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

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)²⁵⁶, 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• (4) In that paragraph, the words after sub-paragraph (b) are repealed.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) ²⁵⁷ 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 revoked²⁵⁸.

• (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)²⁵⁹ 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)²⁶⁰, 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)²⁶¹ 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)²⁶² 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)²⁶³ 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)²⁶⁴ 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)²⁶⁵ 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)²⁶⁶ 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)²⁶⁷ 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 1979²⁶⁸, 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 F11²⁶⁹ 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 9²⁷⁰ 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”²⁷¹ is revoked.

• (3) Article 10²⁷² is revoked.

• (4) Part VII of Schedule 1²⁷³ 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)²⁷⁴—

• (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 3²⁷⁵ 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)²⁷⁶ 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 1979²⁷⁷ or the Credit Unions (Northern Ireland) Order 1985²⁷⁸, or a specially authorised friendly society within the meaning of section 7(1)(f) of the Friendly Societies Act 1974²⁷⁹;

• (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 Schedule²⁸⁰ 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)²⁸¹, 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.)²⁸², 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)²⁸³ 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”²⁸⁴ 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 1986²⁸⁵;

• (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 6²⁸⁶ (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)²⁸⁷ 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)²⁸⁸ 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 F6A²⁸⁹ (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)

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 1972²⁹⁰, 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 2000²⁹¹”.

• (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)²⁹² 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)²⁹³ 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)