Financial Services And Markets Citation and commencement 1 This Order may be cited as the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2018 and comes into force on the day after the day on which it is made. Amendment of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 2 1 The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 is amended as follows. 2 In article 2 (deposit taking business) after paragraph (2) insert— 3 A person (“B”) who carries on an activity of the kind specified by article 5(1)(b) of the Regulated Activities Order (accepting deposits) is not to be regarded as doing so by way of business if— a the activity is facilitated by a person (“A”); b in facilitating the activity, A was operating an electronic system in relation to lending; c B is not a credit institution or an authorised person ; d B is not carrying on the business of accepting deposits; e B does not hold themselves out as accepting deposits on a day to day basis, other than where the holding-out is facilitated by persons engaged in operating an electronic system in relation to lending. 4 For the purposes of paragraph (3)(d), if B uses the capital of, or interest on, money received by way of deposit solely to finance other business activity carried on by B, this is to be regarded as evidence indicating that B is not carrying on the business of accepting deposits. 5 In this article— “article 36H agreement” has the meaning given in article 36H(4) of the Regulated Activities Order ; “assignment”, in relation to Scotland, means assignation; “borrower” means— a person who receives credit under an agreement that is not an article 36H agreement only because it does not satisfy the conditions in article 36H(5) and (6) of the Regulated Activities Order; or a person to whom the rights and duties of a borrower under such an agreement have passed by assignment or operation of law; “credit institution” means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account; “lender” means— a person providing credit under an agreement that is not an article 36H agreement only because it does not satisfy the conditions in article 36H(5) and (6) of the Regulated Activities Order; or a person who by assignment or operation of law has assumed the rights and duties of a lender under such an agreement; “operating an electronic system in relation to lending” means carrying on an activity— of the kind specified by article 36H of the Regulated Activities Order (operating an electronic system in relation to lending), or that would be of the kind specified by article 36H but for the fact that the activity does not concern facilitating an article 36H agreement, but concerns facilitating persons becoming the lender and borrower under an agreement that is not an article 36H agreement only because it does not satisfy the conditions in article 36H(5) and (6) of the Regulated Activities Order; . Andrew Stephenson Rebecca Harris Two of the Lords Commissioners of Her Majesty’s Treasury 21st March 2018