{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001/article-63V",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001/article-63V.json",
  "legislation": "uksi/2001/544",
  "legislation_title": "The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001",
  "path": "article/63V",
  "kind": "article",
  "number": "63V",
  "heading": "Regulated products and services",
  "text": "(1) A person does not carry on an activity of the kind specified by article 63U by providing an ESG rating in the course of carrying on—\n(a) another activity which is carried on in accordance with a Part 4A permission and is—\n(i) a regulated activity, or\n(ii) an ancillary service listed in Part 3A of Schedule 2;\n(b) an activity for which they are subject to approval by the FCA under a provision of assimilated law or legislation restated by virtue of section 4 (power to restate and modify saved legislation) of the Financial Services and Markets Act 2023;\n(c) an activity that is within the scope of a market access arrangement;\n(d) an activity in relation to—\n(i) a scheme recognised for the purposes of Part 17 of the Act, or\n(ii) an AIF which is marketed under regulation 58 (marketing of AIFs managed by small third country AIFMs) or 59 (marketing of AIFs managed by other third country AIFMs) of the Alternative Investment Fund Managers Regulations 2013.\n(2) For the purposes of paragraph (1), an ESG rating is not provided in the course of carrying on an activity under any of sub-paragraphs (a) to (d) where it is provided as a standalone product or service.\n(3) In this article—\n“approval by the FCA” includes authorisation, registration, and any other functionally equivalent process of approval however expressed;\n“market access arrangement” means—\n(a)the provision of a credit rating by a credit rating agency which is certified by the FCA under Article 5 (equivalence and certification based on equivalence) of the UK CRAR;\n(b)an arrangement under which a person provides a benchmark to supervised entities for the purposes of the UK Benchmarks Regulation, which is—\n(i)in reliance on—\n(aa)Article 30 (equivalence),\n(bb)Article 32 (recognition of an administrator located in a third country), or\n(cc)Article 33 (endorsement of benchmarks provided in a third country), and\n(ii)in respect of which the person is included on the FCA’s register of administrators and benchmarks under Article 36(1) (b), (c) or (d) (register of administrators and benchmarks),\nof that Regulation;\n(c)an arrangement under which a person provides a benchmark to supervised entities under Article 51(5) (transitional provisions) of the UK Benchmarks Regulation;\n(d)an activity which is carried on—\n(i)by an overseas person and which is subject to an exclusion in article 72 (overseas persons), other than an activity of the kind specified by article 63U;\n(ii)by a registered Swiss supplier in the circumstances described in article 72ZA(1) (Swiss mutual recognition firms).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 2 Ch. 15F inserted (16.12.2025 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 (S.I. 2025/1349), arts. 2, 6 (with arts. 8-22)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/544/article/63V",
    "retrieved_at": "2026-10-29T08:01:12.377334+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."
}