothing in this article has the effect of excluding a body corporate from the application of section 397 of the Act (misleading statements and practices), in so far as that section would have applied to it but for this article.11This article is subject to article 4(4).72F1For the purposes of this article and of article 72E—“Business Angel-led Enterprise Capital Fund” means a collective investment scheme which—is established for the purpose of enabling participants to participate in or receive profits or income arising from the acquisition, holding, management or disposal of investments falling within one or more of—article 76, being shares in an unlisted company;article 77, being instruments creating or acknowledging indebtedness in respect of an unlisted company; article 77A, being rights under an alternative finance investment bond issued by an unlisted company; andarticle 79, being warrants or other instruments entitling the holder to subscribe for shares in an unlisted company;has only the following as its participants—the Secretary of State;a body corporate of a type specified in article 72E(7); andone or more persons each of whom at the time they became a participant was—a sophisticated investor;a high net worth individual;a high net worth company;a high net worth unincorporated association;a trustee of a high value trust; ora self-certified sophisticated investor;is prevented, by the arrangements by which it is established, from—acquiring investments, other than those falling within paragraphs (i) to (iii) of sub-paragraph (a); andacquiring investments falling within paragraphs (i) to (iii) of sub-paragraph (a) in an unlisted company, where the aggregated cost of those investments exceeds £2 million, unless that acquisition is necessary to prevent or reduce the dilution of an existing share-holding in that unlisted company;“high net worth company” means a body corporate which—falls within article 49(2)(a) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (high net worth companies, unincorporated associations etc.); andhas executed a document (in a manner which binds the company) in the following terms:This company is a high net worth company and falls within article 49(2)(a) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. We understand that any Business Angel-led Enterprise Capital Fund (within the meaning of article 72F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001), in which this company participates, or any person who operates that Business Angel-led Enterprise Capital Fund, in which this company participates, will not be authorised under the Financial Services and Markets Act 2000 (and so will not have to satisfy the threshold conditions set out in Part I of Schedule 6 to that Act and will not be subject to Financial Conduct Authority rules such as those on holding client money). We understand that this means that redress through the Financial Conduct Authority, the Financial Ombudsman Scheme or the Financial Services Compensation Scheme will not be available. We also understand the risks associated in investing in a Business Angel-led Enterprise Capital Fund and are aware that it is open to us to seek advice from someone who is authorised under the Financial Services and Markets Act 2000 and who specialises in advising on this kind of investment.“high net worth individual” means an individual who—is a “... high net worth individual” within the meaning of article 48(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (... high net worth individuals); andhas signed a statement in the following terms:I declare that I am a ... high net worth individual within the meaning of article 48(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and that I understand that any Business Angel-led Enterprise Capital Fund (within the meaning of article 72F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001), in which I participate, or any person who operates that Business Angel-led Enterprise Capital Fund, in which I participate, will not be authorised under the Financial Services and Markets Act 2000 (and so will not have to satisfy the threshold conditions set out in Part I of Schedule 6 to that Act and will not be subject to Financial Conduct Authority rules such as those on holding client money). I understand that this means that redress through the Financial Conduct Authority, the Financial Ombudsman Scheme or the Financial Services Compensation Scheme will not be available. I also understand the risks associated in investing in a Business Angel-led Enterprise Capital Fund and am aware that it is open to me to seek advice from someone who is authorised under the Financial Services and Markets Act 2000 and who specialises in advising on this kind of investment.;“high net worth unincorporated association” means an unincorporated association—which falls within article 49(2)(b) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; andon behalf of which an officer of that association or a member of its governing body has signed a statement in the following terms:This unincorporated association is a high net worth unincorporated association and falls within article 49(2)(b) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. I understand that any Business Angel-led Enterprise Capital Fund (within the meaning of article 72F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001), in which this association participates, or any person who operates that Business Angel-led Enterprise Capital Fund, in which this association participates, will not be authorised under the Financial Services and Markets Act 2000 (and so will not have to satisfy the threshold conditions set out in Part I of Schedule 6 to that Act and will not be subject to Financial Conduct Authority rules such as those on holding client money). I understand that this means that redress through the Financial Conduct Authority, the Financial Ombudsman Scheme or the Financial Services Compensation Scheme will not be available. I also understand the risks associated in investing in a Business Angel-led Enterprise Capital Fund and am aware that it is open to the association to seek advice from someone who is authorised under the Financial Services and Markets Act 2000 and who specialises in advising on this kind of investment.;“high value trust” means a trust—where the aggregate value of the cash and investments which form a part of the trust’s assets (before deducting the amount of its liabilities) is £10 million or more;on behalf of which a trustee has signed a statement in the following terms:This trust is a high value trust. I understand that any Business Angel-led Enterprise Capital Fund (within the meaning of article 72F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001), in which this trust participates, or any person who operates that Business Angel-led Enterprise Capital Fund, in which this trust participates, will not be authorised under the Financial Services and Markets Act 2000 (and so will not have to satisfy the threshold conditions set out in Part I of Schedule 6 to that Act and will not be subject to Financial Conduct Authority rules such as those on holding client money). I understand that this means that redress through the Financial Conduct Authority, the Financial Ombudsman Scheme or the Financial Services Compensation Scheme will not be available. I also understand the risks associated in investing in a Business Angel-led Enterprise Capital Fund and am aware that it is open to the trust to seek advice from someone who is authorised under the Financial Services and Markets Act 2000 and who specialises in advising on this kind of investment.;“self-certified sophisticated investor” means an individual who—is a “self-certified sophisticated investor” within the meaning of article 50A of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005;has signed a statement in the following terms:I declare that I am a self-certified sophisticated investor within the meaning of article 50A of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and that I understand that any Business Angel-led Enterprise Capital Fund (within the meaning of article 72F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001), in which I participate, or any person who operates that Business Angel-led Enterprise Capital Fund, in which I participate, will not be authorised under the Financial Services and Markets Act 2000 (and so will not have to satisfy the threshold conditions set out in Part I of Schedule 6 to that Act and will not be subject to Financial Conduct Authority rules such as those on holding client money). I understand that this means that redress through the Financial Conduct Authority, the Financial Ombudsman Scheme or the Financial Services Compensation Scheme will not be available. I also understand the risks associated in investing in a Business Angel-led Enterprise Capital Fund and am aware that it is open to me to seek advice from someone who is authorised under the Financial Services and Markets Act 2000 and who specialises in advising on this kind of investment.;“sophisticated investor” means an individual who—is a “certified sophisticated investor” within the meaning of article 50(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; andhas signed a statement in the following terms:I declare that I am a certified sophisticated investor within the meaning of article 50(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and that I understand that any Business Angel-led Enterprise Capital Fund (within the meaning of article 72F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001), in which I participate, or any person who operates that Business Angel-led Enterprise Capital Fund, in which I participate, will not be authorised under the Financial Services and Markets Act 2000 (and so will not have to satisfy the threshold conditions set out in Part I of Schedule 6 to that Act and will not be subject to Financial Conduct Authority rules such as those on holding client money). I understand that this means that redress through the Financial Conduct Authority, the Financial Ombudsman Scheme or the Financial Services Compensation Scheme will not be available. I also understand the risks associated in investing in a Business Angel-led Enterprise Capital Fund and am aware that it is open to me to seek advice from someone who is authorised under the Financial Services and Markets Act 2000 and who specialises in advising on this kind of investment.;“unlisted company” has the meaning given by article 3 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.2References in this Article and in Article 72E to a participant in a Business Angel-led Enterprise Capital Fund, doing things on behalf of such a participant and property belonging to such a participant are, respectively, references to that participant in that capacity, to doing things on behalf of that participant in that capacity or to the property of that participant held in that capacity.72G1There is excluded from article 5 any activity which is carried on by a local authority.2There is excluded from articles 21, 25(1) and (2), 39A and 53 , 53 and 55A any activity carried on by a local authority which relates to a contract of insurance which is not a qualifying contract of insurance.3There is excluded from articles 25A(1)(b), 25A(2), 25B, 25C, 25E, 36A, 39D, 39E, 39F, 39G, ... 53B, 53C, 53D, 60N, ... 63B, 63F, 63J or 89A any activity which is carried on by a local authority.3AThere is excluded from article 25A(1)(b) and (2) any activity which is carried on by a company which is a wholly-owned subsidiary of a local authority.3BThere is excluded from articles 25A(1)(a) and (2A), 53A, 53DA and 61 any activity which is carried on by a local authority, or a company which is a wholly-owned subsidiary of a local authority, in so far as the contract ...—awas entered into before 21st March 2016; orbis entered into on or after 21st March 2016 and—iis an agreement to which section 423A(3) of the Act applies;iiis a bridging loan; oriiiis a restricted public loan in relation to which the requirements of paragraph (6) are met.3CThere is excluded from article 59(1) and (1A) any activity which is carried on by a local authority.4There is excluded from article 60B—aany activity which is carried on by a local authority—iin relation to a credit agreement which was entered into before 21st March 2016, or which is entered into on or after that date for a purpose other than acquiring or retaining property rights in land or in an existing or projected building; andiiin so far as the activity is carried on in relation to a credit agreement falling within paragraph (6A) or within section 423A(2)(a) or (b) or (3)(b), (d), (e) or (f) of the Act; bany activity which is carried on by a local authority in relation to a credit agreement entered into on or after 21st March 2016, the purpose of which is to acquire or retain property rights in land or in an existing or projected building, in so far as the credit agreement meets one of the following conditions—iit is an agreement to which section 423A(3) of the Act applies;iiit is a bridging loan; oriiiit is a restricted public loan in relation to which the requirements of paragraph (6) are met.4AA reference in paragraph (4) to any land or building—ain 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;bin relation to an agreement entered into on or after IP completion day, is a reference to any land or building in the United Kingdom.5There is excluded from article 64 any agreement made by a local authority to carry on an activity of the kind excluded by paragraphs (2) to (4).6The requirements of this paragraph are that—athe borrower receives timely information on the main features, risks and costs of the loan at the pre-contractual stage; andbany advertising of the loan is fair, clear and not misleading.6AThe following credit agreements fall within this paragraph—aan agreement involving a total amount of credit of less than 200 euro;ban agreement that involves a total amount of credit of more than 75,000 euro, other than an unsecured credit agreement the purpose of which is the renovation of a residential immovable property;ca hiring or leasing agreement under which an obligation to purchase the object of the agreement is not laid down either by the agreement itself or by any separate agreement;dan agreement under which the credit is granted free of interest and without any other charges;ean agreement under which the credit has to be repaid within three months and only insignificant charges are payable;fan agreement concluded with an investment firm or a credit institution for the purposes of allowing an investor to carry out a transaction relating to one or more of the instruments listed in Part 1 of Schedule 2, where the investment firm or credit institution granting the credit is involved in that transaction;gan agreement under which the consumer's liability is strictly limited to an item that the consumer is requested to deposit, upon the conclusion of the agreement, as security in the creditor's safe-keeping;han agreement that relates to a restricted public loan.6BFor the purposes of subsection (6A)(c), an obligation to purchase the object of the agreement is deemed to exist if the creditor decides that it does.7In this article—“bridging loan” has the meaning given by article 60G(9);“borrower” means a person receiving credit; “consumer” means an individual who is acting for purposes outside those of any trade, business or profession carried on by the individual; ...“credit” includes a cash loan and any other form of financial accommodation;“restricted public loan” means credit that is—offered to a particular class of borrower and not offered to the public generally;offered under an enactment with a general interest purpose; andprovided on terms which are more favourable to the borrower than those prevailing on the market, because the credit meets one of the following conditions—it is interest free;the rate of interest is lower than that prevailing on the market; orthe rate of interest is no higher than that prevailing on the market but the other terms on which the credit is provided are more favourable to the borrower; and“wholly-owned subsidiary” has the same meaning as in section 1159 (meaning of “subsidiary” etc.) of the Companies Act 2006 and, for the purposes of this definition, a local authority is to be treated as a body corporate.72H1There is excluded from the provisions listed in paragraph (2) any activity carried on by a person acting as an insolvency practitioner.2The provisions are—zaany regulated activity specified by Chapter 2B (cryptoassets);aarticle 14 (dealing in investments as principal);barticle 21 (dealing in investments as agent);carticle 25 (arranging deals in investments);darticle 25D (operating a multilateral trading facility);daarticle 25DA (operating an organised trading facility);earticle 37 (managing investments);farticle 39A (assisting in the administration and performance of a contract of insurance);garticle 39D (debt adjusting);harticle 39E (debt-counselling);iarticle 39F (debt-collecting);jarticle 39G (debt administration);karticle 40 (safeguarding and administering investments);larticle 45 (sending dematerialised instructions);marticle 51ZA (managing a UK UCITS);narticle 51ZB (acting as trustee or depositary of a UK UCITS);oarticle 51ZC (managing an AIF);particle 51ZD (acting as trustee or depositary of an AIF);qarticle 51ZE (establishing etc. a collective investment scheme);rarticle 52 (establishing etc. a pension scheme);sarticle 53 (advising on investments);szaarticle 55A (providing targeted support);saarticle 59(1A) (carrying out a funeral plan contract as provider);tarticle 89A (providing credit information services).3There is excluded from articles 39D, 39E and 89A any activity carried on by a person acting in reasonable contemplation of that person’s appointment as an insolvency practitioner.4There is excluded from article 64 any agreement made by a person acting as an insolvency practitioner to carry on an activity of the kind excluded by paragraph (1).5There is excluded from article 64 any agreement made by a person acting in reasonable contemplation of that person’s appointment as an insolvency practitioner to carry on an activity of the kind excluded by paragraph (3).72I1There is excluded from articles 25A, 36A, 53A, 53DA, 60B and 61 any consumer buy-to-let mortgage business which relates to an agreement entered into on or after 21st March 2016 and is carried on by a registered consumer buy-to-let mortgage firm.2In this article “consumer buy-to-let mortgage business” and “registered consumer buy-to-let mortgage firm” have the meanings given in article 4 of the Mortgage Credit Directive Order 2015 (interpretation of Part 3).72J1An activity which falls within Article 2.1(j)(i) or (ii) (exemptions) of the markets in financial instruments directive (“an Article 2.1(j) activity”) is excluded from the activities specified by articles 14, 21 and 25 if during a calendar year the person carrying on the activity—acannot perform the market threshold calculation to establish if the Article 2.1(j) activity falls within the exemption under Article 2.1(j) of the markets in financial instruments directive because the relevant data is not publicly available from an official source;bcarries on the Article 2.1(j) activity during a period of 8 weeks beginning with the day after the day on which the relevant data is made publicly available from an official source; orchas made an application to the appropriate regulator for a Part 4A permission to carry on a regulated activity specified by articles 14, 21 and 25 which constitutes the Article 2.1(j) activity and the application has not been determined or withdrawn.2The exclusion in paragraph (1) does not apply to an Article 2.1(j) activity carried on by a person who is an authorised person in relation to an activity which constitutes the Article 2.1(j) activity.3In this paragraph—“market threshold calculation” means the calculation of the size of trading activities referred to in Article 2 of the delegated regulation that must be carried out annually in the first quarter of a calendar year under the procedure set out in Article 4 (procedure for calculation) of that delegated regulation;“official source” means an EU institution or a regulator;“relevant data” means any data or other information that enables a calculation to be made of the overall market trading activity in an asset class under the procedure in Article 2.3 (overall market threshold) of the delegated regulation;“the appropriate regulator” in relation to an application for a Part 4A permission means the appropriate regulator in relation to that application for the purposes of section 55A (application for permission) of the Act; and“the delegated regulation” means Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business .PART III73The following kinds of investment are specified for the purposes of section 22 of the Act.74A deposit.74AElectronic money.75Rights under a contract of insurance.761Shares or stock in the share capital of—aany body corporate (wherever incorporated), andbany unincorporated body constituted under the law of a country or territory outside the United Kingdom.2Paragraph (1) includes—aany shares of a class defined as deferred shares for the purposes of section 119 of the Building Societies Act 1986 or section 31A of the Credit Unions Act 1979; andbany transferable shares in a body incorporated under the law of, or any part of, the United Kingdom relating to co-operative and community benefit societies, industrial and provident societies or credit unions, or in a body constituted under the law of another EEA State for purposes equivalent to those of such a body.3But subject to paragraph (2) there are excluded from paragraph (1) shares or stock in the share capital of—aan open-ended investment company;ba building society incorporated under the law of, or any part of, the United Kingdom;ca body incorporated under the law of, or any part of, the United Kingdom relating to co-operative and community benefit societies, industrial and provident societies or credit unions;dany body constituted under the law of an EEA State for purposes equivalent to those of a body falling within sub-paragraph (b) or (c).771Subject to paragraph (2), such of the following as do not fall within article ... 78—adebentures;bdebenture stock;cloan stock;dbonds;ecertificates of deposit;fany other instrument creating or acknowledging indebtedness.2If and to the extent that they would otherwise fall within paragraph (1), there are excluded from that paragraph—aan instrument acknowledging or creating indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;ba cheque or other bill of exchange, a banker’s draft or a letter of credit (but not a bill of exchange accepted by a banker);ca banknote, a statement showing a balance on a current, deposit or savings account, a lease or other disposition of property, or a heritable security; andda contract of insurance.e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3An instrument excluded from paragraph (1) of article 78 by paragraph (2)(b) of that article is not thereby to be taken to fall within paragraph (1) of this article.77A1Rights under an alternative finance investment bond, to the extent that they do not fall within article 77 or 78.2For the purposes of this article, arrangements constitute an alternative finance investment bond if—athe arrangements provide for a person (“the bond-holder”) to pay a sum of money (“the capital”) to another (“the bond-issuer”);bthe arrangements identify assets, or a class of assets, which the bond-issuer will acquire for the purpose of generating income or gains directly or indirectly (“the bond assets”);cthe arrangements specify a period at the end of which they cease to have effect (“the bond term”);dthe bond-issuer undertakes under the arrangements—ito make a repayment in respect of the capital (“the redemption payment”) to the bond-holder during or at the end of the bond term (whether or not in instalments); andiito pay to the bond-holder other payments on one or more occasions during or at the end of the bond term (“the additional payments”);ethe amount of the additional payments does not exceed an amount which would, at the time at which the bond is issued, be a reasonable commercial return on a loan of the capital; andfthe arrangements are—ia security that is admitted to the official list in accordance with Part 6 of the Act,iia security that is admitted to an official list in the EEA (in accordance with the provisions of Directive 2001/34/EC of the European Parliament and of the Council on the admission of securities to official stock exchange listing and on information to be published on those securities) and has been so admitted since before IP completion day,iiia security that is admitted to trading on a recognised investment exchange or a UK trading venue, oriva security that is admitted to trading on an EU trading venue and has been so admitted since before IP completion day.3For the purposes of paragraph (2)—athe bond-issuer may acquire the bond assets before or after the arrangements take effect;bthe bond assets may be property of any kind, including rights in relation to property owned by someone other than the bond-issuer;cthe identification of the bond assets mentioned in paragraph (2)(b) and the undertakings mentioned in paragraph (2)(d) may (but need not) be described as, or accompanied by a document described as, a declaration of trust;dthe reference to a period in paragraph (2)(c) includes any period specified to end upon the redemption of the bond by the bond-issuer;ethe bond-holder may (but need not) be entitled under the arrangements to terminate them, or participate in terminating them, before the end of the bond term;fthe amount of the additional payments may be—ifixed at the beginning of the bond term;iidetermined wholly or partly by reference to the value of or income generated by the bond assets; oriiidetermined in some other way;gif the amount of the additional payments is not fixed at the beginning of the bond term, the reference in paragraph (2)(e) to the amount of the additional payments is a reference to the maximum amount of the additional payments;hthe amount of the redemption payment may (but need not) be subject to reduction in the event of a fall in the value of the bond assets or in the rate of income generated by them; andientitlement to the redemption payment may (but need not) be capable of being satisfied (whether or not at the option of the bond-issuer or the bond-holder) by the issue or transfer of shares or other securities.3AIn sub-paragraph (2)(f)—“EU trading venue” has the meaning given by Article 2.1.16B of the markets in financial instruments regulation;“UK trading venue” has the meaning given by Article 2.1.16A of that regulation.4An instrument excluded from paragraph (1) of article 78 by paragraph (2)(b) of that article is not thereby taken to fall within paragraph (1) of this article.781Subject to paragraph (2), loan stock, bonds and other instruments creating or acknowledging indebtedness, issued by or on behalf of any of the following—athe government of the United Kingdom;bthe Scottish Administration;cthe Executive Committee of the Northern Ireland Assembly;dthe National Assembly for Wales;ethe government of any country or territory outside the United Kingdom;fa local authority in the United Kingdom or elsewhere; orga body the members of which comprise—istates including the United Kingdom ...; oriibodies whose members comprise states including the United Kingdom ....2Subject to paragraph (3), there are excluded from paragraph (1)—aso far as applicable, the instruments mentioned in article 77(2)(a) to (d);bany instrument creating or acknowledging indebtedness in respect of—imoney received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank;iimoney raised under the National Loans Act 1968 under the auspices of the Director of Savings or treated as so raised by virtue of section 11(3) of the National Debt Act 1972 .3Paragraph (2)(a) does not exclude an instrument which meets the requirements set out in sub-paragraphs (a) to (e) of article 77A(2).791Warrants and other instruments entitling the holder to subscribe for any investment of the kind specified by article 76, 77 , 77A or 78.2It is immaterial whether the investment to which the entitlement relates is in existence or identifiable.3An investment of the kind specified by this article is not to be regarded as falling within article 83, 84 or 85.801Subject to paragraph (2), certificates or other instruments which confer contractual or property rights (other than rights consisting of an investment of the kind specified by article 83)—ain respect of any investment of the kind specified by any of articles 76 to 79, being an investment held by a person other than the person on whom the rights are conferred by the certificate or instrument; andbthe transfer of which may be effected without the consent of that person.2There is excluded from paragraph (1) any certificate or other instrument which confers rights in respect of two or more investments issued by different persons, or in respect of two or more different investments of the kind specified by article 78 and issued by the same person.81Units in a collective investment scheme (within the meaning of Part XVII of the Act).821Rights under a stakeholder pension scheme.2Rights under a personal pension scheme.3Rights or interests under a pension scheme which provides safeguarded benefits (within the meaning given in article 53E(2)).4Paragraph (3) specifies a kind of investment in relation to the kind of activity specified in article 53E (advising on conversion or transfer of pension benefits), and not in relation to any other specified kind of activity.82ZA1Any pension in respect of which information is requested or provided using a pensions dashboard service as defined in article 89BA(3) (operating a pensions dashboard service).2Paragraph (1) specifies a kind of investment in relation to the kind of activity specified in article 89BA, and not in relation to any other specified kind of activity.82AGreenhouse gas emissions allowances which are auctioned as financial instruments or as two-day spots within the meaning of Article 3.3 of the emission allowance auctioning regulation or regulation 2(1) of the UK auctioning regulations.82B1Subject to paragraph (2)—aemission allowances consisting of any units recognised