Financial Services and Markets Act 2000, section 39

Exemption of appointed representatives

Part III Authorisation and Exemption

(1)If a person (other than an authorised person)—

(a) is a party to a contract with an authorised person (“his principal”) which—

(i)permits or requires him to carry on business of a prescribed description, and

(ii)complies with such requirements as may be prescribed, and

(b)is someone for whose activities in carrying on the whole or part of that business his principal has accepted responsibility in writing,

he is exempt from the general prohibition in relation to any regulated activity comprised in the carrying on of that business for which his principal has accepted responsibility.

[F188 (1ZA)But a person is not exempt as a result of subsection (1) if subsection (1A) [F189 , (1AA)F189] or (1BA) applies to the person.F188]

[F190 (1A)[F191 This subsection applies to a personF191] —

(a)if his principal is an investment firm [F192 , a [F193 qualifying credit institutionF193] , or [F194 a firm which has a Part 4A permission to carry on regulated activities as an exempt investment firm within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701)F194,F192]] , and

(b)so far as the business for which his principal has accepted responsibility is investment services business,

unless he is entered on the applicable register.

[F195 (1AA)This subsection applies to a person—

(a)if the person’s principal is an investment firm [F196 , a [F197 qualifying credit institutionF197] , or a person mentioned in Article 3.1 (optional exemptions) of the markets in financial instruments directiveF196] , and

(b)so far as the business for which the person’s principal has accepted responsibility is selling, or advising clients on, structured deposits F198...,

unless the person is entered on the applicable register.F195]

(1B) [F199 In subsections (1A) and (1AA) F199] The “applicable register” is [F200 the record maintained by the FCA by virtue of section 347(1)(ha) F200] .

[F201 (1BA) This subsection applies to a person (“A”)—

(a)if A’s principal is a mortgage intermediary, and

(b)so far as the business for which A’s principal has accepted responsibility is of a kind [F202 thatF202] —

(i)[F203 isF203] specified in article 25A (arranging regulated mortgage contracts), article 36A (credit broking), article 53A (advising on regulated mortgage contracts) or article 53DA (advising on regulated credit agreements the purpose of which is to acquire land) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and

[F204 (ii)relates to mortgage agreements entered into on or after 21st March 2016,F204]

unless A meets the requirements of subsection (1BB).

(1BB)The requirements of this subsection are—

(a)that A is entered on the record maintained by the FCA by virtue of section 347(1)(hb);

(b)that A’s principal is a person who has a Part 4A permission to carry on one or more of the regulated activities mentioned in subsection (1BA)(b)(i); and

(c)that A’s principal is not a tied mortgage intermediary.F201]

[F205 (1C) Subsection (1D) applies where an authorised person (“A”)—

(a)has permission under Part 4A, or permission resulting from any other provision of this Act, only in relation to one or more qualifying activities,

(b) is a party to a contract with another authorised person (A's “principal”) which—

(i) permits or requires A to carry on business of a prescribed description (“the relevant business”), and

(ii)complies with such requirements as may be prescribed, and

(c)is someone for whose activities in carrying on the whole or part of the relevant business A's principal has accepted responsibility in writing.

(1D)Sections 20(1) and (1A) and 23(1A) do not apply in relation to the carrying on by A of a relevant additional activity.

(1E)In subsections (1C) and (1D)—

(a) “qualifying activity” means a regulated activity which is of a prescribed kind and relates—

(i)to rights under a contract of the kind mentioned in paragraph 23 of Schedule 2, other than one under which the obligation of the borrower to repay is secured on land, or

(ii)to rights under a contract of the kind mentioned in paragraph 23B of that Schedule;

(b) “relevant additional activity” means a regulated activity which—

(i)is not one to which A's permission relates, and

(ii)is comprised in the carrying on of the business for which A's principal has accepted responsibility.F205]

[F206 (2) In this Act “appointed representative” means—

(a)a person who is exempt as a result of subsection (1), or

(b)a person carrying on a regulated activity in circumstances where, as a result of subsection (1D), sections 20(1) and (1A) and 23(1A) do not apply.F206]

(3)The principal of an appointed representative is responsible, to the same extent as if he had expressly permitted it, for anything done or omitted by the representative in carrying on the business for which he has accepted responsibility.

