The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

In Schedule 1 to the Tribunals and Inquiries Act 1992 (tribunals subject to the Council’s supervision) the entries relating to the following matters are repealed—

• Banking;

• Building Societies; and

• Friendly Societies[^f00249].

Charities Act 1993 (c. 10)

Power to give directions about dormant bank accounts of charities

339

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Criminal Justice Act 1993 (c. 36)

Penalties under implementing regulations

340

In section 70(2)[^f00251] of the Criminal Justice Act 1993 (penalties under implementing regulations), for “under sections 39, 40 and 41 of the Banking Act 1987” substitute “punishable on summary conviction under section 177 of the Financial Services and Markets Act 2000”.

Insider dealing: special defences

341

• (1) Schedule 1 to the Criminal Justice Act 1993 (insider dealing: special defences) is amended as follows.

• (2) In paragraph 1(3) for “under paragraph 25B of Schedule 1 to the Financial Services Act 1986” substitute “by the Treasury under any relevant order under section 22 of the Financial Services and Markets Act 2000”.

• (3) For paragraph 5(2) substitute—

(2) “Price stabilisation rules” means rules made under section 144(1) of the Financial Services and Markets Act 2000.

Repeal of spent provisions

342

The following provisions of the Criminal Justice Act 1993 (which are spent) are repealed—

• (a) in Schedule 5, paragraphs 7 to 13; and

• (b) in Schedule 6, the entries relating to the Financial Services Act 1986 and the Banking Act 1987.

Railways Act 1993 (c. 43)

Restriction on disclosure of information

343

For paragraph (c) of section 145(2) of the Railways Act 1993 (general restrictions on disclosure of information) substitute—

(c) for the purpose of enabling or assisting the Secretary of State, the Treasury or the Financial Services Authority to exercise any powers conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency; (ca) for the purpose of enabling or assisting any inspector appointed under enactments relating to companies to carry out his functions;

Definition of “securities”

344

In subsection (1) of section 151 of the Railways Act 1993 (general interpretation), in the definition of “securities” for “section 142 of the Financial Services Act 1986” substitute “section 74(5) of the Financial Services and Markets Act 2000”.

Finance Act 1994 (c. 9)

Insurance Premium Tax: Tax representatives

345

• (1) Section 57 of the Finance Act 1994 (tax representatives)[^f00252] is amended as follows.

• (2) In subsections (2) and (3) for “a representative fulfilling the requirements of section 10 of the Insurance Companies Act 1982” substitute “a general representative”.

• (3) After subsection (16) insert—

(16A) For the purposes of subsections (2) and (3), “general representative” means a person resident in the United Kingdom who— (a) has been designated as the representative of the insurer or taxable intermediary, (b) is authorised to act generally, and to accept service of any document, on behalf of the insurer or taxable intermediary, and (c) fulfils the requirements of rules made under Part 10 of the Financial Services and Markets Act 2000.

Insurance Premium Tax: Contracts that are not taxable

346

• (1) Schedule 7A to the Finance Act 1994[^f00253] (insurance premium tax) is amended as follows.

• (2) In paragraph 2(1) (contracts constituting long term business) for the words from “if it is one” to the end of that sub-paragraph substitute “if it is exclusively a contract of long-term insurance.”.

• (3) For paragraph 2(2) substitute—

(2) In deciding whether a contract is exclusively a contract of long-term insurance, as is mentioned in sub-paragraph (1) above, where— (a) the contract includes cover for risks relating to accident or sickness; (b) the contract contains related and subsidiary provisions such that it might also be regarded as a contract of general insurance, but is treated as a contract of long-term insurance for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000; and (c) the contract was not entered into after 30th November 1993, the inclusion of such cover shall be ignored.

• (4) In paragraph 4 (contracts relating to commercial ships)—

• (a) in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and

• (b) for sub-paragraph (2) substitute—

(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to— (a) accidents, (b) ships, or (c) liabilities of ships, (and no other risks).

• (5) In paragraph 5 (contracts relating to lifeboats and lifeboat equipment)—

• (a) in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and

• (b) for sub-paragraph (2) substitute—

(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to— (a) accidents, (b) ships, or (c) liabilities of ships, (and no other risks).

• (6) In paragraph 7 (contracts relating to commercial aircraft)—

• (a) in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and

• (b) for sub-paragraph (2) substitute—

(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to— (a) accidents, (b) aircraft, or (c) aircraft liability, (and no other risks).

• (7) In paragraph 8 (contracts relating to risks outside the United Kingdom)—

• (a) for sub-paragraph (2) substitute—

(2) The question of whether a risk is situated in the United Kingdom shall be determined in accordance with regulations made under section 424(3) of the Financial Services and Markets Act 2000; but in determining that question as respects a contract which relates to a building it shall be irrelevant whether or not the contract also covers the contents of the building.

• (8) In paragraph 9 (contracts relating to foreign or international railway rolling stock)—

• (a) in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and

• (b) for sub-paragraph (2) substitute—

(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to— (a) railway rolling stock, or (b) general liability to third parties, (and no other risks).

• (9) In paragraph 10 (contracts relating to the Channel tunnel)—

• (a) in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and

• (b) for sub-paragraph (2) substitute—

(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to— (a) fire or natural forces, (b) damage to property, or (c) general liability to third parties, (and no other risks).

• (10) In paragraph 11—

• (a) in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and

• (b) for sub-paragraph (2) substitute—

(2) For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to— (a) fire or natural forces, (b) damage to property, or (c) general liability to third parties, (and no other risks).

• (11) For paragraph 15(2)(c) (contracts relating to the provision of financial facilities) substitute—

(c) the contract of insurance insures against risks arising from or in relation to either or both— (i) credit, (ii) suretyship.

• (12) In Part II of the Schedule (Interpretation) after paragraph 16 insert—

(16A) Paragraphs 2, 4, 5, 7, 8, 9, 10, 11 and 15 must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Value Added Tax Act 1994 (c. 23)

Supplies exempt from Value Added Tax

347

• (1) Schedule 9 to the Value Added Tax Act 1994 (exempt supplies)[^f00254] is amended as follows.

• (2) For Item 1 of Group 2 substitute—

(1) The provision of insurance or reinsurance in the course of insurance business by— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; (b) a person who is exempt in respect of effecting or carrying out contracts of insurance by reason of an order under section 38 of that Act (and accordingly may effect or carry out contracts of insurance without contravening the general prohibition); (c) a person who carries on an insurance market activity; (d) a person (not falling within paragraph (a)) who would require permission to effect or carry out— (i) a contract of insurance under which the benefits provided by that person are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle, or (ii) a contract in the course of a Community co-insurance operation, but for the identity of the person carrying on that activity.

