The Financial Services and Markets Act 2000 (Exemption) Order 2001

Made: 26th March 2001

Coming into force: In accordance with article 1

Whereas this Order is the first Order to be made, or to contain provisions made, under section 38 of the Financial Services and Markets Act 2000;

And whereas a draft of this Order has been approved by a resolution of each House of Parliament pursuant to section 429(3) and (5) of that Act;

Now, therefore, the Treasury, in exercise of the powers conferred on them by sections 38 and 428(3) of that Act, hereby make the following Order:

Citation and commencement

1

This Order may be cited as the Financial Services and Markets Act 2000 (Exemption) Order 2001 and comes into force on the day on which section 19 of the Act comes into force.

Interpretation

2

In this Order—

• “the Act" means the Financial Services and Markets Act 2000;

• “charity"—in relation to Scotland, means a body entered in the Scottish Charity Register; andotherwise, has the meaning given by section 96(1) of the Charities Act 1993 or by section 35 of the Charities Act (Northern Ireland) 1964 ;

• ...

• “deposit" has the meaning given by the Regulated Activities Order;

• “industrial and provident society" has the meaning given by section 417(1) of the Act but does not include a credit union within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985 ;

• “investment firm” has the meaning given by the Regulated Activities Order;

• “local authority" means—in England and Wales, a local authority within the meaning of the Local Government Act 1972 , the Greater London Authority, the Common Council of the City of London or the Council of the Isles of Scilly;in Scotland, a local authority within the meaning of the Local Government (Scotland) Act 1973 ; andin Northern Ireland, a district council within the meaning of the Local Government Act (Northern Ireland) 1972 ;

• “non-qualifying contract of insurance” means a contract of insurance (within the meaning of the Regulated Activities Order) which is not a qualifying contract of insurance (within the meaning of that Order);

• “qualifying credit institution” has the meaning given by article 3 of the Regulated Activities Order;

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

Persons exempt in respect of any regulated activity other than insurance business

3

Each of the persons listed in Part I of the Schedule is exempt from the general prohibition in respect of any regulated activity other than an activity of the kind specified by article 10 of the Regulated Activities Order (effecting and carrying out contracts of insurance).

Persons exempt in respect of accepting deposits

4

Subject to the limitations, if any, expressed in relation to him, each of the persons listed in Part II of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits).

Persons exempt in respect of particular regulated activities

5

• (1) Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part III of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind specified by any of the following provisions of the Regulated Activities Order, or article 64 of that Order (agreeing to carry on specified kinds of activity) so far as relevant to any such activity—

• (a) article 14 (dealing in investments as principal);

• (b) article 21 (dealing in investments as agent);

• (c) article 25 (arranging deals in investments);

• (ca) article 25D (operating a multilateral trading facility);

• (cb) article 25DA (operating an organised trading facility);

• (d) article 37 (managing investments);

• (da) article 39A (assisting in the administration and performance of a contract of insurance);

• (e) article 40 (safeguarding and administering investments);

• (f) article 45 (sending dematerialised instructions);

• (ga) article 51ZA (managing a UCITS);

• (gb) article 51ZB (acting as a trustee or depositary of a UCITS);

• (gc) article 51ZC (managing an AIF);

• (gd) article 51ZD (acting as a trustee or depositary of an AIF);

• (ge) article 51ZE (establishing etc. a collective investment scheme);

• (h) article 52 (establishing etc. a ... pension scheme);

• (i) article 53 (advising on investments).

• (j) article 55A (providing targeted support).

• (2) Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part IV of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind referred to in relation to him, or an activity of the kind specified by article 64 of the Regulated Activities Order so far as relevant to any such activity.

Transitional exemption for credit unions

6

A credit union, within the meaning ..., is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the Regulated Activities Order, but only until 1st July 2002.

SCHEDULE

PART I — PERSONS EXEMPT IN RESPECT OF ANY REGULATED ACTIVITY OTHER THAN INSURANCE BUSINESS

1

The Bank of England.

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

The European Investment Bank.

8

The International Bank for Reconstruction and Development.

9

The International Finance Corporation.

10

The International Monetary Fund.

11

The African Development Bank.

12

The Asian Development Bank.

13

The Caribbean Development Bank.

14

The Inter-American Development Bank.

15

The European Bank for Reconstruction and Development.

PART II — PERSONS EXEMPT IN RESPECT OF ACCEPTING DEPOSITS

16

A municipal bank, that is to say a company which was, immediately before the coming into force of this Order, exempted from the prohibition in section 3 of the Banking Act 1987 by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.

17

• (1) Keesler Federal Credit Union, in so far as it accepts deposits from members, or dependants of members, of a visiting force of the United States of America, or from members, or dependants of members, of a civilian component of such a force.

• (2) In sub-paragraph (1), “member", “dependent" and “visiting force" have the meanings given by section 12 of the Visiting Forces Act 1952 and “member of a civilian component" has the meaning given by section 10 of that Act.

18

A body of persons certified as a school bank by the National Savings Bank or by an authorised person who has permission to accept deposits.

19

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20

• (1) Any body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute.

• (2) In sub-paragraph (1), “enactment" includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament.

21

The Council of Europe Development Bank.

