The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2009

• Citation: S.I. 2009/1389
• Sections: 5

Section 1 Citation and commencement

This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2009 and comes into force on 13th July 2009.

Section 2 Amendments to the Regulated Activities Order

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 is amended as follows.

Section 3 Specified activities: general

In paragraph (2) of article 4 (specified activities: general), for “51 and 52” substitute “51, 52 and 63N”.

Section 4 Activities of reclaim funds

After article 63M (other exclusions) insert—

CHAPTER 15D

The activities

Dormant account funds

(63N)

(1) The following are specified kinds of activity—

(a) the meeting of repayment claims by a reclaim fund;

(b) the management of dormant account funds (including the investment of such funds) by a reclaim fund.

(2) In this article—

“account”, “balance”, “dormant” and “reclaim fund” have the same meaning as in Part 1 of the Dormant Bank and Building Society Accounts Act 2008 (transfer of balances in dormant accounts) (see section 6 of that Act);

“dormant account funds” and “repayment claims” have the same meaning as in section 5 of that Act;

“management of dormant account funds” means the acceptance of a transfer from a bank or building society of the balance of a dormant account, or a proportion of such a balance, and the management of those funds in such a way as to enable the reclaim fund to meet whatever repayment claims it is prudent to anticipate.

Section 5 Agreeing to carry on specified kinds of activity

In article 64 (agreeing to carry on specified kinds of activity), for “51 or 52” substitute “51, 52 or 63N”.