The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 in Northern Ireland
S.I. 2001/544 · Made 26 February 2001 · Extends to United Kingdom
FINANCIAL SERVICES AND MARKETS
Approved by both Houses of ParliamentMade 26th February 2001
Laid before Parliament 27th February 2001
Coming into force in accordance with article 2
The Treasury, in exercise of the powers conferred on them by sections 22(1) and (5), 426 and 428(3) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 2000M1, hereby make the following Order:
Annotations to the whole text
Marginal citations
- M1
Contents
- Part I: GENERAL
- 1Citation
- 2Commencement
- 3Interpretation
- Part II: SPECIFIED ACTIVITIES
- Chapter I: General
- 4Specified activities: general
- Chapter II: Accepting Deposits
- The activity
- 5Accepting deposits
- Exclusions
- 6Sums paid by certain persons
- 7Sums received by solicitors etc.
- 8Sums received by persons authorised to deal etc.
- 9Sums received in consideration for the issue of debt securities
- 9ASums received in exchange for electronic money
- 9AZASums in exchange for qualifying stablecoin
- 9AA...Managers of UCITS and AIFs
- 9ABFunds received for payment services
- 9ACLocal authorities
- Chapter IIA: ELECTRONIC MONEY
- The activity
- 9BIssuing electronic money
- 9BAArticle 9BA
- Exclusions
- 9CPersons certified as small issuers etc.
- 9DApplications for certificates
- 9ERevocation of certificate on FCA’s own initiative
- 9FRevocation of certificate on request
- 9GObtaining information from certified persons etc.
- Supplemental
- 9HRules prohibiting the issue of electronic money at a discount
- 9IFalse claims to be a certified person
- 9JExclusion of electronic money from the compensation scheme
- 9KRecord of certified persons
- 9LFunds received for payment services Repealed
- Chapter 2B: Cryptoassets
- Issuing qualifying stablecoin: the activity
- 9MIssuing qualifying stablecoin
- Safeguarding of qualifying cryptoassets and specified investment cryptoassets: the activities
- 9NSafeguarding of qualifying cryptoassets and relevant specified investment cryptoassets
- Safeguarding of qualifying cryptoassets and specified investment cryptoassets: exclusions
- 9OArticle 9N exclusion: group activity
- 9PArticle 9N exclusion:introductions
- 9QArticle 9N exclusion: temporary settlement arrangements
- 9RArticle 9N exclusion: other exclusions
- Operating a qualifying cryptoasset trading platform: the activity
- 9SOperating a qualifying cryptoasset trading platform
- Dealing in qualifying cryptoassets as principal: the activity
- 9TDealing in qualifying cryptoassets as principal
- Dealing in qualifying cryptoassets as principal: exclusions
- 9UArticle 9T exclusion:absence of holding out etc.
- 9VArticle 9T exclusion: other exclusions
- Dealing in qualifying cryptoassets as agent: the activity
- 9WDealing in qualifying cryptoassets as agent
- Dealing in qualifying cryptoassets as agent: exclusions
- 9XArticle 9W: exclusions
- Arranging deals in qualifying cryptoassets: the activity
- 9YArranging deals in qualifying cryptoassets
- Arranging deals in qualifying cryptoassets: exclusions
- 9ZArticle 9Y exclusion: arrangements not causing a deal
- 9Z1Article 9Y exclusion: introducing
- 9Z2Article 9Y exclusion: enabling parties to communicate
- 9Z3Article 9Y exclusion: arranging transactions to which the arranger is a party
- 9Z4Article 9Y exclusion: trustees, nominees and personal representatives
- 9Z5Article 9Y: other exclusions
- Qualifying cryptoasset staking: the activity
- 9Z6Qualifying cryptoasset staking
- Qualifying cryptoasset staking: exclusions
- 9Z7Article 9Z6 exclusion: introducing
- 9Z8Article 9Z6 exclusion: enabling parties to communicate
- 9Z9Article 9Z6 exclusion: technical services exclusion
- Cryptoassets: general exclusions
- 9Z10Activities carried on for the sale of goods or supply of services
- 9Z11Activities incidental to the carrying on of a profession or business
- Chapter III: Insurance
- The activities
- 10Effecting and carrying out contracts of insurance
- Exclusions
- 11Community co-insurers Repealed
- 12Breakdown insurance
- 12A...Managers of UCITS and AIFs
- 12BTransformer vehicles: insurance risk transformation
- Supplemental
- 13Application of sections 327 and 332 of the Act to insurance market activities
- Chapter 3A: Insurance risk transformation
- 13ATransformer vehicles: insurance risk transformation
- Chapter IV: Dealing in Investments as Principal
- The activity
- 14Dealing in investments as principal
- Exclusions
- 15Absence of holding out etc.
