The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2015

• Citation: S.I. 2015/447
• Sections: 2

Section 1 Citation and commencement

This Order may be cited as the Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2015 and comes into force on 30th March 2015.

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

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

(2) In Part 2 of the Schedule to the Order (persons exempt in respect of accepting deposits), paragraph 25 is omitted .

(3) In Part 4 of the Schedule to the Order (persons exempt in respect of particular regulated activities), after paragraph 56, insert—

Student Loans Company

(57)

(1) The Student Loans Company Limited is exempt from the general prohibition in respect of—

(a) any regulated activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits) in so far as it accepts deposits from the Secretary of State or the Scottish Ministers, in connection with, or for the purposes of, enabling eligible students to receive loans;

(b) any regulated activity of the kind specified by article 39G of the Regulated Activities Order (debt administration) in connection with, or for the purposes of, loans to eligible students.

(2) In sub-paragraph (1)(a), “eligible student” means—

(a) any person who is an eligible student pursuant to regulations made under Part 2 of the Teaching and Higher Education Act 1998 ;

(b) any person to whom, or in respect of whom, loans may be paid under section 73(f) of the Education (Scotland) Act 1980 ;

(c) any person who is an eligible student pursuant to regulations made under article 3 of the Education (Student Support) (Northern Ireland) Order 1998 ;

(d) any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998 or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998 .

(3) In sub-paragraph (1)(b), “eligible student” means any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998 or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998.