{
  "url": "https://openlegislation.uk/financial-services-act-1986-repealed/schedule-5/paragraph-2",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-repealed/schedule-5/paragraph-2.json",
  "legislation": "ukpga/1986/60",
  "legislation_title": "Financial Services Act 1986 (repealed)",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-repealed",
  "path": "schedule/5/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": null,
  "text": "(1) A transaction falls within this paragraph if it is in respect of an investment specified in sub-paragraph (2) below and—\n(a) in the case of an investment within any of paragraphs (a) to (d) of that sub-paragraph, the transaction is not regulated by the rules of a recognised investment exchange; and\n(b) in the case of any other investment specified in that sub-paragraph, the transaction is not made on such an exchange or expressed to be as so made.\n(2) The investments referred to above are—\n(a) a debenture or other instrument falling within paragraph 2 of Schedule 1 to this Act which is issued on terms requiring repayment not later than five years from the date of issue;\n(c) loan stock, or any other instrument, falling within paragraph 3 of Schedule 1 to this Act which is issued on terms requiring repayment not later than one year or, if issued by a local authority in the United Kingdom, five years from the date of issue;\n(d) a warrant or other instrument falling within paragraph 4 of Schedule 1 to this Act which entitles the holder to subscribe for an investment within paragraph (a) or (c) above;\n(e) any certificate or other instrument falling within paragraph 5 or 11 of Schedule 1 to this Act and relating to an investment within paragraph (a) or (c) above;\n(f) an option falling within paragraph 7 of Schedule 1 to this Act and relating to—\n(i) an investment within paragraph (a) or (c)above;\n(ii) currency of the United Kingdom or of any other country or territory; or\n(iii) gold or silver;\n(g) rights under a contract falling within paragraph 8 of Schedule 1 to this Act for the sale of—\n(i) an investment within paragraph (a) or (c) above;\n(ii) currency of the United Kingdom or of any other country or territory; or\n(iii) gold or silver;\n(h) rights under a contract falling within paragraph 9 of Schedule 1 to this Act by reference to fluctuations in—\n(i) the value or price of any investment falling within any of the foregoing paragraphs; or\n(ii) currency of the United Kingdom or of any other country or territory; or\n(iii) the rate of interest on loans in any such currency or any index of such rates;\n(i) an option to acquire or dispose of an investment within paragraph (f), (g) or (h) above.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 5 para. 2(2)(a) substituted (3.4.1997) for Sch. 5 para. 2(2)(a)(b) by S.I. 1996/816, art. 2(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 5 para. 2(2)(d)(e)(f)(i)and(g)(i) substituted (3.4.1997) by S.I. 1996/816, art. 2(b)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Sch. 5 Pt. I para. 2(2) amended (1.1.1993) by S.I. 1992/3218, reg. 82(1), Sch. 10 Pt. I para. 23."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/60/schedule/5/paragraph/2",
    "retrieved_at": "2026-10-29T09:53:57.234744+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."
}