- 16Dealing in contractually based investments
- 17Acceptance of instruments creating or acknowledging indebtedness
- 18Issue by a company of its own shares etc.
- 18ADealing by a company in its own shares
- 19Risk management
- 19ATransformer vehicles: insurance risk transformation
- 20Other exclusions
- Chapter V: Dealing in Investments as Agent
- The activity
- 21Dealing in investments as agent
- Exclusions
- 22Deals with or through authorised persons
- 23Risk management
- 24Other exclusions
- Chapter 5A: Bidding in Emissions Auctions
- The activity
- 24ABidding in emissions auctions
- Exclusions
- 24BMiscellaneous exclusions
- Chapter VI: Arranging Deals in Investments
- The activities
- 25Arranging deals in investments
- 25AArranging regulated mortgage contracts
- 25BArranging regulated home reversion plans
- 25CArranging regulated home purchase plans
- 25DOperating a multilateral trading facility
- 25DAOperating an organised trading facility
- 25DBOperating an electronic system for public offers of relevant securities
- 25EArranging regulated sale and rent back agreements
- Exclusions
- 26Arrangements not causing a deal
- 27Enabling parties to communicate
- 28Arranging transactions to which the arranger is a party
- 28AArranging contracts , plans or agreements to which the arranger is a party
- 29Arranging deals with or through authorised persons
- 29AArrangements made in the course of administration by authorised person
- 30Arranging transactions in connection with lending on the security of insurance policies
- 31Arranging the acceptance of debentures in connection with loans
- 32Provision of finance
- 33Introducing
- 33AIntroducing to authorised persons etc.
- 33BProvision of information – contracts of insurance
- 34Arrangements for the issue of shares etc.
- 35International securities self-regulating organisations
- 35ATrade repositories
- 35ABSecuritisation repositories
- 35BProviding pensions guidance ...
- 36Other exclusions
- Chapter 6A: Credit Broking
- The activity
- 36ACredit broking
- Exclusions
- 36BIntroducing by individuals in the course of canvassing off trade premises
- 36CActivities for which no fee is paid
- 36DTransaction to which the broker is a party
- 36EActivities in relation to certain agreements relating to land
- 36FActivities carried on by members of the legal profession etc
- 36FAActivities carried on by registered social landlords
- 36FBActivities in relation to certain regulated credit agreements
- 36GOther exclusions
- Chapter 6B: Operating an Electronic System in Relation to Lending
- The activity
- 36HOperating an electronic system in relation to lending
- Exclusion
- 36IInformation society services Repealed
- 36IAActivities in relation to debentures and bonds
- Supplemental
- 36JMeaning of “consumer”
- Chapter VII: Managing Investments
- The activity
- 37Managing investments
- Exclusions
- 38Attorneys
- 39Other exclusions
- Chapter VIIA: Assisting in the Administration and Performance of a Contract of Insurance
- The activity
- 39AAssisting in the administration and performance of a contract of insurance
- Exclusions
- 39BClaims management on behalf of an insurer etc.
- 39COther exclusions
- Chapter 7B: Activities in Relation to Debt
- The activities
- 39DDebt adjusting
- 39EDebt-counselling
- 39FDebt-collecting
- 39GDebt administration
- Exclusions
- 39HActivities where person has a connection to the agreement
- 39IActivities carried on by certain energy suppliers
- 39JActivities carried on in relation to a relevant agreement in relation to land
- 39KActivities carried on by members of the legal profession etc
- 39KAActivities carried on by reason of providing pensions guidance ...
- 39LOther exclusions
- Supplemental
- 39MMeaning of “consumer” etc.
- Chapter VIII: Safeguarding and Administering Investments
- The activity
- 40Safeguarding and administering investments
- Exclusions
- 41Acceptance of responsibility by third party
- 42Introduction to qualifying custodians
- 42ADepositaries of UK UCITS and AIFs
- 43Activities not constituting administration
- 44Other exclusions
- Chapter IX: Sending Dematerialised Instructions
- The activities
- 45Sending dematerialised instructions
- Exclusions
- 46Instructions on behalf of participating issuers
- 47Instructions on behalf of settlement banks
- 48Instructions in connection with takeover offers
- 49Instructions in the course of providing a network
- 50Other exclusions
- Chapter X: Collective Investment ...