for compliance (by an EEA State) with the requirements of the emission allowance trading directive; andballowances created under article 18 of the trading scheme order and transferable in accordance with that order.2Paragraph (1) only applies to emission allowances in relation to which—aan investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,ba management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,ca market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule, orda full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.831Options to acquire or dispose of—aa security or contractually based investment (other than one of a kind specified by this article);bcurrency of the United Kingdom or any other country or territory;cpalladium, platinum, gold or silver; ...dan option to acquire or dispose of an investment of the kind specified by this article by virtue of paragraph (a), (b) or (c);esubject to paragraph (4), an option to acquire or dispose of an option to which paragraph 5, 6, 7 or 10 of Part 1 of Schedule 2 ...applies.2Subject to paragraph (4), options—ato which paragraph (1) does not apply;bwhich relate to commodities;cwhich may be settled physically; anddeither—ito which paragraph 5 or 6 of ... Part 1 of Schedule 2 ..., applies, oriiwhich in accordance with paragraphs 5, 6 and 8 of Part 2 of Schedule 2 are to be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes, and to which paragraph 7 of Part 1 of that Schedule applies.3Subject to paragraph (4), options—ato which paragraph (1) does not apply;bwhich may be settled physically; andcto which paragraph 10 of Part 1 of Schedule 2 ... applies.4Paragraphs (1)(e), (2) and (3) only apply to options in relation to which—aan investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,ba management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,ca market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule, orda full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .841Subject to paragraph (2), rights under a contract for the sale of a commodity or property of any other description under which delivery is to be made at a future date and at a price agreed on when the contract is made.1ASubject to paragraph (1D), futures—ato which paragraph (1) does not apply;bwhich relate to commodities;cwhich may be settled physically; anddto which paragraph 5 or 6 of Part 1 of Schedule 2 ... applies.1BSubject to paragraph (1D), futures and forwards—ato which paragraph (1) does not apply;bwhich relate to commodities;cwhich may be settled physically;dwhich in accordance with paragraphs 5, 6 and 8 of Part 2 of Schedule 2 are to be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes; andeto which paragraph 7 of Part 1 of Schedule 2 applies.1CSubject to paragraph (1D), futures—ato which paragraph (1) does not apply;bwhich may be settled physically; andcto which paragraph 10 of Part 1 of Schedule 2 ... applies.1CASubject to paragraph (1D), any other derivative contract which relates to currencies and to which paragraph 4 of Part 1 of Schedule 2 applies.1DParagraph (1A), (1B), (1C) and (1CA) only apply to futures , forwards or derivative contracts in relation to which—aan investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,ba management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,ca market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule, orda full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.1E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2There are excluded from paragraph (1) rights under any contract which is made for commercial and not investment purposes.3A contract is to be regarded as made for investment purposes if it is made or traded on a recognised investment exchange, or is made otherwise than on a recognised investment exchange but is expressed to be as traded on such an exchange or on the same terms as those on which an equivalent contract would be made on such an exchange.4A contract not falling within paragraph (3) is to be regarded as made for commercial purposes if under the terms of the contract delivery is to be made within seven days, unless it can be shown that there existed an understanding that (notwithstanding the express terms of the contract) delivery would not be made within seven days.5The following are indications that a contract not falling within paragraph (3) or (4) is made for commercial purposes and the absence of them is an indication that it is made for investment purposes—aone or more of the parties is a producer of the commodity or other property, or uses it in his business;bthe seller delivers or intends to deliver the property or the purchaser takes or intends to take delivery of it.6It is an indication that a contract is made for commercial purposes that the prices, the lot, the delivery date or other terms are determined by the parties for the purposes of the particular contract and not by reference (or not solely by reference) to regularly published prices, to standard lots or delivery dates or to standard terms.7The following are indications that a contract is made for investment purposes—ait is expressed to be as traded on an investment exchange;bperformance of the contract is ensured by an investment exchange or a clearing house;cthere are arrangements for the payment or provision of margin.8For the purposes of paragraph (1), a price is to be taken to be agreed on when a contract is made—anotwithstanding that it is left to be determined by reference to the price at which a contract is to be entered into on a market or exchange or could be entered into at a time and place specified in the contract; orbin a case where the contract is expressed to be by reference to a standard lot and quality, notwithstanding that provision is made for a variation in the price to take account of any variation in quantity or quality on delivery.851Subject to paragraph (2), rights under—aa contract for differences; orbany other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in—ithe value or price of property of any description; oriian index or other factor designated for that purpose in the contract.2There are excluded from paragraph (1)—arights under a contract if the parties intend that the profit is to be secured or the loss is to be avoided by one or more of the parties taking delivery of any property to which the contract relates;brights under a contract under which money is received by way of deposit on terms that any interest or other return to be paid on the sum deposited will be calculated by reference to fluctuations in an index or other factor;crights under any contract under which—imoney is received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank; oriimoney is raised under the National Loans Act 1968 under the auspices of the Director of Savings or treated as so raised by virtue of section 11(3) of the National Debt Act 1972;drights under a qualifying contract of insurance.3Subject to paragraph (4), derivative instruments for the transfer of credit risk—ato which neither article 83 nor paragraph (1) applies; andbto which paragraph 8 of Part 1 of Schedule 2 applies.4Paragraph (3) only applies to derivatives in relation to which—aan investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,ba management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,ca market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule,da full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.4ASubject to paragraph (4B), a derivative contract of a binary or other fixed outcomes nature—ato which paragraph (1) does not apply;bwhich is settled in cash; andcwhich is a financial instrument to which paragraph 4, 5, 6, 7 or 10 of Part 1 of Schedule 2 ... applies.4BParagraph (4A) only applies to derivatives in relation to which—aan investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,ba management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,ca market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule,da full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,ea person is carrying on the activity specified by article 25(2).5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .861The underwriting capacity of a Lloyd’s syndicate.2A person’s membership (or prospective membership) of a Lloyd’s syndicate.87Rights under a funeral plan contract.88Rights under a regulated mortgage contract.88ARights under a regulated home reversion plan.88BRights under a regulated home purchase plan.88CRights under a regulated sale and rent back agreement.88DRights under a credit agreement.88ERights under a consumer hire agreement.88F1A qualifying cryptoasset.2A “qualifying cryptoasset” means a cryptoasset which is—afungible,btransferable,cnot solely a record of value or contractual rights, including rights in another cryptoasset, anddnot excluded by paragraph (4).3For the purposes of paragraph (2)(b), the circumstances in which a cryptoasset is to be treated as “transferable” include where it confers transferable rights.4A cryptoasset does not fall within paragraph (1) if it is—aa specified investment cryptoasset, other than one specified by—iarticle 74A (electronic money); andiiarticle 88F (qualifying cryptoassets);belectronic money;ccurrency of the United Kingdom or any other country or territory, including a central bank digital currency;da cryptoasset that—icannot be transferred or sold in exchange for money or other cryptoassets, except by way of redemption with the issuer, andiican only be used by the holder—aato acquire goods or services from the issuer, orbbto acquire goods or services within a limited network of service providers which have direct commercial agreements with the issuer.88G1A qualifying stablecoin.2A “qualifying stablecoin” means a qualifying cryptoasset where—athat cryptoasset seeks or purports to maintain a stable value in relation to a particular fiat currency (“the referenced fiat currency”), andbfiat currency (which may be referenced fiat currency referred to in sub-paragraph (a)) or other assets are held for the purpose of maintaining a stable value, in accordance with sub-paragraph (a).3Where a cryptoasset seeks or purports to maintain a stable value in relation to an asset other than a fiat currency, the cryptoasset is not to be regarded as falling within paragraph (2)(a) even if the asset is expressed in terms of a fiat currency.4For the purposes of paragraph (2)(b)—aother assets do not include the cryptoasset itself;bthe holding of fiat currency or another asset for the purpose of maintaining a stable value does not include the holding of assets by a person carrying on the activity described in article 5 (accepting deposits), whether authorised or not, for the purpose of complying with its general prudential requirements or meeting its liabilities generally.5In this article, “fiat currency” means the currency of the United Kingdom or any other country or territory, unless that currency is solely a cryptoasset.891Subject to paragraphs (2) to (4), any right to or interest in anything which is specified by any other provision of this Part (other than article 88, 88A, 88B or 88C).2Paragraph (1) does not include interests under the trusts of an occupational pension scheme.2AParagraph (2) does not apply where the kind of activity specified in article 53E (advising on conversion or transfer of pension benefits) or article 89BA (operating a pensions dashboard service) is carried on by way of business in relation to the interests under the trusts of an occupational pension scheme.3Paragraph (1) does not include any right or interest acquired as a result of entering into a funeral plan contract.4Paragraph (1) does not include anything which is specified by any other provision of this Part.PART 3AThe activities89A1Taking any of the steps in paragraph (3) on behalf of an individual or relevant recipient of credit is a specified kind of activity.2Giving advice to an individual or relevant recipient of credit in relation to the taking of any of the steps specified in paragraph (3) is a specified kind of activity.3Subject to paragraph (4), the steps specified in this paragraph are steps taken with a view to—aascertaining whether a credit information agency holds information relevant to the financial standing of an individual or relevant recipient of credit;bascertaining the contents of such information;csecuring the correction of, the omission of anything from, or the making of any other kind of modification of, such information;dsecuring that a credit information agency which holds such information—istops holding the information, oriidoes not provide it to any other person.4Steps taken by a credit information agency in relation to information held by that agency are not steps specified in paragraph (3).5Paragraphs (1) and (2) do not apply to an activity of the kind specified by article 36H (operating an electronic system in relation to lending).6“Credit information agency” means a person who carries on by way of business an activity of the kind specified by any of the following—aarticle 36A (credit broking);barticle 39D (debt adjusting);carticle 39E (debt-counselling);darticle 39F (debt-collecting);earticle 39G (debt administration);farticle 60B (regulated credit agreements) disregarding the effect of article 60F;garticle 60N (regulated consumer hire agreements) disregarding the effect of article 60P;harticle 89B (providing credit references).89B1Furnishing of persons with information relevant to the financial standing of individuals or relevant recipients of credit is a specified kind of activity if the person has collected the information for that purpose.2There are excluded from paragraph (1) activities carried on in the course of a business which does not primarily consist of activities of the kind specified by paragraph (1).3Paragraph (1) does not apply to an activity of the kind specified by article 36H (operating an electronic system in relation to lending).89BA1Operating a pensions dashboard service which connects to the Money and Pensions Service dashboards digital architecture is a specified kind of activity.2This article does not apply to the Money and Pensions Service.3In this Order—“connect to the Money and Pensions Service dashboards digital architecture” means connect to the information technology systems delivered by or on behalf of the Money and Pensions Service that enable the interconnected system comprised of the following elements to work—the Money and Pensions Service dashboards digital architecture,the pensions dashboard services that connect to the Money and Pensions Service dashboards digital architecture,the interfaces of pension schemes that connect to the Money and Pensions Service dashboards digital architecture,the interfaces of pension schemes that connect to pensions dashboard services, andany other party or service that needs to be connected in order for the system to work;“pensions dashboard service” has the same meaning as in section 238A(1) of the Pensions Act 2004.Exclusions89C1There are excluded from articles 89A and 89B activities carried on by—aa barrister or advocate acting in that capacity;ba solicitor (within the meaning of the Solicitors Act 1974) in the course of providing advocacy services or litigation services;ca solicitor (within the meaning of the Solicitors (Scotland) Act 1980) in the course of providing advocacy services or litigation services;da solicitor (within the meaning of the Solicitors (Northern Ireland) Order 1976) in the course of providing advocacy services or litigation services;ea relevant person (other than a person falling within sub-paragraph (a) to (d)) in the course of providing advocacy services or litigation services.2In paragraph (1)—“advocacy services” means any services which it would be reasonable to expect a person who is exercising, or contemplating exercising, a right of audience in relation to any proceedings, or contemplated proceedings, to provide for the purpose of those proceedings or contemplated proceedings;“litigation services” means any services which it would be reasonable to expect a person who is exercising, or contemplating exercising, a right to conduct litigation in relation to any proceedings, or contemplated proceedings, to provide for the purpose of those proceedings or contemplated proceedings;“relevant person” means a person who, for the purposes of the Legal Services Act 2007, is an authorised person in relation to an activity which constitutes the exercise of a right of audience or the conduct of litigation (within the meaning of that Act).89D1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Article 89A is ... subject to the exclusions in articles 72G (local authorities) and 72H (insolvency practitioners).Supplemental89E1For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”)—aan individual or a relevant recipient of credit who is, may be, has been or may have been the subject of the information referred to in article 89A, andban individual or a relevant recipient of credit who is, may be, has been or may have been the subject of information furnished in the course of a person carrying on an activity of the kind specified by article 89B, or article 64 (agreeing to carry on specified kinds of activity) in so far as that article relates to article 89B,is to be treated as a “consumer”.2For the purposes of section 328(8) of the Act (meaning of “clients”)—aan individual or a relevant recipient of credit who is, may be, has been or may have been the subject of the information referred to in article 89A, andban individual or a relevant recipient of credit who is, may be, has been or may have been the subject of information furnished in the course of a person carrying on an activity of the kind specified by article 89B, or article 64 (agreeing to carry on specified kinds of activity) in so far as that article relates to article 89B, is to be treated as a “client”.PART 3B89F1A claims management activity is a specified kind of activity when it is an activity specified in any of articles 89G to 89M.2For the purposes of this Part—a“claimant” includes, in civil proceedings in Scotland, a pursuer;b“defendant” includes, in civil proceedings in Scotland, a defender;c“personal injury claim” means a claim for personal injury within the meaning of the Civil Procedure Rules 1998 in England and Wales and an action for damages for, or arising from, personal injuries within the meaning set out in section 8(7) of the Civil Litigation (Expenses and Group Proceedings) (Scotland) Act 2018 in Scotland;d“financial services or financial product claim” includes a claim made under section 75 of the Consumer Credit Act 1974;e“housing disrepair claim” means a claim under section 11 of the Landlord and Tenant Act 1985 or section 4 of the Defective Premises Act 1972 in England and Wales or an application in respect of the repairing standard under section 22 of the Housing (Scotland) Act 2006, or claims in relation to the disrepair of premises under a term of a tenancy agreement or lease or under the common law relating to nuisance or negligence, but does not include claims for statutory nuisance under section 82 of the Environmental Protection Act 1990;f“a claim for a specified benefit” means a claim for one of the following benefits—iindustrial injuries benefit, within the meaning given by section 94 of the Social Security Contributions and Benefits Act 1992;iiany supplement or additional allowance, or increase of benefit or allowance to which a recipient of an industrial injuries benefit may be entitled under that Act or any other Act;iiia benefit under a scheme referred to in paragraph 2 or 4 of Schedule 8 to that Act; oriva benefit under the Pneumoconiosis etc. (Workers’ Compensation) Act 1979.g“criminal injury claim” means a claim under the Criminal Injuries Compensation Scheme established under the Criminal Injuries Compensation Act 1995;h“employment related claim” includes a claim in relation to wages and salaries and other employment related payments and claims in relation to wrongful or unfair dismissal, redundancy, discrimination and harassment;i“investigating” means carrying out an investigation into, or commissioning the investigation of, the circumstances, merits or foundation of a claim; andj“representing” means representation in writing or orally, regardless of the tribunal, body or person before which or to whom the representation is made.3A person is to be treated as carrying on a regulated claims management activity in Great Britain when the activity is carried on—aby a person who is—ian individual who is ordinarily resident in Great Britain; oriia person, other than an individual, who is constituted under the law of England and Wales or Scotland; orbin respect of a claimant or potential claimant who is—ian individual who is ordinarily resident in Great Britain; oriia person, other than an individual, who is constituted under the law of England and Wales or Scotland.4For the purposes of this article—aa person is “ordinarily resident” in Great Britain if that person satisfies the requirements of the Statutory Residence Test as set out in Schedule 45 to the Finance Act 2013 either—iat the time of the facts giving rise to the claim or potential claim; oriiat the time when the regulated claims management activity is carried out in respect of that claimant or potential claimant;bthe references to the “UK” in the Statutory Residence Test in Schedule 45 are to be read as if they were expressed as references to “Great Britain”.89G1Each of the following is a specified kind of activity when carried on in relation to a claim of a kind specified in paragraph (2)—aseeking out persons who may have a claim, unless that activity constitutes the communication of an invitation or inducement to engagement in claims management activity within the meaning of section 21 (restrictions on financial promotion) of the Act;breferring details of—ia claim or potential claim; oriia claimant or potential claimantto another person (including to a person having the right to conduct litigation); andcidentifying—ia claim or potential claim; oriia claimant or potential claimant.2The kinds of claim are—aa personal injury claim;ba financial services or financial product claim;ca housing disrepair claim;da claim for a specified benefit;ea criminal injury claim; andfan employment related claim.89HEach of the following activities is a specified kind of activity when carried on in relation to a personal injury claim—aadvising a claimant or potential claimant;binvestigating a claim; andcrepresenting a claimant.89IEach of the following activities is a specified kind of activity when carried on in relation to a financial services or financial product claim—aadvising a claimant or potential claimant;binvestigating a claim; andcrepresenting a claimant.89JEach of the following activities is a specified kind of activity when carried on in relation to a housing disrepair claim—aadvising a claimant or potential claimant;binvestigating a claim; andcrepresenting a claimant.89KEach of the following activities is a specified kind of activity when carried on in relation to a claim for a specified benefit—aadvising a claimant or potential claimant;binvestigating a claim; andcrepresenting a claimant.89LEach of the following activities is a specified kind of activity when carried on in relation to a criminal injury claim—aadvising a claimant or potential claimant;binvestigating a claim; andcrepresenting a claimant.89MEach of the following activities is a specified kind of activity when carried on in relation to an employment related claim—aadvising a claimant or potential claimant;binvestigating a claim; andcrepresenting a claimant.89N1There is excluded from articles 89G to 89M any activity which is carried on in England and Wales by—aa legal practitioner;ba firm, organisation or body corporate that carries on the claims management activity through a legal practitioner; orcan individual who carries on the claims management activity at the direction of, and under the supervision of, a legal practitioner who is—ithat individual’s employer or fellow employee; oriia director of a company, or a member of a limited liability partnership, that provides the service and is that individual’s employer.2For the purposes of paragraph (1) “legal practitioner” means—aa solicitor or barrister of any part of England and Wales or Northern Ireland;ba Fellow of the Chartered Institute of Legal Executives;ca European lawyer, as defined in the European Communities (Services of Lawyers) Order 1978 or the European Communities (Lawyer’s Practice) Regulations 2000;da registered foreign lawyer, as defined in section 89(9) of the Courts and Legal Services Act 1990;eany other member of a legal profession, of a jurisdiction other than England and Wales, that is recognised by the Law Society of England and Wales or the General Council of the Bar as a regulated legal profession.3There is excluded from articles 89G to 89M any activity which is carried on in Scotland by—aa legal practitioner;ba firm, organisation or body corporate that carries on the claims management activity through or under the supervision of a legal practitioner where that firm, organisation or body corporate is—ia firm of solicitors;iian incorporated practice; oriiia licensed legal services provider and the activity is a legal service as defined within section 3 of the Legal Services (Scotland) Act 2010.4For the purposes of paragraph (3) “legal practitioner” means—aa person who is qualified to practise as a solicitor under section 4 of the Solicitors (Scotland) Act 1980;ban advocate who is a member of the Faculty of Advocates;ca European lawyer as defined in the European Communities (Services of Lawyers) Order 1978 or the European Communities (Lawyer’s Practice) (Scotland) Regulations 2000; orda registered foreign lawyer within the meaning of section 65 of the Solicitors (Scotland) Act 1980.5But an activity mentioned in paragraph (1) or (3) is only excluded from articles 89G to 89M if the legal practitioner concerned carries on the claims management activity in the ordinary course of legal practice pursuant to the professional rules to which that legal practitioner is subject.6The exclusions in this article are to be read as if they were expressed as exemptions for the purposes of the following provisions of the Financial Guidance and Claims Act 2018—asection 32(5)(b) (PPI claims: interim restriction on charges imposed by legal practitioners after transfer of regulation to the FCA); andbsection 33(11) (legal services regulators’ rules: charges for claims management services).89O1There is excluded from articles 89G to 89M any activity carried on by a charity or a not-for-profit agency.2In this article “charity” means—aa charity as defined by section 1(1) of the Charities Act 2011 or the Charities and Trustee Investment (Scotland) Act 2005; orba body registered in the Scottish Charity Register.3In this article “not-for-profit agency” means a body that by or under its constitution—ais required to apply the whole of its net income, and any expendable capital, after payment of outgoings for charitable or public purposes; andbis prohibited from distributing, directly or indirectly, any part of its net income by way of profits or its assets among any of its members.4But a body is not prevented from being a not-for-profit agency for the purposes of paragraph (3) if its constitution permits—athe payment, out of the body’s funds, of reasonable and proper remuneration for goods or services supplied to the body by a member; orbin the case of a not-for-profit body that is a charity, the payment to a member to which the member is eligible because that member is a beneficiary of the charity; orcthe purchase, out of the body’s funds, of indemnity insurance for trustees of the body.89PThere is excluded from articles 89G to 89M any activity carried on by—aany person established or appointed by virtue of an enactment;ban Independent Complaints Reviewer; orcan Independent Case Examinerin the course of carrying out that individual’s duties.89QThere is excluded from articles 89G to 89M any activity carried on by the Motor Insurers’ Bureau in the course of carrying on its functions (being the company limited by guarantee mentioned in section 95(2) (notification of refusal of insurance on grounds of health) of the Road Traffic Act 1988).89RThere is excluded from articles 89G to 89M any activity carried on by—athe Medical Protection Society Limited for its members;bthe Medical Defence Union Limited for its members; orcthe Medical and Dental Defence Union of Scotland Limited for its members.89S1There is excluded from articles 89G to 89M any activity carried on by an independent trade union for –aa member (including a retired member or a student member) of an independent trade union;ba member of the family of a member referred to in sub-paragraph (a); orca former member of the trade union to whom the trade union may, under its rules, provide claims management services, or a member of the family of such a former member.2In paragraph (1), “independent trade union” has the same meaning as in the Trade Union and Labour Relations (Consolidation) Act 1992.3For the purposes of paragraph (1) –asubject to sub-paragraph (b), whether a person is or has been a member (including a retired member or a student member) of a trade union is to be decided in accordance with the rules of that trade union;b“member” of a trade union does not include a person who, under those rules, is a member only for the purpose of pursuing a claim or claims; andcwhether a person is a member of the family of a member of a trade union is to be decided in accordance with the rules of that trade union.4An exemption of a trade union under this article is subject to compliance by the trade union with the condition that the trade union, in carrying on a regulated claims management activity, must act in accordance with the code of practice for the provision of regulated claims management activities by trade unions issued by the Treasury.89T1There is excluded from articles 89G to 89M any activity carried on by a students’ union for a member of that students’ union or a member of a constituent or affiliated association or body.2In this article “students’ union” has the meaning given by section 20 (meaning of “students’ union”) of the Education Act 1994.89UThere is excluded from articles 89G to 89M any regulated activity of the kind specified in article 21, 25, 39A, 53 , 55A or 64 carried on by a person who has permission to carry on that activity in relation to a contract of