[F207 (4)In determining whether an authorised person has complied with—

(a)a provision contained in or made under this Act, F208...

[F209 (aa)a provision contained in or made under the Securitisation Regulations 2024, orF209]

(b)a [F210 qualifying provisionF210] that is specified, or of a description specified, for the purposes of this subsection by the Treasury by order,

anything which a relevant person has done or omitted as respects business for which the authorised person has accepted responsibility is to be treated as having been done or omitted by the authorised person.F207]

(5) “Relevant person” means a person who at the material time is or was an appointed representative by virtue of being a party to a contract with the authorised person.

(6)Nothing in subsection (4) is to cause the knowledge or intentions of an appointed representative to be attributed to his principal for the purpose of determining whether the principal has committed an offence, unless in all the circumstances it is reasonable for them to be attributed to him.

[F211 (7) A person carries on “investment services business” if, under the full and unconditional responsibility of only one investment firm on whose behalf the person acts, the person—

(a)promotes investment services or ancillary services to the firm's clients or prospective clients,

(b)receives and transmits instructions or orders from clients in respect of investment services or financial instruments,

(c)places financial instruments, or

(d)provides advice to clients or prospective clients in respect of investment services or financial instruments.F211]

[F212 (8)In this section—

  • “ancillary services” means any of the services and activities listed in Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) ;

  • “financial instruments” means those instruments specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ;

  • “investment services” means any of the services and activities listed in Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 , relating to any of the instruments listed in Part 1 of that Schedule;

  • “structured deposit” has the meaning given by Article 2.1.23 of the markets in financial instruments regulation. F212,F190]]

Read section 39 in the full Act → Definitions (16) Cases (19)

Definitions used in section 39

authorised person

“authorised person” has the meaning given in section 31(2);

Defined in s.417(1) · see it in the full Act

(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.

Defined in s.31(2) · see it in the full Act
prescribed

“prescribed” (where not otherwise defined) means prescribed in regulations made by the Treasury;

Defined in s.417(1) · see it in the full Act
general prohibition

“general prohibition” has the meaning given in section 19(2);

Defined in s.417(1) · see it in the full Act
regulated activity

“regulated activity” has the meaning given in section 22;

Defined in s.417(1) · see it in the full Act
investment firm

(1) In this Act (except as otherwise provided) , “investment firm” has the meaning given in paragraph 2.1A of the markets in financial instruments regulation .

Defined in s.424A(1) · see it in the full Act

(5) References in this Act to an “investment firm” do not include references to—

(a) a person excluded from the definition of “investment firm” in Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by paragraph (a) or (b) of that definition; or

(b)a firm which has a Part 4A permission to carry on regulated activities as an exempt investment firm within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701).

Defined in s.424A(5) · see it in the full Act
qualifying credit institution

“qualifying credit institution” means a credit institution which—

(a)

is a person who—

(i)

has Part 4A permission to carry on the regulated activity of accepting deposits, or

(ii)

satisfies the conditions for being given permission under Part 4A to carry on that activity, or

(iii)

is a body corporate incorporated in the United Kingdom and would satisfy those conditions—

(aa)

were its head office in the United Kingdom, or

(bb)

if it has a registered office, were its registered office, or its registered office and its head office, in the United Kingdom,

(b)

is not a friendly society, and

(c)

is not a society registered as a credit union under—

(i)

the Co-operative and Community Benefit Societies Act 2014,

(ii)

the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), or

(iii)

the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (c. 24 (N.I.));

Defined in s.417(1) · see it in the full Act
Part 4A permission

“Part 4A permission” has the meaning given in section 55A(5);

Defined in s.417(1) · see it in the full Act
principal

“principal” in relation to an appointed representative, is to be read in accordance with section 39;

Defined in s.417(1) · see it in the full Act
markets in financial instruments directive

(a) “alternative investment fund managers directive”, “capital requirements directive”, ... ... ... “EEA firm”, “EEA right”, “EEA State”, “emission allowance auctioning regulation”, ..., ... ... ... “insurance distribution directive”, ... “markets in financial instruments directive”, “mortgages directive”, “single market directives” ... , “tied agent” and “UCITS directive” have the meaning given in Schedule 3; ...

