Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) [SI 2001 No. 544]

Version status: In force | Document consolidation status: Updated to reflect all known changes

Published date: 26 February 2001

Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) [SI 2001 No. 544]

	Introductory Text
	Part I General (arts. 1-3)
	Article 1 Citation
	Article 2 Commencement
	Article 3 Interpretation
	Part II Specified activities (arts. 4-72I)
	Chapter I General (art. 4)
	Article 4 Specified activities: general
	Chapter II Accepting deposits (arts. 5-9AC)
	The activity (art. 5)
	Article 5 Accepting deposits
	Exclusions (arts. 6-9AC)
	Article 6 Sums paid by certain persons
	Article 7 Sums received by solicitors etc.
	Article 8 Sums received by persons authorised to deal etc.
	Article 9 Sums received in consideration for the issue of debt securities
	Article 9A Sums received in exchange for electronic money
	Article 9AA Managers of UCITS and AIFs
	Article 9AB Funds received for payment services
	Article 9AC Local authorities
	Chapter IIA Electronic Money (arts. 9B-9L)
	The activity (arts. 9B-9BA)
	Article 9B Issuing electronic money
	Article 9BA
	Exclusions (arts. 9C-9G)
	Article 9C Persons certified as small issuers etc.
	Article 9D Applications for certiﬁcates
	Article 9E Revocation of certiﬁcate on FCA's own initiative
	Article 9F Revocation of certiﬁcate on request
	Article 9G Obtaining information from certiﬁed persons etc.
	Supplemental (arts. 9H-9L)
	Article 9H Rules prohibiting the issue of electronic money at a discount
	Article 9I False claims to be a certiﬁed person
	Article 9J Exclusion of electronic money from the compensation scheme
	Article 9K Record of certiﬁed persons
	Article 9L Funds received for payment services
	Chapter III Insurance (arts. 10-13)
	The activities (art. 10)
	Article 10 Effecting and carrying out contracts of insurance
	Exclusions (arts. 11-12B)
	Article 11 Community co-insurers
	Article 12 Breakdown insurance
	Article 12A Managers of UCITS and AIFs
	Article 12B Transformer vehicles: insurance risk transformation
	Supplemental (art. 13)
	Article 13 Application of sections 327 and 332 of the Act to insurance market activities
	Chapter IIIA Insurance risk transformation (art. 13A)
	Article 13A Transformer vehicles: insurance risk transformation
	Chapter IV Dealing in investments as principal (arts. 14-20)
	The activity (art. 14)
	Article 14 Dealing in investments as principal
	Exclusions (arts. 15-20)
	Article 15 Absence of holding out etc.
	Article 16 Dealing in contractually based investments
	Article 17 Acceptance of instruments creating or acknowledging indebtedness
	Article 18 Issue by a company of its own shares etc.
	Article 18A Dealing by a company in its own shares
	Article 19 Risk management
	Article 19A Transformer vehicles: insurance risk transformation
	Article 20 Other exclusions
	Chapter V Dealing in investments as agent (arts. 21-24)
	The activity (art. 21)
	Article 21 Dealing in investments as agent
	Exclusions (arts. 22-24)
	Article 22 Deals with or through authorised persons
	Article 23 Risk management
	Article 24 Other exclusions
	Chapter VA Bidding in Emissions Auctions (arts. 24A-24B)
	The activity (art. 24A)
	Article 24A Bidding in emissions auctions
	Exclusions (art. 24B)
	Article 24B Miscellaneous exclusions
	Chapter VI Arranging deals in investments (arts. 25-36)
	The activities (arts. 25-25E)
	Article 25 Arranging deals in investments
	Article 25A Arranging regulated mortgage contracts
	Article 25B Arranging regulated home reversion plans
	Article 25C Arranging regulated home purchase plans
	Article 25D Operating a multilateral trading facility
	Article 25DA Operating an organised trading facility
	Article 25DB Operating an electronic system for public offers of relevant securities
	Article 25E Arranging regulated sale and rent back agreements
	Exclusions (arts. 26-36)
	Article 26 Arrangements not causing a deal
	Article 27 Enabling parties to communicate
	Article 28 Arranging transactions to which the arranger is a party
	Article 28A Arranging contracts, plans or agreements to which the arranger is a party
	Article 29 Arranging deals with or through authorised persons
	Article 29A Arrangements made in the course of administration by authorised person
	Article 30 Arranging transactions in connection with lending on the security of insurance policies
	Article 31 Arranging the acceptance of debentures in connection with loans
	Article 32 Provision of finance
	Article 33 Introducing
	Article 33A Introducing to authorised persons etc.
