(This note is not part of the Regulations)

These Regulations amend the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 (S.I. 2001/1217). Regulation 2 of those Regulations prescribes the descriptions of business which appointed representatives of authorised persons may carry on without themselves requiring authorisation under the Financial Services and Markets Act 2000.

These Regulations amend regulation 2 by providing that the business prescribed by that regulation does not include certain activities carried on by investment firms governed by the investment services directive (93/22/EEC, O.J. L141, 11.6.93, p.27). The activities in question are the reception and transmission, on behalf of investors, of orders in relation to instruments of the kind covered by the directive, except where carried on solely for the account of another investment firm. This exclusion reflects the last sub-paragraph of Article 1.2 of the directive.