Template:Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Article 5: Difference between revisions

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(Created page with "'''Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Article 5'''<br> '''Accepting deposits'''<br> 5.— (1) Accepting deposits is a specified kind of activity if— <br> :(a) money received by way of deposit is lent to others; or :(b) any other activity of the person accepting the deposit is financed wholly, or to a material extent, out of the capital of or interest on money received by way of deposit. (2) In paragraph (1), “deposit" means a su...")
 
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'''Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Article 5'''<br>
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'''Accepting deposits'''<br>
|+ Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Article 5
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! Actual Text !! JC’s {{nutshell}} version
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| '''Accepting deposits'''<br>
5.— (1) Accepting deposits is a specified kind of activity if— <br>
5.— (1) Accepting deposits is a specified kind of activity if— <br>
:(a) money received by way of deposit is lent to others; or
:(a) money received by way of deposit is lent to others; or
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:(a) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is or are not in fact sold, hired or otherwise provided;
:(a) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is or are not in fact sold, hired or otherwise provided;
:(b) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; or
:(b) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; or
:(c) without prejudice to sub-paragraph (b), it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise.
:(c) without prejudice to sub-paragraph (b), it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise.|| Example
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