22

A charity, in so far as it accepts deposits—

• (a) from another charity; or

• (b) in respect of which no interest or premium is payable.

23

The National Children’s Charities Fund in so far as—

• (a) it accepts deposits in respect of which no interest or premium is payable; and

• (b) the total value of the deposits made by any one person does not exceed £10,000.

24

An industrial and provident society, in so far as it accepts deposits in the form of withdrawable share capital.

25

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART III — PERSONS EXEMPT IN RESPECT OF ANY REGULATED ACTIVITY MENTIONED IN ARTICLE 5(1)

26

The National Debt Commissioners.

27

Partnerships UK.

28

The International Development Association.

29

The English Tourist Board.

30

....

31

VisitScotland.

32

The Northern Ireland Tourist Board.

33

Scottish Enterprise.

34

The Multilateral Investment Guarantee Agency.

35

A person acting as an official receiver within the meaning of section 399 of the Insolvency Act 1986 or article 2 of the Insolvency (Northern Ireland) Order 1989 .

36

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38

A person acting as a judicial factor.

39

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART IV — PERSONS EXEMPT IN RESPECT OF PARTICULAR REGULATED ACTIVITIES

Enterprise schemes

40

• (1) Any body corporate which has as its principal object (or one of its principal objects)—

• (a) the promotion or encouragement of industrial or commercial activity or enterprise in the United Kingdom or in any particular area of it; or

• (b) the dissemination of information concerning persons engaged in such activity or enterprise or requiring capital to become so engaged;

is exempt from the general prohibition in respect of any regulated activity of the kind specified by articles 25, 36A, 39D, 39E and 89A of the Regulated Activities Order (arranging deals in investments, credit broking, debt adjusting, debt-counselling and providing credit information services) so long as it does not carry on that activity for, or with the prospect of, direct or indirect pecuniary gain.

• (2) For the purposes of this paragraph, such sums as may reasonably be regarded as necessary to meet the costs of carrying on the activity mentioned in sub-paragraph (1) do not constitute a pecuniary gain.

• (3) This paragraph does not apply where an investment firm or qualifying credit institution—

• (a) provides or performs investment services and activities on a professional basis, and

• (b) in doing so, but for the operation of sub-paragraph (1), it would be treated as carrying on an activity of a kind specified by Part 2 of the Regulated Activities Order in breach of the general prohibition.

Employee share schemes in electricity industry shares

41

• (1) Each of the persons to whom this paragraph applies is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 or 25 of the Regulated Activities Order (dealing in investments as principal or agent or arranging deals in investments) which he carries on for the purpose of—

• (a) enabling or facilitating transactions in electricity industry shares or debentures between or for the benefit of any qualifying person; or

• (b) the holding of electricity industry shares or debentures by or for the benefit of any qualifying person.

• (2) This paragraph applies to—

• (a) The National Grid Holding plc;

• (b) Electricity Association Limited;

• (c) any body corporate in the same group as the person mentioned in sub-paragraph (a) or (b);

• (d) any company listed in Schedule 1 to the Electricity Act 1989 (Nominated Companies) (England and Wales) Order 1990 ; and

• (e) a person holding shares in or debentures of a body corporate as trustee in pursuance of arrangements made for either of the purposes mentioned in sub-paragraph (1) by the Secretary of State, by any of the bodies mentioned in sub-paragraphs (a) to (c) or by an electricity successor company or by some or all of them.

• (3) In this paragraph—

• (a) “electricity industry shares or debentures" means—

• (i) any investment of the kind specified by article 76 , 77 or 77A of the Regulated Activities Order (shares or instruments creating or acknowledging indebtedness or alternative finance investment bonds) in or of an electricity successor company;

• (ii) any investment of the kind specified by article 79 or 80 of that Order (instruments giving entitlement to investments and certificates representing certain securities), so far as relevant to the investments mentioned in sub-paragraph (i); and

• (iii) any investment of the kind specified by article 89 of that Order (rights to or interests in investments) so far as relevant to the investments mentioned in sub-paragraphs (i) and (ii);

• (b) “qualifying person" means—

• (i) the bona fide employees or former employees of The National Grid Holding plc, Electricity Association Limited or any other body corporate in the same group as either of them; and

• (ii) the wives, husbands, widows, widowers , civil partners, surviving civil partners, or children (including, in Northern Ireland, adopted children) or step-children under the age of eighteen of such employees or former employees;

• (c) references to an electricity successor company include any body corporate that is in the same group and “electricity successor company" means a body corporate which is a successor company for the purposes of Part II of the Electricity Act 1989 ;

• (d) “former employees" of a person (“the employer") include any person who has never been employed by the employer so long as he occupied a position in relation to some other person of such a kind that it may reasonably be assumed that he would have been a former employee of the employer had the reorganisation of the electricity industry under Part II of the Electricity Act 1989 been affected before he ceased to occupy the relevant position.

Gas industry

42

• (1) Transco plc is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 , 25 , 25D or 25DA of the Regulated Activities Order (dealing in investments as principal or agent , arranging deals in investments , operating a multilateral trading facility or operating an organised trading facility) which it carries on—

• (a) in its capacity as a gas transporter under the Transco Licence; and

• (b) for the purposes of enabling or facilitating gas shippers to buy or sell an investment of the kind specified by article 84 or 85 of the Regulated Activities Order (futures or contracts for differences etc.).