	Article 33B Provision of information - contracts of insurance
	Article 34 Arrangements for the issue of shares etc.
	Article 35 International securities self-regulating organisations
	Article 35A Trade repositories
	Article 35AB Securitisation repositories
	Article 35B Providing pensions guidance
	Article 36 Other exclusions
	Chapter VIA Credit Broking (arts. 36A-36G)
	The activity (art. 36A)
	Article 36A Credit broking
	Exclusions (arts. 36B-36G)
	Article 36B Introducing by individuals in the course of canvassing off trade premises
	Article 36C Activities for which no fee is paid
	Article 36D Transaction to which the broker is a party
	Article 36E Activities in relation to certain agreements relating to land
	Article 36F Activities carried on by members of the legal profession etc
	Article 36FA Activities carried on by registered social landlords
	⚠ Draft Article 36FB Activities in relation to certain regulated credit agreements
	Article 36G Other exclusions
	Chapter VIB Operating an Electronic System in Relation to Lending (arts. 36H-36J)
	The activity (art. 36H)
	Article 36H Operating an electronic system in relation to lending
	Exclusion (arts. 36I-36IA)
	Article 36I Information society services
	Article 36IA Activities in relation to debentures and bonds
	Supplemental (art. 36J)
	Article 36J Meaning of "consumer"
	Chapter VII Managing investments (arts. 37-39)
	The activity (art. 37)
	Article 37 Managing investments
	Exclusions (arts. 38-39)
	Article 38 Attorneys
	Article 39 Other exclusions
	Chapter VIIA assisting in the Administration and Performance of a Contract of Insurance (arts. 39A-39C)
	The activity (art. 39A)
	Article 39A Assisting in the administration and performance of a contract of insurance
	Exclusions (arts. 39B-39C)
	Article 39B Claims management on behalf of an insurer etc.
	Article 39C Other exclusions
	Chapter VIIB Activities in Relation to Debt (arts. 39D-39M)
	The activities (arts. 39D-39G)
	Article 39D Debt adjusting
	Article 39E Debt-counselling
	Article 39F Debt-collecting
	Article 39G Debt administration
	Exclusions (arts. 39H-39L)
	Article 39H Activities where person has a connection to the agreement
	Article 39I Activities carried on by certain energy suppliers
	Article 39J Activities carried on in relation to a relevant agreement in relation to land
	Article 39K Activities carried on by members of the legal profession etc
	Article 39KA Activities carried on by reason of providing pensions guidance
	Article 39L Other exclusions
	Supplemental (art. 39M)
	Article 39M Meaning of "consumer" etc.
