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

Assets of Serbia and Montenegro: definition of “investments”

423

In paragraph 4 of article 10 of the Serbia and Montenegro (United Nations Sanctions) (Channel Islands) 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 Child Support (Arrears, Interest and Adjustment of Maintenance Assessments) Regulations 1992 (S.I. 1992/1816)

Meaning of “the reference banks”

424

• (1) In paragraph (3) of regulation 6 of the Child Support (Arrears, Interest and Adjustment of Maintenance Assessments) Regulations 1992 (rate of interest and calculation of interest), for sub-paragraph (b) 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 (3)(c) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.

• (3) In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”.

• (4) After paragraph (5) of that regulation insert—

(6) 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 Government Superannuation (National Rivers Authority) Regulations 1992 (S.I. 1992/1991)

Meaning of “the reference banks”

425

• (1) In paragraph (3) of regulation 5 of the Local Government Superannuation (National Rivers Authority) Regulations 1992 (refund of contributions), for sub-paragraph (b) 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; and

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

• (3) In that paragraph, sub-paragraph (d) is revoked.

• (4) In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”.

• (5) After paragraph (4) of that regulation, insert—

(5) 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 Education (London Residuary Body) (Transfer of Functions and Property) (No. 2) Order 1992 (S.I. 1992/2257)

Meaning of “the reference banks”

426

• (1) In paragraph (7) of article 1 of the Education (London Residuary Body) (Transfer of Functions and Property) (No.2) Order 1992 (citation, commencement and interpretation), for sub-paragraph (b) 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) above; and

• (2) In paragraph (7)(c) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.

• (3) Paragraph (7)(d) of that regulation is revoked.

• (4) In paragraph (8) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”.

• (5) After paragraph (8) of that article insert—

(8A) The definition of “reference banks” in paragraph (7) 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 (Funds) (England) Regulations 1992 (S.I. 1992/2428)

Meaning of “the reference banks”

427

• (1) For paragraph (3) of regulation 8 of the Local Authorities (Funds) (England) Regulations 1992 (calculation of interest on amount of instalments) substitute—

(3) For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who— (a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, (b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and (c) quote a base rate in sterling.

• (2) In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.

• (3) In paragraph (5) of that regulation—

• (a) in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and

• (b) the definition of “a deposit-taking business” is revoked.

• (4) After paragraph (5) of that regulation insert—

(6) 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.

Prescribed investments

428

• (1) Schedule 3 to the Local Authorities (Funds) (England) Regulations 1992 is amended as follows.

• (2) The existing text is numbered paragraph (1).

• (3) In paragraph (1)(a) (as renumbered) for “an institution authorised under Part I of the Banking Act 1987” substitute “an authorised deposit taker”.

• (4) Sub-paragraph (b) of that paragraph is revoked.

• (5) For sub-paragraph (c) of that paragraph substitute—

(c) if the deposit is repayable at not more than 7 days notice, a deposit with a relevant body (other than the billing authority) which may accept deposits without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000, by reason of being an exempt person under section 38 of that Act.

• (6) After paragraph (1) insert—

(2) In this Schedule— (a) “an authorised deposit taker” means— (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; (b) “relevant body” means— (i) a local authority, within the meaning of the Local Government Act 1972[^f00299], the Common Council of the City, or the Council of the Isles of Scilly, or (ii) any other body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland. (3) The definition of “authorised deposit-taker” 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 Levying Bodies (General) Regulations 1992 (S.I. 1992/2903)

Meaning of “the reference banks”

429

• (1) In paragraph (3) of regulation 10 of the Levying Bodies (General) Regulations 1992 (interest on unpaid levies) for sub-paragraph (a) substitute—

(a) 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;

• (2) In paragraph (3)(b) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.

• (3) In paragraph (4) of that regulation—

• (a) in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and

• (b) the definition of “a deposit taking business” is revoked.

• (4) After paragraph (4) of that regulation insert—

(5) Paragraph (3)(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.

The Local Authorities (Funds) (Wales) Regulations 1992 (S.I. 1992/2929)

Meaning of “the reference banks”

430

• (1) For paragraph (3) of regulation 8 of the Local Authorities (Funds) (Wales) Regulations 1992 (calculation of interest on amount of instalments) substitute—

(3) For the purposes of paragraph (1), 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.

• (2) In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.

• (3) In paragraph (5) of that regulation—

• (a) in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and

• (b) the definition of “a deposit-taking business” is revoked.

• (4) After paragraph (5) of that regulation insert—

(6) 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.

Prescribed investments

431

• (1) Schedule 3 to the Local Authorities (Funds) (Wales) Regulations 1992 is amended as follows.

• (2) The existing text is numbered paragraph (1).

• (3) In paragraph (1)(a) (as renumbered) for “an institution authorised under Part I of the Banking Act 1987” substitute “an authorised deposit taker”.

• (4) Sub-paragraph (b) of that paragraph is revoked.

• (5) For sub-paragraph (c) of that paragraph substitute—

(c) if the deposit is repayable at not more than 7 days notice, a deposit with a relevant body (other than the billing authority) which may accept deposits without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000, by reason of being an exempt person under section 38 of that Act.

• (6) After paragraph (1) insert—

(2) In this Schedule— (a) “an authorised deposit taker” means— (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; (b) “relevant body” means— (i) a local authority, or (ii) any other body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute. (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.

The Value Added Tax (Cars) Order 1992 (S.I. 1992/3122)

Interpretation of the 1992 Order

432

• (1) Article 2 of the Value Added Tax (Cars) Order 1992 (Interpretation) is amended as follows.

• (2) The existing text is numbered paragraph (1).

• (3) For the definition of “insurer” substitute—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance against risks arising from loss of or damage to goods; 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(1) of that Schedule) to effect and carry out in the United Kingdom contracts of insurance against risks arising from loss of or damage to goods;

• (4) After paragraph (1) insert—

(2) The definition of “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 Insurance Companies (Amendment) Regulations 1993 (S.I. 1993/174)

Revocation of the 1993 Regulations

433

The Insurance Companies (Amendment) Regulations 1993 are revoked.

