In the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001 [S.I. 2001/1201. Paragraph 48 was substituted by S.I. 2003/1675, and sub-paragraph (1A) was inserted by S.I. 2015/910.], in paragraph 48 (social housing), in sub-paragraph (1A) for paragraphs (a) to (c) substitute -

"(a) was entered into before 21st March 2016; or

(b) is entered into on or after 21st March 2016 and -

(i) is of a kind to which the mortgages directive does not apply by virtue of Article 3(2) of that directive;

(ii) is a bridging loan; or

(iii) is a restricted public loan in relation to which the requirements of subparagraph (1B) are met.".