Regulation 2 Descriptions of business for which appointed representatives are exemptI1

United Kingdom

F1(1)

F2Subject to paragraph (2), any business which comprises—

F3(za)

an activity of the kind specified by article 21 of the Regulated Activities Order (dealing in investments as agent), where the transaction relates to—

(i)

a contract of insurance which is not a qualifying contract of insurance or a contract of long-term care insurance; or

(ii)

a funeral plan contract.

F4(zb)

an activity of the kind specified by article 24A of the Regulated Activities Order (bidding in emissions auctions), where that activity does not consist either of a person dealing on his own account or of the execution of orders on behalf of clients within the meaning of Part 3 of Schedule 2 to that Order;

(a)

an activity of the kind specified by article 25 of F5that Order (arranging deals in investments), where the arrangements are for or with a view to transactions relating to securities F6, relevant investments or structured deposits;

F7(ab)

an activity of the kind specified by article 25A of that Order (arranging regulated mortgage contracts);

F8(aba)

an activity of the kind specified by article 25B of that Order (arranging regulated home reversion plans);

(abb)

an activity of the kind specified by article 25C of that Order (arranging regulated home purchase plans);

F9(abc)

an activity of the kind specified by article 36A of that Order (credit broking);

F10(abd)

an activity of the kind specified by article 36H (operating an electronic system in relation to lending) of that Order;

F11(ac)

an activity of the kind specified by article 39A of that Order (assisting in the administration and performance of a contract of insurance);

F12(ad)

an activity of the kind specified by article 39D of that Order (debt adjusting);

(ae)

an activity of the kind specified by article 39E of that Order (debt-counselling);

(af)

an activity of the kind specified by article 39F of that Order (debt-collecting);

(ag)

an activity of the kind specified by article 39G of that Order (debt administration);

(b)

an activity of the kind specified by article 40 of that Order (safeguarding and administering investments), where the activity consists of arranging for one or more other persons to safeguard and administer assets;

F13(ba)

an activity of the kind specified by article 52B of that Order (providing basic advice on stakeholder products);

(c)

an activity of the kind specified by article 53 of that Order (advising on investments); F14...

F15(ca)

an activity of the kind specified by article 53A of that Order (advising on regulated mortgage contracts); F16...

F17(cb)

an activity of the kind specified by article 53B of that Order (advising on regulated home reversion plans);

(cc)

an activity of the kind specified by article 53C of that Order (advising on regulated home purchase plans); F18...

F19(cca)

an activity of the kind specified by article 53DA of that Order (advising on regulated credit agreements for the acquisition of land);

F20(ccb)

an activity of the kind specified by article 53E of that Order (advising on conversion or transfer of pension benefits);

F21(cd)

an activity of the kind specified by article 60B of that Order (regulated credit agreements) when carried on in relation to a credit agreement (within the meaning of that Order) under which the credit is provided free of interest and without any other charges;

(ce)

an activity of the kind specified by article 60N of that Order (regulated consumer hire agreements);

(d)

an activity of the kind specified by article 64 of that Order (agreeing to carry on activities), so far as relevant to an activity falling within F22sub-paragraph F23(za), (a), (ab), (ac) F24(ad), (ae), (af), (ag), F25(aba), (abb), F26(abc), (b), (c), (ca), (cb) F27, (cc), (cd) or (ce); F28or

(e)

an activity of the kind specified by article 89A of that Order (providing credit information services);

is prescribed for the purposes of subsection (1)(a)(i) of section 39 of the Act (exemption of appointed representatives).

F29(1A)

In its application to a contract with a principal who is F30a CRR firm, or a relevant investment firm or credit institution, the list in paragraph (1) shall be treated as including in addition—

(a)

the activity of placing financial instruments F31or structured deposits,

(b)

the activity of providing advice to clients or potential clients in relation to the placing of financial instruments F32or structured deposits.

