(10) Part 14 of the Act (disciplinary measures) applies to the requirements imposed by this article as if each reference to an authorised person included a reference to a person who, at the time of the contravention of the requirement, fell within paragraph (1). (2A) (in CONC or in relation to a credit-related regulated activity), as defined in article 60L of the Regulated Activities Order, in relation to a person ("P"): (a) where P is an individual any person who is or who has been: (i) P's spouse or P's civil partner; (ii) a relative of P, P's spouse or P's civil partner; (5) In regulation 3(5)(b) (information to be disclosed: agreements other than telephone contracts, non-telephone distance contracts, excluded pawn agreements and overdraft agreements), for “regulation 6(g) of the Consumer Credit (Total Charge for Credit) Regulations 2010” substitute “the total charge for credit rules”. 2007/3300. (a)in the definition of “designated authority”—. the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower. paragraph (a) of subsection (1) is omitted; Subsection (1) does not limit any function of the FCA in relation to the enforcement of this Act or regulations made under it. (3G) A representative is also to be treated as representing other counterparties for the purposes of paragraph (1) where the representative performs duties (in circumstances constituting the carrying on of an activity of the kind specified by article 39G of that Order) under, or exercises or enforces rights under, an agreement on behalf of other counterparties. A person who is not an authorised person does not carry on an activity of the kind specified by article 60B(2) in relation to regulated credit agreement if that person exercises or has the right to exercise the lender’s rights and duties under the agreement pursuant to an agreement with an authorised person who has permission to carry on an activity of the kind specified by article 60B(2). (2) The notice is to be treated as a written notice given under section 55Y(4) of the Act by the FCA of a proposal to vary A’s Part 4A permission (except for subsections (5) and (6) of section 55Y which do not apply). This is a draft item of legislation. (40) Section 140D (advice and information)(112) is omitted. may not be a principal in relation to an activity for which A has interim permission; may be an appointed representative in relation to an activity which A does not have interim permission to carry on. In Schedule 4 to the Proceeds of Crime Act 2002 (lifestyle offences: Scotland)(254), omit paragraph 9B and the heading immediately before it(255). 1899 c.46. 60N.—(1) Entering into a regulated consumer hire agreement as owner is a specified kind of activity. 1997/627, S.I. In this article, “relevant article 36H agreement” means an article 36H agreement (within the meaning of article 36H) which has been entered into with the facilitation of an authorised person with permission to carry on a regulated activity of the kind specified by that article. (and accordingly any activity of one of those kinds, when carried on by way of business, is a regulated activity). 2001/3649 and S.I. Paragraphs (5) and (6) also apply for the purposes of paragraph (4) but with the omission of the words “or predominantly”. Paragraphs (5) and (6) of article 60C of the Regulated Activities Order (exempt agreements: exemptions relating to nature of agreement) apply for the purposes of paragraph (6)(b). The activities Regulated consumer hire agreements. (2) In article 3(c) (interpretation), in the definition of “overseas person”, after “52,” insert “52D, (a)if A is an authorised person, and the appropriate regulator is the PRA, under section 55I of the Act (variation by PRA at request of authorised person); (b)if A is not an authorised person, under section 55A of the Act(195) (application for permission); (c)if A is an authorised person and the appropriate regulator is the FCA, under section 55H of the Act (variation by the FCA at request of authorised person). (a)the difference referred to in subsection (7) cannot reasonably be estimated; or. which is not a conditional sale agreement, under which goods are bailed or (in Scotland) hired to a person (“P”) in return for periodical payments by P, and, the property in the goods will pass to P if the terms of the agreement are complied with and one or more of the following occurs—. (8) A credit agreement is an exempt agreement if it is made in connection with trade in goods or services—. between the United Kingdom and a country outside the United Kingdom, between countries outside the United Kingdom, and, Exempt agreements: exemption relating to the purchase of land for non-residential purposes. In Schedule 4 to the Debt Arrangement Scheme (Scotland) Regulations 2011 (payment distributors)(295)—, “1.—(1) A person with permission under the Financial Services and Markets Act 2000 to carry on a regulated activity—. the OFT had given a notice to a person (“A”) under section 34ZA of the 1974 Act (representations to OFT: suspension under section 32A) of its determination to confirm a decision to suspend A’s licence under section 32A of that Act, that determination had not taken effect, and, a written notice under section 55Y(7) of the Act of the decision of the FCA to vary A’s Part 4A permission (except for subsection (9) of section 55Y which does not apply), and. Amended by S.I. 89B.