{
  "url": "https://openlegislation.uk/draft-consumer-composite-investments-designated-activities-regulations-2024/regulation-5",
  "json_url": "https://openlegislation.uk/draft-consumer-composite-investments-designated-activities-regulations-2024/regulation-5.json",
  "legislation": "ukdsi/2024/9780348264227",
  "legislation_title": "The Consumer Composite Investments (Designated Activities) Regulations 2024",
  "legislation_url": "https://openlegislation.uk/draft-consumer-composite-investments-designated-activities-regulations-2024",
  "path": "regulation/5",
  "kind": "regulation",
  "number": "5",
  "heading": "Activities specified as designated activities for the purposes of FSMA 2000",
  "text": "(1) The following activities are specified under section 71K of FSMA 2000 as designated activities for the purposes of that Act—\n(a) manufacturing a consumer composite investment which is, or is proposed to be, made available to a retail investor located in the United Kingdom;\n(b) advising on a consumer composite investment if the advice is given to—\n(i) a retail investor located in the United Kingdom, or\n(ii) an agent for that investor;\n(c) offering a consumer composite investment to a retail investor located in the United Kingdom;\n(d) selling a consumer composite investment to a retail investor located in the United Kingdom.\n(2) In this regulation—\n(a) “advising on a consumer composite investment” means giving advice on the merits of—\n(i) buying, selling, subscribing for, exchanging, holding or redeeming a consumer composite investment,\n(ii) exercising, or not exercising, any right conferred by a consumer composite investment to buy, sell, subscribe for, exchange or redeem a consumer composite investment, or\n(iii) entering into an agreement relating to a consumer composite investment;\n(b) “made available” has the meaning given in designated activity rules made by virtue of regulation 6;\n(c) “manufacturing a consumer composite investment” means—\n(i) creating, developing, designing, issuing, managing, operating or carrying out a consumer composite investment, or\n(ii) making changes to a term, condition or feature of a consumer composite investment;\n(d) “offering a consumer composite investment” means communicating sufficient information on—\n(i) the consumer composite investment, and\n(ii) the terms on which it is offered,\nto enable a person to decide to buy, subscribe for or enter into an agreement relating to the consumer composite investment;\n(e) “selling a consumer composite investment” includes disposing of the consumer composite investment for valuable consideration, and for these purposes “disposing” includes—\n(i) in the case of a consumer composite investment consisting of rights under a contract—\n(aa) surrendering, assigning or converting those rights, or\n(bb) assuming the corresponding liabilities under the contract,\n(ii) in the case of a consumer composite investment consisting of rights under other arrangements, assuming the corresponding liabilities under the arrangements, and\n(iii) in the case of any other consumer composite investment, granting the rights or interests of which it consists.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2024/9780348264227/regulation/5",
    "retrieved_at": "2026-10-30T14:40:38.517068+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}