- The activities
- 51Establishing etc. a collective investment scheme Repealed
- 51ZAManaging a UK UCITS
- 51ZBActing as trustee or depositary of a UK UCITS
- 51ZCManaging an AIF
- 51ZDActing as trustee or depositary of an AIF
- 51ZEEstablishing etc. a collective investment scheme
- Exclusions
- 51ZFPersons excluded from managing an AIF
- 51ZGOperating a collective investment scheme in relation to a UK UCITS or an AIF
- ...
- 51AOther exclusions
- Chapter XI: ... Pension Schemes
- The activities
- 52Establishing etc. a pension scheme
- Exclusion
- 52AOther exclusions
- Chapter XIA: Providing Basic Advice On Stakeholder Products
- The activity
- 52BProviding basic advice on stakeholder products
- Exclusion
- 52CProviding pensions guidance ...
- Chapter XII: Advising on Investments
- The activity
- 53Advising on investments
- 53AAdvising on regulated mortgage contracts
- 53BAdvising on regulated home reversion plans
- 53CAdvising on regulated home purchase plans
- 53DAdvising on regulated sale and rent back agreements
- 53DAAdvising on regulated credit agreements for the acquisition of land
- 53EAdvising on conversion or transfer of pension benefits
- Exclusions
- 54Advice given in newspapers etc.
- 54AAdvice given in the course of administration by authorised person
- 54BAdvice given by reason of providing pensions guidance ...
- 55Other exclusions etc.
- Chapter 12A: Providing Targeted Support
- 55AProviding Targeted Support
- Chapter XIII: Lloyd’s
- The activities
- 56Advice on syndicate participation at Lloyd’s
- 57Managing the underwriting capacity of a Lloyd’s syndicate
- 58Arranging deals in contracts of insurance written at Lloyd’s
- Exclusion
- 58A... Managers of UCITS and AIFs
- Chapter XIV: Funeral Plan Contracts
- The activity
- 59Funeral plan contracts
- Exclusions
- 60Plans covered by insurance or trust arrangements Repealed
- 60ZALocal authorities
- 60A...Managers of UCITS and AIFs
- 60AAInsolvency practitioners
- Chapter 14A: Regulated Credit Agreements
- The activities
- 60BRegulated credit agreements
- 60CExempt agreements: exemptions relating to the nature of the agreement
- 60DExempt agreements: exemption relating to the purchase of land for non-residential purposes
- 60EExempt agreements: exemptions relating to the nature of the lender
- 60FExempt agreements: exemptions relating to number of repayments to be made
- 60GExempt agreements: exemptions relating to the total charge for credit
- 60HExempt agreements: exemptions relating to the nature of the borrower
- 60HAExempt agreements: provision qualifying articles 60E and 60F
- Exclusions
- 60IArranging administration by authorised person
- 60JAdministration pursuant to agreement with authorised person
- 60JAPayment institutions Repealed
- 60JBElectronic money institutions Repealed
- 60KOther exclusions
- Supplemental
- 60LInterpretation of Chapter 14A etc.
- 60LAMeaning of consumer etc.
- 60MTotal charge for credit
- Chapter 14B: Regulated Consumer Hire Agreements
- The activities
- 60NRegulated consumer hire agreements
- 60OExempt agreements: exemptions relating to nature of agreement
- 60PExempt agreements: exemptions relating to supply of essential services
- 60QExempt agreements: exemptions relating to the nature of the hirer
- Exclusion
- 60ROther exclusions
- Supplemental
- 60SMeaning of consumer etc.