insurance.89V1There is excluded from article 89G the activity of referring details of a potential claim or potential claimant to another person if—athe person who refers those details (“the introducer”) carries on no other regulated claims management activity;bthe activity is incidental to the introducer’s main business;cthe details are only referred to authorised persons, legal practitioners, or a firm, organisation or body corporate that provides the service through legal practitioners;dof the claims that the introducer refers to such persons, that introducer is paid, in money or money’s worth, for no more than 25 claims per calendar quarter; andethe introducer, in obtaining and referring those details, has complied with the provisions of the Data Protection Act 2018, the Privacy and Electronic Communications (EC Directive) Regulations 2003, the General Data Protection Regulation (EU) of the European Parliament and of the Council 2016/679 and Chapter 1 of Part 4 of the Digital Markets, Competition and Consumers Act 2024.2Paragraph (1)(e) does not apply in the case of a referral to a legal practitioner or firm, organisation or body corporate that carries on the activity through legal practitioners.3In this article “legal practitioner” has the meaning given by article 89N(2) or (4).89WThere is excluded from articles 89G to 89M any activity carried on in circumstances where—aa claim has been made by a person (“the claimant”) against another person (“the defendant”); andbthe activity being carried on consists of the provision of a service to the defendant in connection with—ithe making of a counterclaim against the claimant arising out of the same set of facts as the claim referred to in sub-paragraph (a); oriithe making of a claim against a third party (whether for contribution, as a subrogated claim, or otherwise) which is incidental to, or consequent on, the claim referred to in sub-paragraph (a).PART IV90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PART V92In this Part—“designated professional body” means a body which is for the time being designated by the Treasury under section 326 of the Act (designation of professional bodies);“insurance distribution activity” means any regulated activity of the kind specified by article 21, 25(1) or (2), 39A or 53, , 53 or 55A, or, so far as relevant to any of those articles, article 64, which is carried on in relation to a contract of insurance;“the record” means the record maintained by the FCA under section 347 of the Act (public record of authorised persons etc.);“recorded insurance intermediary” has the meaning given by article 93(4);“a relevant member”, in relation to a designated professional body, means a member (within the meaning of section 325(2) of the Act) of the profession in relation to which that designated professional body is established, or a person who is controlled or managed by one or more such members.931Subject to articles 95 and 96, the FCA must include in the record every person who—aas a result of information obtained by virtue of its rules or by virtue of a direction given, or requirement imposed, under section 55U(4) of the Act (procedure for applications under Part IV), appears to the FCA to fall within paragraph (2); orbas a result of information obtained by virtue of article 94, appears to the FCA to fall within paragraph (3).2A person falls within this paragraph if he is, or has entered into a contract by virtue of which he will be, an appointed representative who carries on any insurance distribution activity.3A person falls within this paragraph if—ahe is a relevant member of a designated professional body who carries on, or is proposing to carry on, any insurance distribution activity; andbthe general prohibition does not (or will not) apply to the carrying on of those activities by virtue of section 327 of the Act (exemption from the general prohibition).3AAn application for inclusion in the record made by a person who falls within paragraph (2) or (3) must be determined by the FCA before the end of the period of 3 months beginning with the date on which it received the completed application.3BA notification by a designated professional body in accordance with article 94 is to be treated as an application for inclusion in the record for the purposes of paragraph (3A).4In this Part, “recorded insurance intermediary” means a person who is included in the record by virtue of paragraph (1).5The record must include—ain the case of any recorded insurance intermediary, its address; andbin the case of a recorded insurance intermediary which is not an individual, the name of the individuals who are responsible for the management of the business carried on by the intermediary, so far as it relates to insurance distribution activities.941A designated professional body must, by notice in writing, inform the FCA of—athe name,bthe address, andcin the case of a relevant member which is not an individual, the name of the individuals who are responsible for the management of the business carried on by the member, so far as it relates to insurance distribution activities,of any relevant member who falls within paragraph (2).2A relevant member of a designated professional body falls within this paragraph if, in accordance with the rules of that body, he carries on, or proposes to carry on any insurance distribution activity but does not have, and does not propose to apply for, Part IV permission on the basis that the general prohibition does not (or will not) apply to the carrying on of that activity by virtue of section 327 of the Act.3A designated professional body must also, by notice in writing, inform the FCA of any change in relation to the matters specified in sub-paragraphs (a) to (c) of paragraph (1).4A designated professional body must inform the FCA when a relevant member to whom paragraph (2) applies ceases, for whatever reason, to carry on insurance distribution activities.5The FCA may give directions to a designated professional body as to the manner in which the information referred to in paragraphs (1), (3) and (4) must be provided.951If it appears to the FCA that a person who falls within article 93(2) (appointed representatives) (“AR”) is not a fit and proper person to carry on insurance distribution activities, it may decide not to include him in the record or, if that person is already included in the record, to remove him from the record.1A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Where the FCA proposes to make a determination under paragraph (1), it must give AR a warning notice.3If the FCA makes a determination under paragraph (1), it must give AR a decision notice.4If the FCA gives AR a decision notice under paragraph (3), AR may refer the matter to the Tribunal.5The FCA may, on the application of AR, revoke a determination under paragraph (1).6If the FCA decides to grant the application, it must give AR written notice of its decision.7If the FCA proposes to refuse the application, it must give AR a warning notice.8If the FCA decides to refuse the application, it must give AR a decision notice.9If the FCA gives AR a decision notice under paragraph (8), AR may refer the matter to the Tribunal.10Sections 393 and 394 of the Act (third party rights and access to FCA or PRA material) apply to a warning notice given in accordance with paragraph (2) or (7) and to a decision notice given in accordance with paragraph (3) or (8).961If a person who appears to the FCA to fall within article 93(3) (member of a designated professional body) falls within paragraph (2) or (3), the FCA must not include him in the record or, if that person is already included in the record, must remove him from the record.2A person falls within this paragraph if, by virtue of a direction given by the FCA under section 328(1) of the Act (directions in relation to the general prohibition), section 327(1) of the Act does not apply in relation to the carrying on by him of any insurance distribution activity.3A person falls within this paragraph if the FCA has made an order under section 329(2) of the Act (orders in relation to the general prohibition) disapplying section 327(1) of the Act in relation to the carrying on by him of any insurance distribution activity.PART 697In section 49 of the Act (persons connected with an applicant for Part 4 permission), after subsection (2) insert—2ABut subsection (2) does not apply to the extent that the permission relates to—aan insurance mediation activity (within the meaning given by paragraph 2(5) of Schedule 6); orba regulated activity involving a regulated mortgage contract..981For the purposes of the FCA making rules in relation to the activity specified by article 9M (issuing qualifying stablecoin), section 137B of the Act (FCA general rules: clients’ money, right to rescind etc) applies as if references to “clients’ money” and “money” include a sum or asset received or held as a backing asset for the purposes of a qualifying stablecoin.2For the purposes of paragraph (1), a “sum or asset received or held as a backing asset” includes where the sum or asset received or held is categorised as, is to be treated as or should be held as a backing asset under rules made by the FCA in relation to the regulated activity specified by article 9M.99For the purposes of the FCA making rules in relation to an activity specified by article 9N (safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets) so far as it concerns qualifying cryptoassets, section 137B of the Act (FCA general rules: clients’ money, right to rescind etc) applies as if—areferences to “clients’ money” and “money” include a qualifying cryptoasset or any other asset; breferences to “accounts” are read as including a reference to wallets or any other form of storing or recording a qualifying cryptoasset. Greg Pope Jim DowdTwo of the Lords Commissioners of Her Majesty’s TreasurySCHEDULE 1Article 3(1)PART I1Contracts of insurance providing fixed pecuniary benefits or benefits in the nature of indemnity (or a combination of both) against risks of the person insured or, in the case of a contract made by virtue of section 140, 140A or 140B of the Local Government Act 1972 (or, in Scotland, section 86(1) of the Local Government (Scotland) Act 1973 ), a person for whose benefit the contract is made—asustaining injury as the result of an accident or of an accident of a specified class; orbdying as a result of an accident or of an accident of a specified class; orcbecoming incapacitated in consequence of disease or of disease of a specified class,including contracts relating to industrial injury and occupational disease but excluding contracts falling within paragraph 2 of Part I of, or paragraph IV of Part II of, this Schedule.2Contracts of insurance providing fixed pecuniary benefits or benefits in the nature of indemnity (or a combination of both) against risks of loss to the persons insured attributable to sickness or infirmity but excluding contracts falling within paragraph IV of Part II of this Schedule.3Contracts of insurance against loss of or damage to vehicles used on land, including motor vehicles but excluding railway rolling stock.4Contract of insurance against loss of or damage to railway rolling stock.5Contracts of insurance upon aircraft or upon the machinery, tackle, furniture or equipment of aircraft.6Contracts of insurance upon vessels used on the sea or on inland water, or upon the machinery, tackle, furniture or equipment of such vessels.7Contracts of insurance against loss of or damage to merchandise, baggage and all other goods in transit, irrespective of the form of transport.8Contracts of insurance against loss of or damage to property (other than property to which paragraphs 3 to 7 relate) due to fire, explosion, storm, natural forces other than storm, nuclear energy or land subsidence.9Contracts of insurance against loss of or damage to property (other than property to which paragraphs 3 to 7 relate) due to hail or frost or any other event (such as theft) other than those mentioned in paragraph 8.10Contracts of insurance against damage arising out of or in connection with the use of motor vehicles on land, including third-party risks and carrier’s liability.11Contracts of insurance against damage arising out of or in connection with the use of aircraft, including third-party risks and carrier’s liability.12Contracts of insurance against damage arising out of or in connection with the use of vessels on the sea or on inland water, including third party risks and carrier’s liability.13Contracts of insurance against risks of the persons insured incurring liabilities to third parties, the risks in question not being risks to which paragraph 10, 11 or 12 relates.14Contracts of insurance against risks of loss to the persons insured arising from the insolvency of debtors of theirs or from the failure (otherwise than through insolvency) of debtors of theirs to pay their debts when due.151Contracts of insurance against the risks of loss to the persons insured arising from their having to perform contracts of guarantee entered into by them.2Fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee, where these are—aeffected or carried out by a person not carrying on a banking business;bnot effected merely incidentally to some other business carried on by the person effecting them; andceffected in return for the payment of one or more premiums.16Contracts of insurance against any of the following risks, namely—arisks of loss to the persons insured attributable to interruptions of the carrying on of business carried on by them or to reduction of the scope of business so carried on;brisks of loss to the persons insured attributable to their incurring unforeseen expense (other than loss such as is covered by contracts falling within paragraph 18);crisks which do not fall within sub-paragraph (a) or (b) and which are not of a kind such that contracts of insurance against them fall within any other provision of this Schedule.17Contracts of insurance against risks of loss to the persons insured attributable to their incurring legal expenses (including costs of litigation).18Contracts of insurance providing either or both of the following benefits, namely—aassistance (whether in cash or in kind) for persons who get into difficulties while travelling, while away from home or while away from their permanent residence; orbassistance (whether in cash or in kind) for persons who get into difficulties otherwise than as mentioned in sub-paragraph (a).PART IIIContracts of insurance on human life or contracts to pay annuities on human life, but excluding (in each case) contracts within paragraph III.IIContract of insurance to provide a sum on marriage or the formation of a civil partnership or on the birth of a child, being contracts expressed to be in effect for a period of more than one year.IIIContracts of insurance on human life or contracts to pay annuities on human life where the benefits are wholly or party to be determined by references to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).IVContracts of insurance providing specified benefits against risks of persons becoming incapacitated in consequence of sustaining injury as a result of an accident or of an accident of a specified class or of sickness or infirmity, being contracts that—aare expressed to be in effect for a period of not less than five years, or until the normal retirement age for the persons concerned, or without limit of time; andbeither are not expressed to be terminable by the insurer, or are expressed to be so terminable only in special circumstances mentioned in the contract.VTontines.VICapital redemption contracts, where effected or carried out by a person who does not carry on a banking business, and otherwise carries on a regulated activity of the kind specified by article 10(1) or (2).VII  aPension fund management contracts, andbpension fund management contracts which are combined with contracts of insurance covering either conservation of capital or payment of a minimum interest,where effected or carried out by a person who does not carry on a banking business, and otherwise carries on a regulated activity of the kind specified by article 10(1) or (2).VIIIContracts of a kind referred to in Article 2(3)(b)(v) of the Solvency 2 Directive.IXContracts of a kind referred to in Article 2(3)(c) of the Solvency 2 Directive. SCHEDULE 2Article 3(1)PART11Transferable securities;2Money-market instruments;3Units in collective investment undertakings;4Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;5Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (other than by reason of a default or other termination event);6Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a UK regulated market, a UK MTF or a UK OTF (as defined by Article 2(1)(13A), (14A) and (15A) respectively of the markets in financial instruments regulation) except for wholesale energy products traded on a UK OTF that must be physically settled;7Option, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point 6 of this Section and not being for commercial purposes or wholesale energy products traded on an EU OTF (as defined by Article 2(1)(15B) of the markets in financial instruments regulation) that must be physically settled, which have the characteristics of other derivative financial instruments;8Derivative instruments for the transfer of credit risk;9Financial contracts for differences;10Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a UK regulated market, a UK OTF, or a UK MTF (as defined by Article 2(1)(13A), (15A) and (14A) respectively of the markets in financial instruments regulation); 11Emission allowances consisting of any units recognised for compliance with the requirements of Directive 2003/87/EC (Emissions Trading Scheme) or allowances created under article 18 of the trading scheme order.Part 21In this Part of this Schedule “transmission system operator”—ain relation to electricity, means a person who is designated as an electricity transmission system operator under section 10H of the Electricity Act 1989;bin relation to gas, means a person who is designated as a gas transmission system operator under—isection 8J of the Gas Act 1986, oriiarticle 8H of the Gas (Northern Ireland) Order 1996.21In paragraph 2 of Part 1 of this Schedule “money-market instruments” means those classes of instruments which are normally dealt with on the money market, such as treasury bills, certificates of deposit, commercial papers and other instruments with substantively equivalent features, but only where they have the characteristics specified in sub-paragraph (2), and excluding instruments of payment.2Those characteristics are—athey have a value that can be determined at any time,bthey are not derivatives, andcthey have a maturity at issuance of 397 days or less.31A derivative contract relating to a currency is not a financial instrument by virtue of the reference in paragraph 4 of Part 1 of this Schedule to “other derivative contracts” if the contract is—aa spot contract as defined in sub-paragraph (2), orba means of payment that meets all the following conditions—iit must be settled physically otherwise than by reason of a default or other termination event,iiat least one of the parties is a person who is not a financial counterparty as defined in Article 2(8) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade depositories,iiiit is entered into in order to facilitate payment for identifiable goods, services or direct investment, andivit is not traded on a trading venue.2For the purposes of sub-paragraph (1), a spot contract is a contract for the exchange of one currency against another currency, under the terms of which delivery is scheduled to be made within whichever of the following periods is applicable—awhere the contract for the exchange of those currencies is used for the main purpose of the sale or purchase of a transferable security or a unit in a collective investment undertaking, the period generally accepted in the market for the settlement of that transferable security or a unit in a collective investment undertaking as the standard delivery period or 5 trading days, whichever is shorter;bin any other case—i2 trading days in respect of any pair of the major currencies specified in sub-paragraph (4), oriiwhere at least one of the pair of currencies is not a major currency specified in sub-paragraph (4), the longer of 2 trading days or the period generally accepted in the market for that currency pair as the standard delivery period.3A contract is not to be considered a spot contract where, irrespective of its explicit terms, there is an understanding between the parties to the contract that delivery of the currency is to be postponed and not to be performed within the period set out in sub-paragraph (2).4The major currencies for the purposes of sub-paragraph (2) are the US dollar, Euro, Japanese yen, Pound sterling, Australian dollar, Swiss franc, Canadian dollar, Hong Kong dollar, Swedish krona, New Zealand dollar, Singapore dollar, Norwegian krone, Mexican peso, Croatian kuna, Bulgarian lev, Czech koruna, Danish krone, Hungarian forint, Polish złoty and Romanian leu.5For the purposes of sub-paragraph (2), a trading day means any day of normal trading in the jurisdiction of both the currencies that are exchanged under the contract for the exchange of those currencies and in the jurisdiction of a third currency where any of the following conditions are met—athe exchange of those currencies involves converting them through that third currency for the purposes of liquidity;bthe standard delivery period for the exchange of those currencies references the jurisdiction of that third currency.41This paragraph has effect for the purposes of paragraphs 6 and 7 of Part 1 of this Schedule.2A wholesale energy product must be physically settled where it satisfies all the following conditions—ait contains provisions which ensure that parties to the wholesale energy product have proportionate arrangements in place to be able to make or take delivery of the commodity concerned;bit establishes unconditional, unrestricted and enforceable obligations of the parties to the wholesale energy product to deliver and take delivery of the commodity concerned;cit does not allow either party to replace physical delivery with cash settlement;dthe obligations under the wholesale energy product cannot be offset against obligations from other contracts between the parties concerned, without prejudice to the rights of the parties to the wholesale energy product to net their cash payment obligations.3For the purposes of sub-paragraph (2)(a), a balancing agreement with the transmission system operator in the area of electricity and gas is to be considered a proportionate arrangement where the parties to the agreement have to ensure physical delivery of electricity or gas.4For the purposes of sub-paragraph (2)(d), operational netting in power and gas markets is not to be considered as the offsetting of obligations under a contract against obligations from other contracts.5In sub-paragraph (4), “operational netting” means any nomination of quantities of power and gas to be fed into a gridwork, upon being so required by the rules or requests of a transmission system operator for an entity performing an equivalent function to a transmission system operator at the national level, where the nomination of quantities is not at the discretion of the parties to the contract.6The existence of force majeure or bona fide inability to settle provisions does not prevent a contract from being considered as “physically settled”, and in this sub-paragraph—a“force majeure” includes any exceptional event or set of circumstances which—iis outside the control of the parties to the contract,iithe parties to the contract could not have reasonably foreseen or avoided by the exercise of appropriate and reasonable due diligence, andiiiprevents one or both parties to the contract from fulfilling their contractual obligations;b“bona fide inability to settle” includes any event or set of circumstances, not qualifying as force majeure as referred to in paragraph (a), which are objectively and expressly defined in the contractual terms, as a ground for one or both of the parties to the contract, acting in good faith, not to fulfil their contractual obligations.7The existence of a default clause providing that a party is entitled to financial compensation in the case of non-performance, or defective performance, of the contract does not prevent the contract from being considered as “physically settled”.8The delivery methods for a contract that is to be considered as “physically settled” must include at least—aphysical delivery of the commodity concerned itself,bdelivery of a document transferring ownership of the commodity concerned or the relevant quantities of the commodity concerned, orcother methods of bringing about the transfer of ownership of the relevant quantity of the commodity concerned without physically delivering it, including notification, scheduling or nomination to the operator of an energy supply network, that entitles the recipient to the relevant quantity of the commodity concerned.51This paragraph has effect for the purposes of paragraph 7 of Part 1 of this Schedule, except in the case of—aa spot contract as defined in sub-paragraph (3), orba contract which is for commercial purposes as provided by paragraph 6 of this Part of this Schedule.2A contract is to be considered as having the characteristics of other derivative financial instruments where it satisfies both the following conditions—ait meets one of the following criteria—iit is traded on a trading venue other than a UK trading venue (“an overseas trading venue”),iiit is expressly stated to be traded on, or is subject to the rules of, a UK regulated market, a UK MTF, a UK OTF or an overseas trading venue, oriiiit is equivalent to a contract traded on a UK regulated market, a UK MTF, a UK OTF or an overseas trading venue, with regards to the price, the lot, the delivery date and other contractual terms;bit is standardised so that the price, the lot and the delivery date are determined principally by reference to regularly published prices, standard lots or standard delivery dates.3For the purposes of sub-paragraph (1)(a), a spot contract is a contract for the sale of a commodity, asset or right, under the terms of which delivery is scheduled to be made within the longer of the following periods—a2 trading days;bthe period generally accepted in the market for that commodity, asset or right as the standard delivery period.4A contract is not to be considered a spot contract where, irrespective of its explicit terms, there is an understanding between the parties to the contract that delivery of the commodity, asset or right is to be postponed and not to be performed within the period referred to in sub-paragraph (3).61Where both the conditions in sub-paragraph (2) are met, a contract is to be treated—afor the purposes of paragraph 7 of Part 1 of this Schedule, and of paragraph 5(1)(b) of this Part of this Schedule, as being for commercial purposes, andbfor the purposes of paragraphs 7 and 10 of Part 1 of this Schedule, as not having the characteristics of other derivative financial instruments.2Those conditions are—athat the contract is entered into with or by an operator or administrator of an energy transmission grid, energy balancing mechanism or pipeline network, andbthat it is necessary to keep in balance the supplies and uses of energy at a given time, including the case when the reserve capacity contracted by an electricity transmission system operator is being transferred from one prequalified balancing service provider to another prequalified balancing service provider with the consent of the relevant transmission system operator.3In sub-paragraph (2)(b), “balancing service provider” has the meaning given in Article 2 of Regulation (EU) 2019/943 of the European Parliament and of the Council of 5 June 2019 on the internal market for electricity.7In addition to the derivative contracts expressly referred to in paragraph 10 of Part 1 of this Schedule, a derivative contract is a “financial instrument” by virtue of that paragraph where it meets the criteria set out in that paragraph and in paragraph 8 of this Part and relates to any of the following—atelecommunications bandwidth;bcommodity storage capacity;ctransmission or transportation capacity relating to commodities, whether cable, pipeline or other means with the exception of transmission rights related to cross-zonal electricity transmission capacities when the contract is, on the primary market, entered into with or by a transmission system operator or any persons acting as service providers on their behalf and in order to allocate the transmission capacity;dan allowance, credit, permit, right or similar asset which is directly linked to the supply, distribution or consumption of energy derived from renewable resources, except where the contract is already with the scope of paragraph 4 of Part 1 of this Schedule;ea geological, environmental or other physical variable, except where the contract relates to any emission allowances referred to in paragraph 11 of Part 1 of this Schedule;fany other asset or right of a fungible nature, other than a right to receive a service, that is capable of being transferred;gan index or measure related to the price or value of, or volume of transactions in, any asset, right, service or obligation;han index or measure based on actuarial statistics.8For the purposes of paragraph 10 of Part 1 of this Schedule, a derivative contract relating to an underlying referred to in that Part or in paragraph 7 of this Part is to be considered to have the characteristics of other derivative financial instruments where one of the following conditions is satisfied—ait is settled in cash or may be settled in cash at the option of one or more of the parties, otherwise than by reason of a default or other termination event;bit is traded on a regulated market, an MTF, or an OTF;cthe conditions in paragraph 5(2) of this Part are satisfied in relation to the contract.PART 31Reception and transmission of orders in relation to one or more financial instruments.2Execution of orders on behalf of clients.3Dealing on own account.4Portfolio management.5Investment advice.6Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis.7Placing of financial instruments without a firm commitment basis.8Operation of an MTF.9Operation of an OTF.”PART 3A...