The Iraq (United Nations) (Sequestration of Assets) Order 1993 (S.I. 1993/1244)

Interpretation of the 1993 Order

434

• (1) Article 2 of the Iraq (United Nations) (Sequestration of Assets) Order 1993 (interpretation) is amended as follows.

• (2) In paragraph (1) of that article before the definition of “the Bank” insert—

• “authorised deposit taker” means— a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or an EEA firm of the kind mentioned in sub-paragraph (b) or (c) of paragraph 5 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) In that paragraph, the definition of “the Banking Act” is revoked.

• (4) In that paragraph, before the definition of “funds” insert—

• “former authorised institution” means a person who— continues to have a liability in respect of a deposit which was held by him in accordance 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;

• (5) In that paragraph, for the definition of “relevant institution” substitute—

• “relevant institution” means— an authorised deposit taker, and a person who may lawfully accept deposits by reason of being an exempt person within the meaning of section 38 of that Act;

• (6) After that paragraph insert—

(1A) The definitions of “authorised deposit taker” and “relevant institution” 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.

Winding up of an authorised deposit taker or former authorised institution

435

• (1) In paragraph (1)(b) of article 10 of the Iraq (United Nations) (Sequestration of Assets) Order 1993 (Scope of Third Party Rights) for “or is the subject of a winding-up order under section 92 of the Banking Act” substitute “or is, or has been, an authorised deposit taker or is a former authorised institution, and is the subject of a winding-up order under section 367 of the Financial Services and Markets Act 2000[^f00300]”.

• (2) In paragraph (3)(iv) of article 20 of that Order (restitution), for “or a winding-up order made against it under section 92 of the Banking Act” substitute “or is an authorised deposit taker or former authorised institution and has a winding-up order made against it under section 367 of the Financial Services and Markets Act 2000”.

The Insurance Companies (Cancellation) Regulations 1993 (S.I. 1993/1327)

Revocation of the 1993 Regulations

436

The Insurance Companies (Cancellation) Regulations 1993 are revoked.

The Financial Services (Disclosure of Information) (Designated Authorities) (No. 7) Order 1993 (S.I. 1993/1826)

Revocation of unnecessary provision

437

In article 2 of the Financial Services (Disclosure of Information) (Designated Authorities) (No. 7) Order 1993 (Designation of authorities and specification of functions), the words “section 180(3) of the Financial Services Act 1986 and” are revoked.

The Money Laundering Regulations 1993 (S.I. 1993/1933)

Interpretation of the 1993 Regulations

438

• (1) Regulation 2 of the Money Laundering Regulations 1993 (interpretation) is amended as follows.

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

• “European institution” means an EEA firm of the kind mentioned in sub-paragraph (b) or (c) of paragraph 5 of Schedule 3 to the Financial Services and Markets Act 2000 which qualifies for authorisation for the purposes of that Act under paragraph 12 of that Schedule;

• (3) In that paragraph, after the definition of “European institution” insert—

• “home regulated activity”, in relation to a European institution, means any activity listed in Annex 1 to the banking consolidation directive (the text of which is, for convenience set out in the Schedule to these Regulations)— in relation to which a supervisory authority in its home state has regulatory functions, and in the case of an EEA firm of the kind mentioned in paragraph 5(c) of Schedule 3 to the Financial Services and Markets Act 2000, it is carrying on in its home State;
• “home state”, in relation to a person incorporated in or formed under the law of another member State, means that State;

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

• “insurance business” means business which consists of effecting or carrying out contracts of long-term insurance

• (5) After paragraph (1) insert—

(1A) The definition of “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.

Meaning of “relevant financial business”

439

• (1) Regulation 4 of the Money Laundering Regulations 1993 (relevant financial business) is amended as follows.

• (2) In paragraph (1), for sub-paragraph (a) substitute—

(a) accepting deposits, by a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits (including, in the case of a building society, the raising of money from members of the society by the issue of shares);

• (3) Sub-paragraph (b) of paragraph (1) is revoked.

• (4) In sub-paragraph (e) of paragraph (1), for “the requirements of paragraph 1 of Schedule 2 to the Banking Coordination (Second Council Directive) Regulations 1992 have been complied with” substitute “the establishment conditions in paragraph 13 of Schedule 3 to the Financial Services and Markets Act 2000, or the service conditions in paragraph 14 of that Schedule, have been satisfied;”.

• (5) For sub-paragraph (f) of that paragraph substitute—

(f) business which consists of carrying on one or more of the following kinds of regulated activity in the United Kingdom— (i) dealing in investments as principal or as agent, (ii) arranging deals in investments, (iii) managing investments, (iv) safeguarding and administering investments, (v) sending dematerialised instructions, (vi) establishing etc. a collective investment scheme, (vii) advising on investments.

• (6) In paragraph (2)—

• (a) sub-paragraph (d) is revoked; and

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

(e) in relation to any person who is for the time being specified in any order made under section 38 of the Financial Services and Markets Act 2000 as an exempt person in respect of all or any regulated activities (within the meaning of that Act), those activities in respect of which he is exempt.

• (7) Paragraph (3) of that regulation is revoked.

• (8) In paragraph (4) of that regulation, the definition of “deposit-taking business” is revoked.

• (9) After that paragraph insert—

(5) Sub-paragraphs (a) and (f) of 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.

Accounts with deposit takers which constitute evidence of identity

440

In paragraph (4) of regulation 8 of the Money Laundering Regulations 1993 (payment by post etc.) for sub-paragraphs (a)[^f00301] and (b) substitute—

(a) a person who for the time being has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; (b) 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 of that Schedule) to accept deposits; or

Responsibility of principal for record-keeping by appointed representative

441

• (1) In paragraph (4) of regulation 13 of the Money Laundering Regulations 1993 (record-keeping procedures; supplementary provisions)—

• (a) for the words from the beginning of the paragraph to the end of sub-paragraph (b) substitute “Where a person bound by regulation 5(1) above is an appointed representative”; and

• (b) for “under section 44 of the Financial Services Act 1986” substitute “under section 39 of the Financial Services and Markets Act 2000”.

