Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011

Definition of reporting entity

Heading: replaced, on 27 July 2016, by regulation 6 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2016 (LI 2016/132).

16 Inclusion: certain financial advice providers

(1)

This regulation applies to a financial advice provider so far as that provider arranges for a reporting entity to provide a relevant service in respect of a relevant product to a customer or an intended customer of the reporting entity.

(2)

Subject to regulation 20, a financial advice provider to whom this regulation applies is declared to be a reporting entity for the purposes of the Act.

(3)

An individual (person A) to whom this regulation applies is deemed to have complied with the Act and any regulations if—

(a)

the obligations that apply to person A under the Act and any regulations are discharged by another reporting entity (person B); and

(b)

person A is a partner, director, employee, agent, or other person acting in the course of, and for the purposes of, person B’s business.

(4)

In this regulation,—

(a)

bank notice product, bonus bond, call building society share, call credit union share, call debt security, co-operative share, credit union fixed term deposit product, credit union savings account product, fixed term redeemable building society share, PIE call fund unit, and PIE term fund unit have the same meanings as in regulation 5(1) of the Financial Markets Conduct Regulations 2014:

(b)

DIMS facility, financial advice provider, financial product, and investment authority have the same meanings as in section 6(1) of the Financial Markets Conduct Act 2013:

(c)

investment-linked contract of insurance means any contract of insurance other than—

(i)

a pure risk contract of insurance (within the meaning of section 9(3) of the Financial Markets Conduct Act 2013); or

(ii)

a life insurance policy (within the meaning of section 2(1) of the Securities Act 1978) issued before 1 January 2009.

(5)

In this regulation, relevant product—

(a)

means—

(i)

a financial product (other than a product referred to in paragraph (b)); or

(ii)

a DIMS facility (other than a facility referred to in paragraph (b)(xiii)); or

(iii)

an investment-linked contract of insurance; or

(iv)

a renewal or variation of the terms or conditions of an existing product referred to in any of subparagraphs (i) to (iii); but

(b)

does not include any of the following products:

(i)

a bank notice product:

(ii)

a bonus bond:

(iii)

a call building society share:

(iv)

a call credit union share:

(v)

a call debt security:

(vi)

a co-operative share:

(vii)

a credit union fixed term deposit product:

(viii)

a credit union savings account product:

(ix)

a fixed term deposit product issued by a registered bank:

(x)

a fixed term redeemable building society share:

(xi)

a PIE call fund unit:

(xii)

a PIE term fund unit:

(xiii)

a DIMS facility, if the investment authority covers only 1 or more products referred to in any of subparagraphs (i) to (xii):

(xiv)

a renewal or variation of the terms or conditions of an existing product referred to in any of subparagraphs (i) to (xiii).

Regulation 16: replaced, on 27 July 2016, by regulation 6 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2016 (LI 2016/132).

Regulation 16 heading: amended, on 15 March 2021, by regulation 4(1) of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2020 (LI 2020/311).

Regulation 16(1): replaced, on 15 March 2021, by regulation 4(2) of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2020 (LI 2020/311).

Regulation 16(2): amended, on 15 March 2021, by regulation 4(3) of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2020 (LI 2020/311).

Regulation 16(4): replaced, on 15 March 2021, by regulation 4(4) of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2020 (LI 2020/311).

Regulation 16(5): inserted, on 15 March 2021, by regulation 4(4) of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2020 (LI 2020/311).