For the purposes of the list of investment services and activities in Part 3 of this Schedule, “investment advice” means the provision of personal recommendations to a client, either upon its request or at the initiative of the investment firm, in respect of one or more transactions relating to financial instruments. For these purposes, a personal recommendation shall be considered a recommendation that is made to a person in his capacity as an investor or potential investor, or in his capacity as an agent for an investor or potential investor.

That recommendation shall be presented as suitable for that person, or shall be based on a consideration of the circumstances of that person, and shall constitute a recommendation to take one of the following sets of steps:ato buy, sell, subscribe for, exchange, redeem, hold or underwrite a particular financial instrument;bto exercise or not to exercise any right conferred by a particular financial instrument to buy, sell, subscribe for, exchange, or redeem a financial instrument.

A recommendation shall not be considered a personal recommendation if it is issued exclusively to the public.

PART 5

Any expression in this Schedule which is used in the markets in financial instruments regulation (as amended by the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018) has the same meaning as in the Regulation.

SCHEDULE 3 Article 3(1)PART 11The following persons are excluded from the definition of “investment firm”—athe society incorporated by Lloyd's Act 1871 known by the name of Lloyd's;ban authorised person with a Part 4A permission to carry on the regulated activity of—ieffecting or carrying out contracts of insurance under article 10;iiinsurance risk transformation under article 13A;iiimanaging the underwriting capacity of a Lloyd's syndicate under article 57,when carrying on those activities (and any other activities permitted by rules made by the FCA or the PRA under the Act);ba. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ca person (“P”) providing investment services exclusively for P's parent undertakings, for P's subsidiaries or for other subsidiaries of P's parent undertakings;da person providing an investment service where that service is provided in an incidental manner in the course of a professional activity and that activity is regulated by legal or regulatory provisions or a code of ethics governing the profession which do not exclude the provision of that service;ea person dealing on own account in financial instruments other than commodity derivatives or emission allowances or derivatives thereof and not providing any other investment services or performing any other investment activities in financial instruments other than commodity derivatives or emission allowances or derivatives thereof unless such persons—iare market makers;iiare members of or participants in a regulated market or an MTF, on the one hand, or have direct electronic access to a trading venue, on the other hand, except for non-financial entities who execute transactions on a trading venue which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups;iiiapply a high-frequency algorithmic trading technique; orivdeal on own account when executing client orders;fan operator (within the meaning of regulation 3(2) of the Greenhouse Gas Emissions Trading Scheme Regulations 2012 ), subject to compliance obligations under those Regulations who, when dealing in emission allowances, does not execute client orders and does not provide any investment services or perform any investment activities other than dealing on own account, provided that the operator does not apply a high-frequency algorithmic trading technique;ga person providing investment services consisting exclusively in the administration of employee-participation schemes;ha person (“P”) providing investment services which only involve both the administration of employee-participation schemes and the provision of investment services exclusively for P's parent undertakings, for P's subsidiaries or for other subsidiaries of P's parent undertakings;ithe Treasury, the Bank of England and other public bodies charged with or intervening in the management of the public debt in the United Kingdom or members of the European System of Central Banks;ja collective investment undertaking, pension fund or a depositary or manager of such an undertaking or fund;ka person (“P”)—idealing on own account, including a market maker, in commodity derivatives or emission allowances or derivatives thereof, excluding a person who deals on own account when executing client orders; oriiproviding investment services, other than dealing on own account, in commodity derivatives or emission allowances or derivatives thereof to the customers or suppliers of P's main business,provided that in each case the activity in (i) or (ii), considered both individually and on an aggregate basis, is an ancillary activity to P's main business, when considered on a group basis, and where paragraph 2 applies;la person who provides investment advice in the course of providing another professional activity which is not an investment service or activity provided that the provision of such advice is not specifically remunerated;massociations set up by Danish and Finnish pension funds with the sole aim of managing the assets of pension funds that are members of those associations;nagenti di cambio whose activities and functions are governed by Article 201 of Italian Legislative Decree No 58 of 24 February 1998;osubject to paragraph 3, transmission system operators within the meaning of Article 2(4) of Directive 2009/72/EC and Article 2(4) of Directive 2009/73/EC when carrying out their tasks under the law of the United Kingdom or part of the United Kingdom relied on by the United Kingdom immediately before IP completion day to implement Directive 2009/72/EC or 2009/73/EC, under Regulation (EC) No 714/2009, under Regulation (EC) No 715/2009 or under network codes or guidelines adopted pursuant to those Regulations, any persons acting as service providers on their behalf to carry out their task under those legislative acts or under network codes or guidelines adopted pursuant to those Regulations, and any operator or administrator of an energy balancing mechanism, pipeline network or system to keep in balance the supplies and uses of energy when carrying out such tasks;pcentral securities depositories as defined in point (1) of Article 2(1) of Regulation (EU) 909/2014 on the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories, except as provided for in Article 73 of that Regulation.2This paragraph applies if—aP's main business is not—ithe provision of investment services;iibanking activities requiring permission under Part 4A of the Act (or banking activities which would require such permission if they were carried on in the United Kingdom); oriiiacting as a market-maker in relation to commodity derivatives;bP does not apply a high-frequency algorithmic trading technique; andc P reports to the FCA under regulation 47 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, upon request, the basis on which P considers that P's activity under points (i) and (ii) is ancillary to P's main business.2A​The FCA may make rules specifying the following for the purposes of determining whether P is excluded from the definition of “investment firm” under paragraph 1(k)—athe criteria for establishing when an activity is ancillary to P’s main business on a group basis under paragraph 1A(a), andbthe annual threshold referred to in paragraph 1A(b) and the criteria for establishing when an activity is below that threshold.3The exemption in paragraph 1(o)—aonly applies to the persons engaged in the activities set out in that sub-paragraph where they perform investment activities or provide investment services relating to commodity derivatives in order to carry out those activities;bdoes not apply with regard to the operation of a secondary market, including a platform for secondary trading in financial transmission rights.4References in this Schedule to “regulated markets”, “MTFs” and “trading venues” are to “UK regulated markets”, “UK MTFs” and “UK trading venues” within the meaning of Article 2(1)(13A), (14A) and (16A) respectively of the markets in financial instruments regulation.5Any expression used in this Part of this Schedule which is used in the markets in financial instruments regulation (as amended by the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018) has the same meaning as in the regulation.PART 26For the purpose of the exemption in paragraph 1(d), an investment service shall be deemed to be provided in an incidental manner in the course of a professional activity where the following conditions are satisfied—aa close and factual connection exists between the professional activity and the provision of the investment service to the same client, such that the investment service can be regarded as accessory to the main professional activity;bthe provision of investment services to the clients of the main professional activity does not aim to provide a systematic source of income to the person providing the professional activity; andcthe persons providing the professional activity do not market or otherwise promote their ability to provide investment services, except where these are disclosed to clients as being accessory to the main professional activity.Part 371This paragraph applies for the purposes of the exemption in paragraph 1(e).2“Direct electronic access” means an arrangement where a member or participant or client of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue, including—aarrangements which involve the use by a person of the infrastructure of the member or participant or client, or any connecting system provided by the member or participant or client, to transmit the orders (direct market access), andbarrangements where such an infrastructure is not used by a person (sponsored access).3A person is to be considered not capable of electronically transmitting orders relating to a financial instrument directly to a trading venue where either or both of the following apply—athat person cannot exercise discretion regarding—ithe exact fraction of a second of order entry, andiithe lifetime of the order within that timeframe;bthe electronic transmission of orders takes place through arrangements for optimisation of order execution processes that determine the parameters of the order other than the trading venue where the order should be submitted, unless these arrangements are embedded into that person’s systems and not into those of—ithe member or participant of a regulated market or of an multilateral trading facility, oriia client of an organised trading facility.81This paragraph applies for the purposes of the exemptions in paragraph 1(e), (f) and (k).2“Algorithmic trading” means trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions.3A system is to be considered as having limited or no human intervention where, for any order or quote generation process or any process to optimise order-execution, an automated system makes decisions at any of the stages of initiating, generating, routing or executing orders or quotes according to pre-determined parameters.4A “high-frequency algorithmic trading technique” is an algorithmic trading technique characterised by—ainfrastructure intended to minimise network and other types of latencies, including at least one of the following facilities for algorithmic order entry—ico-location,iiproximity hosting, oriiihigh-speed direct electronic access,bsystem-determination of order initiation, generation, routing or execution without human intervention for individual trades or orders, andchigh message intraday rates which constitute orders, quotes or cancellations.91For the purposes of paragraph 8(4)(c), a high message intraday rate consists of the submission on average of either of the following—aat least 2 messages per second with respect to any single financial instrument traded on a trading venue;bat least 4 messages per second with respect to all financial instruments traded on a trading venue.2Sub-paragraphs (3) to (7) have effect for the purposes of the calculation in sub-paragraph (1).3The following are to be included in the calculation—amessages concerning financial instruments for which there is a liquid market in accordance with Article 2(1)(17) of the markets in financial instruments regulation;bmessages introduced for the purpose of a market-making strategy that satisfies the criteria in sub-paragraph (4).4A market-making strategy satisfies the criteria in this sub-paragraph where the strategy—ais pursued by an investment firm as a member or participant in one or more trading venues when dealing on own account, andbinvolves posting firm, simultaneous two-way quotes of comparable size and at competitive prices relating to one or more financial instruments on a single trading venue or across different trading venues, with the result of providing liquidity on a regular and frequent basis to the overall market.5Messages introduced for the purpose of dealing on own account are to be included in the calculation.6Messages introduced through trading techniques other than those relying on dealing on own account are to be included in the calculation where the firm’s execution technique is structured in such a way as to avoid the execution taking place on own account.7For the calculation of a high message intraday rate in relation to direct electronic access providers, messages submitted by their clients with direct electronic access (as defined in paragraph 7) are to be excluded from the calculations.10Any expression used in this Part of this Schedule which is used in the markets in financial instruments regulation has the same meaning as in the regulation.SCHEDULE 4Article 4PART 1

