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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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(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”[^f00329] 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)[^f00330] 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)[^f00331] 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 2001[^f00332] (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 2001[^f00333] (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

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”;

(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”;

(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);

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)[^f00334] 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)[^f00335] 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”;

(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)[^f00337] 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”;

(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

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

The Occupational Pension Schemes (Minimum Funding Requirements and Actuarial Valuations) Regulations 1996 (S.I. 1996/1536)

Interpretation of the 1996 Regulations

525

(1) The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996 are amended as follows.

(2) In paragraph (1) of regulation 2 (Interpretation)—

(a) for the definition of “equities” substitute—

“equities” means investments of the following kinds— shares, instruments creating or acknowledging indebtedness, instruments giving entitlements to investments of the kind mentioned in (a) or (b) above, certificates representing such investments;

; and

(b) for the definition of “gilt-edged securities” substitute—

“gilt-edged securities” means investments of the following kinds— government and public securities, contracts of long term insurance;

(3) After paragraph (1) of regulation 2 insert—

(1A) The definitions of “equities” and “gilt-edged securities” 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.

(4) In paragraph 1(1) of Schedule 4 to those Regulations (Methods of securing shortfall in cases of serious underprovision), for the definition of “relevant institution” substitute—

“relevant institution” 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 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) After sub-paragraph (1) of paragraph 1 insert—

(1A) The definition of “relevant institution” in sub-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 Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996 (S.I. 1996/1537)

Prescribed conditions relating to an insurer

526

Regulation 11 of the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996 (Insurance companies that may provide protected rights by way of annuities) is amended as follows—

(a) in the sub-title of that regulation, for “Insurance companies” substitute “Insurers”;

(b) the existing text of that regulation is numbered paragraph (1);

(d) for paragraph (1)(a) of that regulation substitute—

(a) (i) 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 (ii) 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 and carry out contracts of long-term insurance;

; and

(e) after paragraph (1) insert—

(2) Paragraph (1)(a) of this regulation 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 Financial Institutions (Prudential Supervision) Regulations 1996 (S.I.1996/1669)

Revocation of the 1996 Regulations

527

The Financial Institutions (Prudential Supervision) Regulations 1996 are revoked.

The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (S.I. 1996/1715)

Relevant occupational pension schemes

528

In paragraph (3) of regulation 3 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Exemptions from the professional advisers requirements)—

(a) the words “(within the meaning of the Financial Services Act 1986)” are revoked; and

(b) for sub-paragraph (a) substitute—

(a) relevant schemes of a kind mentioned in paragraph (4) of regulation 4 of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001[^f00339] (Managing investments: occupational pension schemes);

Notification by fund managers of any conflict of interest

529

In regulation 5 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Manner and terms of appointment and removal of professional advisers), for paragraph (2)(b)(i)[^f00340] substitute—

(i) in the case of a fund manager, or a person carrying out functions referred to in regulation 2(c), who is subject to rules made under section 138 of the Financial Services and Markets Act 2000 (General rule making power) which impose requirements in relation to conflicts of interest, confirm in writing that he will notify the trustees or managers of any conflicts of interest to which he is or may be subject in relation to the scheme, in accordance with those requirements, and—

Prescribed circumstances: accounts with exempt deposit-takers

530

(1) Regulation 11 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Exemption from the requirement for money to be kept by the trustees) is amended as follows.

(2) In paragraph (1) of that regulation, for “at an institution authorised under the Banking Act 1987” substitute “with a deposit-taker”.

(3) For paragraph (1)(b)(i)[^f00341] of that regulation substitute—

(i) kept by them with any of the persons specified in paragraph (3);

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

(3) The persons referred to in paragraph (1)(b)(i) are— (a) the Bank of England or the central bank of another EEA State; (b) the National Savings Bank; or (c) a municipal bank. (4) In paragraph (3)— (a) “EEA State” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2 May 1992 as it has effect for the time being; and (b) “municipal bank” means a company within the meaning of the Companies Act 1985[^f00342]— (i) in respect of which a resolution has been passed by a local authority under section 48(3) of the Banking Act 1979 or section 103(3) of the Banking Act 1987; and (ii) is exempt from the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 in relation to the acceptance of deposits; (c) the definition of “municipal bank” above 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.

Meaning of “deposit-taker”

531

(1) Regulation 15 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Employer to make payments of benefits into a separate account), is amended as follows.

(2) The existing text of that regulation is numbered paragraph (1).

(3) In paragraph (1) for “institution authorised under the Banking Act 1987” substitute “deposit taker”.

(4) After paragraph (1) insert—

(2) (a) In this regulation “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 having qualified for authorisation under paragraph 12(1) of that Schedule) to accept deposits; (b) sub-paragraph (a) 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.