	Chapter VIII Safeguarding and administering investments (arts. 40-44)
	The activity (art. 40)
	Article 40 Safeguarding and administering investments
	Exclusions (arts. 41-44)
	Article 41 Acceptance of responsibility by third party
	Article 42 Introduction to qualifying custodians
	Article 42A Depositaries of UK UCITS and AIFs
	Article 43 Activities not constituting administration
	Article 44 Other exclusions
	Chapter IX Sending dematerialised instructions (arts. 45-50)
	The activities (art. 45)
	Article 45 Sending dematerialised instructions
	Exclusions (arts. 46-50)
	Article 46 Instructions on behalf of participating issuers
	Article 47 Instructions on behalf of settlement banks
	Article 48 Instructions in connection with takeover offers
	Article 49 Instructions in the course of providing a network
	Article 50 Other exclusions
	Chapter X Collective investment (arts. 51-51A)
	The activities (art. 51-51ZE)
	Article 51 Establishing etc. a collective investment scheme
	Article 51ZA Managing a UK UCITS
	Article 51ZB Acting as trustee or depositary of a UK UCITS
	Article 51ZC Managing an AIF
	Article 51ZD Acting as trustee or depositary of an AIF
	Article 51ZE Establishing etc. a collective investment scheme
	Exclusions (arts. 51ZF-51A)
	Article 51ZF Persons excluded from managing an AIF
	Article 51ZG Operating a collective investment scheme in relation to a UK UCITS or an AIF
	Article 51A Other exclusions
	Chapter XI Pension schemes (arts. 52-52A)
	The activities (art. 52)
	Article 52 Establishing etc. a pension scheme
	Exclusion (art. 52A)
	Article 52A Other exclusions
	Chapter XIA Providing basic advice on stakeholder products (arts. 52B-52C)
	The activity (art. 52B)
	Article 52B Providing basic advice on stakeholder products
	Exclusion (art. 52C)
	Article 52C Providing pensions guidance
	Chapter XII Advising on investments (arts. 53-55)
	The activity (arts. 53-53E)
	Article 53 Advising on investments
	Article 53A Advising on regulated mortgage contracts
	Article 53B Advising on regulated home reversion plans
	Article 53C Advising on regulated home purchase plans
	Article 53D Advising on regulated sale and rent back agreements
	Article 53DA Advising on regulated credit agreements for the acquisition of land
	Article 53E Advising on conversion or transfer of pension benefits
	Exclusions (arts. 54-55)
	Article 54 Advice given in newspapers etc.
	Article 54A Advice given in the course of administration by authorised person
	Article 54B Advice given by reason of providing pensions guidance
	Article 55 Other exclusions
	Chapter XIII Lloyd's (arts. 56-58A)
	The activities (arts. 56-58)
	Article 56 Advice on syndicate participation at Lloyd's
	Article 57 Managing the underwriting capacity of a Lloyd's syndicate
	Article 58 Arranging deals in contracts of insurance written at Lloyd's
	Exclusion (art. 58A)
	Article 58A Managers of UCITS and AIFs
	Chapter XIV Funeral plan contracts (arts. 59-60AA)
	The activity (art. 59)
	Article 59 Funeral plan contracts
	Exclusions (arts. 60-60AA)
	Article 60 Plans covered by insurance or trust arrangements
	Article 60ZA Local authorities
	Article 60A Managers of UCITS and AIFs
	Article 60AA Insolvency practitioners
	Chapter XIVA Regulated Credit Agreements (arts. 60B-60M)
	The activities (arts. 60B-60HA)
	Article 60B Regulated credit agreements
	Article 60C Exempt agreements: exemptions relating to the nature of the agreement
	Article 60D Exempt agreements: exemption relating to the purchase of land for non-residential purposes
	Article 60E Exempt agreements: exemptions relating to the nature of the lender
	⚠ Article 60F Exempt agreements: exemptions relating to number of repayments to be made
	Article 60G Exempt agreements: exemptions relating to the total charge for credit
	Article 60H Exempt agreements: exemptions relating to the nature of the borrower
	Article 60HA Exempt agreements: provision qualifying articles 60E and 60F
	Exclusions (arts. 60I-60K)
	Article 60I Arranging administration by authorised person
	Article 60J Administration pursuant to agreement with authorised person
	Article 60JA Payment institutions
	Article 60JB Electronic money institutions
	Article 60K Other exclusions
	Supplemental (arts. 60L-60M)
	Article 60L Interpretation of Chapter 14A etc.
	Article 60LA Meaning of consumer etc.
	Article 60LB Green deal plans
	Article 60M Total charge for credit
	Chapter XIVB Regulated Consumer Hire Agreements (art. 60N-60S)
	The activities (arts. 60N-60Q)
	Article 60N Regulated consumer hire agreements
	Article 60O Exempt agreements: exemptions relating to nature of agreement
	Article 60P Exempt agreements: exemptions relating to supply of essential services
	Article 60Q Exempt agreements: exemptions relating to the nature of the hirer
	Exclusion (art. 60R)
	Article 60R Other exclusions
	Supplemental (art. 60S)
	Article 60S Meaning of consumer etc.
