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Financial Services and Markets Act 2000 (Exemption) Order 2001

Consolidated Text As Enacted Cited authorities 93 Cited in Amendments 37 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2001/1201
Year2001
  • This Order may be cited as the Financial Services and Markets Act 2000 (Exemption) Order 2001 and comes into force on the day on which section 19 of the Act comes into force.
  • In this Order—
  • Each of the persons listed in Part I of the Schedule is exempt from the general prohibition in respect of any regulated activity other than an activity of the kind specified by article 10 of the Regulated Activities Order (effecting and carrying out contracts of insurance) .
  • Subject to the limitations, if any, expressed in relation to him, each of the persons listed in Part II of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits) .
    • article 14 (dealing in investments as principal) ;article 21 (dealing in investments as agent) ;article 25 (arranging deals in investments) ;article 37 (managing investments) ;article 40 (safeguarding and administering investments) ;article 45 (sending dematerialised instructions) ;article 51 (establishing etc. a collective investment scheme) ;article 52 (establishing etc. a stakeholder pension scheme) ;article 53 (advising on investments) .(2) Subject to the limitation, if any, expressed in relation to him, each of the persons listed in Part IV of the Schedule is exempt from the general prohibition in respect of any regulated activity of the kind referred to in relation to him, or an activity of the kind specified by article 64 of the Regulated Activities Order so far as relevant to any such activity.
  • A credit union, within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985, is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 5 of the Regulated Activities Order, but only until 1st July 2002.
    • (1) The Bank of England.(2) The central bank of an EEA State other than the United Kingdom.(3) The European Central Bank.(4) The European Community.(5) The European Atomic Energy Community.(6) The European Coal and Steel Community.(7) The European Investment Bank.(8) The International Bank for Reconstruction and Development.(9) The International Finance Corporation.(10) The International Monetary Fund.(11) The African Development Bank.(12) The Asian Development Bank.(13) The Caribbean Development Bank.(14) The Inter-American Development Bank.(15) The European Bank for Reconstruction and Development.(16) A municipal bank, that is to say a company which was, immediately before the coming into force of this Order, exempted from the prohibition in section 3 of the Banking Act 1987 Keesler Federal Credit Union, in so far as it accepts deposits from members, or dependants of members, of a visiting force of the United States of America, or from members, or dependants of members, of a civilian component of such a force.In sub-paragraph (1) , “member", “dependent" and “visiting force" have the meanings given by section 12 of the Visiting Forces Act 1952 (18) A body of persons certified as a school bank by the National Savings Bank or by an authorised person who has permission to accept deposits.(19) A local authority.Any body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute.In sub-paragraph (1) , “enactment" includes an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament.(21) The Council of Europe Resettlement Bank.from another charity; orin respect of which no interest or premium is payable.it accepts deposits in respect of which no interest or premium is payable; andthe total value of the deposits made by any one person does not exceed £10,000.(24) An industrial and provident society, in so far as it accepts deposits in the form of withdrawable share capital.The Student Loans Company Limited, in so far as it accepts deposits from the Secretary of State or the Scottish Ministers in connection with, or for the purposes of, enabling eligible students to receive loans.

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