The Disability Discrimination (Services and Premises) Regulations 1996 (S.I. 1996/1836)

Interpretation of the 1996 Regulations

532

(1) Regulation 1 of the Disability Discrimination (Services and Premises) Regulations 1996 (Citation, commencement and interpretation) is amended as follows.

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

(a) for the definition of “insurance business” substitute—

“insurance business” means business which consists of effecting or carrying out contracts of insurance;

; and

(b) for the definition of “insurer” substitute—

“insurer” means a person who may carry on insurance business without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000.

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

(2A) The definition of “insurance business” 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 Local Authorities (Contracting Out of Investment Functions) Order 1996 (S.I. 1996/1883)

Qualifications of contractors

533

For article 9 of the Local Authorities (Contracting Out of Investment Functions) Order 1996 (qualifications of contractors) substitute—

(9) In relation to any function which a contractor is authorised to exercise by the authority, the contractor shall ensure that he and his employees are suitably qualified to make investment decisions on the authority’s behalf and have practical experience of financial matters, including making investments, and, without prejudice to the generality of this condition, shall ensure that he is— (a) an authorised person within the meaning of the Financial Services and Markets Act 2000 (“the 2000 Act”); or (b) a person— (i) who does not carry on regulated activities (within the meaning of the 2000 Act) from a permanent place of business maintained by him in the United Kingdom; (ii) whose head office is situated in an EEA State other than the United Kingdom; (iii) who is recognised by the law of that EEA State as a national of that or another EEA State; and (iv) who is for the time being authorised under that law to carry on one or more regulated activities (within the meaning of the 2000 Act), and is not precluded by that law from managing assets belonging to another person.

The Deregulation (Insurance Companies Act 1982) Order 1996 (S.I. 1996/2102)

Revocation of the 1996 Order

534

The Deregulation (Insurance Companies Act 1982) Order 1996 is revoked.

Interpretation of the 1996 Order

535

Article 2 of the Social Landlords (Permissible Additional Purposes or Objects) Order 1996 (interpretation) is amended is follows—

(a) the existing provision becomes paragraph (1);

(b) the definitions of “bank” and “insurance company” are revoked;

“qualifying lending institution” means— the Corporation; a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or an EEA firm of the kind mentioned in paragraph 5(b) or (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) either— to accept deposits; or to effect or carry out contracts of insurance;

(d) after paragraph (1) insert—

(2) The definition of “qualifying lending 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.

The Teachers' Superannuation (Provision of Information and Administrative Expenses etc) Regulations 1996 (S.I. 1996/2282)

Provision of information

536

The Teachers' Superannuation (Provision of Information and Administrative Expenses etc) Regulations 1996 are amended as follows—

(a) in regulation 1 (citation, commencement and interpretation), the definition of “the 1986 Act” is revoked;

(b) in paragraph (2) of regulation 3 (provision of information)—

(i) in sub-paragraph (a), for “the 1986 Act” substitute “the Financial Services and Markets Act 2000”;

(ii) in sub-paragraph (b), for “section 44 of the 1986 Act” substitute “that Act”;

(iii) sub-paragraph (c) is revoked;

(iv) for sub-paragraphs (d) to (f) substitute—

(d) a designated professional body within the meaning of Part XX of that Act; (e) the scheme manager within the meaning of that Act; (f) the Financial Services Authority;

The Housing Act 1996 (Consequential Provisions) Order 1996 (S.I. 1996/2325)

Revocation of spent provision

537

In Schedule 1 to the Housing Act 1996 (Consequential Provisions) Order 1996 (repeals), the entry relating to the Banking Act 1987 is revoked.

The National Health Service Pension Scheme (Provision of Information and Administrative Expenses etc) Regulations 1996 (S.I. 1996/2424)

Provision of information

538

The National Health Service Pension Scheme (Provision of Information and Administrative Expenses etc) Regulations 1996 are amended as follows—

(a) in regulation 2 (interpretation), for the definition of “the Financial Services Act” substitute—

“the FSM Act” means the Financial Services and Markets Act 2000;

(b) in paragraph (2) of regulation 3 (application of the 1996 Regulations), for “section 62 of the Financial Services Act” substitute “section 71 or 150 of the FSM Act”;

(i) in paragraph (a), for “the Financial Services Act” substitute “the FSM Act”;

(ii) in paragraph (b), for “section 44 of the Financial Services Act” substitute “the FSM Act”;

(iii) paragraph (c) is revoked;

(iv) for paragraphs (d) to (f) substitute—

(d) a designated professional body within the meaning of Part XX of the FSM Act; (e) the Financial Services Authority; (f) the scheme manager within the meaning of the FSM Act;

The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 (S.I. 1996/2475)

Exclusions from jurisdiction

539

In the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996, for paragraph (1) of regulation 4 (exclusions from jurisdiction) substitute—

(1) The Pensions Ombudsman shall not investigate or determine any complaint or dispute which can be dealt with under the compulsory jurisdiction of the ombudsman scheme provided for by Part 16 of the Financial Services and Markets Act 2000, other than a complaint or dispute relating to the management of a personal pension scheme.