• (2) ENMO Ltd. is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 , 25 , 25D or 25DA of the Regulated Activities Order (dealing in investments as principal or agent , arranging deals in investments , operating a multilateral trading facility or operating an organised trading facility) which it carries on—

• (a) in its capacity as the operator of the balancing market; and

• (b) for the purpose of enabling or facilitating Transco plc and relevant gas shippers, for the purpose of participating in the balancing market, to buy or sell investments of the kind specified by article 84 or 85 of that Order (futures or contracts for differences etc.).

• (3) Transco plc and relevant gas shippers are exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14 or 21 of the Regulated Activities Order (dealing in investments as principal or agent) in so far as that activity relates to an investment of the kind specified by article 84 or 85 of that Order (futures or contracts for differences etc.) and is carried on for the purpose of participating in the balancing market.

• (4) In this paragraph—

• (a) “the balancing market" means the market to regulate the delivery and off-take of gas in Transco plc’s pipeline system for the purpose of balancing the volume of gas in that system;

• (b) “gas shipper" has the same meaning as in Part I of the Gas Act 1986 ;

• (c) “relevant gas shippers" means gas shippers who have entered into a subscription agreement with ENMO Ltd. for the purpose of participating in the balancing market;

• (d) “Transco Licence" means the licence treated as granted to Transco plc as a gas transporter under section 7 of the Gas Act 1986 ;

• (e) the reference to enabling or facilitating includes acting pursuant to rules governing the operation of the balancing market which apply in the event of one of the participants appearing to be unable, or likely to become unable, to meet his obligations in respect of one or more contracts entered into through the balancing market.

Trade unions and employers’ associations

43

• (1) A trade union or employers’ association is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 10 of the Regulated Activities Order (effecting and carrying out contracts of insurance) which it carries on in order to provide provident benefits or strike benefits for its members.

• (2) In sub-paragraph (1), “trade union" and “employers’ association" have the meanings given by section 1 and section 122(1) of the Trade Union and Labour Relations (Consolidation) Act 1992 or, in Northern Ireland, the meanings given by article 3(1) and article 4(1) of the Industrial Relations (Northern Ireland) Order 1992 .

Charities

44

• (A1) A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 36H of the Regulated Activities Order (operating an electronic system in relation to lending) which it carries on in relation to an article 36H agreement (within the meaning given in article 36H(4) of the Regulated Activities Order) under or in connection with which the only amount payable to the lender is the amount of credit provided.

• (1) A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or establishing etc. a collective investment scheme) which it carries on in relation to a fund established under—

• (a) section 22A of the Charities Act 1960 ;

• (b) section 25 of the Charities Act 1993 ; or

• (c) section 25 of the Charities Act (Northern Ireland) 1964 .

• (2) A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or establishing etc. a collective investment scheme) which it carries on in relation to a pooling scheme fund established under—

• (a) section 22 of the Charities Act 1960; or

• (b) section 24 of the Charities Act 1993.

• (3) In sub-paragraph (2), “pooling scheme fund" means a fund established by a common investment scheme the trusts of which provide that property is not to be transferred to the fund except by or on behalf of a charity, the charity trustees (within the meaning of section 97(1) of the Charities Act 1993) of which are the trustees appointed to manage the fund.

Schemes established under the Trustee Investments Act 1961

45

A person acting in his capacity as manager or operator of a fund established under section 11 of the Trustee Investments Act 1961 is exempt from the general prohibition in respect of any regulated activity of the kind specified by articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or establishing etc. a collective investment scheme) which he carries on in relation to that fund.

Former members of Lloyd’s

46

Any person who ceased to be an underwriting member (within the meaning of Lloyd’s Act 1982 ) of Lloyd’s before 24th December 1996 is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 10(2) of the Regulated Activities Order (carrying out contracts of insurance) which relates to contracts of insurance that he has underwritten at Lloyd’s.

Local authorities

47

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Social housing

48

• (1) A relevant housing body is exempt from the general prohibition in respect of any regulated activity of the kind specified by—

• (a) article 21, 25(1) or (2), 39A or 53 , 53 or 55A of the Regulated Activities Order (dealing in investments as agent, arranging deals in investments, assisting in the administration and performance of a contract of insurance or advising on investments , advising on investments or providing targeted support) which relates to a non-qualifying contract of insurance; ...

• (b) article 25A(1)(b) and (2) of that Order (arranging a regulated mortgage contract);

• (c) article 25B, 53B or 63B of that Order (arranging, advising on, entering into or administering a regulated home reversion plan); ...

• (d) article 25C, 53C or 63F of that Order (arranging, advising on, entering into or administering a regulated home purchase plan);

• (e) article 25E, 53D or 63J of that Order (arranging, advising on, entering into or administering a regulated sale and rent back agreement).

• (1A) A relevant housing body is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25A(1)(a) or (2A), 53A or 61 of that Order (arranging, advising on, entering into or administering a regulated mortgage contract) in so far as the contract—

• (a) was entered into before 21st March 2016; or

• (b) is entered into on or after 21st March 2016 and—

• (i) is of a kind to which section 423A(3) of the Act applies;

• (ii) is a bridging loan; or

• (iii) is a restricted public loan in relation to which the requirements of sub-paragraph (1B) are met.

• (1B) The requirements of this sub-paragraph are that—

• (a) the borrower receives timely information on the main features, risks and costs of the loan at the pre-contractual stage; and

• (b) any advertising of the loan is fair, clear and not misleading.

• (2) In this paragraph, “relevant housing body” means any of the following—

• (a) a registered social landlord within the meaning of Part I of the Housing Act 1996;

• (aa) a non-profit registered provider of social housing;

• (b) a registered social landlord within the meaning of the Housing (Scotland) Act 2001;

• (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (ca) the Homes and Communities Agency;

• (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (e) the body established under article 9 of the Housing (Northern Ireland) Order 1981 known as the Northern Ireland Housing Executive;

• (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (g) a housing association within the meaning of Part 2 of the Housing (Northern Ireland) Order 1992;

• (h) except for the purposes of sub-paragraph (1)(a), the Scottish Ministers;

• (i) except for the purposes of sub-paragraph (1)(a), the Welsh Ministers.

• (3) Except for the purposes of sub-paragraph (1)(a), “relevant housing body” also includes a wholly-owned subsidiary of a body listed in sub-paragraph (2)(a), (aa), (b), (ca), (h) or (i).

• (4) In this paragraph—

• “bridging loan” has the meaning given by article 60G(9) of the Regulated Activities Order;

• “borrower” means a person receiving credit;

• “credit” includes a cash loan and any other form of financial accommodation;

• “restricted public loan” means credit that is—offered to a particular class of borrower and not offered to the public generally;offered under an enactment with a general interest purpose; andprovided on terms which are more favourable to the borrower than those prevailing on the market, because it meets one of the following conditions—it is interest free;the rate of interest is lower than that prevailing on the market; orthe rate of interest is no higher than that prevailing on the market but the other terms on which credit is provided are more favourable to the borrower; and

• “wholly-owned subsidiary” has the same meaning as in section 1159 (meaning of “subsidiary” etc.) of the Companies Act 2006 and, for the purposes of this definition, a relevant housing body is to be treated as a body corporate.

Signed

Jim Dowd — Greg Pope — Two of the Lords Commissioners of Her Majesty’s Treasury — 2001-03-26

Explanatory note

(This note is not part of the Order)

Footnotes

[^f00001]: 2000 c. 8.

[^f00002]: 1990 c. 40.

[^f00003]: 1993 c. 10.

[^f00004]: 1964 c. 33 (N.I.).

[^f00005]: 1979 c. 34; amended by the Deregulation (Credit Unions) Order 1996 (S.I. 1996/1189).

[^f00006]: S.I. 1985/1205 (N.I. 12); relevant amendments are made by paragraphs 28 and 29 of Schedule 21 to the Friendly Societies Act 1992 (c. 40), and by S.I. 1997/2984 (N.I. 22).

[^f00007]: 1972 c. 70; the definition of “local authority” in section 270 has been repealed in part by Schedule 17 to the Local Government Act 1985 (c. 51), and amended by section 1(5) of the Local Government (Wales) Act 1994 (c. 19).

[^f00008]: 1973 c. 65; the definition of “local authority” in section 235 was substituted by paragraph 92(66) of Schedule 13 to the Local Government etc. (Scotland) Act 1994 (c. 39).

[^f00009]: 1972 c. 9 (N.I.).

[^f00010]: S.I. 2001/544.

[^f00011]: 1987 c. 22; section 3 was amended by paragraph 3 of Schedule 5 to the Bank of England Act 1998 (c. 11). “Municipal bank” was defined in section 103 of the Banking Act 1987, which was amended by paragraph 22 of Schedule 3 to the Local Government Act 1992 (c. 19) and by paragraph 21 of Schedule 3 to the Local Government and Rating Act 1997 (c. 29).

[^f00012]: 1952 c. 67; the definition of “visiting force” was amended by paragraph 14 of Schedule 15 to the Criminal Justice Act 1988 (c. 33).

[^f00013]: 1998 c. 30; see section 22 by regulations made under that section.

[^f00014]: 1980 c. 44; amended section 29 of the Teaching and Higher Education Act 1998 (c. 30).

[^f00015]: S.I. 1998/1760 (N.I. 14); see article 3 and regulations made under that article.

[^f00016]: S.I. 1998/2004 (C. 46).

[^f00017]: S.I. 1998/306 (C. 14).

[^f00018]: 1986 c. 45.

[^f00019]: S.I. 1989/2405 (N.I. 19); to which there are amendments not relevant to this Order.

[^f00020]: S.I. 1995/3272; amended by S.I. 1996/2827, S.I. 1997/251, S.I. 1999/506, S.I. 2000/311 and S.I. 2000/1682.

[^f00021]: 1986 c. 45. Amended by the Bankruptcy (Scotland) Act 1993 (c. 6) section 11 and by S.I. 1994/2421.

[^f00022]: S.I. 1990/224.

[^f00023]: 1989 c. 29.

[^f00024]: 1986 c. 44; see section 7A which was inserted by section 6(1) of the Gas Act 1995 (c. 45).

[^f00025]: Substituted by the Gas Act 1995 (c. 45) and amended by the Utilities Act 2000 (c. 27) section 76 (although this amendment was not in force on the day on which this Order was laid).

[^f00026]: 1992 c. 52.

[^f00027]: S.I. 1992/807 (NI 5); to which there are amendments not relevant to this Order.

[^f00028]: 1960 c. 58. Inserted by section 16 of the Charities Act 1992 (c. 41); repealed by the Charities Act 1993 (c. 10) Schedule 7.

[^f00029]: 1993 c. 10.

[^f00030]: 1964 c. 33 (N.I.).

[^f00031]: 1961 c. 62; amended by the Local Government Act 1963 (c. 33) Schedule 8; and by the Local Government Act 1985 (c. 51) Schedule 17.

[^f00032]: 1982 c. 14.

[^f00033]: 1996 c. 52.

[^f00034]: 1985 c. 69. Amended by the Housing Act 1988 (c. 50) Schedule 6, paragraph 3 and by S.I. 1996/2325. Repealed in relation to England and Wales by the Housing Act 1996 (c. 52) Schedule 19.

24A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Electricity industry

49

• (1) NGC is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 , 25D , 25DA or 53 , 53 or 55A of the Regulated Activities Order (dealing in investments as principal or agent, arranging deals in investments , operating a multilateral trading facility , operating an organised trading facility or advising on investments , advising on investments or providing targeted support) which it carries on in the course of—

• (a) its participation in the Balancing and Settlement Arrangements as operator of the electricity transmission system in Great Britain under the Transmission Licence; or

• (b) the acquisition by it of Balancing Services in accordance with the Electricity Act 1989 and the Transmission Licence.

• (2) ELEXON Clear Limited is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21 , 25 , 25D or 25DA of that Order which it carries on in the course of its participation in the Balancing and Settlement Arrangements as clearer for the purposes of (among other things) receiving from and paying to BSC Parties trading and reconciliation charges arising under the Balancing and Settlement Arrangements.

• (3) Each BSC Party is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25 , 25D , 25DA or 53 , 53 or 55A of that Order which it carries on in the course of—

• (a) its participation in the Balancing and Settlement Arrangements; or

• (b) the provision by it (or, in the case of an activity of the kind specified by article 21 of that Order, its principal) of Balancing Services to NGC.

• (4) ELEXON Limited is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 , 25D or 25DA of that Order which it carries on in the course of its participation in the Balancing and Settlement Arrangements as administrator.

• (5) Each BSC Agent and each Volume Notification Agent is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 , 25D or 25DA of that Order which it carries on in that capacity.

• (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (7) In this paragraph—

• “Ancillary Services” means services which generators and suppliers of electricity and those making transfers of electricity across an Interconnector are required (as a condition of their connection to the transmission system in Great Britain), or have agreed, to make available to NGC for the purpose of securing the stability of the electricity transmission or any distribution system in Great Britain or any system linked to it by an Interconnector;

• “Balancing and Settlement Arrangements” means—the Balancing Mechanism; andarrangements—for the determination and allocation to BSC Parties of the quantities of electricity that have been delivered to and taken off the electricity transmission system and any distribution system in Great Britain; andwhich set, and provide for the determination and financial settlement of, BSC Parties' obligations arising by reference to the quantities referred to in sub-paragraph (i), including the difference between such quantities (after taking account of accepted bids and offers in the Balancing Mechanism) and the quantities of electricity contracted for sale and purchase between BSC Parties;

• “Balancing Mechanism” means the arrangements pursuant to which BSC Parties may make, and NGC may accept, offers or bids to increase or decrease the quantities of electricity to be delviered to or taken off the electricity transmission system or any distribution system in Great Britain at any time or during any period so as to assist NGC in operating and balancing the electricity transmission system, and arrangements for the settlement of financial obligations arising from the acceptance of such offers and bids;

• “Balancing Services” means—offers and bids made in the Balancing Mechanism;Ancillary Services; andother services available to NGC which assist it in operating the electricity transmission system in accordance with the Electricity Act 1989 and the Transmission Licence;

• “BSC Agents” means the persons for the time being engaged by or on behalf of ELEXON Limited for the purpose of providing services to all BSC Parties, NGC, ELEXON Limited and ELEXON Clear Limited in connection with the operation of the Balancing and Settlement Arrangements;

• “BSC Framework Agreement” means the agreement of that title in the form approved by the Secretary of State for the purpose of conditions of the Transmission Licence and which is dated 14 August 2000; and “conditions” for the purposes of this definition means conditions determined by the Secretary of State under powers granted by section 137(1) of the Energy Act 2004. and incorporated into existing electricity transmission licences by a scheme made by the Secretary of State pursuant to section 138 of, and Schedule 17 to, that Act;

• “BSC Parties” means those persons (other than NGC, ELEXON Limited and ELEXON Clear Limited) who have signed or acceded to (in accordance with the terms of the BSC Framework Agreement), and not withdrawn from, the BSC Framework Agreement;

• “Interconnector” means the electric lines and electrical plant and meters used solely for the transfer of electricity to or from the electricity transmission system ... in Great Britain into or out of Great Britain;

• “NGC” means ... National Grid Company plc;

• ...

• “the Transmission Licence” means the licence to participate in the transmission of electricity in Great Britain granted , or treated as granted, to NGC under section 6(1)(b) of the Electricity Act 1989; and

• “Volume Notification Agents” means the persons for the time being appointed and authorised under and in accordance with the Balancing and Settlement Arrangements on behalf of BSC Parties to notify to the BSC Agent designated for that purpose pursuant to the Balancing and Settlement Arrangements quantities of electricity contracted for the sale and purchase between those BSC Parties to be taken into account for the purposes of the Balancing and Settlement Arrangements.

Editorial notes

[^c15546021]: 2000 c. 8.

[^c15546041]: 1993 c. 10.

[^c15546051]: 1964 c. 33 (N.I.).

[^c15546061]: 1979 c. 34; amended by the Deregulation (Credit Unions) Order 1996 (S.I. 1996/1189).

[^c15546071]: S.I. 1985/1205 (N.I. 12); relevant amendments are made by paragraphs 28 and 29 of Schedule 21 to the Friendly Societies Act 1992 (c. 40), and by S.I. 1997/2984 (N.I. 22).

[^c15546081]: 1972 c. 70; the definition of “local authority" in section 270 has been repealed in part by Schedule 17 to the Local Government Act 1985 (c. 51), and amended by section 1(5) of the Local Government (Wales) Act 1994 (c. 19).

[^c15546091]: 1973 c. 65; the definition of “local authority" in section 235 was substituted by paragraph 92(66) of Schedule 13 to the Local Government etc. (Scotland) Act 1994 (c. 39).

[^c15546101]: 1972 c. 9 (N.I.).

[^c15546111]: S.I. 2001/544.

[^c15546121]: 1987 c. 22; section 3 was amended by paragraph 3 of Schedule 5 to the Bank of England Act 1998 (c. 11). “Municipal bank" was defined in section 103 of the Banking Act 1987, which was amended by paragraph 22 of Schedule 3 to the Local Government Act 1992 (c. 19) and by paragraph 21 of Schedule 3 to the Local Government and Rating Act 1997 (c. 29).

[^c15546131]: 1952 c. 67; the definition of “visiting force" was amended by paragraph 14 of Schedule 15 to the Criminal Justice Act 1988 (c. 33).

[^c15546191]: 1986 c. 45.

[^c15546201]: S.I. 1989/2405 (N.I. 19); to which there are amendments not relevant to this Order.

[^c15546231]: S.I. 1990/224.

[^c15546241]: 1989 c. 29.

[^c15546251]: 1986 c. 44; see section 7A which was inserted by section 6(1) of the Gas Act 1995 (c. 45).

[^c15546261]: Substituted by the Gas Act 1995 (c. 45) and amended by the Utilities Act 2000 (c. 27) section 76 (although this amendment was not in force on the day on which this Order was laid).

[^c15546271]: 1992 c. 52.

[^c15546281]: S.I. 1992/807 (NI 5); to which there are amendments not relevant to this Order.

[^c15546291]: 1960 c. 58. Inserted by section 16 of the Charities Act 1992 (c. 41); repealed by the Charities Act 1993 (c. 10) Schedule 7.

[^c15546301]: 1993 c. 10.

[^c15546311]: 1964 c. 33 (N.I.).

[^c15546321]: 1961 c. 62; amended by the Local Government Act 1963 (c. 33) Schedule 8; and by the Local Government Act 1985 (c.51) Schedule 17.

[^c15546331]: 1982 c. 14.

[^key-0044849e4bf2211d757c4a9b8274a68a]: Words in Sch. para. 42(2) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(a)(ii)(aa)

[^key-12b79118583d26959849d0715146e9b2]: Words in Sch. para. 42(2) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(a)(ii)(bb)

[^key-1455f40438d9becc8c830d8be44b25ef]: Words in Sch. para. 45 substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 8(3)

[^key-1ee73d38b53c602d43c3b89250cf8d18]: Sch. para. 57 and cross-heading inserted (30.3.2015) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2015 (S.I. 2015/447), arts. 1, 2(3)

[^key-215b13de27a856f3487f3bf01e15e2b7]: Words in Sch. para. 41(3)(a)(i) inserted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 7(2)(b)

[^key-2196b5d89681b80cc4ad1ad4b7fe3179]: Sch. para. 52(3) omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(c)

[^key-22784137dae659cc36d90c061e2943a9]: Sch. para. 49 and cross-heading inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001 (S.I. 2001/3623), arts. 1, 8

[^key-2531c7abdfd8205111eb4154cab7b2b5]: Word in Sch. para. 49(3) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 6(c)(iii)

[^key-28991f3e1db4e8ec0766b22afe93bdf3]: Words in Sch. para. 49 substituted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(2)

[^key-2aeb795fb06013e5804260d277ba1a9f]: Sch. para. 15A inserted (1.3.2003) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2003 (S.I. 2003/47), arts. 1, 2

[^key-2f34d6e4be0e3bb646fb16b1cde717e6]: Words in Sch. para. 49(4) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(ii)

[^key-32f8b715216646f682bc18414fe13b29]: Words in art. 2 omitted (31.12.2020) by virtue of The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(3), 7(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-3338aa16c0bf3d1cb64a45e29033be53]: Sch. para. 48(2)(g) inserted (26.7.2011) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2011 (S.I. 2011/1626), arts. 1, 2

