the exercise or right to exercise the rights and obligations of the owner under a regulated consumer lease; or the Financial Services and Markets Act 2000 (FSMA 2000) regulates consumer credit agreements. FSMA 2000, s 19(1) provides that a person (i.e. any person, including a legal or non-legal entity (i.e. a natural person, a legal person and, for example, a partnership), may not carry on a regulated activity in the United Kingdom unless he or she is an authorised or exempt person. For more information on exceptions related to the regulated activity of lender of regulated credit agreements, see Exclusions and exceptions for regulated activity below. 3. the transitional provisions require undertakings authorised by THE SRAs carrying out consumer credit activities under the derogation referred to in Part 20 to comply with the provisions and guidelines relating to those activities, which were in force just before 1 April 2014; These include the provisions of the Consumer Credit Act 1974, the secondary legislation enacted under that Act and the OFT Guidelines. a borrower-lender contract secured by a legal hypothec on land or the conclusion of a consumer-regulated lease agreement as owner; `credit union` means a credit union within the meaning of – 60P. An agreement is an optional agreement within the meaning of this Chapter, where – as regards financial assistance (by explicit terms or by any other means), the loan is to be granted for a maximum period of 12 months, or otherwise indicates (by explicit terms or otherwise) that the loan is to be granted on a short-term basis; or “installment purchase agreement” means a contract – this consultation follows a previous consultation in October 2014, during which we sought advice on whether we should leave the Part 20 regime with respect to the regulation of consumer credit activities2. As a result of this consultation, we decided that it was beneficial to remain under Part 20 and worked with the FCA to develop proposals for proportionate regulatory agreements that would allow us to do so. In accordance with Part 20, we are required to adopt rules for the provision of consumer credit activities, which must be approved by the FCA and the Legal Services Board (LSB) .. .