UK Legislation On Unregulated And Regulated Activities

On March 16, 2016, The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 was made. The Order amends legislation relating to the regulation of activities connected with lending. The Order extends the scope of regulated activities for certain types of activities which previously did not qualify as a regulated activity and, for the purpose of the Financial Services and Markets Act, are now deemed a regulated activity. For example, it provides amendments to the regulated activity of operating electronic systems in relation to lending. The amendment states that the activity is regulated whether or not the operation collects interest under the lending agreement, and where a person carrying on that activity, facilitating another person transferring their rights under an agreement to a third party, is a regulated activity. The Order also serves partly to implement the Mortgage Credit Directive Order. For example, the Order extends the scope