This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 December 2014, amend the Financial Service Providers (Exemptions) Regulations 2010 (the principal regulations).
Regulation 4 replaces regulation 5 of the principal regulations to amend the exemption given to bodies corporate for providing relevant services to related bodies corporate or to limited partnerships if the body corporate and the general partner are related bodies corporate. The amendment broadens the exemption beyond related bodies corporate to apply to related entities, as defined in the Financial Markets Conduct Act 2013. The amendment also makes clear that the definition of related in that Act is to apply to the exemption.
Regulation 5 inserts into the principal regulations a new exemption for The Tindall Foundation. The exemption only applies when The Tindall Foundation provides credit under a credit contract. The exemption is conditional on The Tindall Foundation being exempted from the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, and not providing credit under a consumer credit contract, as defined by section 11 of the Credit Contracts and Consumer Finance Act 2003.
Date of notification in Gazette: 4 November 2014.
These regulations are administered by the Ministry of Business, Innovation, and Employment.