Source: https://www.legislation.gov.uk/uksi/2001/544/article/66
Timestamp: 2020-08-14 23:56:08
Document Index: 462334620

Matched Legal Cases: ['art. 66', 'art. 18', 'art. 66', 'art. 66', 'art. 18', 'art. 66', 'art. 66', 'art. 18', 'art. 66', 'art. 66', 'Art. 66', 'Art. 66', 'art. 66', 'art. 66', 'Art. 66', 'Art. 66', 'art. 66', 'art. 66', 'art. 66']

art. 66(2) words substituted by S.I. 2009/1342 art. 18(a)
art. 66(2) words substituted by S.I. 2015/910 Sch. 1 para. 4(24)(a)
art. 66(6) words substituted by S.I. 2009/1342 art. 18(b)
art. 66(6) words substituted by S.I. 2015/910 Sch. 1 para. 4(24)(b)
art. 66(7) words substituted by S.I. 2009/1342 art. 18(d)
Trustees, nominees and personal representativesU.K.
66.—(1) A person (“X") does not carry on an activity of the kind specified by article 14 where he enters into a transaction as bare trustee or, in Scotland, as nominee for another person (“Y") and—
(2) Subject to paragraph (7), there are excluded from [F1articles 25(1) and (2)][F2, 25A(1) and (2), 25B(1) and (2) and 25C(1) and (2)] arrangements made by a person acting as trustee or personal representative for or with a view to a transaction which is or is to be entered into—
(b)the assets in question are held for the purposes of an occupational pension scheme, and, by virtue of article 4 of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 F3, he is to be treated as carrying on that activity by way of business.
[F4(3A) Subject to paragraph (7), there is excluded from article 39A any activity carried on by a person acting as trustee or personal representative, unless he holds himself out as providing a service comprising an activity of the kind specified by article 39A.]
[F5(4A) There is excluded from article 40 any activity carried on by a person acting as trustee which consists of arranging for one or more other persons to safeguard and administer trust assets where—
In this paragraph, “qualifying custodian” has the meaning given by article 41(2).]
(6) Subject to paragraph (7), there is excluded from [F6articles 53][F7, 53A, 53B and 53C] the giving of advice by a person acting as trustee or personal representative where he gives the advice to—
[F8(6A) Subject to paragraph (7), a person acting as trustee or personal representative does not carry on an activity of the kind specified by article 61(1) or (2) where the borrower under the regulated mortgage contract in question is a beneficiary under the trust, will or intestacy.]
[F9(6B) Subject to paragraph (7), a person acting as trustee or personal representative does not carry on an activity of the kind specified by article 63B(1) or (2) where the reversion seller under the regulated home reversion plan in question is a beneficiary under the trust, will or intestacy.
(6C) Subject to paragraph (7), a person acting as trustee or personal representative does not carry on an activity of the kind specified by article 63F(1) or (2) where the home purchaser under the regulated home purchase plan in question is a beneficiary under the trust, will or intestacy.]
(7) Paragraphs (2), (3)[F10, (3A)], [F11(4), (6)][F12, (6A), (6B) and (6C)] do not apply if the person carrying on the activity is remunerated for what he does in addition to any remuneration he receives as trustee or personal representative, and for these purposes a person is not to be regarded as receiving additional remuneration merely because his remuneration is calculated by reference to time spent.
F1Words in art. 66(2) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 18(a)
F2Words in art. 66(2) substituted (6.11.2006 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 19(a)
F3S.I. 2001/ .
F4Art. 66(3A) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(1)(a)
F5Art. 66(4A) inserted (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2005 (S.I. 2005/593), arts. 1, 2(4)
F6Words in art. 66(6) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 18(b)
F7Words in art. 66(6) substituted (6.11.2006 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 19(b)
F8Art. 66(6A) inserted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 18(c)
F9Art. 66(6B)(6C) inserted (6.11.2006 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 19(c)
F10Word in art. 66(7) inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 10(1)(b)
F11Words in art. 66(7) substituted (31.10.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 1) Order 2003 (S.I. 2003/1475), arts. 1(3), 18(d)
F12Words in art. 66(7) inserted (6.11.2006 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 19(d)