Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001
| Jurisdiction | UK Non-devolved |
| Citation | SI 2001/1227 |
2001 No. 1227
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001
Made 27th March 2001
Coming into force in accordance with article 1(2) and (3)
Whereas:
This Order contains the first provision to be made in exercise of the power conferred by section 327(6) of the Financial Services and Markets Act 20001;
In accordance with section 429(6) and (7) of that Act, a draft of this Order has been laid before, and approved by a resolution of, each House of Parliament;
Now, therefore, the Treasury, in exercise of the powers conferred on them by sections 327(6) and 428(3) of that Act, hereby make the following Order:-
Citation and commencement
1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001.
(2) Subject to paragraph (3), this Order comes into force on the day on which section 19 of the Act comes into force.
(3) This Order comes into force—
(a)
(a) for the purposes of article 4(g), on 1st January 2002; and
(b)
(b) for the purposes of article 4(h), nine months after the day on which section 19 of the Act comes into force.
Interpretation
2.—(1) In this Order—
“the Act” means the Financial Services and Markets Act 2000;
“contractually based investment” has the meaning given by article 3(1) of the Regulated Activities Order;
“occupational pension scheme” and “personal pension scheme” have the meaning given by section 1 of the Pension Schemes Act 19932;
“the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 20013;
“relevant investment” means a security or a contractually based investment;
“security” has the meaning given by article 3(1) of the Regulated Activities Order;
“syndicate” has the meaning given by article 3(1) of the Regulated Activities Order.
(2) For the purposes of this Order, a person is a member of a personal pension scheme if he is a person to or in respect of whom benefits are or may become payable under the scheme.
Activities to which exemption from the general prohibition does not apply
3. The activities in articles 4 to 8 are specified for the purposes of section 327(6) of the Act.
4. An activity of the kind specified by any of the following provisions of the Regulated Activities Order—
(a) article 5 (accepting deposits);
(b) article 10 (effecting and carrying out contracts of insurance);
(c) article 14 (dealing in investments as principal);
(d) article 51 (establishing etc. a collective investment scheme);
(e) article 52 (establishing etc. a stakeholder pension scheme);
(f) article 57 (managing the underwriting capacity of a Lloyd’s syndicate);
(g) article 59 (funeral plan contracts);
(h) article 61 (regulated mortgage contracts).
5.—(1) An activity of the kind specified by article 37 of the Regulated Activities Order (managing investments) in so far as it consists of buying or subscribing for a relevant investment.
(2) Paragraph (1) does not apply—
(a)
(a) if all routine or day to day decisions, so far as relating to that activity, are taken by an authorised person with permission to carry on that activity or by a person who is an exempt person in relation to such an activity; or
(b)
(b) to an activity undertaken in accordance with the advice of...
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