• (3) For Item 2 substitute—

(2) The provision by an insurer or reinsurer who belongs outside the United Kingdom of— (a) insurance against any of the risks or other things described in the Annex to the first non-life insurance directive or in the Annex to the first life insurance directive, or (b) reinsurance relating to any of those risks or other things.

• (4) In Item 4, in paragraph (a) for “a contract of insurance or reinsurance” substitute “a contract of insurance”.

• (5) Before Note (1) to Group 2, insert—

(A1) For the purposes of Item 1— - “Community co-insurance operation” has the same meaning as in the Council Directive of 30 May 1978 on the co-ordination of laws, regulations and administrative provisions relating to Community co-insurance (No. 78/473/EEC); - “insurance business” means business which consists of effecting and carrying out contracts of insurance; - “insurance market activity” has the meaning given in section 316(3) of the Financial Services and Markets Act 2000. (B1) References— (a) in Items 1 and 4 to contracts of insurance, and (b) in Item 1 and Note (AI) to the effecting and carrying out of contracts of insurance, must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act. (C1) In Item 2— (a) “first non-life insurance directive” means the Council Directive of 24 July 1973 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance (No. 73/239/EEC); (b) “first life insurance directive” means the Council Directive of 5 March 1979 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance (No.79/267/EEC).

Supplies exempt from Value Added Tax—Finance

348

• (1) In Schedule 9 to the Value Added Tax Act 1994 (exempt supplies), Group 5 (Finance) is amended as follows.

• (2) For Note (6), substitute—

(6) In item 9— - “authorised unit trust scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000; - “operator” has the meaning given in section 237(2) of that Act; and - “trust based scheme” means a scheme the purpose or effect of which is to enable persons taking part in the scheme, by becoming beneficiaries under a trust, to participate in or receive profits or income arising from the acquisition, holding, management or disposal of property of a kind described in section 239(3)(a) of the Financial Services and Markets Act 2000 or sums paid out of such profits or income.

• (3) For Note (10), substitute—

(10) For the purposes of this Group— - “collective investment scheme” has the meaning given in section 235 of the Financial Services and Markets Act 2000; and - “open-ended investment company” has the meaning given in section 236 of that Act.

Police Act 1996 (c. 16)

Determination of status of particular bodies

349

Section 64(3) of the Police Act 1996 (power of chief registrar of friendly societies to determine status of bodies for the purposes of that section) is repealed.

Damages Act 1996 (c. 48)

Enhanced protection for structured settlement annuitants

350

In section 4 of the Damages Act 1996—

• (a) in subsection (1) after “insurer)”, and in subsections (2) and (3) after “sections”, insert “as applied by any transitional provisions made by order under section 426 of the 2000 Act”;

• (b) after subsection (3), insert—

(3A) In relation to an annuity— (a) purchased for a person pursuant to a structured settlement from an authorised insurer; (b) purchased from such an insurer pursuant to any order of the kind referred to in subsection (2); or (c) purchased from or otherwise provided by such an insurer pursuant to terms corresponding to those of a structured settlement contained in an agreement of the kind referred to in subsection (3), any long term insurance provision in the Financial Services Compensation Scheme has effect in accordance with subsection (3B). (3B) To the extent that any long term insurance provision limits the obligation of the scheme manager to make payments or secure continuity of insurance by reference to any amount less than the full amount of any liability, benefit or value due under a contract of long term insurance, the provision has effect as if the reference to that amount were a reference to the full amount of the liability, benefit or value. (3C) In this section— - “the 2000 Act” means the Financial Services and Markets Act 2000; - “authorised insurer” means an authorised person within the meaning of the 2000 Act with permission under that Act to effect or carry out contracts of insurance as principal; - “Financial Services Compensation Scheme” means the Financial Services Compensation Scheme referred to in section 213(2) of the Financial Services and Markets Act 2000; - “long term insurance provision” means any provision in the Financial Services Compensation Scheme requiring the scheme manager to— pay compensation in respect of a liability of an authorised insurer in liquidation under a contract of long term insurance; secure continuity of insurance for parties to contracts of long term insurance in the event that an authorised insurer goes into liquidation; or secure that payments are made in respect of benefits falling due under contracts of long term insurance during any period while the scheme manager is seeking to make arrangements to secure continuity of insurance as mentioned in (b) above; - “scheme manager” means a body corporate established in accordance with section 212(1) of the 2000 Act. (3D) In subsections (3B) and (3C) above— (a) a reference to a contract of long term insurance must be read with— (i) section 22 of the 2000 Act; (ii) any relevant order under that section; and (iii) Schedule 2 to that Act; (b) an authorised insurer is in liquidation when— (i) a resolution has been passed in accordance with the provisions of the Insolvency Act 1986 or (as the case may be) of the Insolvency (Northern Ireland) Order 1989 for the voluntary winding up of the insurer, otherwise than merely for the purpose of reconstruction of the insurer or of amalgamation with another insurer; or (ii) without any such resolution having been passed beforehand, an order has been made for the winding up of the insurer by the court under that Act or that Order.

• (c) In subsection (5), for “This section applies”, substitute “Subsections (1) to (3) of this section apply”;

• (d) After subsection (5), insert—

(6) Subsections (3A) to (3D) of this section apply if the liquidation of the authorised insurer begins (within the meaning of subsection (3D)) after the coming into force of section 19 of the 2000 Act, irrespective of when the annuity was purchased or provided.

Housing Act 1996 (c. 52)

Registration of social landlords

351

In section 3(3) of the Housing Act 1996 (recording of registration as a social landlord), in sub-paragraph (b), for “appropriate registrar” substitute “Financial Services Authority”.

Removal of social landlord from register

352

In section 4(6) of the Housing Act 1996 (notification of removal of society from register of social landlords), in sub-paragraph (b), for “appropriate registrar” substitute “Financial Services Authority”.

Appeal against decision in relation to register of social landlords

353

In section 6(3) of the Housing Act 1996 (notification of appeal against decision concerning register of social landlords), in sub-paragraph (b), for “appropriate registrar” substitute “Financial Services Authority”.

Notice of agreed proposals where registered social landlord insolvent

354

In section 45(4) of the Housing Act 1996 (notification of agreed proposals where registered social landlord is insolvent), in sub-paragraph (d), for “appropriate registrar” substitute “Financial Services Authority”.

Transfer of engagements of registered social landlord

355

In section 48(3) of the Housing Act 1996 (copy of transfer of engagements of social landlord which is an industrial and provident society under an order under section 46), for “appropriate registrar and registered by him” substitute “Financial Services Authority and registered by it”.

Removal of definition of “appropriate registrar”

356

• (1) In section 57(1) of the Housing Act 1996 (definitions for the purposes of Part 1 of that Act) the entry relating to the “appropriate registrar” is repealed.

• (2) In the Table set out in section 64 of that Act (index of defined expressions) the entry relating to the “appropriate registrar” is repealed.

Regulation of registered social landlords

357

• (1) Schedule 1 to the Housing Act 1996 (regulation of registered social landlords) is amended as follows.

• (2) In paragraph 9, in sub-paragraphs (1) and (4), for “appropriate registrar” substitute “Financial Services Authority”.

• (3) In paragraph 12—

• (a) in sub-paragraph (1), for “appropriate registrar” substitute “Financial Services Authority”;

• (b) in sub-paragraph (2)—

• (i) for “registrar” substitute “Financial Services Authority”, and

• (ii) for “him” substitute “it”;

• (c) in sub-paragraph (4)(b), for “appropriate registrar” substitute “Financial Services Authority”; and

• (d) in sub-paragraph (5)—

• (i) for “appropriate registrar” substitute “Financial Services Authority”, and

• (ii) for “him” substitute “it”.

Social Security (Recovery of Benefits) Act 1997 (c. 27)

Payments by insurers

358

• (1) Paragraph 5 of Schedule 1 to the Social Security (Recovery of Benefits) Act 1997 is amended as follows.

• (2) The existing provision becomes sub-paragraph (1).

• (3) In that sub-paragraph—

• (a) for “insurance company within the meaning of the Insurance Companies Act 1982” substitute “insurer”; and

• (b) for “the company” substitute “the insurer”.

• (4) After that sub-paragraph, insert—

(2) “Insurer” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; or (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance. (3) Sub-paragraph (2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Local Government and Rating Act 1997 (c. 29)

Repeal of spent provision

359

Paragraph 21 of Schedule 3 to the Local Government and Rating Act 1997 (which is spent) is repealed.

Scotland Act 1998 (c. 46)

Functions of the Accountant in Bankruptcy

360

• (1) Paragraph 23 of Schedule 8 to the Scotland Act 1998 (consequential amendments in relation to Insolvency Act 1986) is amended as follows.

• (2) For sub-paragraph (2) substitute—

(2) Anything directed to be done, or which may be done, to or by the registrar of companies in Scotland by virtue of any of the provisions mentioned in sub-paragraph (3), shall, or (as the case may be) may, also be done to or by the Accountant in Bankruptcy. (2A) In the case of a building society, friendly society or industrial and provident society which has its registered office in Scotland, anything directed to be done, or which may be done, to or by the Financial Services Authority by virtue of any of the provisions mentioned in sub-paragraph (3) as applied (with or without modifications) in relation to the society shall, or (as the case may be) may, also be done to or by the Accountant in Bankruptcy.

• (3) For sub-paragraph (4) substitute—

(4) Anything directed to be done, or which may be done, to or by the registrar of companies in Scotland by virtue of any of the provisions mentioned in sub-paragraph (5), shall, or (as the case may be) shall instead be done to or by the Accountant in Bankruptcy. (4A) In the case of a building society, friendly society or industrial and provident society which has its registered office in Scotland, anything directed to be done, or which may be done, to or by the Financial Services Authority by virtue of any of those provisions as applied (with or without modifications) in relation to the society shall, or (as the case may be) shall instead be done to or by the Accountant in Bankruptcy.

Terrorism Act 2000 (c. 11)

Meaning of “financial institution”

361

• (1) Paragraph 6 of Schedule 6 to the Terrorism Act 2000 (financial information) is amended as follows.

• (2) In sub-paragraph (1)[^f00255]—

• (a) for paragraph (a) substitute—

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

• (b) paragraph (b) is repealed; and

• (c) for paragraph (d) substitute—

(d) a person carrying on a relevant regulated activity,

• (3) After sub-paragraph (1) of paragraph 6 insert—

(1A) For the purposes of sub-paragraph (1)(d), a relevant regulated activity means— (a) dealing in investments as principal or as agent, (b) arranging deals in investments, (c) managing investments, (d) safeguarding and administering investments, (e) sending dematerialised instructions, (f) establishing etc. collective investment schemes, (g) advising on investments. (1B) Sub-paragraphs (1)(a) and (1A) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Postal Services Act 2000 (c. 26)

Meaning of “bank”

362

• (1) Section 7 of the Postal Services Act 2000 (exceptions from section 6) is amended as follows.

• (2) In subsection (5) for the definition of “bank” substitute—

• “bank” means— the Bank of England, a deposit taker, an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits, or the central bank of an EEA State other than the United Kingdom.

• (3) In subsection (5), after the definition of “departure facility” insert—

• “deposit taker” means a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, but does not include— a credit union, within the meaning of the Credit Unions Act 1979[^f00256] or the Credit Unions (Northern Ireland) Order 1985[^f00257], a specially authorised society within the meaning of section 7(1)(f) of the Friendly Societies Act 1974[^f00258], a person who has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.

• (4) After subsection (5) insert—

(6) In subsection (5), paragraph (c) of the definition of “bank” and the definition of “deposit taker” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Utilities Act 2000 (c. 27)

Restriction on disclosure of information

363

For paragraph (c) of section 105(4) of the Utilities Act 2000 (restrictions on disclosure of information) substitute—

(c) for the purpose of facilitating the exercise by the Secretary of State, the Treasury or the Financial Services Authority of any power conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency;

Criminal Justice and Police Act 2001 (c. 16)

Repeal of unnecessary provisions

364

The following provisions of the Criminal Justice and Police Act 2001[^f00259] are repealed—

• (a) in section 56(5), paragraphs (c), (d) and (e);

• (b) in section 57(1), paragraphs (e), (h) and (j);

• (c) in section 66(5), paragraphs (a), (c) and (e);

• (d) in section 68(2), paragraphs (b), (d) and (e);

• (e) in Schedule 1, paragraphs 32, 40 and 43; and

• (f) in Schedule 2, in paragraph 16(2), paragraphs (a), (b), (c) and (d).

PART 9 — AMENDMENTS TO SECONDARY LEGISLATION

The Superannuation and other Trust Funds (Qualifications of Actuaries) Regulations 1968 (S.I. 1968/1480)

Revocation of the 1968 Regulations

365

The Superannuation and Other Trust Funds (Qualifications of Actuaries) Regulations 1968 are revoked.

The British Transport (Alteration of Pension Schemes) Order 1969 (S.I. 1969/1858)

Additional powers of investment

366

In paragraph 8 of the Schedule[^f00260] to the British Transport (Alteration of Pension Schemes) Order 1969 (additional powers of investment) for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

The Employers' Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972 (S.I. 1972/963 (N.I. 6))

Insurance against liability for employees: meaning of authorised insurer

367

• (1) Article 5 of the Employers' Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972 (insurance against liability for employees) is amended as follows.

• (2) In paragraph (3), for sub-paragraph (b)[^f00261] substitute—

(b) “authorised insurer” means— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; (ii) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance; or (iii) a person who does not fall within sub-paragraph (i) or (ii) and who may lawfully effect or carry out contracts of insurance in a member State other than the United Kingdom;

• (3) After that paragraph insert—

(3A) Paragraph (3)(b) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Local Authority (Stocks and Bonds) Regulations 1974 (S.I. 1974/519)

Interpretation of the 1974 Regulations

368

In paragraph 3 of regulation 1[^f00262] of the Local Authority (Stocks and Bonds) Regulations 1974 (Title, commencement and interpretation), in the definition of “negotiable bonds”, for “Part IV of the Financial Services Act 1986” substitute “Part 6 of the Financial Services and Markets Act 2000”.

The Superannuation and other Trust Funds (fees) Regulations 1976 (S.I. 1976/354)

Revocation of the 1976 Regulations

369

The Superannuation and Other Trust Funds (Fees) Regulations 1976 are revoked.

The National Savings Stock Register Regulations 1976 (S.I. 1976/2012)

Minors

370

• (1) For paragraph (1A) [^f00263] of regulation 30 of the National Savings Stock Register Regulations 1976 (minors) substitute—

(1A) In paragraph (1) above “approved account” means— (a) an account in the National Savings Bank comprising investment deposits within the meaning of the National Savings Bank Act 1971, (b) an account with a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or (c) an account with an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.

• (2) After paragraph (2) of that regulation insert—

(3) Paragraph (1A) must be read with— (a) section 2 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977 (S.I. 1977/1254 (N.I. 21))

Acquisition and disposal of securities by trustees etc

371

• (1) Article 7 of the Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977 (acquisition and disposal of securities by trustees etc.) is amended as follows.

• (2) In sub-paragraph (a) of paragraph (1)[^f00264], for the words from “a recognised” to “exchange” substitute “a financial institution”.

• (3) In sub-paragraph (b) of that paragraph, for “clearing house or nominee” substitute “financial institution”.

• (4) In that paragraph, the words after sub-paragraph (b) are repealed.

• (5) For paragraph (2) [^f00265] substitute—

(2) “Financial institution” means— (a) a recognised clearing house acting in relation to a recognised investment exchange; or (b) a nominee of— (i) a recognised clearing house acting in that way, or (ii) a recognised investment exchange. (3) No person may be a nominee for the purposes of this Article unless he is a person designated for those purposes in the rules of the recognised investment exchange in question. (4) Expressions used in paragraphs (2) and (3) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.

The British Railways Board (Winding up of Closed Pension Funds) Order 1978 (S.I. 1978/1358)

Interpretation of the 1978 Order: “insurer”

372

• (1) In paragraph (2) of article 1 of the British Railways Board (Winding Up of Closed Pension Funds) Order 1978 (commencement, citation and interpretation)—

• (a) the definition of friendly society is revoked, and

• (b) the definition of “insurance company” is revoked, and in its place insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long term insurance, or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance.

• (2) After that paragraph insert—

(2A) The definition of “insurer” in paragraph (2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

• (3) In paragraph (3)(b) of Article 4 of that Order (order on application of assets on winding up of a pension fund) for “an insurance company or friendly society” substitute “an insurer”.

The Road Traffic (Northern Ireland) Order 1981 (S.I. 1981/154 (N.I. 1))

Notification of refusal of insurance on health grounds

373

For paragraph (2) of Article 12 of the Road Traffic (Northern Ireland) Order 1981 (notification of refusal on health grounds) substitute—

(2) “Authorised insurer” means an insurer who is a member of the Motor Insurers Bureau (a company limited by guarantee and incorporated under the Companies Act 1929 on 14th June 1946). (3) “Insurer” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out relevant contracts of insurance; or (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out relevant contracts of insurance. (4) A contract is a relevant contract of insurance if the risk insured against relates to— (a) the insured sustaining accidental injury or death as a result of travelling as a passenger; (b) land vehicles; (c) goods in transit; or (d) motor vehicle liability. (5) This Article must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any order for the time being in force under that section; and (c) Schedule 2 to that Act.

Requirements with respect to policies of insurance

374

• (1) Article 101 of the Road Traffic (Northern Ireland) Order 1981 (requirements with respect to policies of insurance) is amended as follows.

• (2) For paragraph (1) substitute—

(1) In this Part “authorised insurer” has the same meaning as in Article 12.

• (3) In paragraph (2) the words “referred to in paragraph (1)” are repealed.

The Consumer Credit (Agreements) Regulations 1983 (S.I. 1983/1553)

Interpretation of the 1983 Regulations: “contract of insurance”

375

• (1) In paragraph (2) of regulation 1 of the Consumer Credit (Agreements) Regulations 1983 (citation, commencement and interpretation) the definition of “contract of insurance” is revoked[^f00266].

• (2) After that paragraph insert—

(2A) References in these Regulations to contracts of insurance must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983 (S.I. 1983/1560)

Interpretation of the 1983 Regulations: “contract of insurance” and “deposit”

376

• (1) In paragraph (2) of Regulation 1 of the Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983 (citation, commencement and interpretation) the definitions of “contract of insurance” and “deposit” are revoked.

• (2) After that paragraph insert—

(2A) References in these Regulations to contracts of insurance and to deposits must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Insolvency Rules 1986 (S.I. 1986/1925)

Authorised deposit-takers and former authorised deposit-takers

377

• (1) The Insolvency Rules 1986 are amended as follows.

• (2) In Rule 2.7 (Manner in which service to be effected), for paragraph (4A)(a)[^f00267] substitute—

(a) is an authorised deposit-taker or former authorised deposit-taker,

• (3) In Rule 4.1 (Voluntary winding up; winding up by the court), in paragraph (1)(b)[^f00268], for “authorised institutions or former authorised institutions within the meaning of the Banking Act 1987” substitute “authorised deposit-takers or former authorised deposit-takers”.

• (4) In Rule 4.7 (Presentation and filing of petition), in paragraph (4)(e)[^f00269] for “an authorised institution or former authorised institution within the meaning of the Banking Act 1987” substitute “an authorised deposit-taker or a former authorised deposit-taker”.

• (5) In Rule 4.50 (First meetings (No CVL Application)), in paragraph (8)[^f00270] for “an authorised institution or former authorised institution within the meaning of the Banking Act 1987” substitute “an authorised deposit-taker or a former authorised deposit-taker”.

• (6) In Rule 4.51, in paragraph (3)[^f00271] for “an authorised institution or former authorised institution within the meaning of the Banking Act 1987” substitute “an authorised deposit-taker or a former authorised deposit-taker”.

• (7) In Rule 4.72 (Additional provisions as regards certain meetings) in paragraph (1)[^f00272] for “an authorised institution or former authorised institution within the meaning of the Banking Act 1987” substitute

an “authorised deposit-taker or a former authorised deposit-taker”

The Scheme Manager of the Financial Services Compensation Scheme

378

• (1) In Rule 4.1 of those Rules (Voluntary winding up; winding up by court), in paragraph (1)(b), for “Deposit Protection Board” substitute “the scheme manager”.

