The Financial Services and Markets Act 2000 Nº. 2 Order 2002 Nº 1776, 12th July 2002
The Treasury, in exercise of the powers conferred on them by sections 22(1) and (5) and 428(3) of the Financial Services and Markets Act 2000 (1), hereby make the following Order:
Citation and commencement
1.-
This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (nº 2) Order 2002, and comes into force on 21 August 2002.
Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
2.-
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (2) (“the Regulated Activities Order”) is amended by inserting, after article 72 :
” Information society services
72A.- (1) There is excluded from this Part any activity consisting of the provision of an information society service from an EEA State other than the United Kingdom.
(2) The exclusion in paragraph (1) does not apply to the activity of effecting or carrying out a contract of insurance as principal, where –
(a) the activity is carried on by an undertaking which has received official authorisation in accordance with Article 6 of the first life insurance directive or the first non-life insurance directive, and
(b) the insurance falls within the scope of any of the insurance directives.”.
3.-
(1) The Regulated Activities Order is also amended as follows.
(2) After article 9A, insert –
” Information society services
9AA. Article 5 is subject to the exclusion in article 72A (information society services).”.
(3) After article 12, insert :
” Information society services
12A. Article 10 is subject to the exclusion in article 72A (information society services), as qualified by paragraph (2) of that article.”.
(4) In article 20, for “and 72 (overseas persons)”, substitute, “, 72 (overseas persons) and 72A (information society services)”.
(5) In article 24, for “and 72 (overseas persons)”, substitute “, 72 (overseas persons) and 72A (information society services)”.
(6) In article 36, for “and 72 (overseas persons)”, substitute “, 72 (overseas persons) and 72A (information society services)”.
(7) In article 39, for “and 69 (groups and joint enterprises)”, substitute “, 69 (groups and joint enterprises) and 72A (information society services)”.
(8) In article 44, for “and 71 (employee share schemes)”, substitute “, 71 (employee share schemes) and 72A (information society services)”.
(9) In article 50, for “and 69 (groups and joint enterprises)”, substitute “, 69 (groups and joint enterprises) and 72A (information society services)”.
(10) After article 51, insert :
” Exclusion
Information society services
51A. Article 51 is subject to the exclusion in article 72A (information society services).”.
(11) After article 52, insert :
” Exclusion
Information society services
52A. Article 52 is subject to the exclusion in article 72A (information society services).”.
(12) In article 55, for “and 72 (overseas persons)”, substitute “, 72 (overseas persons) and 72A (information society services).”.
(13) After article 58, insert :
” Exclusion
Information society services
58A. Articles 56 to 58 are subject to the exclusion in article 72A (information society services).”.
(14) For the cross-heading before article 60, substitute :
“Exclusions”.
(15) After article 60, insert :
” Information society services
60A. Article 59 is subject to the exclusion in article 72A (information society services).”.
(16) After article 63, insert :
” Information society services
63A. Article 61 is subject to the exclusion in article 72A (information society services).”.
(17) For article 65, and the cross-heading before it, substitute :
” Exclusions
Overseas persons etc
65. Article 64 is subject to the exclusions in articles 72 (overseas persons) and 72A (information society services).”
Nick Ainger
Jim Fitzpatrick
Two of the Lords Commissioners of Her Majesty's Treasury
12th July 2002
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(1) 2000 c. 8.
(2) S.I. 2001/544, amended by S.I. 2001/3544 and S.I. 2002/682.