PART 1Introductory Provisions
Interpretation2
1
In this Order—
“the Act” means the Financial Services and Markets Act 2000;
“appropriate regulator” means—
- a
in relation to a firm which is a PRA-authorised person, the PRA;
- b
in any other case, the FCA;
- a
“borrower” has the meaning given by article 61(3)(a)(i) of the Regulated Activities Order;
“consumer credit back book mortgage contract” means a contract which—
- a
- i
is entered into before 21st March 2016,
- ii
immediately before 21st March 2016 is a regulated credit agreement within the meaning of article 60B(3) of the Regulated Activities Order, and
- iii
but for article 28(1), would be a regulated mortgage contract if it were entered into on or after 21st March 2016; or
- i
- b
- i
relates to the granting of credit in the circumstances described in article 28(1),
- ii
is entered into on or after 21st March 2016,
- iii
would be a regulated credit agreement within the meaning of article 60B(3) of the Regulated Activities Order if it had been entered into immediately before 21st March 2016, and
- iv
but for article 28(1), would be a regulated mortgage contract at the time that it is entered into;
- i
- a
“the mortgages directive” means Directive 2014/17/EU of the European Parliament and of the Council of 4th February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/201015;
“the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 200116.
2
Unless otherwise defined—
a
any expression used in this Order which is used in the mortgages directive has the same meaning as in that directive; and
b
any other expression used in this Order which is defined for the purposes of the Act has the meaning given by the Act.