{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-regulated-activities-amendment-order-2018/note",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-regulated-activities-amendment-order-2018/note.json",
  "legislation": "ukdsi/2018/9780111169292",
  "legislation_title": "The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018",
  "legislation_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-regulated-activities-amendment-order-2018",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order makes amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (“the RAO”) to amend the criteria by which alternative investment finance bonds qualify as a specified investment under the RAO. The RAO specifies kinds of activities and investments for the purposes of the Financial Services and Markets Act 2000 (c.8) (“the Act”). Section 19 of the Act prohibits persons from carrying on any regulated activity in the United Kingdom unless they are authorised or exempt.\nArticle 2 of this Order expands upon the conditions set out in article 77A(2) of the RAO, allowing for a broader range of alternative finance investment bonds. This amendment provides that arrangements involving securities which are traded on a multilateral trading facility or an organised trading facility may satisfy the conditions in article 77A and may be treated as alternative investment finance bonds. This amendment is made so that alternative finance investment bonds are afforded equivalent treatment to conventional bonds in this respect.\nArticle 3 amends the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (S.I. 2001/1177) so that a person administering a benchmark as specified in the RAO will be regarded as carrying on the activity by way of business. This means the person will be required to be authorised under the Financial Services and Markets Act 2000 in order to do so.\nAn impact assessment has not been produced for this instrument as no significant impact on the costs of business or the voluntary sector is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111169292/note",
    "retrieved_at": "2026-10-30T15:04:39.757488+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."
}