177.—(1) The Financial Services and Markets Act 2000 (Exemption) Order 2001(1) is amended as follows.
(2) In Part 1 of the Schedule(2) (persons exempt in respect of any regulated activity other than insurance business) omit paragraphs 2 to 6.
(3) In Part 4 of the Schedule (persons exempt in respect of particular regulated activities), in paragraph 48 (social housing)—
(a)in sub-paragraph (1A)(b)(i), for “the mortgages directive does not apply by virtue of Article 3(2) of that directive” substitute “section 423A(3) of the Act applies”;
(b)in sub-paragraph (4), in the definition of “bridging loan”, for “Article 4(23) of the mortgages directive” substitute “article 60G(9) of the Regulated Activities Order”.
Part 1 was amended by S.I. 2003/47, 2009/118 and 2011/1043.