# The Banking Act 1987 (Exempt Transactions) Regulations 1988, Regulation 14: Authorised and exempted persons under the Financial Services Act 1986


(1) Subject to paragraphs (2) and (3) below, the acceptance of a deposit by a person who is an authorised person or an exempted person under the Financial Services Act 1986 (in this regulation called “an authorised person” and “an exempted person” respectively) is an exempt transaction if the deposit is accepted in the course of or for the purpose of engaging in any dealing activity with or on behalf of the person by whom or on whose behalf the deposit is made or any service activity on behalf of that person.
(2) Paragraph (1) applies to an authorised person only if the activity is one in which he may engage without contravening any rules (made by the appropriate authority or a recognised organisation) of the kind described in section 48(2)(a) and (b) of the Financial Services Act 1986 (rules as to the type of business carried on or the persons in relation to whom business is carried on) or any prohibition of the kind described in section 65 of that Act.
(3) Paragraph (1) applies to an exempted person only if the activity is one in respect of which he is exempt under the Financial Services Act 1986.
(4) In this regulation—
(a) “appropriate authority” means the Secretary of State or a designated agency within the meaning of section 114(3) of the Financial Services Act 1986;
(b) “dealing activity” means an activity falling within paragraph 12 of Schedule 1 to that Act, construed without reference to Parts III and IV of that Schedule;
(c) “recognised organisation” means a body which is a recognised professional body or a recognised self-regulating organisation within the meaning of section 207(1) of that Act and references to rules made by a recognised organisation include rules (whether or not laid down by the organisation itself) which the organisation has power to enforce; and
(d) “service activity” means an activity falling within paragraph 13, 14 or 16 of Schedule 1 to that Act, construed without reference to Parts III and IV of that Schedule.

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Source: https://www.legislation.gov.uk/uksi/1988/646/regulation/14 (the official version)
Page: https://openlegislation.uk/banking-act-1987-exempt-transactions-regulations-1988/regulation-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.