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

Type Statutory-Instrument
Publication 2001-11-09
Last updated 2018-01-01
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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articles 3
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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)294 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)295 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 2296 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)297, 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)298, 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)299, 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)300, 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)301 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)302, 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.

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 1994303. (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 9A304 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 8A305 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)306 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)307 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 T8308 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 24309 (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)310 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)311 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”312 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 AI313 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”314 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 C4315 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 C5316 to the Local Government Pension Scheme Regulations 1995, in paragraph 1(6)(e)317, 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 2000318;
  • (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 2001319;
  • (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)”;
  • (c) in the definition of “convertible securities” for sub-paragraphs (i) and (ii) substitute—

(i) instruments creating or acknowledging indebtedness of a kind which can be converted into or exchanged for, or which confer rights to acquire, securities; (ii) instruments giving entitlements to securities; or (iii) certificates representing securities;

  • (d) for the definition of “credit institution” substitute—
  • “credit institution” means a credit institution as defined in Article 1 of Directive 2000/12/EC of the European Parliament and of the Council;
  • (e) in the definition of “director” for “section 207(1)” substitute “section 417(1)”;
  • (f) the definition of “ecu”320 is revoked;
  • (g) the definition of “European institution” is revoked;
  • (h) for the definition of “financial institution” substitute—
  • “financial institution” means a financial institution as defined in Article 1 of the Directive 2000/12/EC of the European Parliament and of the Council;
  • (i) for the definition of “group” substitute—
  • “group”, in relation to a body corporate (“A”) means A and any other body corporate which is— a subsidiary of A, a holding company of A, or a subsidiary of such a holding company;
  • (j) the definition of “home-regulated investment business” is revoked; and
  • (k) in the definition of “recognised investment exchange” for “section 207(1)” substitute “section 285”.
  • (3) After paragraph (1) of that regulation insert—

(1A) Paragraphs (i), (ii) and (iii) of the definition of “convertible securities” in paragraph (1) above, together with regulations 3(2) and (5), 7(2)(f),(n), 8(4) and (5), and 9(4) 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 to which Part II of the 1995 Regulations applies

502

For regulation 3 of the Public Offers of Securities Regulations 1995 (investments to which this Part applies) substitute—

(3) (1) This Part of these Regulations applies to any investment which— (a) is not admitted to official listing, nor is the subject of an application for listing, in accordance with Part VI of the Act; and (b) is of a kind specified in paragraph (2). (2) Subject to paragraphs (3) to (5) below, the kinds of investments specified for the purposes of paragraph (1)(b) are— (a) shares, including for those purposes deferred shares of a building society, within the meaning of section 119 of the Building Societies Act 1986; (b) instruments creating or acknowledging indebtedness; (c) instruments giving entitlements to securities, including warrants and other instruments entitling the holder to acquire any share or instrument creating or acknowledging indebtedness; and (d) certificates representing securities. (3) For the purposes of paragraph (1)(b), investments of the kind specified in paragraph (2)(a) (shares) do not include transferable shares in a body incorporated under the law relating to industrial and provident societies. (4) For the purposes of paragraph (1)(b), investments of the kind specified in paragraph (2)(b) (instruments creating or acknowledging indebtedness) do not include— (a) debentures having a maturity of less than one year from their date of issue, and (b) bills of exchange accepted by a banker. (5) For the purposes of paragraph (1)(b)— (a) investments of the kind specified in sub-paragraph (c) of paragraph (2) do not include instruments giving entitlements in connection with government and public securities; and (b) investments of the kind specified in sub-paragraph (d) of paragraph (2) do not include investments and certificates representing government or public securities.

Listing rules

503

In paragraph (3) of regulation 4 of the Public Offers of Securities Regulations 1995, for “section 156A” substitute “section 87”.

