Article 6 Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
(1) In Schedule 1 to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 [S.I. 2005/1529. Paragraph 4C was inserted by S.I. 2013/1881 and amended by S.I. 2014/366. There are other amendments, but none is relevant here. Paragraphs 10A & 10B to Schedule 1 were numbered as such in the Order when originally made.], Part 1 (controlled activities) is amended as follows.
(2) In paragraph 4C (operating an electronic system in relation to lending) -
(a) in sub-paragraph (2A) for "interest and capital" in paragraphs (a) and (b) substitute "either interest or capital or both";
(b) after sub-paragraph (2C) insert -
"(2D) Where A carries on the activity specified by sub-paragraph (1), it is a controlled activity for A to operate an electronic system where -
(a) that system enables A to facilitate a person ("B") assuming the rights of the lender under a paragraph 4C agreement by assignment or operation of law, and