{
  "url": "https://openlegislation.uk/financial-services-act-1986-exemption-order-1996/note",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-exemption-order-1996/note.json",
  "legislation": "uksi/1996/1587",
  "legislation_title": "The Financial Services Act 1986 (Exemption) Order 1996",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-exemption-order-1996",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThe Order provides an exemption from the authorisation requirements of the Financial Services Act 1986 for a person who has been approved under the Uncertificated Securities Regulations 1995 as an Operator. The exemption extends to anything which an Operator does which constitutes the carrying on of investment business where it is done for the purpose of operating a system for transferring title to investments. The Order does not extend to anything which an Operator does in his capacity as a person providing clearing services for the transaction of investment business.\nThe Order also exempts from the authorisation requirements of the Financial Services Act 1986 persons who engage in certain activities relating to the sending of instructions through a system approved under the Uncertificated Securities Regulations 1995 where the persons in question engage in those activities as a necessary part of their provision of a network the purpose of which is to carry instructions of the kind described in article 3 of the Order.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1996/1587/note",
    "retrieved_at": "2026-10-29T12:41:32.235600+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."
}