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—

(a)for the purposes of regulation 2(3), on 31st October 2004;

(b)for all other purposes, two months after the date on which they are made.

(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—

““contract of long-term care insurance” means a contract of insurance in respect of which the following conditions are met—

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—

• “a contract of insurance which is not a qualifying contract of insurance or a contract of long-term care insurance”.

(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”.

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.