• (2) For paragraph (6) of that regulation substitute—

(6) For the purposes of paragraphs (4) and (5) above, “appointed representative” has the same meaning as in section 39(2) of the Financial Services and Markets Act 2000, and “principal” (in relation to an appointed representative) has the same meaning as in section 39(1) of that Act.

Meaning of references to “supervisory authorities” in the 1993 Regulations

442

• (1) In paragraph (2) of regulation 15 of the Money Laundering Regulations 1993 (supervisory authorities)—

• (a) sub-paragraphs (b), (c), (d), (f), (g), (l), (m), (n), (o) and (p) are revoked, and

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

(e) a designated professional body within the meaning of section 326(2) of the Financial Services and Markets Act 2000;

• (2) For paragraph (3) substitute—

(3) These Regulations apply to the Secretary of State and to the Treasury in the exercise, in relation to any person carrying on relevant financial business, of their respective functions under the enactments relating to companies or insolvency or under the Financial Services and Markets Act 2000.

Persons who must disclose information indicating engagement in money laundering

443

In paragraph (6) of regulation 16 of the Money Laundering Regulations 1993 (supervisors etc. to report evidence of money laundering)—

• (a) in sub-paragraph (a) the words “section 17 of the Industrial Assurance Act 1923 or” are revoked;

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

(e) a person appointed under section 167, 168(3) or (5), or 169(1)(b) or 284 of the Financial Services and Markets Act 2000, or under regulations made as a result of section 262(2)(k) of that Act, to conduct an investigation, or;

• (c) sub-paragraphs (f) and (fa)[^f00302] are revoked; and

• (d) in sub-paragraph (g) the words “section 44 of the Insurance Companies Act 1982,” and “section 106 of the Financial Services Act 1986,” are revoked.

The Libya (United Nations Sanctions) Order 1993 (S.I. 1993/2807)

Interpretation of article 12: assets of Libya

444

• (1) Paragraph (5) of article 12 of the Libya (United Nations Sanctions) Order 1993 (assets of Libya) is amended as follows.

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

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

• (3) For the definition of “relevant institution” in sub-paragraph (c) substitute—

• “relevant institution” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, an EEA firm of the kind mentioned in sub-paragraph (b) or (c) of paragraph 5 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 accept deposits, or a person who may accept deposits without contravening the prohibition imposed by section 19 of that Act, by reason of being an exempt person as a result of an order under section 38 of that Act;

The Libya (United Nations Sanctions) (Dependent Territories) Order 1993 (S.I. 1993/2808)

Interpretation of article 12: assets of Libya

445

• (1) Paragraph (5) of article 12 of the Libya (United Nations Sanctions) (Dependent Territories) Order 1993 (assets of Libya) is amended as follows.

• (2) 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.

• (3) In that paragraph, for sub-paragraph (b) of the definition of “relevant institution” substitute—

(b) a person who may lawfully accept deposits in or from within the Territory by way of business.

• (4) After paragraph (5) insert—

(6) For the purpose of the definition of “relevant institution” in paragraph (5)— (a) the activity of accepting deposits has the meaning given in any relevant order under section 22 of the Financial Services and Markets Act 2000; and (b) a person is not regarded as accepting deposits by way of business if— (i) he does not hold himself out as accepting deposits on a day to day basis, and (ii) any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities. (7) In determining for the purposes of that definition whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.

The Libya (United Nations Sanctions) (Channel Islands) Order 1993 (S.I. 1993/2811)

Interpretation of article 12: assets of Libya

446

• (1) Article 12 of the Libya (United Nations Sanctions) (Channel Islands) Order 1993 (assets of Libya) is amended as follows.

• (2) In paragraph (5), 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 Libya (United Nations Sanctions) (Isle of Man) Order 1993 (S.I. 1993/2812)

Interpretation of article 12: assets of Libya

447

• (1) Paragraph (5) of article 12 of the Libya (United Nations Sanctions) (Isle of Man) Order 1993 (assets of Libya) is amended as follows.

• (2) 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 Credit Unions (Authorised Investments) Order 1993 (S.I. 1993/3100)

Interpretation of the Schedule to the 1993 Order

448

• (1) The Schedule to the Credit Unions (Authorised Investments) Order 1993 (authorised investments) is amended as follows.

• (2) In paragraph 3 for sub-paragraph (a) substitute—

(a) deposits;

• (3) In paragraph 4 (Interpretation)—

• (a) for the definition of “deposits” substitute—

• “deposits” includes shares in a building society (other than deferred shares), but does not include transferable instruments;

• (b) for the definition of “European authorised institution” substitute—

• “European authorised institution” means 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 by virtue of paragraph 12 of that Schedule) to accept deposits;

; and

• (c) for the definition of “European deposit-taker” substitute—

• “European deposit-taker” means an EEA firm falling within paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has lawfully established a branch in the United Kingdom for the purpose of accepting deposits;

The Insurance Companies (Switzerland) Regulations 1993 (S.I. 1993/3127

Revocation of the 1993 Regulations

449

The Insurance Companies (Switzerland) Regulations 1993 are revoked.

The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993 (S.I. 1993/3245)

Interpretation of the 1993 Regulations: qualifying bodies

450

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

The Parliamentary Pensions (Additional Voluntary Contributions Scheme) Regulations 1993 (S.I. 1993/3252)

Investment of additional voluntary contributions

451

• (1) In regulation 6 of the Parliamentary Pensions (Additional Voluntary Contributions Scheme) Regulations 1993 (additional voluntary contributions) for sub-paragraph (a) of paragraph (2)[^f00303] substitute—

(a) an insurance policy or policies taken out with an office or branch in the United Kingdom of— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of long-term term insurance, or (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(1) of that Schedule) to effect or carry out contracts of long-term insurance; or

• (2) In sub-paragraph (b) of paragraph (2) of that regulation, for “a building society authorised by virtue of Part II of the Building Societies Act 1986” substitute “a building society, within the meaning of the Building Societies Act 1986, which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits”.

