On 10 May 2018, there was published on the legislation.gov.uk website a draft of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 together with a draft explanatory memorandum and a draft de minimis assessment. The draft Order expands the definition of alternative finance investment bonds (AIFBs) to allow these to be admissible for trading on additional types of financial trading venues, known as multilateral trading facilities and organised trading facilities. This ensures equivalent regulatory treatment of AIFBs with conventional bonds, meeting the Government’s commitment to provide a level-playing field for Islamic finance instruments in the UK and thereby removing a potential obstacle to the use of UK venues for the issue and trading of AIFBs. The draft Order also includes a provision that a person carrying on the regulated activity of administering a benchmark will be seen as carrying on the activity by way of business.
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