—(1) Furnishing of persons with information relevant to the financial standing of individuals or relevant recipients of credit is a specified kind of activity if the person has collected the information for that purpose. (b)to exercise or enforce rights under such an agreement on behalf of the lender, (2) Subject to paragraph (3), taking steps—, (a)to perform duties under a consumer hire agreement on behalf of the owner, or. Amended by S.I. (iii)does not meet the general interest test. omit the definitions of “advertiser”, “appeal period”(, in the definition of “credit information services”(. to the extent that A’s application related to any other activity, those regulated activities which are activities which were described in the application. (2) But paragraph (1) does not apply if A carries on any other activity of a kind specified by article 36A(1)(a) to (c). Exempt agreements: exemptions relating to number of repayments to be made. Amendments of secondary legislation made under the Act. Subject to paragraph (4), the steps specified in this paragraph are steps taken with a view to—. (a)for “OFT” in each place substitute “FCA”; “(17) The functions of the FCA under this section are to be treated for the purposes of the Financial Services and Markets Act 2000 as functions conferred on the FCA by or under that Act.”. 37. 2007/2157. There are other amending instruments but none is relevant to this Order. (b)the supplier under the restricted-use credit agreement, (d)a person who employs A or has appointed A as an agent, or. (a)for each reference to the “OFT” substitute “FCA”; (a)anything done by the OFT before 1st April 2014 in relation to the appeal is to be treated as having been done by the FCA; (b)the FCA is substituted for the OFT as a party to the appeal. 2002/1240, S.I. 43. In paragraph 1 of Schedule 2 to the Education (Student Loans) Regulations (Northern Ireland) 1998(267), for the definition of “APR” substitute—. 1 page) borrower) in accordance with article 36H of the . 60Q. There are other amending instruments but none is relevant to this Order. 60B.—(1) Entering into a regulated credit agreement as lender is a specified kind of activity. is omitted. 17.—(1) The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005(74) is amended as follows. 1983/1551 and S.I. (20) Schedule 16 (prohibitions and restrictions imposed by the Office of Fair Trading)(55) is omitted. Section 554O was inserted by Schedule 2 to the Finance Act 2011 (c.11). (11) In regulation 41 (powers of relevant officers), for “OFT” in each place substitute “Authority”. 60F.—(1) A credit agreement is an exempt agreement for the purposes of this Chapter in the following cases. in every other place where “Total Charge for Credit Regulations” appears, substitute “total charge for credit rules”. Paragraphs (5) and (6) of article 60C (exempt agreements: exemptions relating to the nature of the agreement) apply for the purposes of paragraph (2)(b). (e)paragraph (7) does not apply to the agreement. any person who has acted on behalf of the owner (or, if there is more than one owner, any of the owners), in connection with the entering into of the agreement. (c)it does not provide for or permit an increase in the rate or amount of any item which is included in the total charge for credit, (d)the total charge for credit under the agreement is not more than the sum of one per cent and the highest of the base rates published by the banks specified in paragraph (7) on the date 28 days before the date on which the charge is imposed, and, (5) This paragraph applies to an agreement if—, (a)the total amount to be repaid by the borrower to discharge the borrower’s indebtedness may vary according to a formula which is specified in the agreement and which has effect by reference to movements in the level of any index or other factor, or, (ii)is not offered by a lender who is an employer to a borrower as an incident of employment with the lender, and. (a)section 22 of the Financial Services and Markets Act 2000. Substituted by S.I. the agreement is entered into for the purpose of allowing the borrower to carry out a transaction relating to one or more financial instruments. the agreement is a borrower-lender-supplier agreement for running-account credit. (b)in any other case, a Part 4A permission. UK Financial Services Law, Legislation (UK), Statutory Instruments, 2001 Statutory Instruments Financial Services Regulation, Insurance & Reinsurance, Investment, Authorisation (c)any notice issued by the OFT under section 86A of that Act(238) (information sheets on arrears and defaults), (4) Section 138J of the Act (consultation by the PRA) is to apply as if for subsections (7) and (8) there were substituted—. In regulation 14 of the Education (Student Loans) (Scotland) Regulations 2007 (interest)(278)—. Activities carried on in relation to a relevant agreement in relation to land. Inserted by section 38 of the Consumer Credit Act 2006. Inserted by S.I. section 38(2) of the Act (exemption orders)(. (8) For the purposes of section 55V of the Act (determination of applications), the appropriate regulator is to be treated as having received the application on 1st April 2014. Inserted by section 2 of, and Schedule 1 to, the Financial Services Act 2010. The Treasury are of the opinion that one of the effects of the proposed order would be that an activity which is not a regulated activity would become a regulated activity. “relevant person” has the meaning given in article 36H. (c)those payments are required to be made within a period of 12 months or less (beginning on the date of the agreement), (ii)provided without interest or other significant charges, and. (7) In regulation 7, for paragraph (3) substitute—, (8) In Schedule 1 (pre-contract credit information)—. (c)complies with rules made by the FCA for the purpose of this article. In this article, a “not-for-profit body” means a body which, by virtue of its constitution or any enactment—. (c)complies with rules made by the FCA for the purpose of this article. knows or has reasonable cause to suspect that the agreement is not entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer. the