(1) The Financial Services and Markets Act 2000 (Exemption) Order 2001 [S.I. 2001/1201.] is amended as follows.

(2) In Part 1 of the Schedule [Part 1 was amended by S.I. 2003/47, 2009/118 and 2011/1043.] (persons exempt in respect of any regulated activity other than insurance business) omit paragraphs 2 to 6.

(3) In Part 4 of the Schedule (persons exempt in respect of particular regulated activities), in paragraph 48 (social housing) -

(a) in sub-paragraph (1A)(b)(i), for "the mortgages directive does not apply by virtue of Article 3(2) of that directive" substitute "section 423A(3) of the Act applies";

(b) in sub-paragraph (4), in the definition of "bridging loan", for "Article 4(23) of the mortgages directive" substitute "article 60G(9) of the Regulated Activities Order".