Treasury has made the FSMA (Regulated Activities) (Amendment) (No. 3) Order 2015. It amends the FSMA (Regulated Activities) Order 2001 to clarify the correct regulatory treatment under FSMA for a small number of first charge mortgages from before 31 October 2004. It also makes supplementary changes necessary to ensure that the legislative changes to the regulatory regime for mortgages, which form part of the UK implementation of the Mortgage Credit Directive (MCD), achieve the government’s policy aims announced in January 2015. The necessary legislative changes to implement the MCD were made in the Mortgage Credit Directive Order 2015 (MCD Order) and the Mortgage Credit Directive (Amendment) Order 2015, but Treasury noted certain provisions could be made clearer (see FReD 24 July). Treasury will monitor the practical effects of the third amendment order to ensure it provides a useful clarification to firms seeking to comply with the UK regulatory regime for mortgage lending. (Source:SI2015/1863 – FSMA Regulated Activities Amendment No.3 Order)