- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
23.—(1) The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001(1) are amended as follows.
(2) In regulation 1 (citation, commencement and interpretation), in paragraph (2), after the definition of “the Regulated Activities Order” insert—
““regulated mortgage contract”, and “borrower” in relation to such a contract, have the same meaning as in article 61(3) of the Regulated Activities Order.”.
(3) In regulation 2 (descriptions of business for which appointed representatives are exempt), in paragraph (1)—
(a)after sub-paragraph (a) insert—
“(ab)an activity of the kind specified by article 25A of that Order (arranging regulated mortgage contracts);”;
(b)at the end of sub-paragraph (c) omit “or”;
(c)after sub-paragraph (c) insert—
“(ca)an activity of the kind specified by article 53A of that Order (advising on regulated mortgage contracts); or”; and
(d)in sub-paragraph (d), for “(b) or (c)” substitute “(ab), (b), (c) or (ca)”.
(4) In regulation 3 (requirements applying to contracts between authorised persons and appointed representatives), after paragraph (2) insert—
“(3) A representative is also to be treated as representing other counterparties for the purposes of paragraph (1) where he—
(a)makes arrangements (in circumstances constituting the carrying on of an activity of the kind specified by article 25A of that Order)—
(i)for persons to enter (or with a view to persons entering) as borrowers into regulated mortgage contracts with other counterparties, or
(ii)for a person to vary a regulated mortgage contract entered into by a person as borrower after the coming into force of article 61 of that Order with other counterparties; or
(b)gives advice (in circumstances constituting the carrying on of an activity of the kind specified by article 53A of that Order) on the merits of—
(i)persons entering as borrowers into regulated mortgage contracts with other counterparties, or
(ii)persons varying regulated mortgage contracts entered into by them as borrower after the coming into force of article 61 of that Order with other counterparties.”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: