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

[^key-cdfa9c3dddde70b94e1823d760db7195]: Words in art. 2 inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 3

[^key-ce4509264daa31d72aa59ca6a9228163]: Sch. para. 48 substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675), arts. 1(3), 2(4)(c)

[^key-ce527ea510f98c7a9dd2d77e7bc93df2]: Words in art. 6 omitted (1.12.2001) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2001 (S.I. 2001/3623), arts. 1, 3

[^key-cf2089f6b834f5d1d81ae10be091298f]: Words in Sch. para. 40(3)(b) inserted (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)(ii)

[^key-cfb295c89efc15376a5f1945b05b484c]: 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)(b)(i)

[^key-d9cfbaf90db72bea4448555ffbfb4e28]: Sch. paras. 52-54 and cross-headings inserted (26.7.2013 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) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 14(4)

[^key-e24f260147311c4cec6509ca7f930817]: Words in art. 2 substituted (1.4.2006) by The Charities and Trustee Investment (Scotland) Act 2005 (Consequential Provisions and Modifications) Order 2006 (S.I. 2006/242), art. 1(3), Sch. para. 11

[^key-e62631b2fde3a586a2dacdf94053f993]: Sch. para. 49(6) 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(3)

[^key-e6365d6b826fdaee2e1e5e08fc5f3a11]: Art. 5(1)(da) inserted (14.1.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675), arts. 1(3), 2(3)

[^key-e6cbd8df04afb39a67ab72cdceb1924b]: Words in art. 2 inserted (14.1.2005) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) (No. 2) Order 2003 (S.I. 2003/1675), arts. 1(3), 2(2)

[^key-ea3e0688088bfbac09feee7a77c68c7a]: Sch. para. 47 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)(a)

[^key-ea835a17bae8872d92729ea5e48f7eae]: 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)(e)(i)

[^key-ebeb67cad47badd7d7836b7fe7a7034c]: Words in art. 2 inserted (31.12.2020) by 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-ec84f863bed1d6af62641a21346f91ee]: Words in Sch. para. 48(4) 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)(b) (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-eda264c8e9556b41f5bed5a546acd439]: Sch. para. 39 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(3)

[^key-ee7452e0dff31c9fb1c7ebe2b5ddf3b7]: Word 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)(b)(ii)

[^key-f17da05e4312fdf32eb204505d6453ea]: Words in Sch. para. 40(1) substituted (26.7.2013 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) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 14(2)

[^key-f260882fc789be9707caa0db6b61995d]: Sch. para. 54A and cross-heading inserted (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)(b)

[^key-f4db34c757f7baf35711274cbb22ae7c]: Sch. para. 40(3) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2007 (S.I. 2007/125), arts. 1, 6(a)

[^key-f8d661e29b1196e28f2930c785ee693b]: 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)(aa)

[^key-fae991f10a0002b7e995e8dea056b190]: Words 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)(bb)

[^key-fb901caa9f75b4f8bc3bbf241f1f716a]: Words in Sch. para. 41 inserted (5.12.2005) by The Civil Partnership Act 2004 (Amendments to Subordinate Legislation) Order 2005 (S.I. 2005/2114), art. 1, Sch. 16 para. 4

[^key-fd6f0f437baaf765750e722b0502ad08]: Words in Sch. para. 48(1)(b) substituted (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(2) (with Pt. 4)

[^M_F_2b312dfb-7304-4a53-eb87-573298095857]: Sch. para. 48(2)(ca) inserted (E.W.) (1.12.2008) by The Housing and Regeneration Act 2008 (Consequential Provisions) (No. 2) Order 2008 (S.I. 2008/2831), art. 1(2), Sch. 1 para. 11 (with Sch. 3, Sch. 4 paras. 5, 6); S.I. 2008/3068, art. 2(1)(b)

[^M_F_a44bc9ef-1505-4de4-8b4a-7505898e6b7f]: Words in Sch. para. 31 substituted (1.4.2007) by Tourist Boards (Scotland) Act 2006 (asp 15), s. 5(1), sch. 2 para. 10; S.S.I. 2007/47, art. 2

[^key-a615827af9c5443a9b37d5189b7dca32]: Art. 3A inserted (31.3.2025) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2025 (S.I. 2025/250), arts. 1(2), 2(2)

[^key-3ea1822ac1167939d8b11869af67ec96]: Sch. Pt. 1A inserted (31.3.2025) by The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2025 (S.I. 2025/250), arts. 1(2), 2(4)

[^key-df3d665e23bd7ee0403ab415d29a0695]: Sch. para. 15D omitted (31.3.2025) by virtue of The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2025 (S.I. 2025/250), arts. 1(2), 2(3)

[^key-018667970bbb75df1994750ec5a7bfb8]: Art. 5(1)(j) inserted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(2)