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PART 2

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PART 3

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PART 4

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PART 5

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PART 6Article 60LBArticle of this OrderReferences to “borrower” are to be read as references to the—Article 36BimproverArticle 36HimproverArticle 36JimproverArticle 39Dcurrent bill payerprevious bill payerArticle 39Ecurrent bill payerprevious bill payerArticle 39Mcurrent bill payerprevious bill payerArticle 60CimproverArticle 60HimproverArticle 60L, so far as relating to definitions of “deposit” and “security”improverArticle 60LAimproverfirst bill payercurrent bill payerprevious bill payerArticle 60Mimproverfirst bill payercurrent bill payerprevious bill payerSCHEDULE 5Article 63R

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SCHEDULE 6Article 51ZA1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .SCHEDULE 7 Article 51ZC Article 51ZF1Any expression used in this Schedule which is used in the alternative investment fund managers directive , and not referred to in paragraph 1B, has the same meaning as in that directive.1AFor the purposes of paragraph 1, in Article 4(1)(o) of the alternative investment fund managers directive (definition of “holding company”) the reference to the Union is to be read as a reference to the United Kingdom.1BIn this Schedule—“parent undertaking” has the meaning given by section 1162 of the Companies Act 2006 (read with Schedule 7 to that Act);“subsidiary” has the meaning given to “subsidiary undertaking” by that section (read with that Schedule).2A small registered UK AIFM, in respect of the AIFs managed by it by virtue of which it is entitled to be registered as a small registered UK AIFM (but not in respect of any other AIFs managed by it).3An AIFM in so far as it manages one or more AIFs whose only investors are—athe AIFM,bthe parent undertakings of the AIFM,cthe subsidiaries of the AIFM, ordother subsidiaries of those parent undertakings,provided that none of the investors is an AIF.4The trustees and managers of an occupational pension scheme within the meaning of section 1(1) of the Pension Schemes Act 1993.5... The European Investment Bank, the European Investment Fund, a bilateral development bank, the World Bank, the International Monetary Fund or any other supranational institution or similar international organisation, ... in the event that such institution or organisation manages AIFs and in so far as those AIFs act in the public interest.6A national central bank.7A national, regional or local government or body or other institution which manages funds supporting social security and pension systems.8A holding company.9An employee participation scheme or employee savings scheme.10A securitisation special purpose entity.11An AIFM, the registered office of which is not in the United Kingdom , that is registered in the United Kingdom in accordance with Part 3 of the Alternative Investment Fund Managers Regulations 2013 .

(This note is not part of the Order)

This Order specifies kinds of activities and investments for the purposes of the Financial Services and Markets Act 2000 (“the Act"). When an activity of a specified kind is carried on by way of business in relation to an investment of a specified kind, it is a “regulated activity" for the purposes of the Act. The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (S.I. 2001/1177) makes provision as to the circumstances in which a person is, or is not, to be regarded as carrying on a regulated activity by way of business. Section 19 of the Act prohibits person who are not authorised or exempt from carrying on any regulated activity in the United Kingdom. Contravention of that prohibition is a criminal offence.

Part I of this Order makes provision for the citation, commencement and interpretation of the Order.

Part II specifies types of activities. Those activities are accepting deposits; effecting and carrying out contracts of insurance; dealing in investments as principal, or as agent; arranging deals in investments; managing investments; safeguarding and administering investments; sending dematerialised instructions; establishing etc. a collective investment scheme, or a stakeholder pension scheme; advising on investments; certain activities in relation to Lloyd’s; entering into funeral plan contracts, or regulated mortgage contracts; and agreeing to carry on certain of the above activities.

Part II also sets out the exclusions (if any) applicable to each kind of specified activity.

Part III of the Order specifies the kinds of investment which are relevant for determining whether a person is carrying on a regulated activity for the purposes of the Act.

Part IV makes consequential amendments to the Consumer Credit Act 1974, and subordinate legislation under that Act, so as to exclude from its scope those categories of mortgage contract which are specified under this Order and which will therefore be regulated under the Act.

Schedule 1 to the Order lists the classes of insurance contract which are relevant to the scope of the activity specified by article 10.

Schedules 2 and 3 set out the text of certain provisions of Council Directive No. 93/22/EEC on investment services in the securities field which are relevant to the applicability of the exclusions contained in the Order (see article 4).

