HM Treasury Exempts COVID Corporate Financing Facility from Regulated Activity Regime03/20/2020HM Treasury has published the Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2020, exempting the COVID Corporate Financing Facility from the U.K.'s regulated activity regime. The Order will come into effect from March 23, 2020. The exemption means that the COVID Corporate Financing Facility is not subject to the U.K. prohibition on conducting regulated activities in the U.K. under section 19 of the Financial Services and Markets Act 2000.
The COVID Corporate Financing Facility is a Bank of England support measure under which the BoE will purchase commercial paper from eligible companies (typically investment grade) to provide bridging support to companies experiencing financial difficulties. The Facility will not be available to banks, building societies, leveraged investment vehicles or groups predominantly active in businesses subject to financial regulation.
View the Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2020.
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