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

(5) 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.

Persons from whom pensions must be purchased

452

• (1) In regulation 9 of the Parliamentary Pensions (Additional Voluntary Contributions Scheme) Regulations 1993 (purchase of pensions) for paragraph (2)[^f00304] substitute—

(2) The Trustees shall purchase the pension or pensions specified under paragraph (1) above from such insurer as the Trustees may determine from time to time or as the contributor may in writing specify, being an office or branch in the United Kingdom of— (a) person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of long-term term 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(1) of that Schedule) to effect or carry out contracts of long-term insurance.

• (2) In paragraph (3) of that regulation the words “or friendly society” in each place are revoked.

• (3) After paragraph (3) of that regulation insert—

(4) 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 Traded Securities (Disclosure) Regulations 1994 (S.I. 1994/188)

Interpretation of the 1994 Regulations

453

• (1) In regulation 2 of the Traded Securities (Disclosure) Regulations 1994 (interpretation)—

• (a) for the definition of “the Official List” substitute—

• “the Official List” means the list maintained by the competent authority in accordance with section 74 of the Financial Services and Markets Act 2000;

• (b) for the definition of “overseas investment exchange” and “recognised investment exchange” substitute—

• “overseas investment exchange” means a recognised investment exchange in the case of which a recognition order was made by virtue of section 292(2) of the Financial Services and Markets Act 2000;

• (c) after the definition of “overseas investment exchange” insert—

• “recognised investment exchange” has the same meaning as in section 285 of the Financial Services and Markets Act 2000;

• (d) in the definition of “security” for “Part IV of the Financial Services Act 1986” substitute “ Part VI of the Financial Services and Markets Act 2000”.

Requirements for recognition of overseas investment exchanges

454

For regulation 4 of the Traded Securities (Disclosure) Regulations 1994 substitute—

The Financial Services and Markets Act 2000 shall have effect as if the requirement set out in paragraph (3) of regulation 3 above were, in the case of an overseas investment exchange, among those specified in section 292(3) of that Act (requirements for recognition of overseas investment exchange) and mentioned in section 297(2)(a) of that Act (revocation of recognition order).

The Financial Services (Disclosure of Information) (Designated Authorities) (No. 8) Order 1994 (S.I. 1994/340)

Revocation of unnecessary provision

455

In article 2[^f00305] of the Financial Services (Disclosure of Information) (Designated Authorities) (No. 8) Order 1994 (designation of authorities and specification of functions), the words “section 180(3) of the Financial Services Act 1986 and” are revoked.

The Haiti (United Nations Sanctions) Order 1994 (S.I. 1994/1323)

Assets of Haiti: definition of “investments”

456

In paragraph (4) of article 9 of the Haiti (United Nations Sanctions) Order 1994 (assets of Haiti)[^f00306], for sub-paragraph (b) substitute—

(b) “investments” 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 Haiti (United Nations Sanctions) (Dependent Territories) Order 1994 (S.I. 1994/1324)

Assets of Haiti: definition of “investments”

457

In paragraph (4) of article 9 of the Haiti (United Nations Sanctions)(Dependent Territories) Order 1994 (assets of Haiti)[^f00307], for sub-paragraph (b) substitute—

(b) “investments” 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 Haiti (United Nations Sanctions) (Channel Islands) Order 1994 (S.I. 1994/1325)

Assets of Haiti: definition of “investments”

458

In paragraph (4) of article 9 of the Haiti (United Nations Sanctions) (Channel Islands) Order 1994 (assets of Haiti)[^f00308], for sub-paragraph (b) substitute—

(b) “investments” 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 Haiti (United Nations Sanctions) (Isle of Man) Order 1994 (S.I. 1994/1326)

Assets of Haiti: definition of “investments”

459

In paragraph (4) of article 9 of the Haiti (United Nations Sanctions) (Isle of Man) Order 1994 (assets of Haiti)[^f00309], for sub-paragraph (b) substitute—

(b) “investments” 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 Insurance Companies Regulations 1994 (S.I. 1994/1516)

Revocation of the 1994 Regulations

460

The Insurance Companies Regulations 1994 are revoked.

The Drug Trafficking Offences Act 1986 (Crown Servants and Regulators etc) Regulations 1994 (S.I. 1994/1757)

Revocation of references to person no longer performing regulatory functions

461

In regulation 4(1)[^f00310] of the Drug Trafficking Offences Act 1986 (Crown Servants and Regulators etc) Regulations 1994 (designation of persons performing regulatory etc. functions)—

• (a) sub-paragraphs (b), (c), (d), (f), (g), (i), (j), (k) and (l) are revoked; and

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

(e) a designated professional body within the meaning of section 326(2) of the Financial Services and Markets Act 2000;

The Insurance Premium Tax Regulations 1994 (S.I. 1994/1774)

Interpretation of the 1994 Regulations

462

In regulation 20 of the Insurance Premium Tax Regulations 1994 (interpretation), in paragraph (2)(a)—

• (a) for “by section 17(1) of the Insurance Companies Act 1982” substitute “in accordance with rules made under Part 10 of the Financial Services and Markets Act 2000”; and

• (b) for “in regulation 3 of the Insurance Companies (Accounts and Statements) Regulations 1983” substitute “in those rules”.

General representatives

463

In the Schedule to the Insurance Premium Tax Regulations 1994, in Form 1 (Application for Registration)[^f00311], in question 3(a) for “who meets the requirements of section 10 of the Insurance Companies Act 1982” substitute “as defined in section 57(16A) of the Finance Act 1994”.

