The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2012

This Order amends the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001 (S.I. 2001/1201) (“the principal order”), which provides for certain persons to be exempt from the general prohibition imposed by section 19 of the Financial Services and Markets Act 2000 (c.8) on carrying on a regulated activity in the United Kingdom unless authorised under that Act.

Article 2 adds BIS (Postal Services Act 2011) Company Limited (“the company”) at paragraph 34C of the Schedule to the principal order. The effect of this amendment is that the company is exempt in relation to the regulated activities listed in article 5(1) of the principal order (most of which relate to the conduct of investment business).

The company has been established by the Secretary of State for Business Innovation and Skills for the purposes of section 21 of the Postal Services Act 2011 (c.5.). Article 1(2) provides for the Order to come into force on the day on which articles 1(3) and 2 to 9 of the Postal Services Act 2011 (Transfer of Assets) Order 2012 come into force. Those articles include provision for the transfer to the company of assets of the Royal Mail Pension Plan.

An impact assessment has not been prepared as no impact is foreseen on the costs of business or the voluntary sector.