• (2) In Rule 4.72 (Additional provisions as regards certain meetings)—

• (a) in paragraph (2)[^f00273] for “to the Deposit Protection Board” substitute “to the scheme manager established under section 212(1) of the Financial Services and Markets Act 2000”, and

• (b) in paragraphs (3), (4), (5), (6) and (7) for “the Board” substitute “the scheme manager”.

• (3) In Schedule 1 (Deposit Protection Board’s Voting Rights) for “Deposit Protection Board” or “Board” wherever occurring, substitute “scheme manager”.

Additional Creditor Members

379

In Rule 4.152 of those Rules (Membership of Committee), for paragraph (7)[^f00274] substitute—

(7) The following categories of person are to be regarded as additional creditor members— (a) a representative of the Financial Services Authority who exercises the right under section 371(4)(b) of the Financial Services and Markets Act 2000 to be a member of the committee; (b) a representative of the scheme manager who exercises the right under section 215(4) of that Act to be a member of the committee.

Debts not provable unless all other claims have been paid in full

380

In Rule 12.3 of those Rules (provable debts), for sub-paragraphs (2A)(a) and (b)[^f00275] substitute—

(a) in a winding up or a bankruptcy, any claim arising by virtue of section 382(1)(a) of the Financial Services and Markets Act 2000, not being a claim also arising by virtue of section 382(1)(b) of that Act;

Interpretation of “deposit-taker”

381

After Rule 13.12 of those Rules insert—

(13.12A) (1) “Authorised deposit-taker” means a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits. (2) “Former authorised deposit-taker” means a person who— (a) is not an authorised deposit-taker, (b) was formerly an authorised institution under the Banking Act 1987, or a recognised bank or a licensed institution under the Banking Act 1979[^f00276], and (c) continues to have liability in respect of any deposit for which it had a liability at a time when it was an authorised institution, recognised bank or licensed institution. (3) Paragraphs (1) and (2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Police Pensions Regulations 1987 (S.I. 1987/257)

Mis-sold pensions

382

In regulation F11[^f00277] of the Police Pensions Regulations 1987 (mis-sold pensions) in paragraph (1)(b) after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.

The Personal Pension Schemes (Disclosure of Information) Regulations 1987 (S.I. 1987/1110)

Information about the scheme: illustrative estimates of cash equivalents

383

• (1) In Schedule 1 to the Personal Pension Schemes (Disclosure of Information) Regulations 1987 (basic information about the scheme), for paragraph 9[^f00278] substitute—

(9) Illustrative estimates of the cash equivalents which would be paid on the transfer of protected rights to another scheme at the end of the first 5 years of membership, which— (a) are clearly labelled as illustrative estimates, and state the period for which they will be honoured by the scheme, the assumptions made, and whether the same basis of calculation has been used for all members of the scheme; or (b) are prepared in accordance with rules made under Part 10 of the Financial Services and Markets Act 2000, if the scheme is established by an authorised person within the meaning of section 31(2) of that Act.

• (2) In paragraph 10 of that Schedule, for the words from “where a scheme is established by a person to whose business Chapter V of Part I of the Financial Services Act 1986 applies” to the end of the paragraph substitute “where a scheme is established by an authorised person within the meaning of section 31(2) of the Financial Services and Markets Act 2000 the information required by this paragraph may be specified in accordance with rules made under Part 10 of that Act.”.

The Consumer Protection (Northern Ireland) Order 1987 (S.I. 1987/2049 (N.I. 20))

Exclusion of offences under section 397 of the Financial Services and Markets Act 2000

384

After paragraph (5) of Article 13 of the Consumer Protection (Northern Ireland) Order 1987 (offence of giving misleading information) insert—

(5A) A person is not guilty of an offence under paragraph (1) or (2) above if, in giving the misleading indication which would otherwise constitute an offence under either of those paragraphs, he is guilty of an offence under section 397 of the Financial Services and Markets Act 2000 (misleading statements and practices).

Repeal of unnecessary provisions

385

• (1) Article 15 of the Consumer Protection (Northern Ireland) Order 1987 (application of provisions relating to misleading price indications to services and facilities) is amended as follows.

• (2) Paragraph (3) is repealed.

• (3) In paragraph (5), the definitions of “appointed representative”, “authorised person” and “investment business” are repealed.

The Consumer Protection (Cancellation of Contracts Concluded Away From Business Premises) Regulations 1987 (S.I. 1987/2117)

Excepted contracts

386

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Insurance Companies (Assistance) Regulations 1987 (S.I. 1987/2130)

Revocation of the 1987 Regulations

387

The Insurance Companies (Assistance) Regulations 1987 are revoked.

The Department of Trade and Industry (Fees) Order 1988 (S.I. 1988/93)

Fees in relation to insurance

388

The Department of Trade and Industry (Fees) Order 1988 is amended as follows.

• (2) In article 2 (Interpretation) the definition of “the 1982 Act”[^f00280] is revoked.

• (3) Article 10[^f00281] is revoked.

• (4) Part VII of Schedule 1[^f00282] is revoked.

The Social Security (Payments on Account, Overpayments and Recovery) Regulations 1988 (S.I. 1988/664)

Conversion of payments by an authorised institution

389

In regulation 10 of the Social Security (Payments on account, Overpayments and Recovery) Regulations 1988 (Conversion of payments made in a foreign currency)[^f00283]—

• (a) the existing text is numbered paragraph (1);

• (b) in paragraph (1) for “any institution which is authorised under the Banking Act 1987” substitute “any authorised deposit-taker”;

• (c) after paragraph (1) insert—

(2) In this regulation “authorised deposit-taker” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or (b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits. (3) Paragraph (2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Control of Misleading Advertisements Regulations 1988 (S.I. 1988/915)

Revocation of exception of communications by authorised persons or appointed representatives

390

Regulation 3[^f00284] of the Control of Misleading Advertisements Regulations 1988 (Application) is revoked.

The Service Charge Contributions (Authorised Investments) Order 1988 (S.I. 1988/1284)

Investment of sums standing to the credit of any trust fund

391

• (1) In article 2 of the Service Charge Contributions (Authorised Investments) Order 1988, the existing text is numbered paragraph (1).

• (2) For paragraph (1)(b) of that article, substitute—

(b) deposited in the United Kingdom at interest with— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or (ii) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.

• (3) Paragraph (1)(c) of that article is revoked.