The Friendly Societies (Insurance Business) Regulations 1994 (S.I. 1994/1981)

Revocation of the 1994 Regulations

464

The Friendly Societies (Insurance Business) Regulations 1994 are revoked.

The Friendly Societies (Accounts and Related Provisions) Order 1994 (S.I. 1994/1983)

Meaning of “policy holder”

465

In article 2(1) of the Friendly Societies (Accounts and Related Provisions) Order 1994 (interpretation), in the definition of “policy holder” for “the Insurance Companies Act 1982” substitute “any order made under section 424(2) of the Financial Services and Markets Act 2000 and for the time being in force”.

Notes to annual accounts of friendly societies

466

In Schedule 4 to the Friendly Societies (Accounts and Related Provisions) Order 1994 (Notes to annual accounts)—

• (a) in paragraph 18(1)(b) for “a recognised investment exchange other than an overseas investment exchange within the meaning of the Financial Services Act 1986” substitute “a recognised investment exchange within the meaning of the Financial Services and Markets Act 2000, other than an investment exchange in relation to which a recognition order under section 292(2) of that Act is in force (an overseas investment exchange)”, and

• (b) paragraph 32 is revoked.

The Insolvent Partnerships Order 1994 (S.I. 1994/2421)

Winding up of an insolvent partnership which is an authorised person

467

In article 19 of the Insolvent Partnerships Order 1994 (supplemental and transitional provisions), for paragraph (4) substitute—

(4) Nothing in this Order is to be taken as preventing a petition being presented against an insolvent partnership under section 367 of the Financial Services and Markets Act 2000, or any other enactment.

Partnerships which are authorised persons: administration orders

468

• (1) In paragraph 2 of Schedule 2 to the Insolvent Partnerships Order 1994 (modified provisions of Part II of the Insolvency Act), in subsection (1)(a) of the text of section 8 of the Insolvency Act 1986 (as modified by that paragraph), after “of this Act” insert “or subsection (1A) below”.

• (2) In that paragraph, after the text of section 8(1) of the Insolvency Act 1986 (as modified by that paragraph) insert—

(1A) An authorised deposit taker which defaults on an obligation to pay any sum due and payable in respect of a relevant deposit is deemed to be unable to pay its debts. (1B) In subsection (1A)— (a) “authorised deposit taker” means a person (being a partnership) which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, other than 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.

• (3) In that paragraph, for the text of section 8(4) of the Insolvency Act 1986 (as modified by that paragraph) substitute—

(4) An administration order shall not be made in relation to a partnership after an order has been made for it to be wound up by the court as an unregistered company, nor after an order has been made in relation to it by virtue of article 11 of the Insolvent Partnerships Order 1994[^f00312]. (5) An administration order shall not be made against a partnership 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) The definition of “authorised deposit taker” in subsection (1B)(a) and subsection (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.

Authorised deposit takers and former authorised institutions: restriction on presentation of bankruptcy petition by partners

469

• (1) In paragraph 2 of Schedule 7 to the Insolvent Partnerships Order 1994 (provisions of the Insolvency Act which apply with modifications for the purposes of Article 11 where joint bankruptcy petition presented by individual members without winding up a partnership as an unregistered company), in the text of section 264(2) of the Insolvency Act 1986 as modified by that paragraph for “which is an authorised institution or former authorised institution within the meaning of the Banking Act 1987” substitute—

if the partnership— (a) has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, other than such a permission only for the purpose of carrying on another regulated activity in accordance with that permission, or (b) 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.

• (2) In that paragraph, in the text of section 264 of the Insolvency Act 1986 (as modified by that paragraph), after subsection (2) insert—

(2A) Subsection (2)(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.

Disqualification of a member of an insolvent partnership after investigation

470

In paragraph 8 of Schedule 8 to the Insolvent Partnerships Order 1994 (modified provisions of the Company Directors Disqualification Act 1986 for the purposes of Article 16), for the text of section 8(1) of the Company Directors Disqualification Act 1986 (as modified by that paragraph) substitute—

(1) If it appears to the Secretary of State from— (a) a report made by an inspector or person appointed to conduct an investigation under a provision mentioned in subsection (1A), or (b) information or documents obtained under a provision mentioned in subsection (1B), that it is expedient in the public interest that a disqualification order should be made against any person who is or has been an officer of an insolvent partnership, he may apply to the court for such an order to be made against that person. (1A) The provisions are— (a) section 437 of the Companies Act, (b) section 167, 168, 169(1)(b) or 284 of the Financial Services and Markets Act 2000, or (c) regulations made as a result of section 262(2)(k) of that Act. (1B) The provisions are— (a) section 447 or 448 of the Companies Act, (b) section 2 of the Criminal Justice Act 1987, (c) section 52 of the Criminal Justice (Scotland) Act 1987, (d) section 83 of the Companies Act 1989, or (e) section 171 or 173 of the Financial Services and Markets Act 2000.

The Insolvency Regulations 1994 (S.I. 1994/2507)

Interpretation of the 1994 Regulations

471

In paragraph (1) of regulation 3 of the Insolvency Regulations 1994 (interpretation and application) for the definition of “bank” substitute—

• “bank” 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;

The British Coal Staff Superannuation Scheme (Modification) Regulations 1994 (S.I. 1994/2576)

Meaning of “securities”

472

• (1) In clause 9A[^f00313] of the Schedule to the British Coal Staff Superannuation Scheme (Modification) Regulations 1994, for sub-clause (2)(b) substitute—

(b) “securities” means— (a) shares, (b) instruments creating or acknowledging indebtedness, (c) instruments giving entitlement to investments, (d) certificates representing securities.

• (2) After sub-clause (2) of that clause, insert—

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

The Mineworkers Pension Scheme (Modification) Regulations 1994 (S.I. 1994/2577)

Meaning of “securities”

473

• (1) In clause 8A[^f00314] of the Schedule to the Mineworkers Pension Scheme (Modification) Regulations 1994, for sub-clause (2)(b) substitute—

(b) “securities” means— (a) shares, (b) instruments creating or acknowledging indebtedness, (c) instruments giving entitlement to investments, (d) certificates representing securities.