Exemptions

504
  • (1) Regulation 7 of the Public Offers of Securities Regulations 1995 (exemptions) is amended as follows.
  • (2) For sub-paragraph (f)(iii) of paragraph (2) substitute—

(iii) persons holding instruments creating or acknowledging indebtedness issued by the company;

  • (3) In sub-paragraph (g) of that paragraph the words “as defined in paragraph 3 of Schedule 1 to the Act” are revoked.
  • (4) In sub-paragraph (n) of that paragraph for “the securities are shares, or investments falling within paragraph 4 or 5 of Schedule 1 to the Act relating to shares,” substitute

the securities are— (i) shares, (ii) instruments giving entitlements to subscribe for shares, or (iii) certificates representing shares,

  • (5) In sub-paragraph (o)(i)321 of regulation 7(2), for “a body corporate connected with the issuer” substitute “a member of the same group as the issuer”.
  • (6) In sub-paragraphs (p) and (t) of regulation 7(2) for “Part IV” substitute “Part VI”.
  • (7) In sub-paragraph (s)322 of regulation 7(2)—
  • (a) for “issued in the United Kingdom (within the meaning of the Act), or is caused to be so issued,” substitute “issued in, or directed at persons in, the United Kingdom (or is caused to be so issued or so directed),”, and
  • (b) for paragraphs (i) and (ii) substitute—

(i) a advertisement which is an exempt communication falling within article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001323 (Investment professionals); or (ii) an advertisement which would be an exempt communication falling within article 19 of that Order if the meaning of “investment professionals” in paragraph (5) of that article included a person with or for whom any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer has effected or arranged for the effecting of a transaction within the period of twelve months ending with the date on which the offer is first made;

  • (8) In paragraph (5) of regulation 7, for “means investments falling within paragraph 1 of Schedule 1 to the Act” substitute—

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

  • (9) After paragraph (8) of regulation 7 insert—

(8A) for the purposes of paragraph (2)(g), a government, local authority or public authority means— (a) the government of the United Kingdom; (b) the Scottish Administration; (c) the Executive Committee of the Northern Ireland Assembly; (d) the National Assembly for Wales; (e) the government of any country or territory outside the United Kingdom; (f) a local authority in the United Kingdom or elsewhere; or (g) a body the members of which comprise— (i) states including the United Kingdom or another EEA State, or (ii) bodies whose members comprise states including the United Kingdom or another EEA State.

  • (10) In paragraph 12 of that regulation for “within the meaning of Schedule 1 to the Act” substitute “within the meaning of section 421 of the Act”.
  • (11) For paragraph (13) of that regulation substitute—

(13) In paragraph (2)(o)— - “group” has the same meaning as in section 421 of the Act, and - “a relevant trustee” has the same meaning as in article 71(6)(b) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001324 (Activities carried on in connection with employee share schemes).

Specified kinds of investments

505
  • (1) In paragraphs (4) and (5) of regulation 8 of the Public Offers of Securities Regulations 1995 (form and content of prospectus)—
  • (a) for “securities falling within paragraph 1 of Schedule 1 to the Act” substitute “shares”, and
  • (b) for “securities”, in both places, substitute “shares”.
  • (2) In paragraph (4) of regulation 9 to those Regulations (general duty of disclosure in prospectus) for “a certificate or other instrument falling within paragraph 5 of Schedule 1 to the Act” substitute “a certificate or other instrument representing securities”.

Exceptions

506

In regulation 11 of the Public Offers of Securities Regulations 1995—

  • (a) in paragraph (3) for “Part IV” substitute “Part VI”; and
  • (b) in paragraph (6) for “Section 156” substitute “Section 101”.

Contraventions by an authorised person

507

In regulation 16 of the Public Offers of Securities Regulations 1995 (contraventions)—

  • (a) for paragraph (1) substitute—

(1) An authorised person who contravenes regulation 4(1) or, where it applies, regulation 4(2), or who contravenes regulation 12, or who assists another person to contravene any of those provisions, shall be treated as having contravened rules under Part X of the Act.

  • (b) for paragraph (5) substitute—

(5) In this regulation— - “authorised person” means a person who is authorised for the purposes of the Act; and - “exempt regulated activity” has the same meaning as in section 325(2) of the Act.

; and

  • (c) paragraph (6) is revoked.

Maximum penalties

508

In regulation 18 (penalties) of the Public Offers of Securities Regulations 1995, for “Part IV” substitute “Part VI”.

