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:
insert a new article 3A, which provides an exemption from the general prohibition in respect of any regulated activity;
insert a new Part 1A of the Schedule, which lists persons exempt under article 3A;
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.