• (2) After sub-clause (2) of that clause, insert—

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

The Former Yugoslavia (United Nations Sanctions) Order 1994 (S.I. 1994/2673)

Assets of persons connected with Bosnian Serb controlled areas: definition of “investments”

474

In paragraph (4) of article 6 of the Former Yugoslavia (United Nations Sanctions) Order 1994 (assets of persons connected with Bosnian Serb controlled areas), for sub-paragraph (b) substitute—

(b) “investments” 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 Former Yugoslavia (United Nations Sanctions) (Channel Islands) Order 1994 (S.I. 1994/2675)

Assets of persons connected with Bosnian Serb controlled areas: definition of “investments”

475

In paragraph (4) of article 6 of the Former Yugoslavia (United Nations Sanctions) (Channel Islands) Order 1994 (assets of persons connected with Bosnian Serb controlled areas), for sub-paragraph (b) substitute—

(b) “investments” 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 Former Yugoslavia (United Nations Sanctions) (Isle Of Man) Order 1994 (S.I. 1994/2676)

Assets of persons connected with Bosnian Serb controlled areas: definition of “investments”

476

In paragraph (4) of article 6 of the Former Yugoslavia (United Nations Sanctions) (Isle of Man) Order 1994 (assets of persons connected with Bosnian Serb controlled areas), for sub-paragraph (b) substitute—

(b) “investments” 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 Teachers' Superannuation (Additional Voluntary Contributions) Regulations 1994 (S.I. 1994/2924)

Interpretation of the 1994 Regulations

477

• (1) In paragraph (3) of regulation 2 of the Teachers' Superannuation (Additional Voluntary Contributions) Regulations 1994 (interpretation) for the definition of “insurance company” substitute—

• “insurance company” 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(1) of that Schedule) to effect or carry out contracts of long-term insurance;

• (2) After that paragraph insert—

(3A) The definition of “insurance company” in 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 Industry-wide Coal Staff Superannuation Scheme Regulations 1994 (S.I. 1994/2973)

Interpretation of the Trust Deed and Superannuation Scheme

478

• (1) The Industry-Wide Coal Staff Superannuation Scheme Regulations 1994 are amended as follows.

• (2) In clause 15 of the Schedule (terms of Trust Deed) for sub-clause (2)(b) substitute—

(b) “securities” means— (i) shares, (ii) instruments creating or acknowledging indebtedness, (iii) instruments giving entitlement to investments, (iv) certificates representing securities.

• (3) After sub-clause (2) of that clause, insert—

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

• (4) In rule 1.1 of the Overriding Appendix (GMP Model Rules) for the definition of “insurer” substitute—

• “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(1) of that Schedule) to effect or carry out contracts of long-term insurance;

• (5) After rule 1.1 of that Appendix insert—

(1.1A) The definition of “insurer” in rule 1.1 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 Industry-Wide Mineworkers' Pension Scheme Regulations 1994 (S.I. 1994/2974)

Interpretation of the Appendix to the 1994 Regulations

479

• (1) In rule 1.1 of the Appendix to the Industry-Wide Mineworkers' Pension Scheme Regulations 1994 (contracting out), for the definition of “insurer” substitute—

• “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(1) of that Schedule) to effect or carry out contracts of long-term insurance;

• (2) After rule 1.1 insert—

(1.1A) The definition of “insurer” in rule 1.1 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 Charitable Institutions (Fund-raising) Regulations 1994 (S.I.1994/3024)

Interpretation of the 1994 Regulations: authorised deposit taker

480

• (1) The Charitable Institutions (Fund-Raising) Regulations 1994 are amended as follows.

• (2) For paragraph (2) of regulation 1 (interpretation) substitute—

(2) In these Regulations, “authorised deposit taker” means— (a) the Bank of England; (b) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or (c) 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) After paragraph (2) of that regulation insert—

(2A) 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.

• (4) In paragraph (2)(a)(iii) of regulation 6 (Transmission of money and other property to charitable institutions) for “a bank or building society” substitute “an authorised deposit taker”.

The Insurance Companies (Amendment) Regulations 1994 (S.I. 1994/3132)

Revocation of the 1994 Regulations

481

The Insurance Companies (Amendment) Regulations 1994 are revoked.

The Insurance Companies (Amendment No.2) Regulations 1994 (S.I. 1994/3133)

Revocation of the 1994 Regulations

482

The Insurance Companies (Amendment No.2) Regulations 1994 are revoked.

The National Health Service Pension Scheme Regulations 1995 (S.I. 1995/300)

Actionable contraventions

483

• (1) The National Health Service Pension Scheme Regulations 1995 are amended as follows.

• (2) In paragraph (1)(c) of regulation B5 (opting into the scheme: mis-sold pensions)[^f00315] after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.

• (3) In paragraph (4)(f)[^f00316] of regulation C1 (meaning of “pensionable pay” and “final year’s pensionable pay”), after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.

Meaning of “reference banks”

484

• (1) Regulation T8[^f00317] of the National Health Service Pension Scheme Regulations 1995 (interest on late benefits) is amended as follows.

• (2) In paragraph (4) of that regulation, for the definition of “reference banks” substitute—

• “reference banks” means the four largest persons for the time being who— have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits; and quote a base rate applicable to sterling deposits.

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

(5) The definition of “reference banks” in paragraph (4) above 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 Government Residuary Body (England) Order 1995 (S.I. 1995/401)

Interest on unpaid levies

485

The Local Government Residuary Body (England) Order 1995 is amended as follows—

• (a) for paragraph (3)(a) of article 24[^f00318] (interest on unpaid levies), substitute—

(a) 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.