	Chapter XV Regulated mortgage contracts (arts. 61-63A)
	The activities (arts. 61-61A)
	Article 61 Regulated mortgage contracts
	Article 61A Mortgage contracts which are not regulated mortgage contracts
	Exclusions (arts. 62-63A)
	Article 62 Arranging administration by authorised person
	Article 63 Administration pursuant to agreement with authorised person
	Article 63A Other exclusions
	Chapter XVA Regulated home reversion plans (arts. 63B-63E)
	The activities (art. 63B)
	Article 63B Entering into and administering regulated home reversion plans
	Exclusions (arts. 63C-63E)
	Article 63C Arranging administration by authorised person
	Article 63D Administration pursuant to agreement with authorised person
	Article 63E Other exclusions
	Chapter XVB Regulated home purchase plans (arts. 63F-63I)
	The activities (art. 63F)
	Article 63F Entering into and administering regulated home purchase plans
	Exclusions (arts. 63G-63I)
	Article 63G Arranging administration by authorised person
	Article 63H Administration pursuant to agreement with authorised person
	Article 63I Other exclusions
	Chapter XVC Regulated Sale and Rent Back Agreements (arts. 63J-63M)
	The activities (art. 63J)
	Article 63J Entering into and administering regulated sale and rent back agreements
	Exclusions (arts. 63K-63M)
	Article 63K Arranging administration by authorised person
	Article 63L Administration pursuant to agreement with authorised person
	Article 63M Other exclusions
	Chapter XVD Activities of Reclaim Funds (art. 63N)
	The activities (art. 63N)
	Article 63N Dormant account funds
	Chapter XVE Specified Benchmarks (arts. 63O-63T)
	The activities (arts. 63O-63T)
	Article 63O Specified benchmarks
	Article 63P Publicly available factual data and subscription services
	Article 63Q Administration of a specified benchmark by the FCA
	Article 63R Schedule
	Article 63S Administering a benchmark
	Article 63T Administration of a benchmark by the FCA
	Draft Chapter 15F ESG ratings (draft arts. 63U-63ZB)
	Draft The activity (draft art. 63U)
	⚠ Draft Article 63U ESG ratings
	Draft Exclusions (draft arts. 63V-63ZB)
	⚠ Draft Article 63V Regulated products and services
	⚠ Draft Article 63W Intra-group ratings
	⚠ Draft Article 63X Private use
	⚠ Draft Article 63Y Ancillary non-commercial provision
	⚠ Draft Article 63Z Public authorities, central banks and international organisations
	⚠ Draft Article 63ZA Accreditation or certification
	⚠ Draft Article 63ZB Interpretation
	Chapter XVI Agreeing to carry on activities (arts. 64-65)
	The activity (art. 64)
	Article 64 Agreeing to carry on specified kinds of activity
	Exclusions (art. 65)
	Article 65 Overseas persons etc
	Chapter XVII Exclusions applying to several specified kinds of activity (arts. 66-72J)
	Article 66 Trustees, nominees and personal representatives
	Article 67 Activities carried on in the course of a profession or non-investment business
	Article 68 Activities carried on in connection with the sale of goods or supply of services
	Article 69 Groups and joint enterprises
	Article 70 Activities carried on in connection with the sale of a body corporate
	Article 71 Activities carried on in connection with employee share schemes
	Article 72 Overseas persons
	Article 72A Information society services
	Article 72AA Managers of UK UCITS and AIFs
	Article 72B Activities carried on by a provider of relevant goods or services
	Article 72C Provision of information on an incidental basis
	Article 72D Large risks contracts where risk situated outside the United Kingdom
	Article 72E Business Angel-led Enterprise Capital Funds
	Article 72F Interpretation
	Article 72G Local authorities
	Article 72H Insolvency practitioners
	Article 72I Registered consumer buy-to-let mortgage firms
	Article 72J Persons seeking to use the exemption under Article 2.1(j) of the markets in financial instruments directive
	Part III Specified investments (arts. 73-89)
	Article 73 Investments: general
	Article 74 Deposits
	Article 74A Electronic money
	Article 75 Contracts of insurance
	Article 76 Shares etc.
	Article 77 Instruments creating or acknowledging indebtedness
	Article 77A Alternative finance investment bonds
	Article 78 Government and public securities
	Article 79 Instruments giving entitlements to investments
	Article 80 Certificates representing certain securities
	Article 81 Units in a collective investment scheme
	Article 82 Rights under a pension scheme
	Article 82ZA Pensions in respect of which information is requested or provided using a pensions dashboard service
	Article 82A Greenhouse gas emissions allowances
	Article 82B Emission allowances
	Article 83 Options
	Article 84 Futures
	Article 85 Contracts for differences etc.
