The Financial Services Act 2012 (Misleading Statements and Impressions) Order 2013

• Citation: S.I. 2013/637
• Sections: 4

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Financial Services Act 2012 (Misleading Statements and Impressions) Order 2013 and comes into force on 1st April 2013.

(2) In this Order—

“ the Act ” means the Financial Services Act 2012;

“contract of insurance” has the meaning given by article 3(1) of the Regulated Activities Order ;

“controlled activity” means an activity which falls within Part 1 of Schedule 1 to the Financial Promotion Order ;

“controlled investment” means an investment which falls within Part 2 of Schedule 1 to the Financial Promotion Order ;

“the Financial Promotion Order” means the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005;

“the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

Section 2 Relevant agreements – specified kinds of activity

The following kinds of activity are specified for the purposes of section 93(3)(a) of the Act (interpretation of Part 7)—

(a) a controlled activity;

(b) an activity of the kind specified by any of the following provisions of the Regulated Activities Order—

(i) article 45 (sending dematerialised instructions) ,

(ia) article 51ZA (managing a UCITS ),

(ib) article 51ZB (acting as a trustee or depositary of a UCITS ),

(ic) article 51ZC (managing an AIF),

(id) article 51ZD (acting as a trustee or depositary of an AIF),

(ii) article 51ZE (establishing etc. a collective investment scheme),

(iii) article 52 (establishing etc. a pension scheme) , or

(iv) article 57 (managing the underwriting capacity of a Lloyd’s syndicate),

(c) so far as not already specified by paragraph (a), an activity of the kind specified by any of the following provisions of the Regulated Activities Order—

(i) article 14 (dealing in investments as principal) ,

(ii) article 21 (dealing in investments as agent) ,

(iii) article 25(1) or (2) (arranging deals in investments) ,

(iv) article 39A (assisting in the administration and performance of a contract of insurance) ,

(v) article 53 (advising on investments) , or

(vi) so far as relevant to any of the provisions specified by sub-paragraphs (i) to (v), article 64 ,

so far as it relates to a contract of insurance.

Section 3 Relevant benchmarks

The benchmarks known by the following names are specified for the purposes of section 93(4) of the Act —

(a) The London Interbank Offered Rate, also known as LIBOR;

(b) ISDAFIX;

(c) Sterling Overnight Index Average, also known as SONIA;

(d) Repurchase Overnight Average, also known as RONIA;

(e) WM/Reuters London 4 p.m. Closing Spot Rate;

(f) London Gold Fixing;

(g) LBMA Silver Price;

(h) ICE Brent Index.

Section 4 Relevant investments

Controlled investments are specified for the purposes of section 93(5) of the Act.