Template talk:Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Article 5: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "'''Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Article 5, {{nutshell}} version'''<br><br> '''Accepting deposits'''<br> 5(1) '''Regulated Activity''': Accepting deposits is a regulated if— <br> :(a) '''Onlending''': The acceptor on-lends the deposit; or :(b) '''Financing''': The deposit materially finances the acceptor’s business. 5(2) '''Meaning of “deposit”''': A “deposit” is a payment, not excluded by any of articles 6 to 9A<re...") |
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Revision as of 13:13, 20 July 2023
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Article 5, Nutshell™ version
Accepting deposits
5(1) Regulated Activity: Accepting deposits is a regulated if—
- (a) Onlending: The acceptor on-lends the deposit; or
- (b) Financing: The deposit materially finances the acceptor’s business.
5(2) Meaning of “deposit”: A “deposit” is a payment, not excluded by any of articles 6 to 9A[1] which:
- (a) Must be repaid: Must be repaid on demand or at an agreed time or in agreed circumstances; and
- (b) Payment is not in return for goods and services or as security: Is not for goods or services or as security for any obligation of the acceptor.
5(3) Meaning of “in return for goods and services or as security”: a payment in return for goods and services or as security means one made:
- (a) Sale rental or supply contract: Under a contract for the sale, hire or supply of goods or services, where it would only be repayable if the goods or services were not provided; or
- (b) Performance security: As security for the performance of or loss under a contract; or
- (c) Property security: As security for the delivery or return of any property.