• (4) After paragraph (1) of that article, insert—

(2) Where a person of a kind mentioned in paragraph (1)(b)(i) is a building society within the meaning of the Building Societies Act 1986, any such sums may also be invested in shares in that building society. (3) Paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Consumer Protection (Code of Practice for Traders on Price Indications) Approval Order 1988 (S.I. 1988/2078)

Definition of services and facilities: investment business

392

In the Introduction to the Schedule to the Consumer Protection (Code of Practice for Traders on Price Indications) Approval Order 1988, in the definition of “Services and Facilities” the words “those provided by a person who is an authorised person or appointed representative under the Financial Services Act 1986 in the course of investment business,” are revoked.

The Personal Pension Schemes (Compensation) Regulations 1988 (S.I. 1988/2238)

Interpretation of the 1988 Regulations

393

• (1) In paragraph (2) of regulation 1 of the Personal Pension Scheme (Compensation) Regulations 1988 (citation, commencement and interpretation), the following definitions are revoked—

• (i) “the Banking Act”,

• (ii) “the Building Societies Act”,

• (iii) “the Financial Services Act”,

• (iv) “the Financial Services Compensation Rules”,

• (v) “the Friendly Societies Protection Scheme”, and

• (vi) “the Policyholders Protection Act”.

• (2) In paragraph (2) of that regulation, after the definition of “the Appropriate Schemes Regulations” insert—

• “authorised insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act to effect and carry out contracts of insurance, or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance in the United Kingdom;
• “authorised deposit taker” means— a person who has permission under Part 4 of the Financial Services and Markets Act to accept deposits, or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits;
• “the Financial Services and Markets Act” means the Financial Services and Markets Act 2000;
• “the Financial Services Compensation Scheme” has the same meaning as in section 213(2) of the Financial Services and Markets Act;

• (3) In that regulation, after paragraph (2) insert—

(3) In paragraph (2), the definitions of “authorised insurer” and “authorised deposit taker” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Meaning of “liable schemes”

394

• (1) For paragraph (a) of regulation 2 of the Personal Pension Scheme (Compensation) Regulations 1988 (application of Regulations) substitute—

(a) mentioned in regulation 2(1)(a) of the Appropriate Schemes Regulations (insurance policies and annuity contracts), being a scheme established by an authorised insurer who is subject to the provisions of, or participates in, the Financial Services Compensation Scheme:

• (2) Paragraph (b) of regulation 2 is revoked.

• (3) In paragraph (c) of regulation 2, for “the Financial Services Compensation Rules” substitute “the Financial Services Compensation Scheme”.

• (4) For paragraph (d) of regulation 2 substitute—

(d) mentioned in regulation 2(1)(c) of those Regulations (interest-bearing accounts etc. with banks and building societies) being a scheme which is established by an authorised deposit taker who is subject to the provisions of, or participates in, the Financial Services Compensation Scheme.

Securing of liability for protected rights: prescribed requirements

395

• (1) For paragraph (1)[^f00285] of regulation 3 of the Personal Pension Scheme (Compensation) Regulations 1988 (requirements to be complied with by liable schemes in the event of insolvency) substitute—

(1) For the purposes of paragraph (b) of section 30(1) of the Act the prescribed circumstances are that if the scheme is a liable scheme which takes the form mentioned in any of subparagraphs (a), (b) or (c) of regulation 2(1) of the Appropriate Schemes Regulations, and if the provisions of the Financial Services Compensation Scheme applied, those provisions would become operative.

• (2) For paragraph (3) of regulation 3 substitute—

(3) The extent to which the liability specified in paragraph (2) must be met from some other source is, if the scheme takes the form mentioned in any of subparagraphs (a), (b) or (c) of regulation 2(1) of the Appropriate Schemes Regulations, the extent to which it would be met under the Financial Services Compensation Scheme if the rules of that Scheme applied.

The Consumer Credit (Exempt Agreements) Order 1989 (S.I. 1989/869)

Exemption where the creditor is an authorised deposit taker

396

In paragraph (2) of article 2 of the Consumer Credit (Exempt Agreements) Order 1989 (exemption of certain consumer credit agreements secured on land) for “or a building society authorised under the Building Societies Act 1986, or an authorised institution under the Banking Act 1987 or a wholly owned subsidiary of such an institution,” substitute “or a deposit taker (within the meaning given by section 16(10) of the Act),”.

The Consumer Credit (Advertisements) Regulations 1989 (S.I. 1989/1125)

Interpretation of the 1989 Regulations

397

• (1) The Consumer Credit (Advertisements) Regulations 1989 are amended as follows.

• (2) In paragraph (2) of regulation 1 (citation, commencement, interpretation and revocation), after the definition of “the APR” insert—

• “authorised deposit taker” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1)) to accept deposits, but sub-paragraph (a) does not include a person who is a credit union within the meaning of the Credit Unions Act 1979[^f00286] or the Credit Unions (Northern Ireland) Order 1985[^f00287], or a specially authorised friendly society within the meaning of section 7(1)(f) of the Friendly Societies Act 1974[^f00288];

• (3) In that paragraph, for the definition of “contract of insurance” substitute—

• “contract of insurance” means a contract of insurance the effecting or carrying out of which, by way of business, constitutes the carrying on of a regulated activity within the meaning of the Financial Services and Markets Act 2000;

• (4) After that paragraph insert—

(2A) The definitions “authorised deposit taker” and “contract of insurance” in paragraph (2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

• (5) In paragraph (3) of regulation 2 (general Rules) for “an institution authorised under the Banking Act 1987 or a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986” substitute “an authorised deposit taker”.

The Banks (Administration Proceedings) Order 1989 (S.I. 1989/1276)

Application of Part II of the Insolvency Act 1986 to former authorised institutions

398

• (1) The Banks (Administration Proceedings) Order 1989 is amended as follows.

• (2) After article 1 (Citation and commencement) insert—

(1A) In this Order, “former authorised institution” means a company which— (a) continues to have a liability in respect of a deposit which was held by it in accordance the Banking Act 1979 or the Banking Act 1987, and (b) is not an authorised person within the meaning of the Financial Services and Markets Act 2000.

• (3) In article 2 (application of provisions in the Insolvency Act 1986 with modifications in relation to companies which are authorised or former authorised institutions under the Banking Act 1987) in the sub-heading the words “authorised or” and “under the Banking Act 1987” are revoked.

• (4) In the sub-heading to the Schedule (Modifications of Part II of the Insolvency Act 1986 in relation to companies which are authorised or former authorised institutions under the Banking Act 1987) the words “authorised or” and “under the Banking Act 1987” are revoked.

• (5) For paragraph 1 of the Schedule[^f00289] substitute—

(1) Subsection (1A) of section 8, and the definition of “relevant deposit” in subsection (1B), apply in relation to a former authorised institution as they apply in relation to an authorised deposit taker.

• (6) In paragraph 8 of the Schedule for “the Deposit Protection Board” substitute “the scheme manager, within the meaning of the Financial Services and Markets Act 2000”.

