(This note is not part of the Order)
This Order concerns certain exemptions relating to the regulation of investment services for the purposes of the Financial Services and Markets Act 2000.
Article 2 amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (“the Order”). References to Commission Delegated Regulation (EU) 2017/592 are omitted from article 3 meaning that the criteria within that Regulation for establishing when an activity is ancillary, for the purposes of the exemption from the definition of “investment firm”, no longer apply. Article 72J (which enables firms seeking to rely on the ancillary activities exemption to carry on their business without obtaining authorisation if there is no data available to enable them to perform the test establishing when an activity is ancillary) is omitted. Part 1 of Schedule 3 is amended to remove the requirement to notify the Financial Conduct Authority (“the FCA”) where a person
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