(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 [S.I. 2001/544; article 72D was inserted by S.I. 2003/1476, articles 2 and 11.] is amended as follows.
(2) In article 4(4)(b) [As amended by S.I. 2002/682, article 11. ] (specified activities: general), for "69 and 70" substitute "69, 70 and 72E".
(3) After article 72D (large risks contracts where risk situated outside the EEA) insert -
"72E. Business Angel-led Enterprise Capital Funds
(1) A body corporate of a type specified in paragraph (7) does not carry on the activity of the kind specified by article 21 by entering as agent into a transaction on behalf of the participants of a Business Angel-led Enterprise Capital Fund.
(2) There are excluded from article 25(1) and (2) arrangements, made by a body corporate of a type specified in paragraph (7), for or with a view to a transaction which is or is to be entered into by or on behalf of the participants in a Business Angel-led Enterprise Capital Fund.
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