The Financial Services and Markets Act 2000 (FSMA) (Collective Investment Schemes) (Amendment) Order 2015 exempts electronic systems in relation to lending (that is, peer to peer lending platforms) and arrangements relating to them from the definition of a collective investment scheme. Operation of the relevant systems is a regulated activity under Article 36H of the FSMA (Regulated Activities) Order. The amendment takes effect from 18 January 2016. (Source: Treasury Exempts Peer to Peer Lending Platforms from CIS Definition)