Explanatory note

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 3A of the Exemption Order provides that the persons listed in Part 1A of the Schedule to that Order are exempt from the general prohibition in respect of any regulated activity. Article 2(2) of this Order amends Part 1A of the Schedule to the Exemption Order by adding the British Business Bank plc, together with various of its subsidiary companies, and the National Housing Bank Limited to the list of exempt persons.

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.