In article 72 of the Regulated Activities Order (overseas persons), after paragraph (5) insert -
"(5A) An overseas person does not carry on an activity of the kind specified by article 25A(1)(a) where each person who may be contemplating entering into a regulated mortgage contract as borrower is a non-resident individual.
(5B) There are excluded from article 25A(1)(b) arrangements made by an overseas person to vary the terms of a qualifying contract.
(5C) There are excluded from article 25A(2) arrangements made by an overseas person which are made solely with a view to non-resident individuals who participate in those arrangements entering as borrower into regulated mortgage contracts.
(5D) An overseas person does not carry on an activity of the kind specified by article 61(1) by entering into a qualifying contract.
(5E) An overseas person does not carry on an activity of the kind specified by article 61(2) where he administers a qualifying contract.
(5F) In paragraphs (5A) to (5E) -
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