• (b) in paragraph (3)(b) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;

• (c) in paragraph (4) of that article, the definition of “deposit-taking business” is revoked;

• (d) in the second sub-paragraph of paragraph (4) for “an institution” substitute “a person” and for “that institution” substitute “that person”; and

• (e) after paragraph (4) of that article insert—

(5) Paragraph (3)(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.

The Local Government Changes For England (Property Transfer and Transitional Payments) Regulations 1995 (S.I. 1995/402)

Interest on unpaid sums

486

Regulation 18 of the Local Government Changes for England (Property Transfer and Transitional Payments) Regulations 1995 (interest) is amended as follows—

• (a) for paragraph (3)[^f00319] of that regulation (interest on unpaid levies), substitute—

(3) For the purposes of paragraph (2) above, the reference banks are the seven largest persons for the time being who— (a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, (b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and (c) quote a base rate in sterling.

• (b) in paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;

• (c) in paragraph (5) of that regulation—

• (i) in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and

• (ii) the definition of “a deposit-taking business” is revoked;

• (d) after paragraph (5) of that regulation insert—

(6) Paragraph (3)(a) and (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 European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (S.I. 1995/739)

Investment of additional voluntary contributions

487

• (1) Article 6 of the European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (investment of contributions) is amended as follows.

• (2) For paragraph (2)(a) of that article substitute—

(a) in an insurance policy or policies taken out with an authorised insurer, being either— (i) a United Kingdom office or branch of 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 (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(1) of that Schedule) to effect or carry out contracts of long-term insurance; or

• (3) For paragraph (2)(b) of that article, for “authorised by virtue of Part II of the Building Societies Act 1986” substitute “within the meaning of the Building Societies Act 1986, which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.”.

• (4) After paragraph (2) of that article insert—

(2A) Sub-paragraphs (a) and (b) of 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.

Purchase of retirement benefits from an authorised insurer

488

• (1) Article 9 of the European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (purchase of pensions on retirement) is amended as follows.

• (2) In paragraph (2)[^f00320] of that article, for “an institution” (each time it appears) substitute “a person”.

• (3) In that paragraph for “being either” substitute “being an office or branch in the United Kingdom of either”.

• (4) For sub-paragraphs (a), (b) and (c) of that paragraph substitute—

(a) 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 (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(1) of that Schedule) to effect or carry out contracts of long-term insurance.

• (5) After paragraph (2) insert—

(3) Sub-paragraphs (a) and (b) of 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 Local Authorities (Companies) Order 1995 (S.I. 1995/849)

Interpretation of the 1995 Order

489

• (1) Article 12 of the Local Authorities (Companies) Order 1995 (interpretation) is amended as follows.

• (2) In paragraph (2) of that article for the definition of “relevant lender”[^f00321] substitute—

• “relevant lender” means— the Public Works Loan Board, the Bank of England, the European Investment Bank, a body mentioned in any of paragraphs 1 to 17, or in paragraph 28 or 29, of Part II of the Schedule to the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990, a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or an EEA firm or 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 of that Schedule) to accept deposits.

• (3) After paragraph (2) of that article insert—

(3) Sub-paragraphs (e) and (f) of the definition of “relevant lender” 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.

The Contracting Out (Functions in Relation to the Registration of Companies) Order 1995 (S.I. 1995/1013)

Revocation of spent provision

490

In Schedule 1 to the Contracting Out (Functions in relation to the Registration of Companies) Order 1995 (functions of the Registrar of Companies for England and Wales enabled to be contracted out), paragraph 6 is revoked.

The Local Government Pension Scheme Regulations 1995 (S.I. 1995/1019)

Meaning of “the reference banks”

491

• (1) Schedule AI[^f00322] to the Local Government Pension Scheme Regulations 1995 (general definitions) is amended as follows.

• (2) The existing text is numbered paragraph (1).

• (3) In paragraph (1), for the definition of “the reference banks”[^f00323] substitute—

“The reference banks” means the seven largest persons for the time being who— 1. have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, 2. are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and 3. quote a base rate in sterling, and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in section 736 of the Companies Act 1985), as shown in the audited end-of-year accounts last published before that time;

• (4) After paragraph (1) insert—

(2) The definition of “the reference banks” 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.

Meaning of “insurance company”

492

• (1) Schedule C4[^f00324] to the Local Government Pension Scheme Regulations 1995 is amended as follows.

• (2) In paragraph 23 of that Schedule (supplemental) for the definition of “insurance company” substitute—

• “insurance company” 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;

• (3) After paragraph 23 insert—

(24) The definition of “insurance company” in paragraph 23 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.

Actionable loss

493

In Schedule C5[^f00325] to the Local Government Pension Scheme Regulations 1995, in paragraph 1(6)(e)[^f00326], after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000, as the case may be”.

The Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)

Interpretation of the 1995 Regulations

494

• (1) In regulation 2(1) of the Credit Institutions (Protection of Depositors) Regulations 1995—

• (a) the definitions of “the 1987 Act”, “the 1992 Regulations”, “the commencement date”, “the Commission”, “the Deposit Protection Board”, “the deposit protection scheme”, “the Investor Protection Board”, “the investor protection scheme”, “non-EEA institution” and “UK scheme” are revoked;

• (b) after the definition of “the 1986 Act”, insert—

• “the 2000 Act” means the Financial Services and Markets Act 2000[^f00327];

• (c) after the definition of “the Authority”, insert—

• “the Banking Consolidation Directive” has the same meaning as in the 2000 Act;

• (d) for the definition of “EEA institution”, substitute—

• “EEA institution” means an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the 2000 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;

• (e) after the definition of “EEA State”, insert—

• “Financial Services Compensation Scheme” means the Financial Services Compensation Scheme referred to in section 213(2) of the 2000 Act;
• “Electing Participants Regulations” means the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001[^f00328];

• (f) in the definition of “home State”, the words “or a non-EEA institution” are revoked;

• (g) for the definition of “home State scheme”, substitute—

• “home State scheme” in relation to an EEA institution, means a scheme for the protection of depositors which is in force in the institution’s home State and in which the institution participates;

