A Look At Recent Changes In Legislation

LN 260/23 Financial Services Act 2019 (Amendment No. 5) Regulations 2023

Type: Subsidiary Legislation, Amendment. Made under: sections 5, 620, and 627, Financial Services Act 2019

Commencement: Day of publication in Gazette (07/09/2023)

Summary of effect: These Regulations amend schedule 2 to the Financial Services Act 2019 to make safeguarding and administering financial instruments its own regulated activity, instead of an ancillary activity. These regulations also create new regulated activities of buying, selling, subscribing for or underwriting a financial instrument, structured deposit or contract of insurance; and agreeing to carry out any activity which is a regulated activity under schedule 2 to the Financial Services Act 2019. These regulations also clarify that any person with a permission for effecting or carrying out contracts of insurance as principal may also carry out a number of ancillary activities set out in paragraphs 48-54B of schedule 2