- Chapter XV: Regulated Mortgage Contracts
- The activities
- 61Regulated mortgage contracts
- 61AMortgage contracts which are not regulated mortgage contracts
- Exclusions
- 62Arranging administration by authorised person
- 63Administration pursuant to agreement with authorised person
- 63AOther exclusions
- Chapter XVA: Regulated Home Reversion Plans
- The activities
- 63BEntering into and administering regulated home reversion plans
- Exclusions
- 63CArranging administration by authorised person
- 63DAdministration pursuant to agreement with authorised person
- 63EOther exclusions
- Chapter XVB: Regulated Home Purchase Plans
- The activities
- 63FEntering into and administering regulated home purchase plans
- Exclusions
- 63GArranging administration by authorised person
- 63HAdministration pursuant to agreement with authorised person
- 63IOther exclusions
- Chapter XVC: Regulated Sale and Rent Back Agreements
- The activities
- 63JEntering into and administering regulated sale and rent back agreements
- Exclusions
- 63KArranging administration by authorised person
- 63LAdministration pursuant to agreement with authorised person
- 63MOther exclusions
- Chapter 15D: Activities of Reclaim Funds
- The activities
- 63NDormant account funds
- Chapter 15E: Specified Benchmarks
- The activities
- 63OSpecified benchmarks Repealed
- 63PPublicly available factual data and subscription services Repealed
- 63QAdministration of a specified benchmark by the FCA Repealed
- 63RSchedule Repealed
- 63SAdministering a benchmark
- 63TAdministration of a benchmark by the FCA
- Chapter 15F: ESG RATINGS
- The activity
- 63UESG ratings
- Exclusions
- 63VRegulated products and services
- 63WUnregulated benchmarks
- 63XUnregulated credit ratings
- 63YIntra-group ratings
- 63ZPrivate use
- 63Z1Ancillary non-commercial provision
- 63Z2Public authorities, central banks and international organisations
- 63Z3Accreditation or certification
- 63Z4Regulatory or legal requirement
- 63Z5Proxy advice
- 63Z6Other exclusion
- Supplemental
- 63Z7Interpretation
- Chapter XVI: Agreeing to Carry on Activities
- The activity
- 64Agreeing to carry on specified kinds of activity
- Exclusions
- 65Overseas persons etc
- Chapter XVII: Exclusions Applying to Several Specified Kinds of Activity
- 66Trustees, nominees and personal representatives
- 67Activities carried on in the course of a profession or non-investment business
- 68Activities carried on in connection with the sale of goods or supply of services
- 69Groups and joint enterprises
- 70Activities carried on in connection with the sale of a body corporate
- 71Activities carried on in connection with employee share schemes
- 72Overseas persons
- 72ZASwiss mutual recognition firms
- 72AInformation society services Repealed
- 72AAManagers of UK UCITS and AIFs
- 72BActivities carried on by a provider of relevant goods or services
- 72CProvision of information on an incidental basis
- 72DLarge risks contracts where risk situated outside the United Kingdom
- 72EBusiness Angel-led Enterprise Capital Funds
- 72FInterpretation
- 72GLocal authorities
- 72HInsolvency practitioners
- 72IRegistered consumer buy-to-let mortgage firms
- 72JPersons seeking to use the exemption under Article 2.1(j) of the markets in financial instruments directive
- Part III: SPECIFIED INVESTMENTS
- 73Investments: general
- 74Deposits
- 74AElectronic money
- 75Contracts of insurance
- 76Shares etc.
- 77Instruments creating or acknowledging indebtedness
- 77AAlternative finance investment bonds
- 78Government and public securities
- 79Instruments giving entitlements to investments
- 80Certificates representing certain securities
- 81Units in a collective investment scheme
- 82Rights under a pension scheme
- 82ZAPensions in respect of which information is requested or provided using a pensions dashboard service
- 82AGreenhouse gas emissions allowances
- 82BEmission allowances
- 83Options
- 84Futures
- 85Contracts for differences etc.
- 86Lloyd’s syndicate capacity and syndicate membership
- 87Funeral plan contracts
- 88Regulated mortgage contracts
- 88ARegulated home reversion plans
- 88BRegulated home purchase plans
- 88CRegulated sale and rent back agreements
- 88DCredit agreement
- 88EConsumer hire agreement
- 88FQualifying cryptoassets
- 88GQualifying stablecoin
- 89Rights to or interests in investments
- Part 3A: SPECIFIED ACTIVITIES IN RELATION TO INFORMATION
- Chapter The activities
- 89AProviding credit information services
- 89BProviding credit references
- 89BAOperating a pensions dashboard service
- Chapter Exclusions
- 89CActivities carried on by members of the legal profession, etc
- 89DOther exclusions
- Chapter Supplemental
- 89EMeaning of “consumer” etc.
