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2004 No. 453

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2004

  Made 25th February 2004 
  Laid before Parliament 25th February 2004 
  Coming into force in accordance with regulation 1(2)

The Treasury, in exercise of the powers conferred on them by sections 39(1), 417(1)[1] and 428(3) of the Financial Services and Markets Act 2000[2], hereby make the following Regulations:

Citation, commencement and interpretation
     1.  - (1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2004.

    (2) These Regulations come into force - 

    (3) In these Regulations "the principal Regulations" means the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001[3].

Amendment of regulation 1(2) of the principal Regulations
     2.  - (1) Regulation 1(2) of the principal Regulations is amended as follows.

    (2) In the definitions of "buy", "sell" etc., for "contract of general insurance"[
4] substitute "qualifying contract of insurance".

    (3) Immediately before the definition of "other counterparties", insert - 

Amendment of regulation 2(1) of the principal Regulations
     3.  - (1) Regulation 2(1)(aa)[5] of the principal Regulations is amended as follows.

    (2) For "a contract of general insurance" substitute - 

    (3) Regulation 2(1)(ac)[6] of the principal Regulations is amended as follows.

    (4) Omit the words, ", where the activity relates to a contract of general insurance".


Nick Ainger

Joan Ryan
Two of the Lords Commissioners of Her Majesty's Treasury

25th February 2004



EXPLANATORY NOTE

(This note is not part of the Regulations)


These Regulations amend the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 (S.I. 2001/1217) ("the principal Regulations"). The principal Regulations prescribe the descriptions of business which appointed representatives of authorised persons may carry on without themselves requiring authorisation under the Financial Services and Markets Act 2000. The principal Regulations prescribe, amongst other things, any business which comprises the regulated activity of dealing in investments as agent ("dealing as agent") or the regulated activity of assisting in the administration and performance of a contact of insurance ("assisting") where, in either case, the transaction relates to a contract of general insurance. These Regulations amend the principal Regulations so that, in the case of dealing as agent, the reference to a contract of general insurance is replaced by a reference to a contract of insurance which is not a qualifying contract of insurance or a contact of long-term care insurance. In the case of assisting, the principal Regulations are amended to remove the limitation that the activity must relate to a contract of general insurance.


Notes:

[1] See definition of "prescribed".back

[2] 2000 c. 8.back

[3] S.I. 2001/1217, amended by S.I. 2001/2508 and S.I. 2003/1475 & 1476.back

[4] The words "contract of general insurance" were inserted by S.I. 2003/1476, art. 14(2).back

[5] Regulation 2(1)(aa) was inserted by S.I. 2003/1476, art. 14(3)(a).back

[6] Regulation 2(1)(ac) was inserted by S.I. 2003/1476, art. 14(3)(c).back



ISBN 0 11 048832 6


  © Crown copyright 2004

Prepared 12 March 2004


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