Defined in s.425(1) · see it in the full Act
the FCA

(2) The Financial Conduct Authority is in this Act referred to as “the FCA”.

Defined in s.1A(2) · see it in the full Act

“the FCA” means the Financial Conduct Authority;

Defined in s.417(1) · see it in the full Act
mortgage intermediary

“mortgage intermediary” means a person who, in the course of the person's trade, business or profession, and acting neither as a mortgage creditor or notary nor in an introductory capacity, does any of the following for any agreed form of financial consideration—

(a)

presenting or offering mortgage agreements to consumers;

(b)

assisting consumers by undertaking preparatory work or other pre-contractual administration in respect of mortgage agreements (otherwise than as referred to in paragraph (a));

(c)

concluding mortgage agreements with consumers on behalf of mortgage creditors;

Defined in s.423A(1) · see it in the full Act
Specified

(5) “Specified” means specified in an order made by the Treasury.

Defined in s.22(5) · see it in the full Act
mortgage agreement

“mortgage agreement” means an agreement to which subsection (2) applies, but to which subsection (3) does not apply, under which a mortgage creditor grants or promises to grant, to a consumer, a credit in the form of a deferred payment, loan or other similar financial accommodation;

Defined in s.423A(1) · see it in the full Act
tied mortgage intermediary

“tied mortgage intermediary” means a mortgage intermediary who acts on behalf of and under the full and unconditional responsibility of—

(a)

only one mortgage creditor,

(b)

only one group of mortgage creditors, or

(c)

a number of mortgage creditors or groups of mortgage creditors which does not represent the majority of the market.

Defined in s.423A(1) · see it in the full Act
qualifying provision

(1) In this Act “qualifying provision” means a provision of any of the following—

(a) assimilated direct legislation;

(b)technical standards made in accordance with Chapter 2A of Part 9A;

(ba)other subordinate legislation made under assimilated direct legislation;

(c)subordinate legislation ... made by virtue of regulations made under section 8 of the European Union (Withdrawal) Act 2018.

Defined in s.425C(1) · see it in the full Act
markets in financial instruments regulation

“markets in financial instruments regulation” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2004 on markets in financial instruments, as it forms part of assimilated law;

Defined in s.417(1) · see it in the full Act

Cases considering section 39 (19)

Kession Capital Ltd (in Liquidation) v KVB Consultants Ltd and others

[2026] UKSC 11 · 1 April 2026Interprets

Establishes the appointed-representative regime. The provision permits an authorised person to define and accept responsibility for only part of a prescribed business, including business limited by client category (see paras [38]-[45], [55]-[84]). Exemption depends upon a compliant contract and written acceptance of responsibility for the whole or part of prescribed business. The accepted part may be defined by a category of clients (see paras [39]-[43], [55]-[60], [82]-[84]). Requires a contract permitting or requiring the representative to carry on business of a prescribed description. It is the first statutory step in establishing appointed-representative status (see paras [39], [55]). Requires written acceptance of responsibility for activities in carrying on the whole or part of the prescribed business. The writing determines the extent of both responsibility and exemption (see paras [40]-[43], [55]-[57]). Defines an appointed representative as a person exempt under section 39(1) (see para [8]). Makes the principal responsible as if it had expressly permitted conduct within the business for which responsibility was accepted. That responsibility is coterminous with the representative’s exemption and did not extend to expressly excluded retail-client business (see paras [43], [56]-[57], [79], [84]). Its interaction with section 20 was cited through FCA guidance as requiring activities covered by an appointment to fall within the principal’s permission (see para [68]).