2000 c. 8.1972 c. 70. The definition of “local authority" in section 270 of the 1972 Act has been amended by Sch. 17 to the Local Government Act 1985 (c. 51); and by section 1(5) of the Local Government (Wales) Act 1994 (c. 19).1973 c. 65. The definition of “local authority" in section 235 of the 1973 Act was substituted by para. 92(66) of Sch. 13 to the Local Government etc. (Scotland) Act 1994 (c. 39).1972 c. 9 (N.I.).The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (S.I. 2001/ ), made under section 419 of the Act, makes provision as to the circumstances in which persons are, or are not, to be regarded as carrying on activities by way of business.1987 c. 22. Section 3 was amended by the Bank of England Act 1998 (c. 11), Sch. 5, paras 1 and 3. “Municipal bank" is defined in section 103 of the Banking Act 1987, which was amended by the Local Government Act 1992 (c. 19), Sch. 3, para. 22, and by the Local Government and Rating Act 1997 (c. 29), Sch. 3, para. 21.1974 c. 47.S.I. 1976/582 (N.I. 12); relevant amending instrument is S.I. 1989/1343 (N.I. 14).1980 c. 46.1985 c. 61; section 9 was amended by para. 54 of Sch. 18 to the Courts and Legal Services Act 1990, and by para. 1 of Sch. 4 to the European Communities (Lawyer's Practice) Regulations 2000 (S.I. 2000/1119), and was repealed in part by Part II of Sch. 15 to the Access to Justice Act 1999.Inserted by article 10 of the Solicitors (Amendment) (Northern Ireland) Order 1989 (S.I. 1989/1343) (N.I. 14).1990 c. 41; section 89 was amended by para. 14 of Sch. 4 to the European Communities (Lawyer's Practice) Regulations 2000 (S.I. 2000/1119).Amended by para. 29(15) of Sch. 8 to the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40).Inserted by section 32 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40).S.I. 2000/1119.Scottish Statutory Instruments 2000 No. 121.1982 c. 14.1871 c. 21.S.I. 2001/ .1986 c. 53.1968 c. 13.1972 c. 65.S.I. 1999/2725, amended by S.I. 2000/1797.1972 c. 70. Section 140 was amended by the Local Government (Miscellaneous Provisions) Act 1982 (c. 30), s. 39(1) and Sch. 7, Part XVI; by the Insurance Companies Act 1982 (c. 50), Sch. 5, para. 13; and by the London Regional Transport Act 1984 (c. 32), Sch. 7. Section 140A was inserted by s. 39(2) of the Local Government (Miscellaneous Provisions) Act 1982 (c. 30), and amended by the Planning (Consequential Provisions) Act 1990 (c. 10), Sch. 2, para. 28, and by the Environment Act 1995 (c. 25), Sch. 24. Section 140B was inserted by s. 39(2) of the Local Government (Miscellaneous Provisions) Act 1982, and amended by the Local Government Act 1985 (c. 51), Sch. 17, and by the Local Government (Wales) Act 1994 (c. 19), Sch. 15, para. 31.1871 c.xxiS.I. 2012/3038. 2014 c.14. S.I. 1985/1205 (N.I. 12). 1969 c. 24 (N.I.). 2006 c.46.Words in art. 9AA omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(ii) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72B(1) omitted (1.10.2018) by virtue of The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 6(a)(i)Words in art. 60C(8)(b) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(24)Art. 60K heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(30)Art. 72(5F)(c)(iv) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 20(g)Art. 60C(5)(6) applied by S.I. 1983/1553, reg. 8(1B) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 23(4))Art. 35(3)(ba) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 33(3) (with regs. 52-58)Pt. II Ch. 3A inserted (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 5(3)Art. 60C(5)(6) applied by 1974 c. 39, s. 61A(7) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 20(25))Words in art. 36H(3) inserted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(i) (with Pt. 5)Words in art. 72H(2)(n) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 133(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 7(1) applied (with modifications) (E.W.S.) (23.12.2011) by The Legal Services Act 2007 (Designation as a Licensing Authority) (No. 2) Order 2011 (S.I. 2011/2866), arts. 1(2), 8(3), Sch. 3Words in art. 60E(7) inserted (17.3.2016 for specified purposes, 20.3.2016 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)(b), 2(13)(b) (with Pt. 5)Words in art. 60L(1) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(32)(a)(i)Words in art. 9G(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in Sch. 8 para. 11 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(6)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 28A(1) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 7(2)(a)(i)Art. 72(10A) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 58A omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(ii) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 16(2) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 7(b)Art. 85(3)-(5) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 28Art. 33A inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 11Sch. 4 omitted (1.1.2025) by virtue of The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(5)Art. 60G(2)(c) and word 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(17)(a)(ii) (with Pt. 4)Words in art. 95(1)-(9) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 48(2)(b) substituted (6.4.2007) by The Companies Act 2006 (Commencement No. 2, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/1093), art. 1(3), Sch. 3 para. 8(2)Words in art. 52A substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(k) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 72(8)(b) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 35(3)(c)(d) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(g)Words in art. 44 substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(8)Words in art. 25A(1)(b) 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(4)(a)(i) (with Pt. 5)Words in art. 72D(3)(b) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 13(6)(b)Words in art. 29(1) substituted (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(5)(a) (with Pt. 4)Words in art. 36 substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(6)Art. 53A(1A) 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(7)(b) (with Pt. 5)Words in art. 12A omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(b)(ii) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 68(3) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 10Art. 67(3) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 20Words in art. 3(1) substituted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(2)(e)Words in art. 72E(5) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(15)Words in art. 72B(1) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 6(a)(ii)Art. 2(3) inserted (30.8.2002) by The Financial Services and Markets Act 2000 (Commencement of Mortgage Regulation) (Amendment) Order 2002 (S.I. 2002/1777), arts. 1, 2(3)Words in Sch. 8 para. 1 inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in Sch. 2 Pt. 1 para. 7 inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(3)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/710, regs. 1(2), 16(2)(a)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 9G(8) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Art. 30(1)(a) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 5Art. 33A(4) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 11(b)Art. 60A inserted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(15)Words in art. 61(4) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(1)(b), 8(c)Words in art. 51ZA heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 61(4) omitted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 4(21)(c)(i) (with Pt. 4)Art. 60AA inserted (16.5.2022 for specified purposes, 29.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 (S.I. 2022/466), arts. 1(3), 2(3)Art. 61A(1)(g) and preceding word 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(19)(a)(ii) (with Pt. 5)Art. 39H(1A) inserted (4.5.2020) by The Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020 (S.I. 2020/480), arts. 1(2), 2(3) (with art. 3)Words in art. 77(1) omitted (16.2.2011) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (S.I. 2011/133), arts. 1(2), 2(2)(a) (with art. 4)Sch. 1 applied in part (1.12.2001) by The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (S.I. 2001/1335), art. 10(2), reg. 1(2); S.I. 2001/3538, art. 2(1)Words in art. 82A inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(5)Words in art. 60L(4) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(32)(b)Art. 60H(1): art. 60H renumbered as art. 60H(1) (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(18)(a) (with Pt. 4)Words in art. 28A(1) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 7(2)(a)(ii)Words in art. 24 omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 77(1) substituted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), arts. 1(2), 2(2)(a)Words in art. 61(3)(a) substituted (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(21)(a)(ii) (with Pt. 4)Art. 63P revoked (1.5.2020) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2)(b), 53(b) (with Pt. 7)Words in art. 55(1) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(23)(a)Words in art. 60R omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(g) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 60JA omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 143(1) (with reg. 143(2)(2A)) (with savings in S.I. 2019/680, reg. 11 and as amended by S.I. 2019/1212, regs. 1(3), 8, 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 36H(3)(f) inserted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(iv) (with Pt. 5)Art. 22 modified (31.10.2001) by The Financial Services and Markets Act 2000 (Interim Permissions) Order 2001 (S.I. 2001/3374), art. 1, Sch. para. 10 (with Sch. para. 4)Words in art. 50 omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72B(1) omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 9(1)Words in art. 3 inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 3(2)Art. 72I 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(28) (with Pt. 4)Art. 72J inserted (3.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(b), 4(3)Words in art. 9F substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 20 substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(4)Word in art. 67(1) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 19(a)Words in art. 5(2) substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 3(1)Words in art. 71(6)(a)(ii) substituted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 5(d)Words in art. 55(2) substituted (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(12)(b) (with Pt. 4)Art. 63J(4)(b) substituted (23.2.2011) by The Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010 (S.I. 2010/2960), reg. 1(2), Sch. 6 para. 7(3) (with Sch. 7 para. 4)Words in art. 54B(1) omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(6)(b)Words in art. 53(1)(b)(i) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 4(4)Art. 29A(3)(a) applied (with modifications) (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), art. 1(2), Sch. para. 10Word in art. 72(12)(a) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(8)(b)(ii) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 60LA inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(33)Art. 61A(1)(f) and preceding word inserted (5.11.2015 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) (No. 3) Order 2015 (S.I. 2015/1863), art. 1(2)(b)(4), 2(5)(a)(ii)Art. 4(2A) inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 3(3)(b)Word in art. 83(1)(c) omitted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 26(b)(i)Word in art. 52A substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(b)Words in art. 72B(1) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 6(b)Art. 60G(8) 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(17)(f) (with Pt. 4)Art. 36F substituted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 3(2)Pt. II Ch. 7B inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 5Words in art. 28A(2) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 7(2)(b)(i)Words in art. 60A heading inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(a)Words in art. 25(1) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(1)Words in art. 4(5) substituted (1.1.2025) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(2)(b)(iii)Words in art. 63N(2) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 3(3)(d); S.I. 2022/582, reg. 2Words in art. 68(11) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(3)(c)Word in art. 63N(1)(b) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 3(2)(a); S.I. 2022/582, reg. 2Word in art. 25(1)(b) omitted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 4(2)(a)(i)Art. 9B(a)(b) and word inserted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 12(c) (with reg. 3)Words in art. 45(1) substituted (27.3.2019) by The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 6(a) (with regs. 10-12)Words in art. 61(3)(a) 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(18)(a) (with Pt. 5)Arts. 72E, 72F inserted (1.10.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2005 (S.I. 2005/1518), arts. 1, 2(3)Words in art. 76(3)(c) inserted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 8Words in art. 37(a) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 4(3)Art. 72AA inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(16)Art. 61(3)(a)(i)-(iii) substituted (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(21)(a)(i) (with Pt. 4)Words in art. 3(1) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 3(2)(b) (with art. 1(3))Art. 23(3) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 11Words in art. 9AA substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 94(3)(4)(5) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Art. 18(3) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(4)Art. 85(4)(a)-(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 158(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Pt. 3B inserted (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), art. 1(2)(3), 7Art. 51ZA(2)(2A) substituted for art. 51ZA(2) (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60HA heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 142(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 33(b)(iii) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(5)(a)Words in art. 26 substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 5Words in art. 61(3)(a)(ii) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 145(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 4(4AA) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 122(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(m)(i)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 2(12)Sch. 8 para. 4 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 9H(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 36(1) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(6)(a)Word in art. 64 inserted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 5Art. 91 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 9(3)Pt. 2 Chs. 15A, 15B inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 18Art. 89(2A) inserted (6.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 (S.I. 2015/731), arts. 1, 2(5)Words in art. 63M substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(6)Word in art. 36H(3)(g) revoked (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(v) (with Pt. 5)Art. 33(d) and preceding word inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(5)(c)Words in art. 24B(1)(a) substituted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(4)(a)(i)Art. 59 in force at 1.1.2002, see art. 2(2)(a)Words in art. 33 substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 10(a)Art. 52C(2) substituted (21.7.2022) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(5)(c)Word in art. 9AA substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(i) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 39L inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(16)(b)Words in art. 72B(1) inserted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 6(a)(iv)Art. 19(3) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 8Art. 4(4) substituted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 4(a)Words in art. 60H(1) substituted (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(18)(b)(i) (with Pt. 4)Words in art. 3(1) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 3(1)(e)Words in art. 50 substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(9)Words in art. 83(3)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 156(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 50 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(i) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 25(3) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 12Words in art. 3(1) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(2)(d)Art. 54A(2)(3) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 15(b)Words in art. 63A substituted (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(23) (with Pt. 4)Words in art. 3(1) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 2(11)Words in art. 7(2)(d) substituted (31.12.2020) by S.I. 2019/710, reg. 6(a)(ii) (as substituted by The Services of Lawyers and Lawyer’s Practice (Revocation etc.) (EU Exit) Regulations 2020 (S.I. 2020/1342), reg. 1(3), Sch. para. 19 (with Sch. para. 13))Words in art. 24 substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(5)Art. 61 in force at 31.10.2004, see art. 1(2)(b) (as read with Treasury notice dated 9.7.2003)Words in art. 9G(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(e)(i)Art. 72(11A) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(7) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3); S.I. 2019/710, regs. 1(2), 19(2)(a)(b)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 53(b)(i) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 9(1)Art. 84(1D)(a)-(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 157(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60E(5)(a) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(26)Words in art. 35B heading omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(3)(a)Art. 74A inserted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 6Art. 25(1)(d) and preceding word inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 4(2)(a)(ii)Words in art. 9B(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 124 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 66(2) substituted (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(24)(a) (with Pt. 4)Art. 33(d) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 4Words in art. 63A omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 53(1): art. 53 renumbered as art. 53(1) (17.3.2016 for specified purposes, 6.4.2016 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)(d), 2(6)(a) (with Pt. 5)Words in art. 3(1) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(2)(a)Word in art. 3(1) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 3(1)(c)(i)Words in art. 39C omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72B(1) substituted (30.6.2008 for specified purposes, 1.1.2009 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 2(2) (with regs. 3-9)Words in art. 24A(1)(a) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(3)(a)Words in art. 66(2) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 18(a)Words in art. 72F(1) substituted (31.1.2024) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023 (S.I. 2023/1411), arts. 1(2), 18(2)Words in art. 72E(9) substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 17 (with regs. 8, 15)Art. 29A(4) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 9Words in art. 51ZB(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 133(1) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 9D(a)-(d) substituted for art. 9D(a)-(c) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(c)Words in Sch. 1 Pt. II para. 9 substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 11(5)(b)Sch. 2 Pt. 1 para. 10 substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(3)(e)Words in art. 55(2) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(6)Word in art. 60F(2) omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(27)(a)Words in art. 4(4A)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 122(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) substituted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 3(3) (with art. 1(3))Sch. 2 Pt. 4 substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(6)Words in art. 4(4B) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 122(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(m)(ii)); 2020 c. 1, Sch. 5 para. 1(1)Art. 72 modified in part (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), art. 1(2)(b), Sch. para. 11 (with Sch. para. 4)Word in art. 60A substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(i) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 12A substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60HA heading substituted (21.7.2022) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(8)Art. 36H(3)(i) and word inserted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(vi) (with Pt. 5)Words in art. 68(3)(b)(ii) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(14)Words in art. 36H(3)(a) substituted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(ii)(aa) (with Pt. 5)Words in art. 8(a) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(3)Words in art. 72D(3)(c) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 13(6)(c)Art. 83(5) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 156(6) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 68(12) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 21Art. 4(4B) 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(3) (with Pt. 4)Words in art. 3(1) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 3(4) (with art. 1(3))Words in art. 53(1)(b)(ii) inserted (3.1.2018) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2017 (S.I. 2017/500), arts. 1(1), 2(3)(a)Words in art. 72(5B) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 20(b)Art. 53D inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 13Words in art. 61A(6) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 146(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 39K substituted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 3(3)Words in art. 76 inserted (8.1.2012) by The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 22Words in Sch. 2 Pt. 1 para. 6 substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(3)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 96(3) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(7)Words in art. 60F(5)(c) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(27)(b)Art. 66(6A) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 18(c)Words in art. 61A(6) inserted (5.11.2015 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) (No. 3) Order 2015 (S.I. 2015/1863), art. 1(2)(b)(4), 2(5)(b)Art. 6(1)(a)(iv) substituted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 3 (with reg. 5)Art. 33B inserted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 5Art. 52 substituted (1.10.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(2), 2(4)Words in art. 3(1) inserted (20.7.2012) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 (S.I. 2012/1906), arts. 1, 2(2)(b)Art. 72 modified in part (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), art. 1(2)(b), Sch. para. 12 (with Sch. para. 4)Words in art. 63I substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(40)Words in art. 44 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(h) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 84(1E) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 157(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 9AA heading inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(a)Art. 72H(2)(da) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(8)Art. 11 omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 49(3) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60L(1) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 8(2)(c) (with art. 1(3))Words in art. 48(2)(b) substituted (6.4.2007) by The Companies Act 2006 (Commencement No. 2, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/1093), art. 1(3), Sch. 3 para. 8(3)Words in art. 84(1D) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 8(6)(b)Art. 25DA inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 3Arts. 36H(2A)-(2C) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(9)(c)Art. 22 modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), art. 1(2)(b), Sch. para. 11 (with Sch. para. 4)Words in art. 72G(4)(a)(ii) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 151(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 9C(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(b)Art. 54(1)(b) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 14(4)Words in art. 36G omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 28(3) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(2)Words in art. 66(6) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 19(b)Words in art. 9K substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Art. 54A inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 15Words in art. 44 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 8Art. 60LB inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 10 (with art. 1(3))Pt. 6 and heading inserted (15.7.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2004 (S.I. 2004/1610), arts. 1(2), 3Words in art. 60H(1)(b)(ii) 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(15) (with Pt. 5)Word in art. 7(2)(c) inserted (31.12.2020) by S.I. 2019/710, reg. 6(a)(i) (as substituted by The Services of Lawyers and Lawyer’s Practice (Revocation etc.) (EU Exit) Regulations 2020 (S.I. 2020/1342), reg. 1(3), Sch. para. 19 (with Sch. para. 13))Art. 14(1): art. 14 renumbered as art. 14(1) (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 5(a)Words in art. 54B heading omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(6)(a)Words in art. 3(1) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(2)(b)Words in art. 72(5D) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 20(d)Word in art. 72(6) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(6)Words in art. 60G(8) 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(14)(b) (with Pt. 5)Word in art. 4(4)(b) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(2)(a)Words in art. 72(12)(a) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(8)(b)(i) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(r)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 25D(2)(a) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(5)Word in art. 45(3)(b) substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(3)(b)Word in art. 39L substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(16)(a)Words in art. 60LA(3) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 9 (with art. 1(3))Words in art. 25A(3) substituted (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(4)(b) (with Pt. 4)Words in art. 60K omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60L(3) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(32)(b)Art. 54(1)(b)(va) 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(10)(b) (with Pt. 4)Words in art. 54(1) substituted (6.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 (S.I. 2015/731), arts. 1, 2(3)(a)(i)Words in art. 42A heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 131(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 21(1) omitted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(3)Words in art. 35B(1) omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(3)(b)Words in Sch. 2 Pt. 1 para. 4 inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(3)(a)Words in art. 29(1) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 8(a)Art. 60G(9) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 140(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 69(10)-(12) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(4)Word in art. 45(3)(b) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 6(b) (with regs. 10-12)Words in art. 9AA heading omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(iii) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 54(1) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 14(a)(i)Words in art. 20 omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 18A(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 13(3)(a)Words in art. 3(1) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 3(1)(b)Words in art. 63E substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(39)Words in art. 39KA heading omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(4)(a)Word in art. 89D(2) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(h) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 45(2) inserted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(2)Words in art. 72B(1) inserted (30.6.2008 for specified purposes, 1.1.2009 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 2(3) (with regs. 3-9)Words in art. 83(1)(e) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 156(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 39L omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(e) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60G(6) substituted (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(17)(e) (with Pt. 4)Sch. 4A inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 11 (with art. 1(3))Art. 82B(1) substituted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(6)Words in art. 36H(2) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(9)(b)Words in art. 44 substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(17)Words in art. 89E(1)(b) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(46)Words in art. 89(1) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 24Word in art. 60G(2A) omitted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 2(14)(a)(i) (with Pt. 5)Word in art. 72(5A) 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(26)(a) (with Pt. 4)Art. 61(4)(a) substituted (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(21)(b) (with Pt. 4)Word in art. 72B(1) added (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 6(a)(v)Words in art. 69(2)(b)(ii) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(14)Art. 65 and cross-heading substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(17)Words in art. 39C substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(12)Word in art. 72(10) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Sch. 2 Pt. 1 para. 7 substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(3)(d)Words in art. 66(8) 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(24)(c) (with Pt. 4)Art. 89(3) substituted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(8)Art. 24B(2) omitted (22.4.2021) by virtue of The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(4)(b)Word in art. 3(1) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 3(1)(c)(ii)Words in art. 3(1) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 3(5)(a)(ii) (with art. 1(3))Art. 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)Art. 36H(2D) inserted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(b) (with Pt. 5)Art. 82A inserted (20.7.2012) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 (S.I. 2012/1906), arts. 1, 2(4)Art. 60 cross-heading substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(14)Words in art. 3(1) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1385, regs. 1(4), 57(2)); 2020 c. 1, Sch. 5 para. 1(1)Art. 60C(4)(c) substituted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 6 (with art. 1(3))Art. 72 modified in part (31.10.2001) by The Financial Services and Markets Act 2000 (Interim Permissions) Order 2001 (S.I. 2001/3374), art. 1, Sch. para. 12 (with Sch. para. 4)Art. 60C(5)(6) applied by S.I. 2010/1013, reg. 6(3) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 26(6))Schs. 6-8 inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(17)Art. 36E substituted (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(7) (with Pt. 4)Words in art. 63A substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(6)Arts. 72G, 72H inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(43)Art. 25A inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 4Art. 66(6D) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 18(c)Arts. 63S, 63T inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 51 (with Pt. 7)Words in art. 68(1) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(14)Words in art. 64 substituted (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), art. 1(2)(3), 5Words in art. 3(1) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 3(b)Art. 77(2)(e) omitted (16.2.2011) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (S.I. 2011/133), arts. 1(2), 2(2)(b) (with art. 4)Words in art. 24 substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(5)Words in art. 72(2) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 5(2)Art. 60H(1)(b)(ii) substituted (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(18)(b)(ii) (with Pt. 4)Words in art. 3(1) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(2)(b)Words in art. 53A(1)(b)(ii) omitted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 2(7)(a)(ii) (with Pt. 5)Words in art. 66(7) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 18(d)Art. 60G(5)(b)(i)(bb) substituted (18.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) (No. 2) Order 2015 (S.I. 2015/352), arts. 1, 2(b)Words in art. 9AB(1) substituted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 12(b)(i) (with reg. 3)Words in art. 36(1) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(7)Words in art. 51ZG heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 61(4)(d) omitted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 4(21)(c)(ii) (with Pt. 4)Words in art. 4(1) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 3(3)(a)Art. 61A 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(22) (with Pt. 4)Art. 35A(b) and preceding word inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 1(3)(b)Art. 60L(1A) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 8(3) (with art. 1(3))Art. 70(8) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 23Art. 82B inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 6Words in art. 60L(1) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(32)(a)(ii)Word in art. 51A substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(f) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 21(2) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(3)Sch. 2 Pt. 3 para. 9 inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(5)(b)Words in art. 54(1)(b)(i) inserted (3.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(b), 4(2)Art. 83(1): art. 83 renumbered as art. 83(1) (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 26(a)Words in Sch. 2 Pt. 1 para. 6 substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(3)(c)(ii)Word in art. 72G(3B) omitted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 2(20)(a)(i) (with Pt. 5)Pt. 2 Ch. 2A inserted (11.4.2002 for specified purposes, 27.4.2002 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4 (with arts. 9, 10)Art. 72(5F)(d)(iv) and semi-colon inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 20(h)Sum in art. 72B(1) substituted (1.1.2025) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(4)(a)Words in Sch. 1 Pt. II para. 8 substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 11(5)(a)Word in Sch. 2 Pt. 1 para. 6 substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(3)(c)(i)Art. 29 modified (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), art. 1(3), Sch. para. 12 (with Sch. para. 4)Art. 60G(5)(b) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(28)Words in art. 4(2) substituted (13.7.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2009 (S.I. 2009/1389), arts. 1, 3Words in art. 3(1) substituted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 3(2)(b)Words in art. 72(5A) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 20(a)Words in art. 3(1) inserted (1.10.