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The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2005
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- UK Statutory Instruments
- 2005 No. 1518
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (“the Regulated Activities Order).
The Regulated Activities Order specifies kinds of activities and investments for the purposes of the Financial Services and Markets Act 2000 (c. 8) (“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. Section 19 of the Act prohibits persons who are not authorised or exempt from carrying on any regulated activity in the United Kingdom. Contravention of that prohibition is a criminal offence.
Chapter 17 of Part II to the Regulated Activities Order specifies exclusions applying to several specified kinds of activity. This Order inserts into this Chapter an additional exclusion relating to Business Angel-led Enterprise Capital Funds. The effect of this exclusion is to provide that certain bodies corporate who operate or manage a Business Angel-led Enterprise Capital Fund do not carry out the activities specified in articles 21 (dealing in investments as agent), 25 (arranging deals in investments), 37 (managing investments), 40 (safeguarding and administering investments), 51(1)(a) (establishing, operating or winding up a collective investment scheme) or 53 (advising on investments). A Business Angel-led Enterprise Capital Fund is defined in article 72F.
A full regulatory impact assessment of the effect that this instrument will have on the costs of business is available from the Enterprise Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.
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