{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-amendment-no-3-order-2014/note",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-amendment-no-3-order-2014/note.json",
  "legislation": "uksi/2014/1740",
  "legislation_title": "The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2014",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-amendment-no-3-order-2014",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (“the RAO”). The effect of the amendment is that a credit agreement secured on land which is used, or intended to be used, as or in connection with a dwelling is an exempt agreement for the purposes of the Financial Services and Markets Act 2000 (c. 8) where the lender is a wholly-owned subsidiary of the Welsh Ministers; accordingly, the lender does not carry on a regulated activity for the purposes of that Act, and does not require authorisation under it. By extension, broking such a credit agreement is not itself a regulated activity specified by article 36A of the RAO for the purposes of that Act.\nAn impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2014/1740/note",
    "retrieved_at": "2026-10-29T00:10:58.630200+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}