PART 3AMENDMENTS OF PRIMARY LEGISLATION

Amendments of the Companies Act 1985

23.  In section 262(1) of the Companies Act 1985(1) (minor definitions) in the definition of “regulated activity”—

(a)after paragraph (ab) insert—

“(ac)article 25E (arranging regulated sale and rent back agreements),”; and

(b)after paragraph (cb) insert—

“(cc)article 53D (advising on regulated sale and rent back agreements),”.

Amendments of the Law of Property (Miscellaneous Provisions) Act 1989

24.  In section 2 of the Law of Property (Miscellaneous Provisions) Act 1989(2) (contracts for sale etc. of land to be made by signed writing)—

(a)in subsection (5)(c) for “, a regulated home reversion plan or a regulated home purchase plan” substitute “a regulated home reversion plan, a regulated home purchase plan or a regulated sale and rent back agreement”; and

(b)in subsection (6) for “ and “regulated home purchase plan”” substitute “, “regulated home purchase plan” and “regulated sale and rent back agreement””.

Amendments of the Financial Services and Markets Act 2000

25.  In section 49(2A)(b) of the Financial Services and Markets Act 2000(3) (persons connected with an applicant)—

(a)in paragraph (b) of subsection (2A) for “or a regulated home purchase plan” substitute “, a regulated home purchase plan or a regulated sale and rent back agreement”; and

(b)after subsection (3) insert—

“(4) In subsection (2A)(b) “regulated mortgage contract”, “regulated home reversion plan”, “regulated home purchase plan” and “regulated sale and rent back agreement” shall be construed in accordance with—

(a)section 22;

(b)any relevant order under that section; and

(c)Schedule 2.”.

Amendments of the Companies Act 2006

26.  In section 474(1) of the Companies Act 2006(4) (accounts and reports: minor definitions) in the definition of “regulated activity”—

(a)after paragraph (c) insert—

“(ca)article 25E (arranging regulated sale and rent back agreements),”; and

(b)after paragraph (g) insert—

“(ga)article 53D (advising on regulated sale and rent back agreements),”.