The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

Article 60D (exempt agreements: exemption relating to the purchase of land for non-residential purposes)

138.  In article 60D (exempt agreements: exemption relating to the purchase of land for non-residential purposes), for paragraph (4)(1) substitute—

“(4) This article does not apply to an agreement if—

(a) the agreement is entered into on or after 21st March 2016,

(b) under the agreement a mortgage creditor grants or promises to grant a credit in the form of a deferred payment, loan or other similar financial accommodation,

(c) the credit is granted or promised to an individual who is acting for purposes outside those of any trade, business or profession carried on by the individual,

(d) the purpose of the agreement is to acquire or retain property rights in land or in an existing or projected building, and

(e) the agreement does not meet the conditions in paragraphs (i) to (iii) of article 61(3)(a) (regulated mortgage contracts).

(5) A reference in paragraph (4)(d) to any land or building—

(a) in relation to an agreement entered into before exit day, is a reference to any land or building in the United Kingdom or within the territory of an EEA State;

(b) in relation to an agreement entered into on or after exit day, is a reference to any land or building in the United Kingdom.”.

(1)

Article 60D was inserted by S.I. 2013/1881, paragraph (4) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.