Fair Trading Act 1973
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Change 1
118 Trading schemes to which Part XI applies.
(1) This Part of this Act applies to any trading scheme if— (a) the prospect is held out to participants of receiving payments or other benefits in respect of any of the matters specified in subsection (2) of this section; and (b) (subject to subsection (7) of this section) either or both of the conditions in subsections (3) and (4) of this section are fulfilled in relation to the scheme. (2) The matters referred to in paragraph (a) of subsection (1) of this section are— (a) the introduction by any person of other persons who become participants in a trading scheme; (b) the continued participation of participants in a trading scheme; (c) the promotion, transfer or other change of status of participants within a trading scheme; (d) the supply of goods or services by any person to or for other persons; (e) the acquisition of goods or services by any person. (3) The condition in this subsection is that— (a) goods or services, or both, are to be provided by the person promoting the scheme (in this Part of this Act referred to as “the promoter”) or, in the case of a scheme promoted by two or more persons acting in concert (in this Part of this Act referred to as “the promoters”), by one or more of those persons; and (b) the goods or services so provided— (i) are to be supplied to or for other persons under transactions effected by participants (whether in the capacity of agents of the promoter or of one of the promoters or in any other capacity), or (ii) are to be used for the purposes of the supply of goods or services to or for other persons under such transactions. (4) The condition in this subsection is that goods or services, or both, are to be supplied by the promoter or any of the promoters to or for persons introduced to him or any of the other promoters (or an employee or agent of his or theirs) by participants. (5) For the purposes of this Part of this Act a prospect of a kind mentioned in paragraph (a) of subsection (1) of this section shall be treated as being held out to a participant whether it is held out so as to confer on him a legally enforceable right or not. (6) This Part of this Act does not apply to any trading scheme— (a) under which the promoter or any of the promoters or participants is to carry on, or to purport to carry on, a relevant regulated activity; (b) which otherwise falls within a description prescribed by regulations made by the Secretary of State by statutory instrument. (6A) For the purposes of subsection (6)(a), “relevant regulated activity” means— (a) dealing in investments as principal or agent; (b) arranging deals in investments; (ba) operating a multilateral trading facility; (bb) operating an organised trading facility; (bc) operating an electronic system by means of which a qualifying public offer is made; (c) managing investments; (d) safeguarding and administering investments; (e) sending dematerialised instructions; (ea) managing a UCITS; (eb) acting as trustee or depositary of a UCITS; (ec) managing an AIF; (ed) acting as trustee or depositary of an AIF; (f) establishing etc. a collective investment scheme; (g) advising on investments, and paragraphs (a) to (g) must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act. (7) The Secretary of State may by order made by statutory instrument— (a) disapply paragraph (b) of subsection (1) of this section in relation to a trading scheme of a kind specified in the order; or (b) amend or repeal paragraph (a) of subsection (6) of this section; and no such order, and no order varying or revoking any such order, shall be made under this subsection unless a draft of the order has been laid before Parliament and approved by a resolution of each House of Parliament. (8) In this Part of this Act— “goods” includes property of any description and a right to, or interest in, property; “participant” means, in relation to a trading scheme, a person (other than the promoter or any of the promoters) participating in the scheme; “trading scheme” includes any arrangements made in connection with the carrying on of a business, whether those arrangements are made or recorded wholly or partly in writing or not; and any reference to the provision or supply of goods shall be construed as including a reference to the grant or transfer of a right or interest. (9) In this section any reference to the provision or supply of goods or services by a person shall be construed as including a reference to the provision or supply of goods or services under arrangements to which that person is a party.
118 Trading schemes to which Part XI applies.
(1) This Part of this Act applies to any trading scheme if— (a) the prospect is held out to participants of receiving payments or other benefits in respect of any of the matters specified in subsection (2) of this section; and (b) (subject to subsection (7) of this section) either or both of the conditions in subsections (3) and (4) of this section are fulfilled in relation to the scheme. (2) The matters referred to in paragraph (a) of subsection (1) of this section are— (a) the introduction by any person of other persons who become participants in a trading scheme; (b) the continued participation of participants in a trading scheme; (c) the promotion, transfer or other change of status of participants within a trading scheme; (d) the supply of goods or services by any person to or for other persons; (e) the acquisition of goods or services by any person. (3) The condition in this subsection is that— (a) goods or services, or both, are to be provided by the person promoting the scheme (in this Part of this Act referred to as “the promoter”) or, in the case of a scheme promoted by two or more persons acting in concert (in this Part of this Act referred to as “the promoters”), by one or more of those persons; and (b) the goods or services so provided— (i) are to be supplied to or for other persons under transactions effected by participants (whether in the capacity of agents of the promoter or of one of the promoters or in any other capacity), or (ii) are to be used for the purposes of the supply of goods or services to or for other persons under such transactions. (4) The condition in this subsection is that goods or services, or both, are to be supplied by the promoter or any of the promoters to or for persons introduced to him or any of the other promoters (or an employee or agent of his or theirs) by participants. (5) For the purposes of this Part of this Act a prospect of a kind mentioned in paragraph (a) of subsection (1) of this section shall be treated as being held out to a participant whether it is held out so as to confer on him a legally enforceable right or not. (6) This Part of this Act does not apply to any trading scheme— (a) under which the promoter or any of the promoters or participants is to carry on, or to purport to carry on, a relevant regulated activity; (b) which otherwise falls within a description prescribed by regulations made by the Secretary of State by statutory instrument. (6A) For the purposes of subsection (6)(a), “relevant regulated activity” means— (a) dealing in investments as principal or agent; (b) arranging deals in investments; (ba) operating a multilateral trading facility; (bb) operating an organised trading facility; (bc) operating an electronic system by means of which a qualifying public offer is made; (c) managing investments; (d) safeguarding and administering investments; (e) sending dematerialised instructions; (ea) managing a UCITS; (eb) acting as trustee or depositary of a UCITS; (ec) managing an AIF; (ed) acting as trustee or depositary of an AIF; (f) establishing etc. a collective investment scheme; (g) advising on investments, and paragraphs (a) to (g) must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act. (7) The Secretary of State may by order made by statutory instrument— (a) disapply paragraph (b) of subsection (1) of this section in relation to a trading scheme of a kind specified in the order; or (b) amend or repeal paragraph (a) of subsection (6) of this section; and no such order, and no order varying or revoking any such order, shall be made under this subsection unless a draft of the order has been laid before Parliament and approved by a resolution of each House of Parliament. (8) In this Part of this Act— “goods” includes property of any description and a right to, or interest in, property; “participant” means, in relation to a trading scheme, a person (other than the promoter or any of the promoters) participating in the scheme; “trading scheme” includes any arrangements made in connection with the carrying on of a business, whether those arrangements are made or recorded wholly or partly in writing or not; and any reference to the provision or supply of goods shall be construed as including a reference to the grant or transfer of a right or interest. (9) In this section any reference to the provision or supply of goods or services by a person shall be construed as including a reference to the provision or supply of goods or services under arrangements to which that person is a party.
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