FCA, PRA and the scheme operator making rules. (c)the agreement is to finance a premium under a contract of whole life insurance which provides, in the event of the death of the person on whose life the contract is effected before the credit referred to in sub-paragraph (b) has been repaid, for payment of a sum not exceeding the amount sufficient to meet the amount which, immediately after that credit has been advanced, would be payable to the lender in respect of that credit (including interest from time to time payable under that agreement). In regulation 113 of the Representation of the People (Scotland) Regulations 2001 (sale of full register to credit reference agencies)(271)—. the OFT had given notice of its determination under section 32 of the 1974 Act to revoke the standard licence of a person (“A”). There are other amending instruments but none is relevant to this Order. provided without interest or other charges. (2) In article 3, at the end of the definition of “deposit”, insert “except where the definition given in article 60L applies”. in the case specified in paragraph (6), by a person who also carries on an activity of the kind specified by sub-paragraph (a), by a person who also carries on an activity of the kind specified by sub-paragraph (d) or (e), or, an activity of the kind specified by article 89A of that Order (providing credit information services) where carried on by a person who also carries on an activity of the kind specified by any of sub-paragraphs (a) to (e), or. A green deal plan is associated with a supplier if the payments under the plan are to be made to the supplier. Giving advice to a hirer about the liquidation of a debt due under a consumer hire agreement is a specified kind of activity. a person who exercises or has the right to exercise the rights and duties of a person who provided credit under such an agreement; “payment” (except in article 60F) means a payment comprising or including an amount in respect of credit; “regulated credit agreement” has the meaning given by article 60B; “relative” means brother, sister, uncle, aunt, nephew, niece, lineal ancestor or lineal descendent; a partnership consisting of two or three persons not all of whom are bodies corporate, or. the agreement is a borrower-lender-supplier agreement for fixed-sum credit. (ii)assume the rights of the lender under a paragraph 4C agreement under which Y is the borrower. (a)subsection (2) and paragraph (b) of subsection (3) of section 28A do not apply; (b)for subsections (4) to (6) of section 28A substitute—. 2004/453, S.I. (no liability to income tax in relation to cycles and cyclist’s safety equipment) and under which cycles or cyclist’s safety equipment are made available in the manner described in any guidance issued by the Secretary of State. 59.—(1) This article applies to each person (“A”) who has an interim permission by virtue of this Order. Sections 32A and 34Z were inserted by section 108 of the Financial Services Act 2012. The Treasury are a government department designated for the purpose of section 2(2) of the European Communities Act 1972 in relation to financial services(1). the FCA designating relevant instruments under Part 8 of this Order. 36D. Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) [SI 2001 No. (58) In section 183 (determinations etc. (a)in subsection (1), omit “16B(1),”, “39A(3),” and “118(1)(b), 120(1)(a),”; (b)in subsection (2), omit “16B(1),” and “39A(3),”. (2) The notice is to be treated as a warning notice given by the FCA to A under section 207(1)(b) of the Act(209) (except for the purposes of sections 210 (statements of policy) and 387 (warning notices) which do not apply). (2) If the FCA designates a relevant instrument or part of such an instrument, in accordance with this article, the FCA must specify whether the instrument or part is to be treated as having been made by the FCA as a rule under section 137A of the Act or under a specified provision of the Regulated Activities Order (“the specified section or provision”). (4) In this article, “relevant article 36H agreement” means an article 36H agreement (within the meaning of article 36H) which has been entered into with the facilitation of an authorised person with permission to carry on a regulated activity of the kind specified by that article. an agreement may fall within paragraph (b) of the definition even though the identity of the supplier is unknown at the time the agreement is made. There are excluded from articles 39D, 39E, 39F and 39G activities carried on by—. a person to whom the rights and duties of the borrower under an agreement or a person falling within paragraph (a) have passed by assignment or operation of law; “conditional sale agreement” has the meaning given by article 60L of the Regulated Activities Order; “customer” means a person to whom a supplier sells goods or supplies services or agrees to do so; “domestic premises supplier” means a supplier who sells goods or supplies services to customers who are individuals while physically present in the dwelling of the customer or in consequence of an agreement concluded whilst the supplier was physically present in the dwelling of the customer (though a supplier who does so on an occasional basis is not to be treated as a “domestic premises supplier”); “green deal plan” has the meaning given by section 1 of the Energy Act 2011(54); “hire-purchase agreement” has the meaning given by the Regulated Activities Order; “not-for-profit body” means a body which, by virtue of its constitution or any enactment—, is required (after payment of outgoings) to apply the whole of its income and any capital it expends for charitable or public purposes, and. 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