- The activities
- 89FSpecified kinds of claims management activity
- 89GSeeking out, referrals and identification of claims or potential claims
- 89HAdvice, investigation or representation in relation to a personal injury claim
- 89IAdvice, investigation or representation in relation to a financial services or financial product claim
- 89JAdvice, investigation or representation in relation to a housing disrepair claim
- 89KAdvice, investigation or representation in relation to a claim for a specified benefit
- 89LAdvice, investigation or representation in relation to a criminal injury claim
- 89MAdvice, investigation or representation in relation to an employment related claim
- Exclusions
- 89NClaims management activity conducted by legal professionals
- 89OClaims management activity conducted by a charity or not-for-profit agency
- 89PClaims management activity conducted by a person appointed by a statutory or other public body
- 89QClaims management activity conducted by the Motor Insurers’ Bureau
- 89RClaims management activity conducted by a medical defence union
- 89SClaims management activity conducted an independent trade union
- 89TClaims management activity conducted by a students’ union
- 89UClaims management activity conducted by an insurance intermediary
- 89VCertain providers of referrals
- 89WServices in connection with counterclaims and claims against third parties
- Part IV: CONSEQUENTIAL PROVISIONS
- Regulated mortgage contracts: consequential provisions
- 90Consequential amendments of the Consumer Credit Act 1974 Repealed
- 91Consequential amendments of subordinate legislation under the Consumer Credit Act 1974 Repealed
- Part V: UNAUTHORISED PERSONS CARRYING ON INSURANCE DISTRIBUTION ACTIVITIES
- 92Interpretation
- 93Duty to maintain a record of unauthorised persons carrying on insurance distribution activities
- 94Members of designated professional bodies
- 95Exclusion from record where not fit and proper to carry on insurance distribution activities
- 96Exclusion from the record where FCA has exercised its powers under Part XX of the Act
- Part 6: MISCELLANEOUS
- 97Disapplication of section 49(2) of the Act
- 98Application of section 137B of the Act to backing assets for qualifying stablecoin
- 99Application of section 137B of the Act to safeguarding of qualifying cryptoassets
- Signature
- Schedule 1: CONTRACTS OF INSURANCE
- Part I: CONTRACTS OF GENERAL INSURANCE
- 1Accident
- 2Sickness
- 3Land vehicles
- 4Railway rolling stock
- 5Aircraft
- 6Ships
- 7Goods in transit
- 8Fire and natural forces
- 9Damage to property
- 10Motor vehicle liability
- 11Aircraft liability
- 12Liability of ships
- 13General liability
- 14Credit
- 15Suretyship
- 16Miscellaneous financial loss
- 17Legal expenses
- 18Assistance
- Part II: CONTRACTS OF LONG-TERM INSURANCE
- ILife and annuity
- IIMarriage and birth
- IIILinked long term
- IVPermanent health
- VTontines
- VICapital redemption contracts
- VIIPension fund management
- VIIICollective insurance etc.
- IXSocial insurance
- Schedule 2: Financial Instruments and Investment services and activities
- Part 1: ...
- Chapter: “Financial instruments
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- Part 2: Provisions supplementing Part 1
- 1Interpretation
- 2Paragraph 2 of Part 1: “money-market instruments”
- 3Paragraph 4 of Part 1: exclusion of certain derivative contracts relating to currencies
- 4Paragraphs 6 and 7 of Part 1: wholesale energy products that must be physically settled
- 5Paragraph 7 of Part 1: treatment of certain derivative financial instruments
- 6Paragraphs 7 and 10 of Part 1: exclusion of certain energy contracts
- 7Paragraph 10 of Part 1: further derivative contracts included
- 8Paragraph 10 of Part 1: treatment of certain derivative contracts
- Part 3: SECTION A OF ANNEX I TO THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE
- Chapter: “Investment services and activities
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Part 3A: ANCILLARY SERVICES
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- Part 4: Investment advice
- ......
- 5Interpretation
- Schedule 3: Exemptions from the definition of “investment firm”
- Part 1
- 1Paragraph 1
- 2Paragraph 2
- 2AParagraph 2A
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Part 2: Provision of investment service in an incidental manner
- 6Paragraph 6
- Part 3: Direct electronic access and high-frequency algorithmic trading technique
- 7“Direct electronic access”
- 8“High-frequency algorithmic trading”
- 9High message intraday rate
- 10Interpretation
- Schedule 4: Relevant Text of the Insurance Distribution Directive Repealed
- 1Article 1.3 Repealed
- 2Article 2.1(1) Repealed
- 3Article 2.1(2) Repealed
- 4Article 2.1(4) Repealed
- 5Article 2.2 Repealed
- Part 6: Modifications of Article 1.3, 2.1(2) and (4) and 2.2 Repealed
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- Schedule 5SPECIFIED BENCHMARKS Repealed
- Schedule 6: FUNCTIONS INCLUDED IN THE ACTIVITY OF MANAGING A UCITS: ANNEX II TO THE UCITS DIRECTIVE
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- Schedule 7ADDITIONAL ACTIVITIES INCLUDED IN THE ACTIVITY OF MANAGING AN AIF LISTED IN PARAGRAPH 2 OF ANNEX I TO THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE
- Schedule 8: PERSONS EXCLUDED FROM REGULATED ACTIVITY OF MANAGING AN AIF
- 1Interpretation of this Schedule
- 1AParagraph 1A
- 1BParagraph 1B
- 2Persons excluded
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- Explanatory note