[^key-38a233e8375181b319fe14afcc3dd56b]: Sch. para. 48(1A)(a)(b) substituted for Sch. para. 48(1A)(a)-(c) (17.3.2016 for specified purposes, 21.3.2016 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392), arts. 1(2)(3)(c), 4 (with Pt. 5)

[^key-3e073fd92fd581d0d1ed8f3ca8fa0b26]: Word in Sch. para. 49(7) revoked (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(c)

[^key-452b4d1a5af848531489ef851534f4f7]: Words in Sch. para. 52 cross-heading substituted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(b)

[^key-47d3a5bbc17b30ba793c0a6c52df1a8f]: Words in Sch. para. 49(2) substituted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 6(c)(ii)

[^key-494ffbcaea8efc662ff297dbc65a57c6]: Words in Sch. para. 49(7) omitted (1.4.2005) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(d)

[^key-49d30edf663f80befb2564337e9a95ea]: Sch. para. 48(2)(d)(f) omitted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by virtue of The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(4)(a) (with Pt. 4)

[^key-4a7451ed93ec71a48e80b7201b765c5f]: Words in Sch. para. 49(7) substituted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(a)

[^key-4a7c0e13b381e76ae4153a474f2f83f1]: Sch. para. 21 substituted (5.6.2002) by The Financial Services and Markets Act 2000 (Financial Promotion and Miscellaneous Amendments) Order 2002 (S.I. 2002/1310), arts. 1, 4(2)

[^key-4c4a900da8e3a81bd21d883e9b76df89]: Words in Sch. para. 49(5) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(ii)

[^key-4d8779ba755c2ae1e4108e8bf3ecf5e4]: Words in Sch. para. 49(1) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 6(c)(i)

[^key-4de8908a6adad2b1161c9e574cf6623c]: Sch. paras. 50, 51 and cross-headings inserted (20.7.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007 (S.I. 2007/1821), arts. 1(2), 2(4)

[^key-4efdb666609edb0496315f80fe9959b4]: Words in Sch. Pt. 3 omitted (23.11.2005) by virtue of The Wales Tourist Board (Transfer of Functions to the National Assembly for Wales and Abolition) Order 2005 (S.I. 2005/3225), art. 1(1), Sch. 2 Pt. 2 para. 4 (with art. 3(1))

[^key-51404fcde44a20c658f0d96e4cc03fa5]: Sch. para. 33A inserted (20.7.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007 (S.I. 2007/1821), arts. 1(2), 2(2)

[^key-52deb53bb147b3bb380c4243c7984951]: Words in Sch. para. 42(1) substituted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 6(b)(i)

[^key-56da29d34596af6f306060402c87c109]: Sch. para. 48(2)(aa) inserted (1.4.2010) by The Housing and Regeneration Act 2008 (Consequential Provisions) (No. 2) Order 2010 (S.I. 2010/671), art. 1(2), Sch. 1 para. 27 (with Sch. 2); S.I. 2010/862, art. 2

[^key-575dfa32ebfd8175a67a668ec847d8b5]: Art. 5(1)(cb) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(2)

[^key-586ea4bea1003462fc1cdf89cad1608f]: Words in Sch. para. 49(7) omitted (1.4.2005) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(b)(iii)

[^key-59051824f5e65e65988a8fac240a97ba]: Words in Sch. para. 44(1) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 8(3)

[^key-59534873718d07ef6eb8496e1719fe29]: Sch. para. 48(2)(c) omitted (E.W.) (1.4.2012) by virtue of The Localism Act 2011 (Regulation of Social Housing) (Consequential Provisions) Order 2012 (S.I. 2012/641), arts. 1(2)(3), 2(5) (with art. 3)

[^key-5ef1d992b410c4d8ce3396e705216de1]: Art. 5A inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 54

[^key-637375e4bb0457379befc11c22eedadf]: Words in Sch. para. 40(3)(b) substituted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2007 (S.I. 2007/1821), arts. 1(3), 2(3)(i)

[^key-642fe59c289d0e58016261735682db91]: Art. 5(1)(ga)-(ge) substituted for art. 5(1)(g) (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 8(2)

[^key-693b24e808eddbb614c4155a1bcf25a1]: Word in art. 5(1)(h) omitted (6.4.2007) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(3), 10

[^key-6cdc6c1e7a9323a9b6515183974c6fae]: Words in Sch. para. 40(3) substituted (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(3), 7(3); 2020 c. 1, Sch. 5 para. 1(1)

[^key-6d1ec9f30b6c73bd6fd527578a13b684]: Sch. paras. 2-6 omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 177(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)

[^key-73749cc495f639811d5897af28d56f41]: Sch. para. 58 and cross-heading inserted (31.3.2022) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2022 (S.I. 2022/100), arts. 1(2), 2(2)

[^key-73d4c9d763cb7a571fd9160974ccc642]: Sch. para. 15C inserted (23.3.2020) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2020 (S.I. 2020/322), arts. 1, 2(2)

[^key-74add586826336ee6977c2af6ec264ef]: Sch. para. 19 omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(2)

[^key-7dda57fc32d7ea4912bb15530ab67a45]: Sch. para. 37 omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 7 (with regs. 10-12)

