The following businesses are, when carried on by way of business for, with or on behalf of a customer, "financial firm businesses" for the purposes of the LCF Law.
However, financial firm businesses are not subject to licensing under the provisions of the LCF Law as financial firm businesses where –
(a) they are carried on by a regulated business within the meaning of Part B of Schedule 1 to the LCF Law, or
(b) they constitute incidental and other activities within the meaning of Part C of Schedule 1 to the LCF Law.
1. Lending (including, without limitation, the provision of consumer credit or mortgage credit, factoring with or without recourse, financing of commercial transactions (including forfaiting) and advancing loans against cheques).
2. Financial leasing.
3. Operating a money service business (including, without limitation, a business providing money or value transmission services, currency exchange (bureau de change) and cheque cashing).
4. Buying, selling or arranging the buying or selling of, or otherwise dealing in, bullion or buying or selling postage stamps, except where –
(a) in the case of bullion, the business consists only of buying, selling or arranging the buying or selling of, or otherwise dealing in, bullion, where the value of each purchase, sale or deal does not exceed £10,000 in total, whether the transaction is executed in a single operation or in two or more operations which appear to be linked,
(b) in the case of buying postage stamps, the business consists only of buying postage stamps where the value of each purchase does not exceed £10,000 in total, whether the transaction is executed in a single operation or in two or more operations which appear to be linked, and
(c) in the case of selling postage stamps, the business consists only of selling postage stamps –
(i) where the value of each sale does not exceed £10,000 in total, whether the transaction is executed in a single operation or in two or more operations which appear to be linked, or
(ii) in the course of –
(A) a postal services business carried on under the authority of a licence granted under the Post Office (Bailiwick of Guernsey) Law, 2001, or
(B) a business authorised to sell postage stamps by the holder of a licence under that Law.
5. Facilitating or transmitting money or value through an informal money or value transfer system or network.
6. Issuing, redeeming, managing or administering means of payment; and "means of payment" includes, without limitation, credit, charge and debit cards, cheques, travellers' cheques, money orders, bankers' drafts and electronic money.
7. Providing financial guarantees or commitments.
8. Trading (by way of spot, forward, swaps, futures, options, etc.) in –
(a) money market instruments (including, without limitation, cheques, bills and certificates of deposit),
(b) foreign exchange, exchange, interest rate or index instruments, and
(c) commodity futures, transferable securities or other negotiable instruments or financial assets.
9. Participating in securities issues and the provision of financial services related to such issues, including, without limitation, underwriting or placement as agent (whether publicly or privately).
10. Providing settlement or clearing services for financial assets including, without limitation, securities, derivative products or other negotiable instruments.
11. Providing advice to undertakings on capital structure, industrial strategy or related questions, on mergers or the purchase of undertakings, except where the advice is provided in the course of carrying on the business of a lawyer or accountant.
12. Money broking.
13. Money changing.
14. Providing individual or collective portfolio management services or advice.
15. Providing safe custody services.
16. Providing services for the safekeeping or administration of cash or liquid securities on behalf of customers or clients.
17. Carrying on the business of a credit union.
18. Accepting repayable funds other than deposits.
19. Otherwise investing, administering or managing funds or money on behalf of other persons.