• (h) in the definition of “investment”, for “Chapter I or Part II of these Regulations”, substitute “the Electing Participants Regulations”;

• (i) after the definition of “Irish building society”, insert—

• “scheme manager” means a body corporate established in accordance with section 212(1) of the 2000 Act;

• (j) for the definition of “UK institution”, substitute—

• “UK institution” means a body corporate or partnership incorporated or formed under the law of any part of the United Kingdom, and which has permission under Part IV of the 2000 Act to accept deposits;

Information to be supplied on request

495

In regulation 46 of the Credit Institutions (Protection of Depositors) Regulations 1995—

• (a) in paragraph (1), for “, an EEA institution and a non-EEA institution”, substitute “and an EEA institution”;

• (b) in paragraph (4)(a)(i), for “relevant UK scheme”, substitute “Financial Services Compensation Scheme”;

• (c) in paragraphs (4)(b)(ii) and (10)(b), for “a UK scheme”, substitute “the Financial Services Compensation Scheme”;

• (d) paragraphs (4)(c) and (d) are revoked;

• (e) in paragraph (8), for “relevant authority”, substitute “Authority”;

• (f) paragraph (9) is revoked;

• (g) in paragraph (10)(b), for “Chapter I or Part II of these Regulations”, substitute “section 214(5) of the 2000 Act and the Electing Participants Regulations”;

• (h) paragraphs (10)(c) and (d) are revoked.

Information in explanatory literature

496

In regulation 47 of the Credit Institutions (Protection of Depositors) Regulations 1995—

• (a) in paragraph (1), for “, an EEA institution and a non-EEA institution”, substitute “and an EEA institution”;

• (b) in paragraph (2)(a)(i), for “relevant UK scheme”, substitute “Financial Services Compensation Scheme”;

• (c) in paragraph (2)(b)(ii), for “a UK scheme”, substitute “the Financial Services Compensation Scheme”;

• (d) paragraphs (2)(c) and (2)(d) are revoked;

• (e) in paragraph (6)—

• (i) in the definition of “relevant deposit”, for “, an EEA institution or non-EEA institution”, substitute “or an EEA institution”;

• (ii) the definition of “the relevant UK scheme” is revoked.

Information in advertisements

497

In regulation 48 of the Credit Institutions (Protection of Depositors) Regulations 1995—

• (a) in paragraph (2)—

• (i) for “, an EEA institution and a non-EEA institution”, substitute “and an EEA institution”;

• (ii) in sub-paragraph (2)(a), for “relevant UK scheme”, substitute “Financial Services Compensation Scheme”;

• (b) in paragraph (3)(b)(ii), for “a UK scheme”, substitute “the Financial Services Compensation Scheme”;

• (c) paragraphs (3)(c) and (3)(d) are revoked;

• (d) in paragraph (6), the definition of “the relevant UK scheme” is revoked;

• (e) for paragraph (7), substitute—

(7) For the purposes of this regulation— (a) an advertisement issued or caused to be issued by any person by way of display or exhibition in a public place shall be treated as issued or caused to be issued by him on every day on which he causes or permits it to be displayed or exhibited; (b) an advertisement inviting deposits with a person specified in the advertisement shall be presumed, unless the contrary is proved, to have been issued to the order of that person; (c) an advertisement issued outside the United Kingdom shall be treated as issued in the United Kingdom if it is directed to persons in the United Kingdom or is made available to them otherwise than in a newspaper, journal, magazine or other periodical publication published and circulating principally outside the United Kingdom or in a sound or television broadcast transmitted principally for reception outside the United Kingdom.

Enforcement

498

In regulation 49 of the Credit Institutions (Protection of Depositors) Regulations 1995—

• (a) in paragraph (2)—

• (i) for “participating non-EEA institution”, substitute “building society”;

• (ii) for “subsection (2) of section 12 of the 1987 Act (restriction of authorisation)”, substitute “subsection (1) of section 45 of the 2000 Act (Variation etc. on the Authority’s own initiative)”;

• (iii) for “(b) to the protection of the institution’s depositors or potential depositors”, substitute “(c) to the interests of consumers or potential consumers”;

• (iv) in sub-paragraph (a), after “institution”, insert “or building society”;

• (b) in paragraph (3)—

• (i) for “the Deposit Protection Board” and “that Board”, substitute “the scheme manager”;

• (ii) for “participating non-EEA institution”, substitute “building society”;

• (iii) for “11 or 12 of the 1987 Act”, substitute “45 of the 2000 Act”;

• (c) for paragraph (4), substitute—

(4) In this regulation, “unpaid contribution”, in relation to an institution or building society, means any amount required to be paid by the institution or society by way of a levy imposed in accordance with the Financial Services Compensation Scheme, and which remains unpaid after the last day on which payment falls due, as determined by or in accordance with that Scheme.

Other provisions

499

Regulations 51 and 52 of the Credit Institutions (Protection of Depositors) Regulations 1995 are revoked.

The Value Added Tax (Special Provisions) Order 1995 (S.I. 1995/1268)

Interpretation of the 1995 Order: meaning of “insurer”

500

Article 2 of the Value Added Tax (Special Provisions) Order 1995 (interpretation) is amended as follows—

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

• (b) in paragraph (1), for the definition of “insurer” substitute—

• “insurer” means a person who may, in the United Kingdom, lawfully effect and carry out contracts of insurance against risks arising from loss of or damage to goods without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000;

• (c) after paragraph (1) insert—

(2) The definition of “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 Public Offers of Securities Regulations 1995 (S.I. 1995/1537)

Interpretation of the 1995 Regulations

501

• (1) Regulation 2 of the Public Offers of Securities Regulations 1995 (interpretation) is amended as follows.

• (2) In paragraph (1) of that regulation—

• (a) in the definition of “the Act” for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”;

• (b) in the definition of “body corporate” for “section 207(1)” substitute “section 417(1)”;