(F331B)

In paragraph (1A)—

“clients” has the meaning given in Article 2.1.7 of the markets in financial instruments regulation;
“CRR firm” has the meaning given in Article 4.1.2A of the capital requirements regulation, except that it does not include an investment firm;
“financial instruments” has the meaning given in Article 2.1.9 of the markets in financial instruments regulation;
“relevant investment firm or credit institution” means a person falling within Article 1.2(a)(i) of the markets in financial instruments regulation.

F34(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Reg. 2 renumbered as reg. 2(1) (1.12.2001) by The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2001 (S.I. 2001/2508), regs. 1, 2(a)
F2: Words in reg. 2(1) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2001 (S.I. 2001/2508), regs. 1, 2(b)
F3: Reg. 2(1)(za) substituted (28.1.2021 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 (S.I. 2021/90), arts. 1(2)(3), 4(3)
F4: Reg. 2(1)(zb) inserted (20.7.2012) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 (S.I. 2012/1906), arts. 1, 5(b)
F5: Words in reg. 2(1)(a) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 14(3)(b)(i)
F6: Words in reg. 2(1)(a) substituted (1.4.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 7(3)(a) and (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 3(2)(a) (with reg. 7)
F7: Reg. 2(1)(ab) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 23(3)(a)
F8: Reg. 2(1)(aba)(abb) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 31(3)(a)
F9: Reg. 2(1)(abc) inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 15(2)(a)
F10: Reg. 2(1)(abd) inserted (1.4.2014) by The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2014 (S.I. 2014/206), regs. 1, 2(2)
F11: Reg. 2(1)(ac) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 14(3)(c) and amended by S.I. 2004/453, regs. 1(2)(b), 3(4).
F12: Reg. 2(1)(ad)-(ag) inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 15(2)(b)
F13: Reg. 2(1)(ba) inserted (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2004 (S.I. 2004/2737), arts. 1(1), 5(2)
F14: Word in reg. 2(1)(c) omitted (31.10.2004) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 23(3)(b)
F15: Reg. 2(1)(ca) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 23(3)(c)
F16: Word in reg. 2(1)(ca) deleted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 31(3)(b)
F17: Reg. 2(1)(cb)(cc) inserted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 31(3)(c)
F18: Word in reg. 2(1)(cc) omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 15(2)(c)
F19: Reg. 2(1)(cca) inserted (20.4.2015 for specified purposes) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 7(2) (with Pt. 4)
F20: Reg. 2(1)(ccb) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 34(5), 41(3) (with s. 34(7)); S.I. 2016/627, reg. 2(1)(y)
F21: Reg. 2(1)(cd)(ce) inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 15(2)(c)
F22: Words in reg. 2(1)(d) substituted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 14(3)(d)
F23: Word in reg. 2(1)(d) substituted (20.7.2012) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 (S.I. 2012/1906), arts. 1, 5(c)
F24: Words in reg. 2(1)(d) inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 15(2)(d)(ii)
F25: Words in reg. 2(1)(d) substituted (6.11.2006 for specified purposes, 6.4.2007 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 31(3)(d)
F26: Word in reg. 2(1)(d) inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 15(2)(d)(i)
F27: Words in reg. 2(1)(d) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 15(2)(d)(iii)
F28: Reg. 2(1)(e) and word inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 15(2)(e)
F29: Reg. 2(1A)(1B) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2006 (S.I. 2006/3414), regs. 1, 4(a)
F30: Words in reg. 2(1A) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 178(3)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F31: Words in reg. 2(1A)(a) inserted (1.4.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 7(3)(b)
F32: Words in reg. 2(1A)(b) inserted (1.4.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (S.I. 2017/488), art. 1(2), Sch. para. 7(3)(b)
F33: Reg. 2(1B) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 178(3)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F34: Reg. 2(2)(3) omitted (1.11.2007) by virtue of The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2006 (S.I. 2006/3414), regs. 1, 4(b)

Commencement

I1: Reg. 2 in force at 1.12.2001, see reg. 1(1)