# Finance Act 2011, Paragraph 38

Extent: E+W+S+N.I.

(1) Liabilities representing clients' money held by an authorised person are excluded.
(2) “ Authorised person ” means an entity which—
(a) is an authorised person for the purposes of FISMA 2000 (see section 31 of that Act), or
(b) would be required to be such an authorised person if it were a UK resident entity which carried on its activities in the United Kingdom.
(3) “Clients' money”—
(a) in relation to an authorised person within sub-paragraph (2)(a), has the meaning given by section 137B of FISMA 2000 (FCA general rules: clients’ money, right to rescind etc. ) , and
(b) in relation to an authorised person within sub-paragraph (2)(b), means any money held by the person outside the United Kingdom where the holding of that money is subject to rules comparable with rules made under section 137B of that Act,
but does not include a deposit within the meaning of article 5(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544) ignoring the exclusions in articles 6 to 9AB.

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Source: https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/38 (the official version)
Page: https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-38
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.