	Article 86 Lloyd's syndicate capacity and syndicate membership
	Article 87 Funeral plan contracts
	Article 88 Regulated mortgage contracts
	Article 88A Regulated home reversion plans
	Article 88B Regulated home purchase plans
	Article 88C Regulated sale and rent back agreements
	Article 88D Credit agreement
	Article 88E Consumer hire agreement
	Article 89 Rights to or interests in investments
	Part IIIA Specified Activities in Relation to Infomation (arts. 89A-89E)
	The activities (arts. 89A-89B and draft art. 89BA)
	Article 89A Providing credit information services
	Article 89B Providing credit references
	Article 89BA Operating a pensions dashboard service
	Exclusions (arts. 89C-89D)
	Article 89C Activities carried on by members of the legal profession, etc
	Article 89D Other exclusions
	Supplemental (art. 89E)
	Article 89E Meaning of "consumer" etc.
	Part IIIB Claims Management Activities in Great Britain (arts. 89F-89W)
	The activities (arts. 89F-89M)
	Article 89F Specified kinds of claims management activity
	Article 89G Seeking out, referrals and identification of claims or potential claims
	Article 89H Advice, investigation or representation in relation to a personal injury claim
	Article 89I Advice, investigation or representation in relation to a financial services or financial product claim
	Article 89J Advice, investigation or representation in relation to a housing disrepair claim
	Article 89K Advice, investigation or representation in relation to a claim for a specified benefit
	Article 89L Advice, investigation or representation in relation to a criminal injury claim
	Article 89M Advice, investigation or representation in relation to an employment related claim
	Exclusions (arts. 89N-89W)
	Article 89N Claims management activity conducted by legal professionals
	Article 89O Claims management activity conducted by a charity or not-for-profit agency
	Article 89P Claims management activity conducted by a person appointed by a statutory or other public body
	Article 89Q Claims management activity conducted by the Motor Insurers' Bureau
	Article 89R Claims management activity conducted by a medical defence union
	Article 89S Claims management activity conducted an independent trade union
	Article 89T Claims management activity conducted by a students' union
	Article 89U Claims management activity conducted by an insurance intermediary
	Article 89V Certain providers of referrals
	Article 89W Services in connection with counterclaims and claims against third parties
	Part IV Consequential provisions (arts. 90-91)
	Regulated mortgage contracts: consequential provisions (arts. 90-91)
	Article 90 Consequential amendments of the Consumer Credit Act 1974
	Article 91 Consequential amendments of subordinate legislation under the Consumer Credit Act 1974
	Part V Unathorised Persons Carrying on Insurance Distribution Activities (arts. 92-96)
	Article 92 Interpretation
	Article 93 Duty to maintain a record of unauthorised persons carrying on insurance distribution activities
	Article 94 Members of designated professional bodies
	Article 95 Exclusion from record where not fit and proper to carry on insurance distribution activities
	Article 96 Exclusion from the record where FCA has exercised its powers under Part XX of the Act
	Part VI Miscellaneous (art. 97)
	Article 97 Disapplication of section 49(2) of the Act
	Schedule 1 Contracts of insurance
	Schedule 1, Part I Contracts of general insurance (paras. 1 - 18)
	Schedule 1, Part II Contracts of long-term insurance (paras. I - IX)
	Schedule 2 Financial Instruments and Investment services and activities
	Schedule 3 Exemptions from the definition of "investment firm"
	Schedule 4 Relevant Text of the Insurance Distribution Directive
	Schedule 4A Meaning of "borrower" in relation to green deal credit agreements
	Schedule 5 Specified Benchmarks
	Schedule 6 Functions Included in the Activity of Managing a UCITS: Annex II to the UCITS Directive
	Schedule 7 Additional Activities Included in the Activity of Managing an AIF Listed in Paragraph 2 of Annex I to the Alternative Investment Fund Managers Directive
	⚠ Schedule 8 Persons Exluded From Regulated Activity of Managing an AIF
	Signature
	Explanatory Note