(This note is not part of the Order)

This Order amends the Financial Services and Markets Act 2000 (Exemption) Order 2001 (S.I. 2001/1201) ("the Exemption Order"). That Order provides for certain persons to be exempt from the general prohibition which is imposed by section 19 of the Financial Services and Markets Act 2000 ("the Act"). This Order does not contain any provision that restricts or removes an exemption provided by that Order.

Articles 2 and 3 relate to credit unions within the meaning of the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205); article 2 removes these persons from the transitional exemption for deposit taking by credit unions in article 6 of the Exemption Order and article 3 provides a permanent exemption for these bodies. Article 5 amends the exemption of an Operator. Article 6 exempts insolvency practitioners in Northern Ireland and article 7 exempts certain bodies corporate which have objects that correspond to those of a housing association and the Northern Ireland Housing Executive.

Article 8 inserts an exemption in relation to certain parts of the new wholesale electricity trading arrangements which replace the Electricity Pool of England and Wales. Article 8 largely replicates, in relation to the Act, the effect of the exemption from the requirement to be authorised under the Financial Services Act 1986 conferred by the Financial Services Act 1986 (Electricity Industry Exception) Order 2001 (S.I. 2001/598).