{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-38",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-38.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "section/38",
  "kind": "section",
  "number": "38",
  "heading": "Exemption orders.",
  "text": "(1) The Treasury may by order (“an exemption order”) provide for—\n(a) specified persons, or\n(b) persons falling within a specified class,\nto be exempt from the general prohibition.\n(2) But a person cannot be an exempt person as a result of an exemption order if he has a Part 4A permission.\n(3) An exemption order may provide for an exemption to have effect—\n(a) in respect of all regulated activities;\n(b) in respect of one or more specified regulated activities;\n(c) only in specified circumstances;\n(d) only in relation to specified functions;\n(e) subject to conditions.\n(4) “Specified” means specified by the exemption order.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 38(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 4 (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 38(2) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 3"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 38(2) modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(b), 5, Sch. para. 3"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "S. 38(2) modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), arts. 1(2)(b), 5, Sch. para. 3"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "S. 38(2) modified (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(3), 7, Sch. para. 3(a)"
    },
    {
      "type": "C",
      "label": "C5",
      "text": "S. 38(2) modified (30.6.2008 for certain purposes, otherwise 1.1.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 7(1)(3)"
    },
    {
      "type": "C",
      "label": "C6",
      "text": "S. 38(2) modified (1.7.2009 for certain purposes, otherwise 30.6.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2009 (S.I. 2009/1342), arts. 1(2), 34, {Sch. paras. 1, 3}"
    },
    {
      "type": "C",
      "label": "C7",
      "text": "S. 38(2) modified (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 10(5)(a)"
    },
    {
      "type": "C",
      "label": "C8",
      "text": "S. 38(2) modified (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(2)(a)"
    },
    {
      "type": "C",
      "label": "C9",
      "text": "S. 38(2) modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(6)(a)"
    },
    {
      "type": "C",
      "label": "C10",
      "text": "S. 38(2) modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 83(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/section/38",
    "retrieved_at": "2026-10-29T09:21:21.899993+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."
}