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The Terrorism Act 2000 (Business in the Regulated Sector) Order 2006
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Statutory Instruments
2006 No. 2384
PREVENTION AND SUPPRESSION OF TERRORISM
The Terrorism Act 2000 (Business in the Regulated Sector) Order 2006
Made
12th September 2006
Laid before Parliament
13th September 2006
Coming into force
6th April 2007
The Treasury, in exercise of the powers conferred on them by paragraph 5 of Schedule 3A to the Terrorism Act 2000(1), make the following Order:
Citation and commencement
1. This Order may be cited as the Terrorism Act 2000 (Business in the Regulated Sector) Order 2006 and comes into force on 6th April 2007.
Amendment of Part 1 of Schedule 3A
2. In Part 1 of Schedule 3A to the Terrorism Act 2000(2) (regulated sector), in paragraph 2(g) after “a regulated mortgage contract” insert “, rights under a regulated home reversion plan or rights under a regulated home purchase plan”.
Signatory text
Dave Watts
Claire Ward
Two of the Lords Commissioners
12th September 2006
of Her Majesty’s Treasury
EXPLANATORY NOTE
(This note is not part of the Order)
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383) makes arranging and advising activities relating to regulated home reversion plans and regulated home purchase plans (as defined in that Order) regulated activities. This Order makes a consequential amendment.
This Order amends the Terrorism Act 2000 (c. 11) (“the Act”) to add to the list of excluded activities the regulated activities of arranging deals in investments or advising on investments, in so far as the investment consists of rights under a regulated home reversion plan or a regulated home purchase plan. The effect of this is that a business will not be in the regulated sector to the extent that it conducts such activities. This is relevant to the offence of failure to disclose information concerning money laundering in sections 21A and 21B of the Act which requires information to come to a person in the course of a business in the regulated sector.
A Regulatory Impact Assessment of the effect of this instrument on the costs of business has been prepared and may be obtained from the Payments and Inclusion Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk).
(1)
2000 c. 11; Schedule 3A was inserted by the Anti-terrorism, Crime and Security Act 2001 (c. 24), section 3 and Schedule 2.
(2)
Part 1 of Schedule 3A was substituted by S.I. 2003/3076.
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