The Financial Services (Authorised Unit Trust Scheme) (Certificate of Compliance) Regulations 1989 (S.I. 1989/1535)

Revocation of the 1989 Regulations

399

The Financial Services (Authorised Unit Trust Scheme) (Certificate of Compliance) Regulations 1989 are revoked.

The Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19))

Further meaning of inability to pay debts where the company is a deposit taker

400

After Article 21(1) of the Insolvency (Northern Ireland) Order 1989 (restrictions on making of administration order) insert—

(1A) For the purposes of a petition presented by the Financial Services Authority alone or together with any other party, an authorised deposit taker who defaults in an obligation to pay any sum due and payable in respect of a relevant deposit is deemed to be unable to pay its debts as mentioned in paragraph (1). (1B) In paragraph (1A)— (a) “authorised deposit taker” means a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, but excludes a person who has such permission only for the purpose of carrying on another regulated activity in accordance with that permission; and (b) “relevant deposit” must be read with— (i) section 22 of the Financial Services and Markets Act 2000, (ii) any relevant order under that section, and (iii) Schedule 2 to that Act, but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.

Limitation on power to make administration order

401

For Article 21(4) of the Insolvency (Northern Ireland) Order 1989 (restrictions on making of administration order) substitute—

(4) An administration order shall not be made in relation to a company after it has gone into liquidation. (5) An administration order shall not be made against a company if— (a) it has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance in the United Kingdom; (b) it continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987. (6) Paragraph (5)(a) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Petition for winding-up by the Department

402

In paragraph (1) of Article 104A of the Insolvency (Northern Ireland) Order 1989 (petition for winding-up on the grounds of public interest)[^f00290], for sub-paragraph (c) substitute—

(c) any report made by inspectors under— (i) section 167, 168, 169 or 284 of the Financial Services and Markets Act 2000, or (ii) where the company is an open-ended investment company (within the meaning of that Act), regulations made as a result of section 262(2)(k) of that Act; (cc) any information or documents obtained under section 165, 171, 172, 173 or 175 of that Act;

Powers to apply Parts 2 to 7 to former authorised institutions

403

In Article 366 of the Insolvency (Northern Ireland) Order 1989 (power to apply Parts 2 to 7 to banks etc.)[^f00291], for “authorised and former authorised institutions within the meaning of the Banking Act 1987” substitute “any company which continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987.”.

The Fossil Fuel Regulations 1990 (S.I. 1990/266)

Investment of sums collected

404

• (1) In regulation 30(3)[^f00292] of the Fossil Fuel Levy Regulations 1990 (investment of sums collected) for “an institution authorised under the Banking Act 1987, a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986, and a European deposit-taker within the meaning of regulation 82(3) of the Banking Coordination (Second Council Directive) Regulations 1992” substitute “or an authorised deposit taker”.

• (2) After paragraph (3) insert—

(4) In paragraph (3), “authorised deposit taker” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or (b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule), to accept deposits. (5) The definition of “authorised deposit taker” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Local Authorities (Capital Finance) (Approved Investments) Regulations 1990 (S.I. 1990/426)

Interpretation of the 1990 Regulations

405

• (1) Regulation 1 of the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990 is amended as follows.

• (2) In paragraph (2) of that regulation the definition of “authorised institution” is revoked.

• (3) In that paragraph before the definition of “bill of exchange” insert—

• “authorised deposit taker” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits;

• (4) In that paragraph in the definition of “relevant lender”[^f00293] for the words from “an authorised institution” to the end of that definition substitute “or an authorised deposit taker;”.

• (5) After that paragraph insert—

(3) The definition of “authorised deposit taker” in paragraph (2) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Investments Approved for the purposes of Part IV of the Local Government and Housing Act 1989

406

• (1) In regulation 2 of the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990 the existing text is numbered as paragraph (1).

• (2) For sub-paragraphs (b) and (c) of paragraph (1) substitute—

(b) any deposit made with an authorised deposit taker or the Bank of England, or any certificate of such a deposit; (c) any shares in a building society, and for this purpose “share” and “building society” have the meaning given by section 119 of the Building Societies Act 1986[^f00294];

• (3) In sub-paragraph (d) of paragraph (1), for “an authorised institution” substitute “an authorised deposit taker”.

• (4) After paragraph (1) of regulation 2 insert—

(2) Paragraph (1)(b) must be read with— (a) section 22 of the Financial Services and Markets Act 2000, (b) any relevant order under that section, and (c) Schedule 2 to that Act, but for the purposes of this regulation a deposit includes a sum paid by a local authority.

The Local Authorities (Borrowing) Regulations 1990 (S.I. 1990 /767)

Loan instruments issued by local authorities

407

• (1) The Local Authorities (Borrowing) Regulations 1990 are amended as follows.

• (2) In regulation 2 (interpretation) in the definition of “listing rules” for “section 142(6) of the Financial Services Act 1986” substitute “section 74(4) of the Financial Services and Markets Act 2000”.

• (3) In regulation 4 (issue of loan instruments), for paragraph (4) substitute—

(4) In this regulation, references to a “deposit” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

• (4) In paragraph (b) of regulation 6[^f00295] (redemption of loan instruments) for “Part IV of the Financial Services Act 1986” substitute “Part VI of the Financial Services and Markets Act 2000”.

• (5) For paragraph (9)(e) of regulation 7 (loan instruments transferable by delivery) substitute—

(e) contain a statement to the effect that the instrument is issued by a person who may, by reason of being an exempt person under section 38 of the Financial Services and Markets Act 2000, lawfully accept deposits in the United Kingdom without contravening the prohibition imposed by section 19 of that Act.

• (6) In paragraph (10) of that regulation for the definition of “authorised institution” substitute—

• “authorised institution” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule), to accept deposits;

• (7) After paragraph (10) of the regulation insert—

(11) Paragraph (9)(e) and the definition of “authorised institution” in paragraph (10) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Insurance Companies (Legal Expenses Insurance) Regulations 1990 (S.I. 1990/1159)

Interpretation of the 1990 Regulations

408

• (1) Regulation 2 of the Insurance Companies (Legal Expenses Insurance) Regulations 1990 (interpretation) is amended as follows.

• (2) In paragraph (1), renumber sub-paragraphs (a) and (b) as sub-paragraphs (c) and (d).

• (3) Before paragraph (1)(c) insert—

(a) “general insurance business” means the business of effecting or carrying out of contracts of general insurance; (b) “insurance company” means— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, (ii) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance, or (iii) a person not falling with paragraph (i) or (ii) who may effect or carry out contracts of insurance without contravening the prohibition imposed by section 19 of that Act;

• (4) For paragraph (1)(c) substitute—

(c) “legal expenses insurance business” means the business of effecting or carrying out contracts of insurance (other than contracts of reinsurance) which insure against a risk arising from legal expense;

• (5) For paragraph (2) substitute—

(2) The definitions of “general insurance business”, “insurance company” and “legal expenses insurance business” in paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Revocation of spent provision

409

Regulation 10 of the Insurance Companies (Legal Expenses Insurance) Regulations 1990 (amendment) is revoked.

