The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.3) Order 2014 (the Order) and its explanatory memorandum have been published on the legislation.gov.uk website.
The Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. The effect of the amendment is that a credit agreement secured on land that is used, or intended to be used as, or in connection with, a dwelling is an exempt agreement for the purposes of the Financial Services and Markets Act 2000 where the lender is a wholly-owned subsidiary of the Welsh Ministers. The amendment will place ‘Help to Buy – Wales’ (the Welsh Government’s version of the Help to Buy: equity loan scheme) on the same regulatory footing as the English and Scottish schemes.
The Order comes into force on 28 July 2014.