The reversion provider buys an interest in the land from the reversion occupier. The reversion occupier is entitled to occupy the land until they die or become a resident of a care home or until the end of a specific period of at least 20 years.

FSMA 2000 activities and investments Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no person may carry on a regulated activity in the United Kingdom, or purport to do so, unless the person is authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA) or is an exempt person. This is known as the general prohibition. Under FSMA 2000, s 22, a regulated activity is a specified kind of activity that is carried on by way of business in the UK and which relates to a specified investment or, depending on the activity in question, 'property of any kind'. Specified activities and investments are those activities and investments that have specified as such in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (as amended) (RAO). For more information about the general prohibition, see Practice Note: The general prohibition and implications of its breach. For more information about regulated activities, see Practice Note: What are regulated activities? Regulated activities and property of any kind As stated

A multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments—in the system and in accordance with its non-discretionary rules—in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of EU MiFID II or UK MiFID II, as applicable. For more information, see Regulated Markets under MiFID II and MiFIR.

Has the same meaning as in Article 4.1(21) of MiFID II, namely a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments (in the system and in accordance with its non-discretionary rules) in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with Title III of MiFID II. Under Article 56 of MiFID II, ESMA is required to maintain a register of regulated markets in the EEA, which it does in its MiFID/UCITS/AIFMD entities register. A list of the UK regulated markets can be found on the FCA’s Financial Services Register.

As defined in the FCA Handbook, a regulated market which is a UK recognised investment exchange.

This is a type of regulated investment defined in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, art 61(3).

Background to the regulation of home finance transactions The regulation of home finance transactions came about at different points in time. HM Treasury announced its intention to regulate mortgage lenders in 2000 and revised its proposals in December 2001 to include mortgage intermediaries. On 31 October 2004 (a date known as M Day), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. There followed the enactment of the Regulation of Financial Services (Land Transactions) Act 2005, which enabled the Financial Conduct Authority (FCA) and its predecessor, the Financial Services authority, to regulate activities that are similar to those that were already regulated in relation to RMCs but that instead involve the provider acquiring land rather than simply providing finance for its purchase by the homeowner. As a result, the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) SI 2001/544 has been amended on two occasions. An amendment order in 2006 (SI 2006/2383, which came into effect on 6 April 2007) brought within the remit of regulation home reversion

Background to and scope of this flowchart On 31 October 2004 (a date known as ‘M Day’), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). The purpose of this flowchart is to set out the main questions to ask a person to determine whether or not they

This is a regulated investment as defined in article 63(J)(3) of the Regulated Activities Order.

Energy analysis: On 15 July 2025, the Department for Energy Security and Net Zero (DESNZ) launched a consultation seeking views on the economic regulatory framework for 100% hydrogen pipeline networks. The consultation is a direct successor the proposals for hydrogen transport and storage business models published in 2022. Written by Dalia Majumder-Russell, partner; Charlie Denham, senior associate; Madison Ingram, associate; and William Stewart, associate at CMS.

Introduction: emissions from transport Surface transport including road transport is a significant source of environmental emissions including air pollution, greenhouse gas (GHG) emissions and noise. It continues to be the largest source of GHG emissions in the UK, having overtaken power and industry in 2015. The three most significant sources of surface transport emissions are cars, vans and heavy goods vehicles (HGVs). Emissions fell sharply in 2020 (by 18%) as a result of the coronavirus (COVID-19) pandemic but have returned to high levels: see for example 2024 statistics from the Office of National Statistics which note that GHG missions from the transport sector have increased by 39.6% since 2021, largely driven by increasing activity after the pandemic. The World Health Organisation notes that the transport sector is responsible for a large proportion of air pollution, as well as being a leading source of GHG emissions. An estimated 4.2 million premature deaths are attributed to ambient (outdoor) air pollution. Higher air pollution concentrations increase the risk for cardiovascular and respiratory diseases, cancer and adverse birth outcomes, and are associated

EU Law analysis: The Court of Justice held that a boarding pass may constitute ‘other proof’ within the meaning of Article 2(g) of Regulation (EC) 261/2004 to indicate that the airline or tour operator accepted and registered the reservation such that the passenger is deemed to have a ‘confirmed reservation’ on the flight, absent any special abnormal circumstance. Furthermore, a passenger is not regarded as travelling free of charge or at a reduced fare not directly or indirectly available to the public pursuant to Article 3(3) where a tour operator pays a market fare to the airline, and the package is paid to the tour operator by a third party. In such circumstances, the airline must prove that the passenger travelled free of charge or at a reduced fare. Written by Kathryn Ward, of counsel at DLA Piper UK LLP.