[^key-e78dbd460ca9236b6c11dce0b448a244]: Words in Sch. para. 48(1)(a) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(a)(i)

[^key-f6aad761bfa04e5878d3ca33e3e1d465]: Words in Sch. para. 48(1)(a) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(a)(ii)

[^key-f8e0363e76de0a44a8a465a8353d1f9c]: Words in Sch. para. 49(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(b)(i)(aa)

[^key-d5d20a93b43ad503e56736055553dd39]: Words in Sch. para. 49(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(b)(i)(bb)

[^key-99ee4571977c4fbdeb460f083d93be31]: Words in Sch. para. 49(3) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(b)(ii)

[^key-a81c0a799e25c8f4e68ae38c6b3cd00c]: Words in Sch. para. 50(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(c)(i)

[^key-ef647dfd33ea0442f2ba500b289f268d]: Words in Sch. para. 50(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(c)(ii)

[^key-970a59fee9ec1ccc600e238837a7f2b5]: Words in Sch. para. 51(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(d)(i)

[^key-0dda5d0949a4ac1a9dac67a8b72b4bf6]: Words in Sch. para. 51(1) substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(d)(ii)

[^key-9d69dfb642343a4d424fd232a3100d24]: Words in Sch. para. 58 substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(e)(i)

[^key-a1d48256b3a2f356d641942d963a1ceb]: Words in Sch. para. 58 substituted (23.2.2026 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74), art. 1(2)(3), Sch. para. 3(3)(e)(ii)

15A

Bank for International Settlements.

34A

The Board of the Pension Protection Fund.

33A

Invest Northern Ireland.

Freight forwarders and storage firms

50

• (1) A freight forwarder or storage firm is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 21, 25, 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) in the circumstances referred to in paragraph 2.

• (2) The circumstances are—

• (a) where a freight forwarder (“F”)—

• (i) holds a policy of insurance which insures F in respect of loss of or damage to goods which F transports or of which F arranges the transportation, and

• (ii) makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods; or

• (b) where a storage firm (“S”)—

• (i) holds a policy of insurance which insures S in respect of loss of or damage to goods which S stores or for which S arranges storage, and

• (ii) makes available to a customer rights under that policy to enable the customer to claim directly against the insurer in respect of loss or damage to those goods.

• (3) In this paragraph—

• (a) “freight forwarder” means a person whose principal business is arranging or carrying out the transportation of goods;

• (b) “storage firm” means a person whose principal business is storing goods or arranging storage for goods;

• (c) “customer” means a person ... who uses the service of a freight forwarder or storage firm.

Policyholder Advocates

51

• (1) A person acting as a policyholder advocate is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 25 or 53 , 53 or 55A of the Regulated Activities Order (arranging deals in investments or advising on investments , advising on investments or providing targeted support) in so far as he carries on these activities in connection with, or for the purposes of, his role as policyholder advocate.

• (2) In sub-paragraph (1), “policyholder advocate” means a person who is—

• (a) appointed by an insurer (“I”) to represent the interests of policyholders in negotiations with I about I’s proposals to redefine the rights and interests in any surplus assets arising in I’s with-profits fund; and

• (b) approved or nominated by the FCA to carry out that role.

• (3) In sub-paragraph (2), “with-profits fund” means a long-term insurance fund in which policyholders are eligible to participate in surplus assets of the fund.

34B

Capital for Enterprise Limited, in so far as in carrying on any regulated activity it provides services only to the Crown.

15B

Bank of England Asset Purchase Facility Fund Limited

34C

BIS (Postal Services Act 2011) Company Limited.

Official receivers etc.

52

• (1) A person acting as—

• (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (b) an official receiver within the meaning of section 399 of the Insolvency Act 1986 or article 2 of the Insolvency (Northern Ireland) Order 1989, or

• (c) a judicial factor,

is exempt from the general prohibition in respect of any regulated activity of the kind specified by any of articles 39D to 39G (activities in relation to debt) or 89A (providing credit information services) of the Regulated Activities Order.

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (4) A person who—

• (a) acts 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, and

• (b) by virtue of that office, becomes the liquidator of a company in accordance with section 136 of the Insolvency Act 1986 or article 116 of the Insolvency (Northern Ireland) Order 1989,

is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 59(1A) of the Regulated Activities Order (carrying out a funeral plan contract as provider).

Cycle to work

53

• (1) An employer who provides or makes available to their employees a cycle or cyclist's safety equipment up to the value of £1,000 under a relevant employee benefit scheme is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 60N of the Regulated Activities Order (regulated consumer hire agreements).