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(2), 2(2)(b)Words in art. 30(2) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(4)(b)Word in art. 60F(2)(b) substituted (18.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) (No. 2) Order 2015 (S.I. 2015/352), arts. 1, 2(a)Words in art. 67(1) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 20(a)Words in art. 52B(3) substituted (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2005 (S.I. 2005/593), arts. 1, 2(3)Art. 89D(2) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(45)(b)Words in art. 72D(3)(a) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 13(6)(a)Words in art. 36(3) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(6)(c)Art. 4(5) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 3(b)Arts. 88A, 88B inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 23Words in art. 78(2) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), arts. 1(2), 2(4)Words in art. 61A(6) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 146(4)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 51A and cross-heading inserted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(10)Pt. 2 Ch. 15D inserted (13.7.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2009 (S.I. 2009/1389), arts. 1, 4Words in art. 84(1D) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 8(6)(a)Art. 60 omitted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(5)Art. 60G(2A)(c) and word 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(14)(a)(ii) (with Pt. 5)Art. 60E(7A)(7B) inserted (28.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2014 (S.I. 2014/1740), arts. 1(2), 2(b)Words in art. 21 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 4(1)Word in art. 60H(1) substituted (21.7.2022) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(7)(a)Words in art. 36H(4) inserted (4.5.2020) by The Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020 (S.I. 2020/480), arts. 1(2), 2(2) (with art. 3)Words in art. 3(1) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(11) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 20 substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(6)Words in art. 3(1) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 3(1)(c)(iii)Words in art. 54(1)(a) substituted (6.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 (S.I. 2015/731), arts. 1, 2(3)(a)(ii)Art. 62 in force at 31.10.2004, see art. 1(2)(b) (as read with Treasury notice dated 9.7.2003)Words in art. 72D(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 149(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 39H(4) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(13)Words in art. 3(1) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(2)(a)Words in art. 60E(7) inserted (28.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2014 (S.I. 2014/1740), arts. 1(2), 2(a)Words in art. 60A heading omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(iii) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 29 modified (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), art. 1(2), Sch. para. 8Words in art. 36(1) substituted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(7)Art. 42A applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 76(6)Art. 72G(6)(7) 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(27)(d) (with Pt. 4)Words in art. 50 substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(6)Words in art. 9G(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Art. 9A inserted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 3(2)Words in art. 58A substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(m) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72D(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 149(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 63B(6)(aa) inserted (2.4.2018) by The Alternative Investment Fund Managers (Amendment) Regulations 2018 (S.I. 2018/134), regs. 1(3), 4(b)Words in art. 42A(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 131(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 64 inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 18Art. 72G(4A) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 151(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(s)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 36(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 149(5)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 72H(2)(sa) inserted (16.5.2022 for specified purposes, 29.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 (S.I. 2022/466), arts. 1(3), 2(4)Art. 72(9) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 33(5) (with regs. 52-58)Words in art. 65 omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 60C(5)(6) applied by S.I. 2010/1014, reg. 2(6) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 27(4))Words in art. 6(1)(a)(i) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 123(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Sch. 2 Pt. 5 inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(7) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 55(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 149(5)(d) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 29 modified (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), art. 1(2), Sch. para. 9Art. 82(3)(4) inserted (6.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 (S.I. 2015/731), arts. 1, 2(4)Words in art. 61(4)(c)(i) inserted (5.12.2005) by The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114), reg. 1, Sch. 16 para. 1(3)Word in art. 33(b)(iii) omitted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(5)(b)Words in art. 63E substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(p) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 65 substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(42)Word in art. 33(b)(iii) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 10(b)(i)Word in art. 3(1) substituted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 3(5)(a)(i) (with art. 1(3))Words in art. 51ZG(1)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 67(1) substituted (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(25)(a) (with Pt. 4)Words in art. 72(11) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(6) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in Sch. 8 para. 11 inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 81(3)Words in art. 39J inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(14)(c)Art. 63 in force at 31.10.2004, see art. 1(2)(b) (as read with Treasury notice dated 9.7.2003)Words in Sch. 2 Pt. 3 para. 8 substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(5)(a)Words in art. 27 substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 6Art. 59(1A) inserted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(4)(a)Words in art. 72(9A)(a) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(4)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 59(2) omitted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(4)(b)Words in art. 72B(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 13(5)Words in art. 36(2) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(6)Words in art. 15(2)(g) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(3)Words in art. 3(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 88 in force at 31.10.2004, see art. 1(2)(b) (as read with Treasury notice dated 9.7.2003)Words in art. 35A substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), reg. 1(4), Sch. para. 1(1), (2)(a)Words in art. 25A(1)(b) omitted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 2(4)(a)(ii) (with Pt. 5)Art. 51ZD(2)(b) and word omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 134(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 51ZG(2)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Sch. 3 para. 1(ba) omitted (31.12.2024) by virtue of The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 (S.I. 2024/1083), regs. 1(2)(b), 13Art. 69(13) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 22Words in art. 35(3)(bb) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 129(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 95(1) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(6)(a)Sch. 2 Pt. 1 para. 11 inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(3)(f)Words in art. 66(6) substituted (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(24)(b) (with Pt. 4)Words in art. 20 substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(4)Words in art. 12A heading inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(5)(a)Words in art. 3(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(6) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 39L heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(15)Words in art. 14(2) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(3)Words in art. 54(2) substituted (6.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 (S.I. 2015/731), arts. 1, 2(3)(b)Words in art. 71(2)(b) inserted (5.12.2005) by The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114), reg. 1, Sch. 16 para. 1(4)Words in art. 60E(5) substituted (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(15)(b) (with Pt. 4)Words in art. 55(1) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 9(3)Words in art. 33B(4) substituted (1.1.2025) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(3)(a)Art. 52A and cross-heading inserted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(11)Art. 72 modified in part (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), art. 1(3), Sch. para. 13 (with Sch. para. 4)Words in art. 66(7) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 19(d)Words in Sch. 1 Pt. II para. 2 inserted (5.12.2005) by The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114), reg. 1, Sch. 16 para. 1(5)Art. 34(3) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(6)Art. 9G(7)(a) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(e)(iv)Words in art. 3(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(9) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60L(1) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 8(2)(a) (with art. 1(3))Pt. II Ch. 14A, 14B inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 6Words in art. 55(2) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 33B(5) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 128(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Comma in art. 64 substituted (27.2.2018) by virtue of The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 52(a) (with Pt. 7)Words in art. 95(10) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(i)Art. 29 modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), art. 1(2)(b), Sch. para. 10(2) (with Sch. para. 4)Words in art. 8 substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 3Sch. 2 Pt. 1 heading omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 61A(6) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 146(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Arts. 88D, 88E inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 7Art. 3(1A) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(14) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 52A heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(21)Words in art. 68(9) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(3)(b)Words in art. 39C substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(g) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 36I omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(d) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 9H(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(f)Art. 60S and cross-heading inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(37)Art. 33A(4)(d) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 11(b)Art. 72AA excluded by S.I. 2013/1773, reg. 74(4) (as substituted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(6)(b) (as amended by S.I. 2014/1313, arts. 1, 2(a)))Arts. 60C(4A)-(4C) inserted (4.5.2020) by The Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020 (S.I. 2020/480), arts. 1(2), 2(4) (with art. 3)Art. 60C(5)(6) applied by S.I. 2010/1013, reg. 2(6) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 26(4))Art. 19A inserted (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 5(4)Words in art. 45(1) inserted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(1)(a)Art. 60JB omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 144(1) (with reg. 144(2)(2A)) (with savings in S.I. 2019/680, reg. 11 and as amended by S.I. 2019/1212, regs. 1(3), 8, 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Pt. 2 Ch. 5A inserted (20.7.2012) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 (S.I. 2012/1906), arts. 1, 2(3)Words in art. 44 omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Pt. 2 Ch. 15E inserted (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 5Words in art. 3(1) substituted (17.3.2016) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(2)(b) (with Pt. 5)Art. 36(2) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 12(b)Art. 54B(2) substituted (21.7.2022) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(6)(c)Art. 72G(3A)(3B) 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(27)(b) (with Pt. 4)Pt. 5 inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 13Art. 42A inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(10)Words in art. 24 substituted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(7)Words in art. 3(1) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 3(1)(c)Words in art. 36(2) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60R inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(36)Words in art. 93(1)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(h)Words in art. 67(1) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 19(b)Words in art. 60F(6)(b) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(27)(b)Words in art. 93(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 71(6)(a)(i) substituted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 5(c)Words in art. 72(4) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 5(2)Words in art. 60A substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(n) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72G(7) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 151(7)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in Sch. 2 Pt. 1 para. 6 substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(3)(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60HA(2) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 142(4)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 39B(2)(a)(iii) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 49(4)(a) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)Sum in art. 72B(1) substituted (1.1.2025) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(4)(b)Art. 53E inserted (6.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 (S.I. 2015/731), arts. 1, 2(2)Art. 60ZA inserted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(6)Art. 61(5) 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(18)(b) (with Pt. 5)Words in art. 24B(1)(c) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(4)(a)(ii)Words in art. 63I omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 39I(3)(b) substituted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 4(b) (with art. 1(3))Art. 82B(2)(a)-(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 155(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72G(7) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 151(7)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 25E inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 4Word in art. 92 substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(3)Words in art. 4(5) substituted (1.1.2025) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(2)(b)(ii)Word in art. 36H(3)(a) substituted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(ii)(bb) (with Pt. 5)Words in art. 3 omitted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(2)Art. 66(3A) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(1)(a)Words in art. 24A(1)(b) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(3)(b)(ii)Words in art. 28A(1) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 7(2)(a)(i)Words in art. 3(1) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 3(1)(a)Words in art. 60G(4) substituted (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(17)(d) (with Pt. 4)Word in art. 12A substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(b)(i) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 16(1): art. 16 renumbered as art. 16(1) (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 7(a)Art. 72G(3C) inserted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(7)Art. 6(1)(a)(iii) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 49(2) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)Art. 35(3)(bb) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 23(2) (with regs. 7(4), 9(1))Art. 89D heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(44)Words in art. 3(1) inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 3(1)Words in art. 52C heading omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(5)(a)Word in art. 66(7) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(1)(b)Words in art. 4(4A) omitted (1.1.2025) by virtue of The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(2)(a)Art. 22 modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), art. 1(2)(b), Sch. para. 10(1) (with Sch. para. 4)Word in art. 96 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(j)Art. 60R heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(35)Art. 77A(2)(f) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 152(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(t)); 2020 c. 1, Sch. 5 para. 1(1)Art. 60C(5)(6) applied by 1974 c. 39, s. 60(6) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 20(24))Words in art. 60E(2) substituted (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(15)(a) (with Pt. 4)Sch. 1 applied in part (1.12.2001) by The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (S.I. 2001/1335), art. 25(2), reg. 1(2); S.I. 2001/3538, art. 2(1)Words in art. 29(1)(b) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 8(b)Words in Sch. 8 para. 5 omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(5)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 63I substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(q) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 30(3) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 15Words in art. 36H(3)(d) substituted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(iii) (with Pt. 5)Words in art. 54(1)(b)(va) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 137(1) (with reg. 137(2)) (as amended by S.I. 2020/1031, regs. 1, 3, Sch. para. 33(o) and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Arts. 25B, 25C inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 4Art. 54(1)(b)(iii)(iv) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 14(a)(iii)Words in art. 36H(3)(e) inserted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(iv) (with Pt. 5)Words in art. 83(2)(d)(i) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 156(3)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 55(1)(2) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(l) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 25(2) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 4(2)(b)Words in art. 85(4A)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 158(4)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 60G(2) omitted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 4(17)(a)(i) (with Pt. 4)Art. 29 modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), art. 1(2)(b), Sch. para. 11 (with Sch. para. 4)Words in art. 27 substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 6Word in art. 4(4)(b) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(2)(b)Words in art. 33 substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 10(a)Word in art. 52A substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(f) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 69(8) substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(4)Art. 35A renumbered as art. 35A(1) (23.3.2019) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(2)(e), 130Words in art. 3(1) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 3(1)(b)(ii)Words in art. 3(1) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 3(b)Art. 9AA inserted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(2)Words in art. 29(1) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 8(a)Word in art. 49 substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(4)Art. 22 modified (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), art. 1(3), Sch. para. 11 (with Sch. para. 4)Words in art. 67(3) substituted (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(25)(b) (with Pt. 4)Words in art. 36(3) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(8)Words in art. 72B(1) omitted (1.1.2025) by virtue of The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(4)(c)Art. 36FA inserted (23.7.2019) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2019 (S.I. 2019/1067), arts. 1(2), 2(2)Words in art. 58A heading omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(iii) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 58A inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(c)Words in art. 72D heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 149(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 77A(3A) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 152(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) substituted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(2)(a) (with Pt. 5)Word in art. 60N(3) omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(34)Art. 29A(1): art. 29A renumbered as art. 29A(1) (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 9(a)Words in art. 60G(2A)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 140(3)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 28A(2) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 7(2)(b)(ii)Words in art. 72F(1) substituted (31.1.2024) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023 (S.I. 2023/1411), arts. 1(2), 18(3)Words in art. 36(1) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 3(1)(b)Words in art. 3(1) omitted (1.11.2024) by virtue of The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 3(2)(a)Art. 63N(1)(c) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 3(2)(b); S.I. 2022/582, reg. 2Words in art. 60F(4) substituted (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(16) (with Pt. 4)Words in art. 84(1A)(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 157(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 85(5) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 158(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 63N(2) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 3(3)(b); S.I. 2022/582, reg. 2Word in art. 95(1) heading substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(6)(a)Art. 60G(2A) 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(17)(b) (with Pt. 4)Words in art. 35(4)(a) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(6)Words in art. 60F(2)(a) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 7 (with art. 1(3))Words in art. 72(5C) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 20(c)Words in art. 33(b)(iii) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 10(b)(ii)Art. 53A inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 13Words in art. 4(5) omitted (1.1.2025) by virtue of The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(2)(b)(i)Words in art. 24B(3) substituted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(4)(c)(ii)Words in art. 39B(2)(b)(iii) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 49(4)(c) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60G(2A)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 140(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 55(1) substituted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(7)Words in art. 63N(2) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 3(3)(c); S.I. 2022/582, reg. 2Art. 36H(10) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(9)(d)Art. 9AB inserted (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(c), Sch. 6 para. 4(a)Art. 95(1A) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 159 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words 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)Words in art. 18(2)(b) substituted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 5(a)Words in art. 4(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 122(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 36H(9) substituted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(d), 2(5)(e) (with Pt. 5)Word in art. 93 substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(4)(a)Words in art. 3(2) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 3(2)Words in art. 60E(7) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(26)Words in art. 33(b)(iii) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 10(b)(i)Words in art. 3(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(12) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 4(4B)(b) 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(3) (with Pt. 5)Words in art. 58A heading inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(a)Words in art. 9AA inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(c)Art. 78(3) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), arts. 1(2), 2(5)Words in art. 18(2)(c) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 4Words in art. 3(1) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 2(10)Art. 59(3)-(6) inserted (16.5.2022 for specified purposes, 29.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 (S.I. 2022/466), arts. 1(3), 2(2)Words in art. 60K substituted (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(20) (with Pt. 4)Words in art. 39 substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(9)Words in art. 36(2) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(6)(b)Words in art. 66(6) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 18(b)Art. 18A inserted (1.12.2003) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2003 (S.I. 2003/2822), arts. 1, 3Words in art. 3(1) omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(2)Words in art. 72(1) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 5(2)Words in art. 30(2)(a) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 13(4)Word in art. 3(1) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 3(a)Art. 29A(4)(a) modified (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), art. 1(2), Sch. para. 9Art. 15(4) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 6Words in art. 3(1) inserted (5.12.2005) by The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114), reg. 1, Sch. 16 para. 1(2)Art. 3(4) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(15) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(l)); 2020 c. 1, Sch. 5 para. 1(1)Art. 35AB inserted (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 2 para. 2(3)Art. 88C inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 21Words in art. 53(1)(b)(i) inserted (3.1.2018) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2017 (S.I. 2017/500), arts. 1(1), 2(2)Words in art. 64 substituted (13.7.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2009 (S.I. 2009/1389), arts. 1, 5Art. 36G heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(7)Art. 66(4A) inserted (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2005 (S.I. 2005/593), arts. 1, 2(4)Words in art. 72H(2)(m) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(5)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 60H(1A)-(1F) inserted (21.7.2022) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(7)(b)Words in art. 72AA(2) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(1)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 66(2) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 18(a)Art. 54(1)(b)(ia) inserted (17.3.2016 for specified purposes, 6.4.2016 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)(d), 2(9) (with Pt. 5)Art. 66(8) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 19Art. 83(1)(e) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 26(b)(ii)Art. 38(2) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 17(b)Words in art. 61A(6) 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(19)(b) (with Pt. 5)Words in art. 9AB(2) inserted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 12(b)(ii) (with reg. 3)Art. 60H(2) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 141(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 33A(1C) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 11(a)Art. 72(11)(12) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 5(3)Art. 72G(4) substituted (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(27)(c) (with Pt. 4)Sch. 8 paras. 1A, 1B inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 60HA(2)(a) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 142(4)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3 inserted (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 2 para. 2(2)Words in art. 72(8) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60N(3) substituted (17.3.2016 for specified purposes, 20.3.2016 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)(b), 2(17) (with Pt. 5)Art. 9BA inserted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 12(d) (with reg. 3)Words in art. 60E(7) inserted (17.3.2016 for specified purposes, 20.3.2016 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)(b), 2(13)(a) (with Pt. 5)Art. 3 applied (21.5.2003) by The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Designated Countries and Territories) Order 2003 (S.I. 2003/1181), arts. 1, 3(2)(a)Words in art. 44 substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(9)Words in art. 67(1)(a) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 9Art. 33A(1A)(1B) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 11(a)Art. 60C(5)(6) applied by 1974 c. 39, s. 55C(5) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2), 20(23))Word in art. 24A(1)(b) substituted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(3)(b)(i)Words in art. 3(1) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(2)(f)Words in art. 54(1)(a) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 14(b)Words in art. 9C(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 89(2A) inserted (11.3.2024) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024 (S.I. 2024/169), arts. 1(2), 2(3)Word in art. 61A(1) omitted (5.11.2015 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2015 (S.I. 2015/1863), art. 1(2)(b)(4), 2(5)(a)(i)Words in art. 63M omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72F(1) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 22Words in art. 63B(6)(a) omitted (2.4.2018) by virtue of The Alternative Investment Fund Managers (Amendment) Regulations 2018 (S.I. 2018/134), regs. 1(3), 4(a)Art. 25A(2A) 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(4)(a) (with Pt. 4)Words in art. 36H(3)(g) inserted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(iv) (with Pt. 5)Words in art. 3(1) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(13) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 54(2A) inserted (3.1.2018) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2017 (S.I. 2017/500), arts. 1(1), 3(2)Art. 36(1): art. 36 renumbered as art. 36(1) (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 12(a)Words in art. 39 omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 40(3)Art. 36(2A) 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(6) (with Pt. 4)Words in art. 51ZG(2)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in Sch. 2 Pt. 1 para. 11 inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(7)Word in art. 64 inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 12(7)Words in art. 63M substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(41)Art. 85(4A)(4B) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 9(3)Words in Sch. 3 Pt. 1 para. 2(c) substituted (1.1.2025) by The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 (S.I. 2023/548), arts. 1(2), 2(5)Words in art. 60E(6)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 139 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 82ZA inserted (11.3.2024) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024 (S.I. 2024/169), arts. 1(2), 2(2)Words in art. 3(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(8) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 60C(2) substituted (5.11.2015 for specified purposes, 1.1.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2015 (S.I. 2015/1863), art. 1(2)(b)(3), 2(2)Art. 60C(5)(6) applied by S.I. 2005/1529, Sch. 1 para. 4C(7) (as inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 17(6)(a))Art. 38(b)(iii) and word inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 6(b)Words in art. 72G(7) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 151(7)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60B(3) substituted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 5 (with art. 1(3))Words in art. 72G(3) omitted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 4(27)(a)(ii) (with Pt. 4)Art. 53(2)-(5) inserted (17.3.2016 for specified purposes, 6.4.2016 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)(d), 2(6)(b) (with Pt. 5)Art. 90 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 9(2)Words in art. 77A(1) inserted (16.2.2011) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (S.I. 2011/133), arts. 1(2), 2(3) (with art. 4)Art. 72(5F)(b)(iv) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 20(f)Words in art. 35(3)(ba) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 129(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 29(3) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 14Words in art. 48(2)(b) substituted (6.4.2007) by The Companies Act 2006 (Commencement No. 2, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/1093), art. 1(3), Sch. 3 para. 8(4)Words in art. 55(2) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 16Words in art. 72(3) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 5(2)Words in art. 60B(3) substituted (17.3.2016 for specified purposes, 20.3.2016 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)(b), 2(10)(a) (with Pt. 5)Words in art. 63A substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(38)Art. 51ZD(3)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 134(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 72G(4)(a) substituted (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(20)(b)(i) (with Pt. 5)Words in art. 9C(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 39 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 6Words in art. 72F(1) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 5(e)Word in art. 3(1) substituted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 3(2)(a)(i) (with art. 1(3))Art. 21(1): art. 21 renumbered as art. 21(1) (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 9(a)Word in Pt. 2 Ch. 10 heading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(11)Word in art. 60C(2) omitted (5.11.2015 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2015 (S.I. 2015/1863), art. 1(2)(b)(4), 2(3)(a)Art. 39KA(2) substituted (21.7.2022) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(4)(c)Art. 59(2A) inserted (28.1.2021 for specified purposes, 30.7.2022 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 2(4)(c)Sch. 2 heading substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 36(2) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 12Words in art. 36H(1) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(9)(a)Art. 63A substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 17Words in art. 54(1) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 14(a)Word in art. 36H(10) substituted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(d), 2(5)(f) (with Pt. 5)Word in art. 39J substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(14)(a)Pt. II Ch. 6A, 6B inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 4Art. 83(2)-(5) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 26(c)Art. 22(3) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 10Words in art. 60HA(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 142(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 85(4B)(a)-(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 158(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 72(9A)(b) and word omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(4)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 67(1) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 19(a)Art. 72AA excluded by S.I. 2013/1773, reg. 75(2A) (as inserted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(7)(b) (as amended by S.I. 2014/1313, arts. 1, 2(a)))Art. 45(3)(a) substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(3)(a)Art. 82 substituted (1.10.