[^key-7ef3d1809534f94b04a41e2ed06e60da]: Words in Sch. para. 49(7) inserted (1.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(b), 3(4)(e)(ii)

[^key-84cf8997061ef85d4c19dd10e4e32cc9]: Sch. para. 52(1)(a) omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(c)

[^key-84e77b40b883d22306f34f5ac36c0c11]: Sch. para. 27 substituted (13.7.2003) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675), arts. 1(2), 2(4)(a)

[^key-8735175a32e16f54e848292279622065]: Word in Sch. para. 48(1)(c) omitted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 28(b)(i)

[^key-8882045b255adb1471f032a20531684d]: Words in Sch. para. 41(3)(a)(i) substituted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 7(2)(a)

[^key-888adf72d7489c3b805be41f89b28adf]: Art. 5(1)(ca) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 4

[^key-893befd4682278c20737a925fc39a75e]: Sch. para. 25 omitted (30.3.2015) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2015 (S.I. 2015/447), arts. 1, 2(2)

[^key-8ad3f2f071b26a7f63516569924c99ff]: Sch. para. 15B inserted (2.2.2009) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2009 (S.I. 2009/118), arts. 1, 2(2)

[^key-8d3dfb895b521e8e673d19a3fba25dfd]: Word in Sch. para. 48(1)(a) omitted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 30(b)(i)

[^key-91ae3cb5b003b5db70364195a135097a]: Sch. para. 52(4) inserted (16.5.2022 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 (S.I. 2022/466), arts. 1(3), 4

[^key-95137bb4d34ad3a462dbad2b37ef3c81]: Words in Sch. para. 48(1A)(b)(i) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 177(3)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)

[^key-95c8552983e538fc5a020736734db4c9]: Words in Sch. para. 42(2) substituted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 6(b)(ii)

[^key-9b2c7830ff4c41f3adb476ad83c9a5f6]: Sch. para. 34B inserted (1.4.2008) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2008 (S.I. 2008/682), arts. 1, 2(2)

[^key-9b86f14d9e61d326479e3d1ff41508ed]: Words in Sch. para. 50(3) omitted (6.4.2009) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2009 (S.I. 2009/264), arts. 1, 2(2)

[^key-9bea87178db39e4972ec9cd3e19498eb]: Sch. para. 34C inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2012 (S.I. 2012/763), arts. 1(2), 2(2)

[^key-9c8e8fb8683d70a3efee5032f2cf816a]: Sch. para. 34A inserted (6.4.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2005 (S.I. 2005/592), arts. 1(2)(a), 2(1)

[^key-9fdb8ad36c92d023e2a838dbbac61a84]: Sch. para. 48(1)(e) inserted (1.7.2009 for specified purposes, 30.6.2010 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 28(b)(ii)

[^key-9ff35d49b8cfcb11fa8dfd5e636e80b8]: Sch. para. 24A revoked (31.3.2012) by The Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2011 (S.I. 2011/2716), arts. 1, 2

[^key-a0eca34cae0e47022ec753c189657c92]: Word in Sch. para. 49(3) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(iii)

[^key-a7da2a5aa21ea484b2113eb2e852bd0b]: Sch. para. 44(A1) inserted (1.4.2014) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) (No. 2) Order 2014 (S.I. 2014/506), arts. 1(4), 2(2)

[^key-ae6ee8ccc4ca3638553c0e17e8f7df5c]: Words in Sch. para. 44(2) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 8(3)

[^key-af585cde91b5eadcf9f130e27f6cb424]: Sch. para. 36 revoked (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 5

[^key-b27630b2613a142e2ee6abe2f69b80df]: Sch. paras. 48(1)(c)(d) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 30(b)(ii)

[^key-b7296773e7908261f734c18d57d52704]: Word in Sch. para. 51(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 38

[^key-bafb6014a5b7e738207a0d32428facea]: Sch. para. 48(1A)(1B) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(3) (with Pt. 4)

[^key-bdf5ec7479a79e0531ef49f11dc14a28]: Words in Sch. para. 49(2) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(ii)

[^key-c65618f06d7068e0d4b1c98aaa1c4a09]: Word in Sch. para. 49(1) inserted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(b)(i)(aa)

[^key-c67b6686b09b2b31a5fcdb413090c913]: Word in Sch. para. 54(2) substituted (18.3.2015) by The Financial Services and Markets Act 2000 (Miscellaneous Provisions) (No. 2) Order 2015 (S.I. 2015/352), arts. 1, 3(2)(a)

[^key-c7c47c82952726da4490d8dda3b8c626]: Sch. para. 48(3)(4) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(5) (with Pt. 4)

[^key-c7e3cb0b0faf4c6ed3bcf9118b9b51ae]: Sch. para. 48(2)(h)(i) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 5(4)(b) (with Pt. 4)

[^key-c984ee7e898eeade06f3b146df74adba]: Sch. para. 52(2) omitted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 8(4)(c)

[^key-cad973d23e1ebe434c34fba1093fb423]: Sch. paras. 55, 56 and cross-headings inserted (1.4.2014) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) (No. 2) Order 2014 (S.I. 2014/506), arts. 1(4), 2(3)

[^key-cc2a63a13c842ebb6656aa32a61e58ab]: Words in Sch. para. 42(1) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 6(3)(a)(i)(bb)