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The Consumer Credit (Amendment) Regulations 2010

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Amendments to the Consumer Credit (EU Directive) Regulations 2010

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21.  After regulation 67 (Consumer Credit (Exempt Agreements) Order 1989), insert—

“67A.  After article 5 (exemption of certain consumer credit agreements having a connection with a country outside the United Kingdom), insert—

“5A.—(1) The Act shall not regulate a consumer credit agreement concluded with—

(a)an investment firm, or

(b)a credit institution,

for the purposes of allowing a debtor to carry out a transaction relating to one or more of the instruments listed in Section C of Annex 1 to MIFID, where the investment firm or credit institution providing the credit is involved in that transaction.

(2) In this article—

“credit institution” means an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits on its own account;

“investment firm” has the meaning given in article 4.1.1 of MIFID;

“MIFID” means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments.”.”.

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