Section 15(1)

Parts 1 to 4, 6 and 8 to 11 do not apply to the following persons when carrying on any of the following activities— a registered society within the meaning of section 1 of the Co-operative and Community Benefit Societies Act 2014 (meaning of “registered society”) , when it— issues withdrawable share capital within the limit set by section 24 of that Act (maximum shareholding in society); or accepts deposits from the public within the limit set by section 67(2) of that Act (carrying on of banking by societies); a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 , when it— issues withdrawable share capital within the limit set by section 6 of that Act (maximum shareholding in society); or accepts deposits from the public within the limit set by section 7(3) of that Act (carrying on of banking by societies); a person who is (or falls within a class of persons) specified in any of paragraphs 2 to 23, 26 to 38 , 40 to 49 or 58 of the Schedule to the Financial Services and Markets Act 2000 (Exemption) Order 2001 , when carrying out any activity in respect of which that person is exempt; a local authority within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 , when carrying on an activity which would be a regulated activity for the purposes of FSMA but for article 72G of that Order ; a person who was an exempted person for the purposes of section 45 of the Financial Services Act 1986 (miscellaneous exemptions) immediately before its repeal, when exercising the functions specified in that section; a person whose main activity is that of a high value dealer, when engaging in financial activity on an occasional or very limited basis as set out in paragraph (3); or a person preparing a home report, which for these purposes means the documents prescribed for the purposes of section 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 (duties: information and others) .

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