The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2018 came into force earlier this week: see here or here (pdf). The accompanying explanatory memorandum is available here (pdf). The Order seeks to remove an area of uncertainty regarding peer-to-peer lending: whether a business borrowing funds this way might be regarded as accepting deposits "by way of business" in circumstances requiring the authorisation of the Financial Conduct Authority and Prudential Regulation Authority. The Order sets out when such authorisation is not required by making an amendment to the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001.
Thursday, 22 March 2018
UK: The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2018
The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2018 came into force earlier this week: see here or here (pdf). The accompanying explanatory memorandum is available here (pdf). The Order seeks to remove an area of uncertainty regarding peer-to-peer lending: whether a business borrowing funds this way might be regarded as accepting deposits "by way of business" in circumstances requiring the authorisation of the Financial Conduct Authority and Prudential Regulation Authority. The Order sets out when such authorisation is not required by making an amendment to the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001.
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