Part 20 of the FSMA contains a number of conditions that must be met in order for a regulated activity to be exempt (see sections 327 and 332 (4) of the FSMA). These include: The definition of a regulated credit contract is defined in section 60B of the ROE and is essential in determining whether the SRA considers that a proportionate approach to accreditation is being adopted, on the basis of which businesses are assessed on the basis of size, nature and credit activity. Companies are classified as either “less risky” or “riskier.” Businesses that carry out lower-risk activities are granted a “limited licence.” (a) for payment of payments made by the lender to the supplier (“L”) and L, in the circumstances mentioned in the credit agreement, that L is prepared to make such payments in these circumstances to suppliers in general, or (cc) the borrower or the borrower`s partner enters into the transaction in order to induce the lender to enter into the principal contract or for other purposes related to the principal agreement or a transaction financed or to be financed by the main agreement. (d) the credit within the time limit (which must be less than or equal to 12 months) to which the premium relates; (b) the borrower must make payments for certain periods which, if the agreement is not guaranteed on land, must be less than or equal to three months; (a) the borrower is designated as part of a credit agreement; New activities regulated under the FSMA related to credit contracts depend on whether the party concerned is considered a lender in the same way that the CCA scheme was based on the concept of creditor. The definition of the lender is “a) the person who lends under a credit contract, or b) a person who exercises or has the rights and obligations of a person who has granted credits under such an agreement.” This language differs from the creditor`s definition in force to date, in that it does not refer to an assignment. However, the use of the concept of “rights and obligations” remains unchanged, raising doubts as to whether the definition would apply to an SPV agent of a credit contract. While the amended wording eliminates the inconsistency of the reference to a tariff transferee, it would be more natural to choose the language if the intention was for the agents of the credit contracts to be treated as lenders, “rights or obligations”. Although the definition of the lender is still unclear for a VPS, it is apparent from the VPS exemption that HM Treasury assumes that it and (in any case) the VPS exemption should lead to a safer position for an SPV agreement.14 under the financing of paragraph (b) – a credit agreement intended to finance a transaction between the borrower and the lender. , whether or not they are parties to the agreement; The “incidental” condition (see above) is one of the conditions that must be met in order for a business to benefit from the Part 20 exemption, which allows regulated activities of businesses licensed by a designated professional body (PBO) (e.g. B of the SRA).