OpenLegislation

The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2015

S.I. 2015/447 · Made 3 March 2015

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Financial Services And Markets

Made 3rd March 2015

Laid before Parliament 4th March 2015

Coming into force 30th March 2015

The Treasury make the following Order in exercise of the powers conferred on them by section 38 of the Financial Services and Markets Act 2000f1.

Annotations to the whole text

Footnotes

f1

2000 c. 8. Section 38 has been amended by paragraphs 1 and 4 of Schedule 18 to the Financial Services Act 2012 (c. 21). For the purposes of section 429(5)(b) this Order does not contain any provision that restricts or removes an exemption provided by the principal order.

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Financial Services and Markets Act 2000 (Exemption) Order 2001
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2015 and comes into force on 30th March 2015.

2Amendment of the Financial Services and Markets Act 2000 (Exemption) Order 2001

(1)

The Financial Services and Markets Act 2000 (Exemption) Order 2001f1 is amended as follows.

(2)

In Part 2 of the Schedule to the Order (persons exempt in respect of accepting deposits), paragraph 25 is omittedf2.

(3)

In Part 4 of the Schedule to the Order (persons exempt in respect of particular regulated activities), after paragraph 56, insert—

“Student Loans Company

57.
(1)

The Student Loans Company Limited is exempt from the general prohibition in respect of—

(a)

any regulated activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits)f3 in so far as it accepts deposits from the Secretary of State or the Scottish Ministers, in connection with, or for the purposes of, enabling eligible students to receive loans;

(b)

any regulated activity of the kind specified by article 39G of the Regulated Activities Order (debt administration)f4 in connection with, or for the purposes of, loans to eligible students.

(2)

In sub-paragraph (1)(a), “eligible student” means—

(a)

any person who is an eligible student pursuant to regulations made under Part 2 of the Teaching and Higher Education Act 1998f5;

(b)

any person to whom, or in respect of whom, loans may be paid under section 73(f) of the Education (Scotland) Act 1980f6;

(c)

any person who is an eligible student pursuant to regulations made under article 3 of the Education (Student Support) (Northern Ireland) Order 1998f7;

(d)

any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998f8 or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998f9.

(3)

In sub-paragraph (1)(b), “eligible student” means any person who is in receipt of or who is eligible to receive a loan of the kind mentioned in article 3(1) of the Teaching and Higher Education Act 1998 (Commencement No. 2 and Transitional Provisions) Order 1998 or article 3(1) of the Education (Student Support) (Northern Ireland) Order 1998 (Commencement and Transitional Provisions) Order (Northern Ireland) 1998.”.

Signature

Mark Lancaster

Gavin Barwell

Two of the Lords Commissioners of Her Majesty’s Treasury

3rd March 2015

Explanatory note

(This note is not part of the Order)

This Order amends the Financial Services and Markets Act 2000 (Exemption) Order 2001 (S.I. 2001/1201) (“the Exemption Order”).

The Exemption Order exempts certain persons from the general prohibition set out in section 19 of the Financial Services and Markets Act 2000 (c. 8), which provides that no person may carry on a regulated activity within the UK without being an authorised person or an exempt person. Regulated activities are activities of a kind specified by the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) which are carried on by way of business.

Article 2 extends the existing exemption of the Student Loans Company Limited (registered number 02401034). It is currently exempt in relation to the regulated activity of accepting certain deposits for the purposes of making loans to eligible students, now provided for in new paragraph 57(1)(a) and (2) of the Exemption Order (inserted by Article 2(3)). New paragraph 57(1)(b) and (3) ensure that the company is also exempt in relation to the regulated activity of debt administration, but in relation to a more limited class of eligible students.

This Order will have no effect on the costs of business and the voluntary sector. For that reason, no impact assessment has been produced for this instrument.