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(2), 2(5)Art. 63R revoked (1.5.2020) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2)(b), 53(d) (with Pt. 7)Words in Sch. 2 Pt. 1 para. 10 substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(3)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 21(2) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 9(b)Word in art. 96(2) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(7)Word in art. 3(1) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 3(a)Words in art. 66(7) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 18(d)Words in art. 4(2) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(3)Words in art. 26 substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 5Words in art. 3(2) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 3(2)Art. 72G(4)(b)(i) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 151(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 53DA(2) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 136 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(n)); 2020 c. 1, Sch. 5 para. 1(1)Art. 60L(10)(11) added (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 3(6)Art. 4(2B) inserted (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), art. 1(2)(3), 4Word in art. 7(3)(d) inserted (31.12.2020) by S.I. 2019/710, reg. 6(b)(ii) (as substituted by The Services of Lawyers and Lawyer’s Practice (Revocation etc.) (EU Exit) Regulations 2020 (S.I. 2020/1342), reg. 1(3), Sch. para. 19 (with Sch. para. 13))Art. 7(2)(e) and word omitted (31.12.2020) by virtue of S.I. 2019/710, reg. 6(a)(iii) (as substituted by The Services of Lawyers and Lawyer’s Practice (Revocation etc.) (EU Exit) Regulations 2020 (S.I. 2020/1342), reg. 1(3), Sch. para. 19 (with Sch. para. 13))Art. 60C(2)(c) and word inserted (5.11.2015 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) (No. 3) Order 2015 (S.I. 2015/1863), art. 1(2)(b)(4), 2(3)(b)Words in art. 76(2)(b) inserted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 8Words in art. 9E(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(d)(ii)(bb)Art. 35B(2) substituted (21.7.2022) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(3)(c)Art. 6(1)(a)(x) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 123(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 24 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(d) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 13(2)Art. 35 extended (1.12.2001) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001 (S.I. 2001/2636), arts. 1(2)(b), 2(1), 80; S.I. 2001/3538, art. 2(1)Art. 29(2) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(3)Art. 83(4)(a)-(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 156(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 55 substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(12)Words in art. 53(1)(b)(ii) substituted (3.1.2018) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2017 (S.I. 2017/500), arts. 1(1), 2(3)(b)Word in art. 9AB(2) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 8(a) (with reg. 3)Art. 54A(1): art. 54A renumbered as art. 54A(1) (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 15(a)Words in art. 67 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(2)Words in art. 3(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(7) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in Sch. 2 Pt. 1 para. 5 substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(3)(b)(i)Words in art. 92 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 33(b)(iii) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(3)Art. 39I(3)(a) omitted (E.W.S.) (15.7.2014) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 4(a) (with art. 1(3))Words in art. 54(2) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 14(b)Words in art. 3(1) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(2)(a)Words in art. 3(1) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 3(2)(a)(ii) (with art. 1(3))Words in art. 3(1) substituted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 12(a)(ii) (with reg. 3)Art. 70(7) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(5)Sch. 3 substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(8) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1233, regs. 1(3), 3 and S.I. 2019/710, regs. 1(2), 16(2)(c)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 2(2)(b) substituted (30.8.2002) by The Financial Services and Markets Act 2000 (Commencement of Mortgage Regulation) (Amendment) Order 2002 (S.I. 2002/1777), arts. 1, 2(2)Words in art. 61(3)(a) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 17Art. 89BA inserted (11.3.2024) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024 (S.I. 2024/169), arts. 1(2), 2(4)Words in art. 24B(3) substituted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(4)(c)(i)Words in art. 60HA(2)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 142(4)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 96 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 64 substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(14)Art. 14(2) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 5(b)Art. 12A and words inserted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(3)Art. 36(3) inserted (1.4.2007 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 16Words in art. 60L(1) substituted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 8(2)(b) (with art. 1(3))Words in art. 51ZB heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 133(1) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72E(8) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 150(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 6(1)(a)(xx) substituted (5.6.2002) by The Financial Services and Markets Act 2000 (Financial Promotion and Miscellaneous Amendments) Order 2002 (S.I. 2002/1310), arts. 1, 4(1)Word in art. 68(1) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(3)(a)Words in art. 3(1) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 84(1A)-(1E) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 27Sch. 6 omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(5)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 53A(1)(b)(ii) 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(7)(a)(i) (with Pt. 5)Art. 53(1A)-(1D) inserted (3.1.2018) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2017 (S.I. 2017/500), arts. 1(1), 2(4)Words in art. 33B(4) substituted (1.1.2025) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/1239), regs. 1(2), 5(3)(b)Words in art. 72F(1) omitted (31.1.2024) by virtue of The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023 (S.I. 2023/1411), arts. 1(2), 18(4)Art. 72(9A) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 23(3) (with regs. 7(4), 8(4), 9(1))Words in art. 72I(1) 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(21) (with Pt. 5)Word in Pt. V heading substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(2)Art. 28A inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 7Words in art. 60B(3) substituted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 3(4)Words in art. 21(1) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 4(1)Words in art. 63I substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(6)Art. 72G(6A)(6B) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 151(6) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60B(3) substituted (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(10)(b) (with Pt. 5)Words in art. 63E omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 52C(1) omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(5)(b)Art. 72(10) 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(26)(b) (with Pt. 4)Word in art. 39H(3) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(13)Words in art. 84(1C)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 157(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 51A heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(19)Words in art. 3(1) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 3(1)(d)Words in art. 39J substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(14)(b)Art. 72G(3B)(b)(i) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 151(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 7(3)(c) omitted (31.12.2020) by virtue of S.I. 2019/710, reg. 6(b)(i) (as substituted by The Services of Lawyers and Lawyer’s Practice (Revocation etc.) (EU Exit) Regulations 2020 (S.I. 2020/1342), reg. 1(3), Sch. para. 19 (with Sch. para. 13))Words in art. 50 substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(18)Words in art. 3(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(10) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 79(1) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 5(f)Words in art. 3(1) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(2)(c)Word in art. 38(b) omitted (1.12.2001) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 6(a)Words in art. 63E substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(6)Words in art. 54(2) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 14(d)Words in art. 29(3) 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(5)(b) (with Pt. 4)Words in art. 12A inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(5)(c)Art. 72E(11) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 25Word in Sch. 2 Pt. 1 para. 5 substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 10(3)(b)(ii)Words in art. 54(1)(b) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 9(2)Words in art. 60G(3) substituted (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(17)(c) (with Pt. 4)Words in art. 9D substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Art. 61(3)(a) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(1)(b), 8(b)Art. 72(8) inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 24(e)Words in art. 39KA(1) omitted (21.7.2022) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 (S.I. 2022/726), arts. 1(2), 2(4)(b)Arts. 72B-72D inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 11Words in art. 24 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 149(5)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60A omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(ii) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 63A substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(o) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 51ZA(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Sch. 5 revoked (1.5.2020) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2)(b), 53(e) (with Pt. 7)Words in art. 72B(1) omitted (1.10.2018) by virtue of The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 6(a)(vi)Words in art. 60C(2)(c) omitted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 2(11) (with Pt. 5)Art. 84 applied (1.12.2001) by The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (S.I. 2001/1335), reg. 1(2), Sch. 1 para. 22(3); S.I. 2001/3538, art. 2(1)Words in art. 36H(2A)(b) substituted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(a) (with Pt. 5)Art. 87 in force at 1.1.2002, see art. 2(2)(a)Art. 25D inserted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 13Words in art. 61A(6) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 146(4)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 4(4A) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 3(a)Words in art. 64 inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 52(b) (with Pt. 7)Words in art. 3(1) omitted (6.6.2007) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2007 (S.I. 2007/1339), arts. 1, 3Art. 12B inserted (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 5(2)Art. 89D(1) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(h) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) inserted (E.W.S.) (15.7.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. 2014/1850), arts. 1(2), 3(5)(b) (with art. 1(3))Art. 58A and cross-heading inserted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(13)Words in art. 28A(2) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 7(2)(b)(i)Arts. 51ZA-51ZG substituted for arts. 51 and cross-heading (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(12)Art. 54A(5) 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(11) (with Pt. 4)Words in art. 78(1)(g)(i) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 153 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 78(1)(g)(ii) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 153 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 60D(4)(5) substituted for art. 60D(4) (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 138 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(p)); 2020 c. 1, Sch. 5 para. 1(1)Art. 35A(a) formed from art. 35A (13.7.2016) by virtue of The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 1(3)(a)Words in art. 9E(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(d)(ii)(aa)Words in art. 39C substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 149(5)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in Pt. 2 Ch. 11 title omitted (1.10.2006 for specified purposes, 6.4.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(2), 2(3)Art. 54(1)(b)(v) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 14(c)Words in Sch. 8 para. 5 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(5)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72(12) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(8)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 63Q revoked (1.5.2020) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2)(b), 53(c) (with Pt. 7)Words in art. 39 substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(11)Words in art. 61(2) substituted (5.11.2015 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) (No. 3) Order 2015 (S.I. 2015/1863), art. 1(2)(b)(4), 2(4)Art. 61(4)(aa) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 145(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(q)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 24 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 4(3)Word in art. 25D(2)(a) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 5(b)Words in art. 60G(2A)(b)(i) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 140(3)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in Sch. 8 para. 5 omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(5)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 84(1B)(e) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 157(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 61A(1) omitted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(c), 2(19)(a)(i) (with Pt. 5)Words in art. 9E(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in art. 63M substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(r) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 11(2)(a)Art. 25A(1A) 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(4)(b) (with Pt. 5)Words in art. 20 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60G(2A)(b)(ii) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 140(3)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Word in art. 3(1) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 3(1)(a)Words in art. 33(b)(iii) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 10(b)(ii)Words in art. 3(1) substituted (1.10.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(2), 2(2)(a)Art. 60HA 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(19) (with Pt. 4)Art. 9(3) substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 12Word in art. 54 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(10)(a) (with Pt. 4)Art. 93(3A)(3B) inserted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(4)(b)Words in art. 36A(4)(c) inserted (27.6.2014) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2014 (S.I. 2014/1448), arts. 1(2), 2Word in art. 58A substituted (31.12.2020) by The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(a)(i) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 55(2) substituted (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(12)(a) (with Pt. 4)Words in art. 45(2) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001 (S.I. 2001/3544), arts. 1(a), 7Words in art. 54(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Words in Sch. 2 Pt. 4 substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 9L omitted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by virtue of The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 12(e) (with reg. 3)Words in art. 28A title substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 7(1)Art. 84(1CA) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), arts. 1(2), 8(5)Words in art. 9G(6) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(e)(iii)Art. 35A(2) inserted (23.3.2019) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(2)(e), 130Words in art. 72(5E) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 20(e)Art. 60C(2)(c) applied (with modifications) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 31A(3) (as inserted (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by S.I. 2016/392, art. 1(2)(3)(c), 8(6) (with Pt. 5))Word in art. 72B(1) omitted (1.10.2018) by virtue of The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 6(a)(iii)Art. 29 modified (31.10.2001) by The Financial Services and Markets Act 2000 (Interim Permissions) Order 2001 (S.I. 2001/3374), art. 1, Sch. para. 11 (with Sch. para. 4)Words in art. 63B(6)(b) substituted (28.10.2011) by The Public Services Reform (Scotland) Act 2010 (Consequential Modifications of Enactments) Order 2011 (S.I. 2011/2581), art. 1(2)(b), Sch. 2 para. 32Words in art. 36G substituted (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(8) (with Pt. 4)Art. 72G(3B)(a)(b) substituted for arts. 72G(3B)(a)-(c) (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(20)(a)(ii) (with Pt. 5)Art. 77A inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), arts. 1(2), 2(3)Art. 55(2) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 16(b)Words in art. 36H(3)(h) inserted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(c)(iv) (with Pt. 5)Words in art. 55(2) substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(23)(b)Words in art. 3(1) inserted (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2005 (S.I. 2005/593), arts. 1, 2(2)(b)Art. 72A omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(2) (with regs. 11-28) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 28A(1) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 7(2)(a)(ii)Art. 63O revoked (1.5.2020) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2)(b), 53(a) (with Pt. 7)Art. 36H(4)(4A) substituted for art. 36H(4) (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(d) (with Pt. 5)Words in art. 55(1) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(c) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 60F(8) substituted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 3(5)Art. 29A inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 9Words in art. 16(1)(b) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(3)Words in art. 51A substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(j) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 60HA(1) 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(16) (with Pt. 5)Words in art. 55(2) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 16Words in art. 35AB substituted (1.11.2024) by The Securitisation (Amendment) Regulations 2024 (S.I. 2024/705), reg. 1(3), Sch. 2 para. 3(3)Art. 29A(2)(a) applied (with modifications) (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), art. 1(2), Sch. para. 10Words in art. 63N(2) omitted (6.6.2022) by virtue of Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 3(3)(a); S.I. 2022/582, reg. 2Words in art. 36(1)(2)(3) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(e) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 39 substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(7)Art. 54A(4) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 15Words in art. 83(2)(d)(ii) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 156(3)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 63N(2) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 3(3)(e); S.I. 2022/582, reg. 2Art. 72(5A)-(5F) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 21Words in Sch. 8 para. 11 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(6)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 72G(4)(b) 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(20)(b)(ii) (with Pt. 5)Arts. 53B, 53C inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 13Art. 55(1): art. 55 renumbered as art. 55(1) (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 16(a)Words in art. 72E(8) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 150(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 3(1)(a)Words in art. 60D(1) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(25)Words in art. 36H(2A)(a) substituted (17.3.2016) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), art. 1(2)(3)(a), 2(5)(a) (with Pt. 5)Word in art. 94 substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(5)Art. 54(1)(b)(vi) inserted (6.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 (S.I. 2015/731), arts. 1, 2(3)(a)(iii)Pt. 2 Ch. 7A inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 7Art. 60H(1)(b)(ii)(bb) and word omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 141(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 85(3)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 158(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 51ZA(3) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 3(1) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 3(1)(b)(i)Words in art. 12A heading omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 5(3)(b)(iii) (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)Art. 35A inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 33(4) (with regs. 52-58)Art. 7(3)(e) inserted by S.I. 2019/710, reg. 6(b)(iii) (as substituted by The Services of Lawyers and Lawyer’s Practice (Revocation etc.) (EU Exit) Regulations 2020 (S.I. 2020/1342), reg. 1(3), Sch. para. 19 (with Sch. para. 13))Pt. 2 Ch. 15C inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 17Words in art. 72AA heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(1)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 36(2) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 12Words in art. 60G(8) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 140(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 9G(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(e)(ii)Word in art. 46 substituted (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2)(b), 13(4)Art. 52C and cross-heading inserted (26.3.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (Pensions Guidance Exclusions) Order 2015 (S.I. 2015/489), arts. 1, 2(5)Words in art. 33(b)(iii) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 10(b)(i)Words in art. 3(1) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 121(5) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 89E(2)(b) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(46)Art. 38(1): art. 38 renumbered as art. 38(1) (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 17(a)Art. 9AC inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(3)Pt. 3A inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 8(2)Words in art. 66(2) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 19(a)Words in art. 30(2) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 5(4)(a)Art. 72(12)(c)(d)(e) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 147(8)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3); S.I. 2019/710, regs. 1(2), 19(3)(a)(b)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 52A substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(22)Art. 66(6B)(6C) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 19(c)Art. 29A(2)(3) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 9(b)Words in art. 54(1)(a) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 14(a)(ii)Words in art. 3(1) substituted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 3(2)(b)Words in art. 72G(3) substituted (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(27)(a)(i) (with Pt. 4)Words in art. 67(1) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 20(b)Words in art. 3(1) substituted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 1(2)Words in art. 51A substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(20)Art. 22(2) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 4(2)Words in art. 39 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 148(2)(f) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 9C(2) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 125 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 89C substituted (24.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2015 (S.I. 2015/853), arts. 1(2), 3(7)Sch. 2 Pt. 3A inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 4(5) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 18A(2) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 13(3)(b)Words in art. 60A inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(c)Word in art. 9E heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(d)(i)Pt. 2 Ch. 11A inserted (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2004 (S.I. 2004/2737), arts. 1(1), 3Words in art. 33(b)(iii) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 10(b)(ii)Art. 36IA inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 2(10)Words in art. 94(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)Art. 39B(2)(b)(ii) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 49(4)(a) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 89(1) substituted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 22Art. 60C(5)(6) applied by 1974 c. 39, s. 75A(7) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2), 20(28))Art. 60C(5)(6) applied by 1974 c. 39, s. 77B(10) (as substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2), 20(29))Word in art. 51A substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(b) 1993 c.48.Words in art. 39C substituted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(7)S.I. 2000/1119.Art. 39B(2)(b)(ii)(iii) substituted for art. 39B(2)(b)(ii) (10.12.2007) by The Financial Services and Markets Act 2000 (Reinsurance Directive) Order 2007 (S.I. 2007/3254), arts. 1, 2(2)(b)Words in art. 51A substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(13)Words in art. 53(1C)(b)(i) inserted (3.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(6), Sch. 3 para. 2 (with reg. 7)Word in art. 39B(2)(b)(i) omitted (10.12.2007) by The Financial Services and Markets Act 2000 (Reinsurance Directive) Order 2007 (S.I. 2007/3254), arts. 1, 2(2)(a)Scottish Statutory Instruments 2000 No. 121.Sch. 2 substituted (1.4.2007 for specified purposes, 1.11.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384), arts. 1(2), 29Words in art. 63N(2) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 3(3)(d); S.I. 2022/582, reg. 2Art. 25DA(1A) inserted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 46(4) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)Word in art. 3(1) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 1(a)(ii)Word in art. 35A(2) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 1(b)Words in art. 89V(1)(e) substituted (6.4.2025) by The Digital Markets, Competition and Consumers Act 2024 (Consequential Amendments) Regulations 2025 (S.I. 2025/381), reg. 1(2), Sch. para. 24Art. 60F(7A)-(7C) inserted (15.7.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025 (S.I. 2025/859), arts. 1(2)(3), 3(3)(b)Art. 60F(2)(e) substituted (15.7.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025 (S.I. 2025/859), arts. 1(2)(3), 3(3)(a)Sch. 2 Pt. 4 sub-headings omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 7(3)(b) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Sch. 2 Pt. 4 heading substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 7(3)(a) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Sch. 2 Pt. 2 substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 7(2) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Sch. 3 Pt. 3 inserted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 8(3) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(2)(a) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1) inserted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(2)(b) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1) substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(2)(c) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(2)(d)(i) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(2)(d)(ii) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1) substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(2)(e) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(2)(f) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1A)(a) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(3)(a) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 3(1A)(b) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 3(3)(b) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 83(2)(d)(i) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 4(3)(a) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 83(2)(d)(ii) substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 4(3)(b) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 83(3)(c) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 4(4) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 83(1)(e) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 4(2) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 84(1A)(d) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 5(2) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 84(1B)(d) substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 5(3) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 84(1C)(c) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 5(4) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 84(1CA) substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 5(5) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in art. 85(4A)(c) omitted (23.10.2025) by virtue of The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 6 (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Words in Sch. 3 para. 3 substituted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 8(2) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)Art. 36FB inserted (15.7.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025 (S.I. 2025/859), arts. 1(2)(3), 3(2) (as amended (3.12.2025) by The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) (No. 2) Order 2025 (S.I. 2025/1154), arts. 1(2), 2(2))Sch. 3 para. 2A inserted (10.12.2025) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025 (S.I. 2025/1205), arts. 1(2), 2(d)Pt. 2 Ch. 15F inserted (16.12.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 (S.I. 2025/1349), arts. 2, 6 (with arts. 8-22)Word in art. 3(1) substituted (16.12.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 (S.I. 2025/1349), arts. 2, 5(a) (with arts. 8-22)Words in art. 3(1) inserted (16.12.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 (S.I. 2025/1349), arts. 2, 5(b) (with arts. 8-22)Art. 72(5G)(5H) inserted (16.12.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 (S.I. 2025/1349), arts. 2, 7 (with arts. 8-22)Art. 72ZA inserted (1.1.2026) by The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (S.I. 2025/1145), regs. 1(2), 20(2)Art. 72(13)(14) inserted (1.1.2026) by The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (S.I. 2025/1145), regs. 1(2), 20(1)Art. 25DB inserted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 46(5) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)Art. 27(2) inserted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 46(6)(b) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)Words in art. 25(3) substituted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 46(2) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)Art. 25D(1A) inserted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 46(3) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)Art. 27 renumbered as art. 27(1) (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 46(6)(a) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)Pt. 2 Ch. 12A inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), arts. 1(2)(3), 2(3)Word in art. 55 heading inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), arts. 1(2)(3), 2(2)(a)Word in art. 3(1) inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(2)Word in art. 4(5) inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(3)(a)Word in art. 4(5) inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(3)(b)Words in art. 54B(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(4)Art. 55(1A) inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), arts. 1(2)(3), 2(2)(b)Words in art. 66(6) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(5)Words in art. 67(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(6)Words in art. 68(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(7)(a)Words in art. 68(3)(b)(ii) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(7)(b)Words in art. 68(8) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(7)(c)Words in art. 69(2)(b)(ii) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(8)(a)Words in art. 69(9) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(8)(b)Words in art. 70(6) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(9)Words in art. 72(5) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(10)Words in art. 72AA(2) inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(11)Words in art. 72B(5) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(12)Words in art. 72D(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(13)Words in art. 72G(2) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(14)Art. 72H(2)(sza) inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(15)Word in art. 89U inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(16)Words in art. 92 substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 1(17)Art. 9AZA inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(4) (with regs. 53-56)Arts. 88F, 88G inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(11) (with regs. 53-56)Arts. 98, 99 inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(12) (with regs. 53-56)Pt. 2 Ch. 2B inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(5) (with regs. 53-56)Words in art. 3 inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(2) (with regs. 53-56)Word in art. 5(2) substituted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(3) (with regs. 53-56)Art. 40(4) inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(6) (with regs. 53-56)Words in art. 42A substituted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(7) (with regs. 53-56)Words in art. 64 inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(8) (with regs. 53-56)Art. 71(5A) inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(9) (with regs. 53-56)Art. 72H(2)(za) inserted (25.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regs. 1(2)(3), 40(10) (with regs. 53-56)