The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2014
This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (“the RAO”). The effect of the amendment is that a credit agreement secured on land which is used, or intended to be used, as or in connection with a dwelling is an exempt agreement for the purposes of the Financial Services and Markets Act 2000 (c. 8) where the lender is a wholly-owned subsidiary of the Welsh Ministers; accordingly, the lender does not carry on a regulated activity for the purposes of that Act, and does not require authorisation under it. By extension, broking such a credit agreement is not itself a regulated activity specified by article 36A of the RAO for the purposes of that Act.