Miscellaneous and Supplementary

509

In regulation 23 of the Public Offers of Securities Regulations 1995—

  • (a) for the sub-title to that regulation (“Application of Part X of the Act”) substitute “Miscellaneous and Supplementary”;
  • (b) in paragraph (1)—
  • (i) for “section 187(4) of the Act” substitute “paragraph 19(1) of Schedule 1 to the Act”, and
  • (ii) for “Part IV” substitute “Part VI”;
  • (c) in paragraph (2) for “section 188” substitute “section 415”;
  • (d) in paragraph (3) for “section 192” substitute “section 410”;
  • (e) for paragraph (4) substitute—

(4) Section 176 of the Act shall have effect, in relation to these Regulations, as if for the purposes of subsection (4) of section 176 the offences mentioned in section 168 of the Act included an offence under these Regulations.

  • (f) for paragraph (5) substitute—

(5) Subsections (1) and (3) of section 398 of the Act shall apply in relation to information given to the competent authority— (a) for the purposes of or in connection with an application under these Regulations, or (b) in purported compliance with requirements imposed by or under these Regulations, as they apply in relation to information given in purported compliance with any requirement imposed by or under the Act.

; and

  • (g) in paragraph (6) for “Sections 201(1), 202 and 203” substitute “Sections 400, 401 and 403”.

Interpretation of Schedule 1

510

In Schedule 1 to the Public Offers of Securities Regulations 1995 (Form and content of the Prospectus)—

  • (a) in paragraph 1 in the definition of “debentures” for “securities falling within paragraph 2 of Schedule 1 to the Act” substitute “instruments creating or acknowledging indebtedness”;
  • (b) after paragraph 1 insert—

(1A) The definition of “debentures” 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.

; and

  • (c) in Part II in paragraph 8 for “authorised under the Financial Services Act 1986” substitute “authorised for the purposes of the Financial Services and Markets Act 2000”.

Application of Part VI of the Financial Services and Markets Act 2000 to a recognised European document

511

In Schedule 4 to the Public Offers of Securities Regulations 1995 (Recognition for the purposes of Part IV of the Financial Services Act 1986 of Prospectuses and Listing Particulars approved in Other Member States)—

  • (a) in the heading to Part I for “Part IV of the Financial Services Act 1986” substitute “Part VI of the Financial Services and Markets Act 2000”;
  • (b) in paragraph 2 for “section 143” substitute “section 75”;
  • (c) in paragraph 3—
  • (i) for “Part IV” substitute “Part VI”;
  • (ii) in sub-paragraph (a) for “section 144(2)” substitute “section 79(2)”; and
  • (iii) in sub-paragraph (b) for “to which section 144 of the Act applies” substitute “required by listing rules made under section 84 of the Act”;
  • (d) in paragraph 4—
  • (i) for “Part IV” substitute “Part VI” in each place where it occurs;
  • (ii) in sub-paragraph (b) for “sections 146, 147(1)(a) and 150(2)” substitute “sections 80, 81(1)(a) and 90(3)”; and
  • (iii) in sub-paragraph (c) for “section 147” substitute “section 81”; and
  • (e) in paragraph 5 for “Part IV” substitute “Part VI”.

Revocation of spent provision

512

The following provisions of the Public Offers of Securities Regulations 1995 are revoked—

  • (a) regulation 17 and Schedule 2 (amendments to the Financial Services Act 1986 and minor consequential amendments and repeals);
  • (b) regulation 24 and Schedule 5 (amendments to regulations made under the Banking Act 1987);
  • (c) Schedule 3 (offers of securities to the public in the United Kingdom).

The Financial Markets and Insolvency (Money Market) Regulations 1995 (S.I. 1995/2049)

Revocation of the 1995 Regulations

513

The Financial Markets and Insolvency (Money Market) Regulations 1995 are revoked.

The Acquisition of Land (Rate of Interest After Entry) Regulations 1995 (S.I. 1995/2262)

Meaning of “reference banks”

514

Regulation 2 of the Acquisition of Land (Rate of Interest after Entry) Regulations 1995 (rate of interest) is amended as follows—

  • (a) for sub-paragraph (a)325 of paragraph (5) of that regulation, substitute—

(a) the reference banks, in relation to any reference day, 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 paragraphs (2), (3) and (4); and

  • (b) in sub-paragraph (b) of that paragraph, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
  • (c) in paragraph (6) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”;
  • (d) after paragraph (7) of that regulation insert—

(8) 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.