KVB Consultants Limited & Ors v Jacob Hopkins McKenzie Limited & Ors

[2024] EWCA Civ 765 · 9 July 2024Interprets

The court interpreted section 39 as creating co-extensive appointed representative exemption and principal responsibility, subject to clear limits on the part of a prescribed business for which responsibility is accepted (see paras [78]-[80]; [85]-[95]). The court treated section 39(1) as requiring identification of the prescribed business and the part of that business for which the principal accepted responsibility. A client-category restriction did not create a separate part of the relevant activity (see paras [76]; [85]-[92]). The court interpreted “business of a prescribed description” as referring to generic regulated activities prescribed by regulation 2 of the Appointed Representatives Regulations, including advising and arranging investments (see paras [85]-[86]). The provision was treated as requiring the agreement to permit or require the appointed representative to carry on business of a prescribed description, namely the relevant advisory or arranging activity (see paras [25]; [86]). Cited only. The court held that written acceptance of responsibility may cover only part of a prescribed business, but that a limitation concerning client classification regulated how the business was conducted and did not reduce responsibility (see paras [76]; [85]-[94]). Cited only. The court confirmed that the principal’s responsibility extends to acts and omissions in carrying on the business for which responsibility was accepted. That liability was not avoided by a contractual term requiring proper performance or restricting client classification (see paras [25]; [73]-[80]; [92]-[94]).

Anderson & Ors v Sense Network Ltd

[2019] EWCA Civ 1395 · 31 July 2019Limits

The section permits written acceptance of responsibility for only part of a prescribed business. The appointed representative’s exemption and the principal’s liability are co-extensive with the business so accepted (see paras [29]–[40]). An appointed representative is exempt only to the extent that an authorised person has accepted responsibility for its business. Acceptance may cover the whole or part of a generically prescribed category (see paras [31]–[38]). The reference to business is to business of a prescribed description which the contract permits or requires the representative to carry on (see paras [31]–[33]). The provision refers to one or more categories of business prescribed in generic terms by paragraph 2 of the appointed-representative regulations (see para [31]). The extent of responsibility must be identified from the written acceptance. The words concerning the whole or part of the business permit responsibility to be narrower than the full generic business category (see paras [32]–[35]). The public-register condition introduced to implement MiFID I did not change the extent of a principal’s civil liability for an appointed representative (see paras [41]–[46]). The provision identifying the applicable public register did not assist in construing the scope of civil liability under section 39 (see paras [41]–[46]). The applicable register was the record maintained by the Financial Conduct Authority under section 347(1)(ha) (see para [43]). A principal is liable for acts or omissions occurring in the business for which it accepted responsibility in writing. The provision overcomes common-law limitations on liability for agents, but does not enlarge the accepted business itself (see paras [30]–[40]; [54]–[57]).

What each judgment says about section 39 is in the case-law panel in the full Act.

Explanatory note

93.This section makes an exemption from the general prohibition for appointed representatives of authorised persons.  An authorised person cannot be an appointed representative.  The exemption only applies if the authorised person, referred to as the principal, has:

  • contracted with the representative for the latter to carry on the relevant sort of investment business on their behalf; and

  • accepted responsibility in writing for the conduct of those regulated activities.

94.Any regulated activities which are carried on by the representative in accordance with such an arrangement are the responsibility of the principal, who must therefore have permission for all the regulated activities they carry on.  The Authority may therefore take regulatory action against the principal in respect of anything said or done (or not said or not done) by the representative in carrying on the regulated activities as if they had expressly authorised the action or inaction in question.  Such acts or omissions will be taken into account by the Authority in determining whether the principal has breached any rules or requirements under the Act.  However, nothing in this section would make the principal liable to prosecution for a criminal offence in place of the representative.  The representative may also be subject to the arrangements under Part V.

95.This section is similar to, and replaces, section 44 of the FS Act 1986.  The Treasury have the power to limit the types of business that may be carried on under this exemption.  The intention is that an order under subsection (1) will broadly reproduce the breadth of the provision under the FS Act 1986, except that it will no longer be possible under this section for an appointed representative to be exempt for some activities and authorised for others.  Under a single authorisation regime, it would not be appropriate to allow an authorised person to obtain an exemption rather than have their permission extended to cover those additional activities.