Enforcement of the 1990 Regulations

410

In regulation 11 of the Insurance Companies (Legal Expenses Insurance) Regulations 1990 (enforcement) for “as a failure by it to satisfy an obligation to which it is subject by virtue of the Insurance Companies Act 1982” substitute “as if it were a contravention of a requirement imposed on it by or under the Financial Services and Markets Act 2000, and Part XIV of that Act shall apply in the event of any such breach”.

The Insurance Companies (Amendment) Regulations 1990 (S.I. 1990/1333)

Revocation of the 1990 Regulations

411

The Insurance Companies (Amendment) Regulations 1990 are revoked.

The Non-Domestic Rating (Payment of Interest) Regulations 1990 (S.I. 1990/1904)

Meaning of “the reference banks”

412

• (1) In regulation 4 of the Non-Domestic Rating (Payment of Interest) Regulations 1990 (rates of interest) for paragraph (2)(b)[^f00296] substitute—

(b) the reference banks, in relation to any 15th March, are the seven largest persons who— (i) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, (ii) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and (iii) quote a base rate in sterling effective as mentioned in sub-paragraph (a); and

• (2) In paragraph (2)(c) of that regulation for “institution” substitute “person” and for “its” (in both places) substitute “his”.

• (3) In paragraph (3) of that regulation, for “institution” substitute “person”.

• (4) After paragraph (3) insert—

(4) Paragraph (2)(b) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Health and Personal Social Services (Northern Ireland) Order 1991 (S.I. 1991/194 (N.I. 1))

Schemes for meeting losses and liabilities of certain health service bodies

413

For Article 24(5) of the Health and Personal Social Services (Northern Ireland) Order 1991 (schemes for meeting losses and liabilities of certain health service bodies) substitute—

(5) A person or body administering a scheme under this Article does not require permission under any provision of the Financial Services and Markets Act 2000 as respects activities carried out under the scheme.

The Banks (Administration Proceedings) Order (Northern Ireland) 1991 (S.R. (NI) 1991/295)

Application of Part III of the Insolvency (Northern Ireland) Order 1989 to former authorised institutions

414

• (1) The Banks (Administration Proceedings) Order (Northern Ireland) 1991 is amended as follows.

• (2) In Article 2 (interpretation), after “In this Order” insert—

• “former authorised institution” means a company which— continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987, and is not an authorised person within the meaning of the Financial Services and Markets Act 2000;

• (3) For paragraph 1 of the Schedule substitute—

(1) Paragraph (1A) of Article 21, and the definition of “relevant deposit” in paragraph (1B) apply in relation to a former authorised institution as they apply in relation to an authorised deposit taker.

• (4) In paragraph 8 of the Schedule for “the Deposit Protection Board” substitute “the scheme manager, within the meaning of the Financial Services and Markets Act 2000”.

The Financial Markets and Insolvency Regulations 1991 (S.I. 1991/880)

Meaning of “relevant investment”

415

• (1) Regulation 16 of the Financial Markets and Insolvency Regulations 1991 (circumstances in which member or designated non-member dealing as principal to be treated as acting in different capacities) is amended as follows.

• (2) For paragraph (1)(a)(i) substitute—

(i) which is a relevant investment; and

• (3) After paragraph (2) insert—

(3) In paragraph (1)(a)(i) “relevant investment” means an investment of one of the following kinds— (a) options; (b) futures; (c) contracts for differences; (d) rights to or interests in an investment of a kind mentioned in sub-paragraphs (a) to (c). (4) Paragraph (3) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Access to Personal Files and Medical Reports (Northern Ireland) Order 1991 (S.I. 1991/1707 (N.I. 14))

Access to medical reports: “insurance purposes”

416

• (1) Article 6 of the Access to Personal Files and Medical Reports (Northern Ireland) Order 1991 (interpretation) is amended as follows.

• (2) In paragraph (1), for the definition of “insurance purposes” substitute—

• “insurance purposes”, in the case of any individual who has entered into, or is seeking to enter into, a contract of insurance with an insurer, means the purposes of that insurer in relation to that individual;
• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out relevant contracts of insurance.

• (3) After that paragraph, insert—

(1A) The definitions of “insurance purposes” and “insurer” in paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Bank Accounts Directive (Miscellaneous Banks) Regulations 1991 (S.I. 1991/2704)

Accounting requirements for authorised deposit takers not required to prepare accounts under Part VII of the Companies Act 1985

417

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Registered Foreign Lawyers Order 1991 (S.I. 1991/2831)

Revocation of spent provision

418

Article 3 of the Registered Foreign Lawyers Order 1991 (Banking Act 1987 (Exempt Transactions) Regulations 1988 is revoked.

The Opencast Coal (Rate of Interest on Compensation) Order 1992 (S.I. 1992/46)

Meaning of “the reference banks”

419

• (1) In article 2 of the Opencast Coal (Rate of Interest on Compensation) Order 1992, for paragraph (2)(b)[^f00297] substitute—

(b) the reference banks are the seven largest persons for the time being who— (i) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, (ii) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and (iii) quote a base rate in sterling; and

• (2) In paragraph (2)(c) of article 2, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.

• (3) In paragraph (3) of article 2, for “an institution” substitute “a person” and for “that institution” substitute “that person”.

• (4) After paragraph (3) of that article insert—

(4) Paragraph (2)(b) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

The Firemen’s Pension Scheme Order 1992 (S.I. 1992/129)

Actionable contravention giving rise to loss

420

In Schedule 2 to the Firemen’s Pension Scheme Order 1992, in sub-paragraph (1)(b) of paragraph F6A[^f00298] (previous service reckonable following actionable loss) after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.

The Serbia and Montenegro (United Nations Sanctions) Order 1992 (S.I. 1992/1302)

Assets of Serbia and Montenegro: definition of “investments”

421

In paragraph 4 of article 10 of the Serbia and Montenegro (United Nations Sanctions) Order 1992 (assets of Serbia and Montenegro), for sub-paragraph (b) substitute—

(b) “investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.

The Serbia and Montenegro (United Nations Sanctions) (Dependent Territories) Order 1992 (S.I. 1992/1303)

Assets of Serbia and Montenegro: definition of “investments”

422

In paragraph 4 of article 10 of the Serbia and Montenegro (United Nations Sanctions) (Dependent Territories) Order 1992 (assets of Serbia and Montenegro), for sub-paragraph (b) substitute—

(b) “investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.

The Serbia and Montenegro (United Nations Sanctions) (Channel Islands) Order 1992 (S.I. 1992/1308)