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This Order amends the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 (S.I. 2001/1177) which defines, in relation to certain specified regulated activities, the circumstances in which a person carrying on one of those activities is, or is not to be, regarded as carrying on that activity by way of business for the purposes of section 22 of the Financial Services and Markets Act 2000. Article 2 provides that a person carrying on the activity of entering into a regulated sale and rent back agreement will be regarded as doing so by way of business unless the parties to the agreement are family members.
The Order provides that the amendment will cease to have effect at the end of 2014. The Treasury is required to review the operation and effect of the amendment and to publish a report before the end of 2012. Following the review, the Treasury will decide whether the amendment should be allowed to expire (as provided for by this Order), be revoked early, or be maintained in force with or without amendments. A further instrument would be needed to maintain the amendment in force with or without amendments or to revoke the amendment early.
An impact assessment of the effect that this instrument will have on the costs of business and the voluntary sector is available from the Payments, Credits and Inclusion Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this Order on the website www.legislation.gov.uk.
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