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The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2025

S.I. 2025/250 · Made 3 March 2025

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 2025

Laid before Parliament 5th March 2025

Coming into force 31st March 2025

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

Annotations to the whole text

Footnotes

f1

2000 c. 8.

Contents

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

1Citation, commencement and extent

(1)

This Order may be cited as the Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2025.

(2)

This Order comes into force on 31st March 2025.

(3)

This Order extends to England and Wales, Scotland, and Northern Ireland.

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)

After article 3 insert—

“Persons exempt in respect of any regulated activity

3A

Each of the persons listed in Part 1A of the Schedule is exempt from the general prohibition in respect of any regulated activity.”.

(3)

In Part I of the Schedule (persons exempt in respect of any regulated activity other than insurance business), omit paragraph 15Df2.

(4)

After Part I of the Schedule, insert—

“Part 1A

PERSONS EXEMPT IN RESPECT OF ANY REGULATED ACTIVITY

15E

National Wealth Fund Limitedf3.”.

Signature

Vicky Foxcroft

Jeff Smith

Two of the Lords Commissioners of His Majesty's Treasury

3rd March 2025

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.

This Order broadens the scope of the existing exemption for National Wealth Fund Limited by amending the Exemption Order to:

(a)

insert a new article 3A, which provides an exemption from the general prohibition in respect of any regulated activity;

(b)

insert a new Part 1A of the Schedule, which lists persons exempt under article 3A;

(c)

remove National Wealth Fund Limited from Part I of the Schedule and add it to the list of persons in Part 1A of the Schedule.

An impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.