Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001
| Jurisdiction | UK Non-devolved |
| Citation | SI 2001/1177 |
| Year | 2001 |
2001 No. 1177
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001
Made 26th March 2001
Coming into force in accordance with article 1
Whereas a draft of this Order has been approved by a resolution of each House of Parliament pursuant to section 429(1) of the Financial Services and Markets Act 20001;
Now, therefore, the Treasury, in exercise of the powers conferred on them by sections 419 and 428(3) of that Act, hereby make the following Order:
Citation, commencement and interpretation
1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001, and comes into force on the day on which section 19 of the Financial Services and Markets Act 2000 comes into force.
(2) In this Order—
(a)
(a) the “Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 20012;
(b)
(b) “contractually based investment”, “deposit”, “overseas person” and “security” have the same meaning as in that Order;
(c)
(c) “shares” and “debentures” mean any investment of the kind specified by article 76 or 77 of that Order;
(d)
(d) “units in a collective investment scheme” means any investment of the kind specified by article 81 of that Order;
(e)
(e) “warrants” means any investment of the kind specified by article 79 of that Order.
Deposit taking business
2.—(1) A person who carries on an activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits) is not to be regarded as doing so by way of business if—
(a)
(a) he does not hold himself out as accepting deposits on a day to day basis; and
(b)
(b) any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities.
(2) In determining for the purposes of paragraph (1)(b) whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.
Investment business
3.—(1) A person is not to be regarded as carrying on by way of business an activity to which this article applies, unless he carries on the business of engaging in one or more such activities.
(2) This article applies to an activity of the kind specified by any of the following provisions of the Regulated Activities Order, namely—
(a)
(a) article 14 (dealing in investments as principal);
(b)
(b) article 21 (dealing in investments as agent);
(c)
(c) article 25 (arranging deals in investments), except in so far as that activity relates to an investment of the kind specified by article 86 of that Order (Lloyd’s syndicate capacity and syndicate membership), or article 89 of that Order (rights and interests) so far as relevant to that article;
(d)
(d) article 37 (managing investments);
(e)
(e) article 40 (safeguarding and administering investments);
(f)
(f) article 45 (sending dematerialised instructions);
(g)
(g) article 51 (establishing etc. a collective investment scheme);
(h)
(h) article 52 (establishing etc. a stakeholder pension scheme);
(i)
(i) article 53 (advising on investments); and
(j)
(j) article 64 (agreeing), so far as relevant to any of the articles mentioned in sub-paragraphs (a) to (i).
(3) This article is without prejudice to article 4 of this Order.
Managing investments: occupational pension schemes
4.—(1) A person who carries on an activity of the kind specified by article 37 of the Regulated Activities Order (managing investments), where the assets in question are held for the purposes of an occupational pension scheme, is to be regarded as carrying on that activity by way of business, except where—
(a)
(a) he is a person to whom paragraph (2) applies; or
(b)
(b) all routine or day to day decisions in the carrying on of...
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