The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001

• Citation: S.I. 2001/3544
• Sections: 10

Section 1 Citation and commencement

This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2001, and comes into force—

(a) other than for the purposes of article 8, on 1st December 2001;

(b) for the purposes of article 8, on 1st September 2002.

Section 2 Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (“the principal Order”) is amended as provided in the following provisions of this Order.

Section 3 Accepting deposits: sums received by persons authorised to deal etc.

In article 8 of the principal Order, for “carrying on that activity” substitute “carrying on any such activity (or any activity which would be such an activity but for any exclusion made by this Part)”.

Section 4 Dealing as principal: issue by a company of its own shares etc.

In article 18(2)(c) of the principal Order, for “that company” substitute “the person concerned”.

Section 5 Arranging deals in investments: arranging transactions in connection with lending on the security of insurance policies

For sub-paragraph (a) of paragraph (1) of article 30 of the principal Order substitute—

(a) a relevant authorised person or a person acting on his behalf will introduce to the money-lender persons with whom the relevant authorised person has entered, or proposes to enter, into a relevant transaction, or will advise such persons to approach the money-lender, with a view to the money-lender lending money on the security of any contract effected pursuant to a relevant transaction;

Section 6 Managing investments: attorneys

In article 38(b) of the principal Order—

(a) omit “or” after sub-paragraph (i); and

(b) after sub-paragraph (ii) insert:

; or

an overseas person.

Section 7 Causing dematerialised instructions to be sent

In article 45(2) of the principal Order, after “sent” the first time it occurs insert “on behalf of another person”.

Section 8 Regulated mortgage contracts

In article 61 of the principal Order—

(a) in paragraph (2), after “entered into” insert “by way of business”;

(b) for paragraph (3)(a) substitute—

(a) a contract is a “regulated mortgage contract” if, at the time it is entered into, the following conditions are met—

(i) the contract is one under which a person (“the lender”) provides credit to an individual or to trustees (“the borrower”);

(ii) the contract provides for the obligation of the borrower to repay to be secured by a first legal mortgage on land (other than timeshare accommodation) in the United Kingdom;

(iii) at least 40% of that land is used, or is intended to be used, as or in connection with a dwelling by the borrower or (in the case of credit provided to trustees) by an individual who is a beneficiary of the trust, or by a related person;

(c) in paragraph (4), for “paragraph (3)(a)(ii)” substitute “paragraph 3(a)”.

Section 9 Activities carried on in the course of a profession or non-investment business

In article 67(1)(a) of the principal Order, for “regulated activities” substitute “the carrying on of regulated activities in the United Kingdom”.

Section 10 Activities carried on in connection with the sale of goods or supply of services

In article 68(3) of the principal Order, for “as agent by a supplier with a customer” substitute “by a supplier as agent for a customer”.