• (2) For the purposes of this paragraph—

• “cycle” has the meaning given by section 192(1) of the Road Traffic Act 1988 (general interpretation);

• “relevant employee benefit scheme” means a scheme operated by an employer which is designed to allow employees to take advantage of section 244 of the Income Tax (Earnings and Pensions) Act 2003 (no liability to income tax in relation to cycles and cyclist's safety equipment) and under which cycles or cyclist's safety equipment are made available in the manner described in any guidance issued by the Secretary of State.

Tracing agents

54

• (1) A person who takes steps to ascertain the identity or location (or the means of ascertaining the identity or location) of a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39F of the Regulated Activities Order (debt-collecting) so long as the person is not the lender under the agreement concerned or the owner under the consumer hire agreement concerned and takes no other steps to procure the payment of debts due under the agreement.

• (2) In this paragraph, “borrower”, “hirer” “lender” and “owner” have the meanings given by the Regulated Activities Order.

Persons exercising, or having the right to exercise, the rights of the person who provided credit under a regulated credit agreement

55

• (1) A person within the description in sub-paragraph (3) (“P”) is exempt from the general prohibition in respect of any activity of the kind specified by article 60B(2) of the Regulated Activities Order (regulated credit agreements) carried on in relation to a qualifying agreement provided that the conditions in sub-paragraphs (4) and (5) are satisfied in respect of the agreement.

• (2) Where P is exempt from the general prohibition in respect of any activity of the kind specified by article 60B(2) of the Regulated Activities Order by virtue of sub-paragraph (1), P is also exempt from the general prohibition in respect of any activity of the kind specified by article 39E(1) (debt-counselling) or 39F(1) (debt-collecting) of the Regulated Activities Order carried on in relation to the qualifying agreement in an exempt period.

• (3) P is within the description in this sub-paragraph if P—

• (a) is not the original lender;

• (b) does not grant, is not required to grant, and does not promise to grant credit under the qualifying agreement or any other regulated credit agreement; and

• (c) does not undertake any activity of the kind specified in article 39D(1) (debt adjusting), 39E(1) or 39F(1) of the Regulated Activities Order, or which would be so specified but for article 39H(1) of that Order, except in an exempt period.

• (4) The condition in this sub-paragraph is that—

• (a) P has entered into a servicing arrangement in relation to the qualifying agreement; or

• (b) an exempt period has not expired.

• (5) The condition in this sub-paragraph is that—

• (a) P has arranged for the servicer to comply with the provisions listed in sub-paragraph (6); and

• (b) where P (and not the servicer acting on behalf of P) varies the qualifying agreement, P complies with the provisions listed in sub-paragraph (6).

• (6) The provisions are—

• (a) any provision of, or made under, the Act applicable to authorised persons that relates to the exercise of the right of the lender under a regulated credit agreement to vary terms and conditions of the agreement (including, in particular, the right to vary the rate of interest, charges, or other amount due to the lender under the agreement); and

• (b) the requirements of, or made under, section 82 of the Consumer Credit Act 1974 (variation of agreements).

• (7) For the purposes of this paragraph, there are excluded from articles 39E(1) and 39F(1) of the Regulated Activities Order activities carried on by P under or for the purposes of a servicing arrangement.

• (8) In this paragraph—

• “an exempt period” is the period of thirty days beginning on the day after the day on which a servicing arrangement came to an end;

• “the original lender” means the person who provided credit under the qualifying agreement;

• “a qualifying agreement” means a regulated credit agreement under which P exercises, or has the right to exercise, the rights of the original lender;

• “regulated credit agreement” has the meaning given in article 60B of the Regulated Activities Order;

• “the servicer” means the person with whom P enters into a servicing arrangement, where that person is an authorised person with permission to carry on an activity of the kind specified in article 39F, 39G (debt administration) or 60B of the Regulated Activities Order;

• “a servicing arrangement” means an arrangement between P and the servicer for the servicer to exercise on P’s behalf P’s rights under a qualifying agreement other than the right to transfer, assign or otherwise dispose of those rights.

Persons exercising, or having the right to exercise, the rights of the person who provided credit under a regulated consumer hire agreement

56

• (1) A person within the description in sub-paragraph (3) (“P”) is exempt from the general prohibition in respect of any activity of the kind specified by article 60N(2) of the Regulated Activities Order (regulated consumer hire agreements) carried on in relation to a qualifying agreement provided that the conditions in sub-paragraphs (4) and (5) are satisfied in respect of each such agreement.

• (2) Where P is exempt from the general prohibition in respect of any activity of the kind specified by article 60N(2) of the Regulated Activities Order by virtue of sub-paragraph (1), P is also exempt from the general prohibition in respect of any activity of the kind specified by article 39E(2) (debt-counselling) or 39F(2) (debt-collecting) of the Regulated Activities Order carried on in relation to the qualifying agreement in an exempt period.

• (3) P is within the description in this sub-paragraph if P—

• (a) is not the original owner; and

• (b) does not undertake any activity of the kind specified in article 39D(2) (debt adjusting), 39E(2) or 39F(2) of the Regulated Activities Order, or which would be so specified but for article 39H(2) of that Order, except in an exempt period.

