1. This Order may be cited as the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2011 and comes into force on the day after the day on which it is made.

2. In the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001( 2 ) after article 4 insert—

“ Entering into a sale and rent back agreement

5. A person (“A”) who carries on an activity of the kind specified by article 63J(1) of the Regulated Activities Order (entering into a regulated sale and rent back agreement) ( 3 ) is to be regarded as carrying on that activity by way of business except where A is a related person in relation to the agreement seller within the meaning of article 63J(4)(c) of the Regulated Activities Order.

6. —(1) Article 5 ceases to have effect on 1st January 2015.

(2) Before the end of 2012, the Treasury must—

(a) carry out a review of article 5;

(b) set out the conclusions of the review in a report; and

(c) publish the report.

(3) The report must in particular—

(a) set out the objectives intended to be achieved by article 5;

(b) assess the extent to which those objectives are achieved; and

(c) assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a scheme that imposes less regulation. ” .