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Enable
activities relating to certain arrangements involving the acquisition
or |
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disposal of land to be regulated
under the Financial Services and Markets Act |
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Be
it enacted by the Queen’s most Excellent Majesty,
by and with the advice and |
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consent of the Lords Spiritual
and Temporal, and Commons, in this present |
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Parliament assembled, and
by the authority of the same, as follows:— |
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1 |
Financial
Services and Markets Act 2000: regulated activities |
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In Part 2 of Schedule 2
to the Financial Services and Markets
Act 2000 (c. 8) |
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(regulated activities - investments),
after paragraph 23 there is inserted— |
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“Other finance
arrangements involving land |
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23A (1) |
Rights under any
arrangement for the provision of finance under |
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5 |
which
the person providing the finance either— |
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(a) |
acquires a major
interest in land from the person to whom the |
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(b) |
disposes of a major
interest in land to that person, |
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as
part of the arrangement. |
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10 |
(2) |
References in
sub-paragraph (1) to a “major interest” in land are
to— |
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(a) |
in relation to
land in England or Wales— |
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(i) |
an estate in
fee simple absolute, or |
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(ii) |
a term of years
absolute, |
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whether subsisting
at law or in equity; |
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15 |
(b) |
in relation to
land in Scotland— |
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(i) |
the interest
of an owner of land, or |
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(ii) |
the tenant’s
right over or interest in a property subject |
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(c) |
in relation to
land in Northern Ireland— |
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20 |
(i) |
any freehold
estate, or |
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(ii) |
any leasehold
estate, |
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