96.The Treasury have the power to prescribe further conditions which the contract between the principal and his representative has to meet.  The intention is that this power would be used to reproduce the detailed requirements in sections 44(4) and (5) of the FS Act 1986.  These are aimed at ensuring that the principal has adequate control over the activities that the appointed representative may carry on for the benefit of, or on behalf of, other providers of investment products to ensure that the exemption is not misused.

All the explanatory notes for the Act

Amendments and notes

34 notes from legislation.gov.uk

Amendments

  1. F188S. 39(1ZA) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 1(2)(a) (with Pt. 4)
  2. F189Word in s. 39(1ZA) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 2(2) (with reg. 7)
  3. F190S. 39(1A)(1B) inserted (1.4.2007 for certain purposes, otherwise 1.11.2007) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(5), Sch. 5 para. 2(a)
  4. F191Words in s. 39(1A) substituted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 1(2)(b) (with Pt. 4)
  5. F192Words in s. 39(1A)(a) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 2(3) (with reg. 7)
  6. F193Words in s. 39(1A)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  7. F194Words in s. 39(1A)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  8. F195S. 39(1AA) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 2(4) (with reg. 7)
  9. F196Words in s. 39(1A)(a) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 2(3) (with reg. 7)
  10. F197Words in s. 39(1AA)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  11. F198Words in s. 39(1AA)(b) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  12. F199Words in s. 39(1B) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 2(5)(a) (with reg. 7)
  13. F200Words in s. 39(1B) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  14. F201S. 39(1BA)(1BB) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 1(2)(c) (with Pt. 4)
  15. F202Word in s. 39(1BA)(b) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(5)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  16. F203Word in s. 39(1BA)(b)(i) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(5)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  17. F204S. 39(1BA)(b)(ii) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(5)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  18. F205S. 39(1C)-(1E) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 10(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  19. F206S. 39(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 10(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  20. F207S. 39(4) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 5(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
  21. F208Word in s. 39(4) omitted (30.1.2024 for specified purposes, 1.11.2024 in so far as not already in force) by virtue of The Securitisation Regulations 2024 (S.I. 2024/102), reg. 2(1)(e)(2), Sch. 1 para. 2(a) (with Sch. 3); as amended by S.I. 2024/705, regs. 1(2), 2(2)
  22. F209S. 39(4)(aa) inserted (30.1.2024 for specified purposes, 1.11.2024 in so far as not already in force) by The Securitisation Regulations 2024 (S.I. 2024/102), reg. 2(1)(e)(2), Sch. 1 para. 2(b) (with Sch. 3); as amended by S.I. 2024/705, regs. 1(2), 2(2)
  23. F210Words in s. 39(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  24. F211S. 39(7) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(7) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.
  25. F212S. 39(8) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 12(8) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) this amendment is subject to savings and/or transitional provisions, see the commentary.

Modifications

  1. C131S. 39 modified (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(4)
  2. C132S. 39 applied (with modifications) (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 17 (with Pt. 4)
  3. C133S. 39 modified in part (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 83(3)(6)
  4. C134S. 39(2) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 7
  5. C135S. 39(2) modified (31.10.2004) by The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004 (S.I. 2004/2615), arts. 1(2)(b), 5, Sch. para. 7
  6. C136S. 39(2) modified (14.1.2005) by The Financial Services and Markets Act 2000 (Transitional Provisions) (General Insurance Intermediaries) Order 2004 (S.I. 2004/3351), arts. 1(2)(b), 5, Sch. para. 7
  7. C137S. 39(2) modified (6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006 (S.I. 2006/1969), arts. 1(3), 7, Sch. para. 7
  8. C138S. 39(2) modified (30.6.2008 for certain purposes, otherwise 1.1.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007 (S.I. 2007/3510), arts. 1(2), 8(1)(4)

Commencement

  1. I4S. 39 wholly in force at 1.12.2001; s. 39 not in force at Royal Assent see s. 431(2); s. 39(1) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 39 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)