Schedule 9, Part 1, paragraph 1(1)

A business is in the regulated sector to the extent that it consists of— the acceptance by a credit institution of deposits or other repayable funds from the public, or the granting by a credit institution of credits for its own account; the carrying on of one or more of the activities listed in points 2 to 12 , 14 and 15 of Schedule 2 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 by an undertaking other than— a credit institution; ... an undertaking whose only listed activity is as a creditor under an agreement which— falls within section 12(a) of the Consumer Credit Act 1974 (debtor-creditor-supplier agreements); provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or an undertaking whose only listed activity is trading for own account in one or more of the products listed in point 7 of Schedule 2 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and which does not act on behalf of a customer (that is, a third party which is not a member of the same group as the undertaking); the carrying on of activities by an authorised person (within the meaning of section 31 of the Financial Services and Markets Act 2000) who has permission under Part 4A of that Act to carry out or effect contracts of insurance, where those activities consist of carrying out or effecting contracts of long-term insurance other than a reinsurance contract; the provision of investment services or the performance of investment activities by a person (other than a person falling within one of the exclusions to the definition of “investment firm” in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)) whose regular occupation or business is the provision to other persons of an investment service or the performance of an investment activity on a professional basis; the marketing or other offering of units or shares by a collective investment undertaking; the activities of an insurance intermediary as defined in article 33B(4) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, in respect of contracts of long-term insurance within the meaning given by article 3(1) of, and Part II of Schedule 1 to, that Order; the carrying on of any of the activities mentioned in paragraphs (b) to (f) by a branch located in the United Kingdom of a person referred to in those paragraphs (or of an equivalent person in any other State), wherever its head office is located; the activities of the National Savings Bank; any activity carried on for the purpose of raising money authorised to be raised under the National Loans Act 1968 under the auspices of the Director of Savings; the carrying on of statutory audit work within the meaning of section 1210 of the Companies Act 2006 (meaning of “statutory auditor” etc) by any firm or individual who is a statutory auditor within the meaning of Part 42 of that Act (statutory auditors); the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit); the activities of a person appointed to act as an insolvency practitioner within the meaning of section 388 of the Insolvency Act 1986 (meaning of “act as insolvency practitioner”) or article 3 of the Insolvency (Northern Ireland) Order 1989; the provision to other persons of accountancy services by a firm or sole practitioner who by way of business provides such services to other persons; the provision of material aid, or assistance or advice, in connection with the tax affairs of other persons by a firm or sole practitioner, whether provided directly or through a third party, if the firm or sole practitioner by way of business provides (as the case may be) aid, assistance or advice in connection with the tax affairs of other persons; the participation in financial or real property transactions concerning— by a firm or sole practitioner who by way of business provides legal or notarial services to other persons; the buying and selling of real property (or, in Scotland, heritable property) or business entities; the managing of client money, securities or other assets; the opening or management of bank, savings or securities accounts; the organisation of contributions necessary for the creation, operation or management of companies; or the creation, operation or management of trusts, companies or similar structures, the provision to other persons by way of business by a firm or sole practitioner of any of the services mentioned in sub-paragraph (4); the carrying on of estate agency work or letting agency work, ... by a firm or a sole practitioner who carries on, or whose employees carry on, such work; the trading in goods (including dealing as an auctioneer) whenever a transaction involves the making or receipt of a payment or payments in cash of at least £10,000 in total, whether the transaction is executed in a single operation or in several operations which appear to be linked, by a firm or sole trader who by way of business trades in goods; operating a casino under a casino operating licence (within the meaning given by section 65(2) of the Gambling Act 2005 (nature of licence)). the auctioning by an auction platform of two-day spot or five-day futures, within the meanings given by Article 3 of the Emission Allowance Auctioning Regulation. bidding directly, on behalf of clients, in auctions of emissions allowances in accordance with the Emission Allowance Auctioning Regulation. the carrying on of activities by a firm or sole practitioner when it— by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to £10,000 or more; or is the operator of a freeport when it, or any other firm or sole practitioner, stores works of art in the freeport and the value of the works of art so stored for a person, or a series of linked persons, amounts to £10,000 or more; the carrying on of activities by a firm or individual when acting as a cryptoasset exchange provider or custodian wallet provider.

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Source: legislation.gov.uk · retrieved 2026-09-04