Related provisions for PERG 4.7.3
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In the FCA's view, in circumstances other than those excluded by article 72(5D) of the Regulated Activities Order, an overseas lender is likely to carry on the regulated activity of entering into regulated mortgage contracts in the United Kingdom. This is because of:(1) the territorial limitation in the definition of regulated mortgage contract so that regulation applies only if the land is in the United Kingdom;(2) the general principle and practice that contracts relating to
A SPV does not carry on the regulated activity of entering into a regulated mortgage contract (or agreeing to do so), merely by acquiring the legal or beneficial interest in the contract from the original lender, or by providing funding to the original lender. If the contract is subsequently varied, a SPV should take care to avoid the original contract being replaced with a new regulated mortgage contract (see PERG 4.4.4 G and PERG 4.4.13 G). The original lender is, of course,
This section2 applies to a firm9 which is a home finance provider3 or a firm with permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements,8 or which is,9 in respect of sales to a retail client5 or a consumer5:9355(1) an insurer; or(1A) the manager of an authorised AIF or a UCITS scheme; or9(2) the operator of an investment trust savings scheme , or a personal pension scheme4; or 94(3) a person who