• (4) The condition in this sub-paragraph is that—

• (a) P has entered into a servicing arrangement in relation to the qualifying agreement; or

• (b) an exempt period has not expired.

• (5) The condition in this sub-paragraph is that—

• (a) P has arranged for the servicer to comply with the provisions listed in sub-paragraph (6); and

• (b) where P (and not the servicer acting on behalf of P) varies the qualifying agreement, P complies with the provisions listed in sub-paragraph (6).

• (6) The provisions are—

• (a) any provision of, or made under, the Act applicable to authorised persons that relates to the exercise of the right of the owner under a regulated consumer hire agreement to vary terms and conditions of the agreement (including, in particular, the right to vary the hire payments, other charges, or any other amount due to the owner under the agreement); and

• (b) the requirements of, or made under, section 82 of the Consumer Credit Act 1974 (variation of agreements).

• (7) For the purposes of this paragraph, there are excluded from articles 39E(2) and 39F(2) of the Regulated Activities Order activities carried on by P under or for the purposes of a servicing arrangement.

• (8) In this paragraph—

• “an exempt period” is the period of thirty days beginning on the day after the day on which a servicing arrangement came to an end;

• “the original owner” means the person who entered into the qualifying agreement as owner;

• “a qualifying agreement” means a regulated consumer hire agreement under which P exercises, or has the right to exercise, the rights of the original owner;

• “regulated consumer hire agreement” has the meaning given in article 60N of the Regulated Activities Order;

• “the servicer” means the person with whom P enters into a servicing arrangement, where that person is an authorised person with permission to carry on an activity of the kind specified in article 39F, 39G (debt administration) or 60N of the Regulated Activities Order;

• “a servicing arrangement” means an arrangement between P and the servicer for the servicer to exercise on P’s behalf P’s rights under a qualifying agreement other than the right to transfer, assign or otherwise dispose of those rights.

Persons who carry on activities for the service of certain documents

54A

• (1) A person who serves, or takes steps to serve, a relevant document on a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39F of the Regulated Activities Order (debt-collecting) so long as that person—

• (a) is not the lender or owner under the relevant agreement; and

• (b) takes no other steps to procure the payment of the debt or any other debt due from the borrower or hirer under the relevant agreement.

• (2) A person who serves, or takes steps to serve, a relevant document on a borrower or hirer is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 39G of the Regulated Activities Order (debt administration) so long as that person is not the lender or owner under the relevant agreement and does not take—

• (a) any other steps to exercise or enforce rights under that agreement; or

• (b) any steps in the performance of any duties under that agreement.

• (3) In sub-paragraph (1) “relevant document” means any document which is for service for the purposes of any legal proceedings brought, or to be brought, for the payment of a debt due under the relevant agreement.

• (4) In sub-paragraph (2) “relevant document” means any document which is for service for the purposes of any legal proceedings brought, or to be brought, for the exercise or enforcement of rights under the relevant agreement.

• (5) In this paragraph—

• “borrower”, “hirer”, “lender” and “owner” have the meaning given in article 3 of the Regulated Activities Order;

• “legal proceedings” includes arbitration and insolvency proceedings; and

• “relevant agreement”, in relation to a person who is a borrower or hirer, means—the credit agreement (within the meaning given by article 60B of the Regulated Activities Order) or article 36H agreement (within the meaning given by article 36H of that Order) under which that person is the borrower; orthe consumer hire agreement (within the meaning given by article 60N of the Regulated Activities Order) under which that person is the hirer.

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.

Persons exempt in respect of administering a benchmark

5A

Part 1 of the Schedule does not apply to the regulated activity specified in article 63S of the Regulated Activities Order (administering a benchmark). The persons exempt in respect of the regulated activity of administering a benchmark are those listed, or carrying out an activity listed, in Article 2(2) of Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 .

Transitional exemption for credit unions

15C

Covid Corporate Financing Facility Limited.

15D

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Norges Bank

58

Norges Bank is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 14, 21, 25, 37, 40 or 53 , 53 or 55A, of the Regulated Activities Order (dealing in investments as principal, dealing in investments as agent, arranging deals in investments, managing investments, safeguarding and administering investments, and advising on investments , advising on investments or providing targeted support).

Persons exempt in respect of any regulated activity

3A

Each of the persons listed in Part 1A of the Schedule is exempt from the general prohibition in respect of any regulated activity.

Persons exempt in respect of accepting deposits

Persons exempt in respect of particular regulated activities

Persons exempt in respect of administering a benchmark

Transitional exemption for credit unions

Part 1A — PERSONS EXEMPT IN RESPECT OF ANY REGULATED ACTIVITY

15E

National Wealth Fund Limited.