The Local Authorities (Precepts) (Wales) Regulations 1995 (S.I. 1995/2562)

Meaning of “the reference banks”

515

Regulation 8 of the Local Authorities (Precepts) (Wales) Regulations 1995 (Calculation of interest on amounts of instalments) is amended as follows—

  • (a) for paragraph (3)326 of that regulation, 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.

  • (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”;
  • (ii) in paragraph (5) of that regulation the definition of “a deposit-taking business” is revoked;
  • (d) after paragraph (5) of that regulation insert—

(6) 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 Charities (Accounts and Reports) Regulations 1995 (S.I. 1995/2724)

Meaning of “collective investment scheme”

516

In Part IV of Schedule 1 to the Charities (Accounts and Reports) Regulations 1995 (Form and content of statements of accounts—Notes to accounts), in paragraph 1(l)(ii)(C) for “section 75 of the Financial Services Act 1986” substitute “section 235 of the Financial Services and Markets Act 2000”.

Information to be provided in the case of a common deposit fund

517
  • (1) Schedule 2 to the Charities (Accounts and Reports) Regulations 1995 (Form and content of statement of accounts: Common investment funds and common deposit funds) is amended as follows.
  • (2) In Part III (Balance sheet), for sub-paragraph (c)(i) and (ii) of paragraph 3, substitute—

(i) deposits at the Bank of England; (ii) deposits with a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

  • (3) In Part VI (Interpretation) after paragraph 3 insert—

(4) In Part III of this Schedule, paragraph (3)(c)(ii) 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 (Payments to Designated Authorities) (Minimum Revenue Provision) Regulations 1995 (S.I. 1995/2895)

Meaning of “the reference banks”

518

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

The National Parks Authorities (Levies) (Wales) Regulations 1995 (S.I. 1995/3019)

Meaning of “the reference banks”

519

Regulation 9 of the National Parks Authorities (Levies) (Wales) Regulations 1995 (Interest on unpaid levies) is amended as follows—

  • (a) for sub-paragraph (a)327 of paragraph (3) of that regulation, 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 sub-paragraph (b) of that paragraph, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
  • (c) in paragraph (4) of that regulation—
  • (i) the definition of “a deposit-taking business” is revoked; and
  • (ii) in the paragraph beginning “the reference to the consolidated gross assets”, for “an institution” substitute “a person” and for “that institution” substitute “that person”; and
  • (d) 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 Lloyd’s Underwriters (Gilt-Edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3225)

Interpretation of the 1995 Regulations

520

In paragraph (1) of regulation 2 of the Lloyd’s Underwriters (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (Interpretation), for the definition of “premiums trust fund” substitute—

  • “premiums trust fund” means any trust fund to which an underwriter is required, by rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000, to carry premiums received by him or on his behalf in respect of the carrying on of any insurance market activity, within the meaning of section 316(3) of that Act;

The Occupational Pension Schemes (Discharge of Protected Rights on Winding up) Regulations 1996 (S.I. 1996/775)

Prescribed requirements applying to insurers

521

For regulation 3 of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations 1996 (Requirements applying to insurance companies) substitute—

(3) (1) The requirements referred to in section 32A(2)(a)(ii) of the Act (policy of insurance appropriate if the insurer satisfies prescribed requirements) are that the insurer— (a) is 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 insurance; or (b) is 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 in the United Kingdom. (2) References to contracts of long-term insurance 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; or (c) Schedule 2 to that Act.

The Insurance Companies (Amendment No. 2) Regulations 1996 (S.I. 1996/944)

Revocation of the 1996 Regulations

522

The Insurance Companies (Amendment No. 2) Regulations 1996 are revoked.

The Insurance Companies (Reserves) Regulations 1996 (S.I. 1996/946)

Revocation of the 1996 Regulations

523

The Insurance Companies (Reserves) Regulations 1996 are revoked.

The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996 (S.I. 1996/1216)

Interpretation of the 1996 Regulations

524

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

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