Payment of interest on late paid benefit

540

(1) For paragraph (2)(b) of regulation 6[^f00343] of the Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 (payment of interest on late paid benefit), substitute—

(b) “reference banks” means the four 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 applicable to sterling deposits.

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

(3) 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 National Park Authorities (Levies) (England) Regulations 1996 (S.I. 1996/2794)

Interest on unpaid levies

541

The National Park Authorities (Levies) (England) Regulations 1996 are amended as follows—

(a) for paragraph (3)(a) of regulation 8[^f00344] (interest on unpaid levies) substitute—

(a) the reference banks 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

(b) in paragraph (3)(b) of regulation 8, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;

(d) in paragraph (4)(b) of regulation 8, for “that institution” the first time it appears substitute “a person” and the second time it appears substitute “that person”;

(e) after paragraph (4) of regulation 8 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 Insurance (Lloyd's) Regulations 1996 (S.I. 1996/3011)

Revocation of the 1996 Regulations

542

The Insurance (Lloyd's) Regulations 1996 are revoked.

The Industrial and Provident Societies (Forms and Procedure) Regulations 1996 (S.I. 1996/3121)

Maintenance of files for registered societies

543

In paragraph (2) of regulation 12 of the Industrial and Provident Societies (Forms and Procedure) Regulations 1996 (duties and functions), the words from “together with documents” to the end are revoked.

The Occupational Pension Schemes (Investment) Regulations 1996 (S.I. 1996/3127)

Interpretation of the 1996 Regulations

544

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

545

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

546

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

547

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

Exemptions from section 35 of the 1995 Act

548

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

The Local Authorities (Capital Finance) Regulations 1997 (S.I. 1997/319)

Capital receipts of debt-free authorities

549

(1) Regulation 65 of the Local Authorities (Capital Finance) Regulations 1997[^f00347] is amended as follows.

(2) In paragraph (1), for sub-paragraphs (e) and (f) of the definition of “relevant lender” substitute—

(e) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or (f) 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 (1) insert—

(1A) Sub-paragraphs (e) and (f) of the definition of “relevant lender” 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 Personal Pension Schemes (Appropriate Schemes) Regulations 1997 (S.I. 1997/470)

Forms of scheme which may be appropriate schemes

550

(1) The Personal Pension Schemes (Appropriate Schemes) Regulations 1997 are amended as follows.

(2) In paragraph (2) of regulation 1 (citation, commencement and interpretation), the definition of “investment business” is revoked.

(3) For paragraph (2)(b) of regulation 2 (forms of scheme which may be appropriate schemes)[^f00348] substitute—

(b) a unit trust scheme of a kind mentioned in Part I of Schedule 1 to these Regulations which is the subject of an authorisation order made (or treated as made) under section 243 of the Financial Services and Markets Act 2000;

(4) In regulation 3 (persons who and bodies which may establish schemes), for paragraph (2) substitute—

(2) This paragraph applies to a Friendly Society which has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance.

(5) Paragraph (3)(a) of regulation 3 is revoked.

(6) For paragraph (3)(c) of regulation 3 substitute—

(c) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; (ca) 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 of that Schedule) to accept deposits;

(7) In paragraph (3)(d) of regulation 3, for “an institution”, in both places, substitute “a person or firm”, and after “sub-paragraph (c)” insert “or (ca)”.

(8) In paragraph (4) of that regulation, for “an institution” substitute “a person or firm”, and after “paragraph (3)(c)” insert “or (ca)”.

(9) After paragraph 4 of that regulation insert—

(5) Sub-paragraphs (c) and (ca) of 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.

(10) In Schedule 1 (kinds of unit trust scheme that may be an appropriate scheme)—

(a) in Part I (kinds of unit trust scheme), for “investment company with a variable capital”, in both places, substitute “open-ended investment company”;

(b) in Part II (definitions)—

(i) in the definition of “authorised unit trust scheme”, for “the Financial Services Act 1986” substitute “Part 17 of the Financial Services and Markets Act 2000”;

(ii) in the definition of “feeder fund”, for “investment company with variable capital” substitute “open-ended investment company”;

(iii) in the definition of “fund of funds”, for “investment companies with a variable capital” substitute “open-ended investment companies”;

(iv) the definition of “investment company with variable capital” is revoked;

(v) after the definition of “money market fund” insert—

“open-ended investment company” has the same meaning as in the Open-Ended Investment Companies Regulations 2001;

(vi) for the definition of “transferable security” substitute—

“transferable security” means any investment which is treated as a security for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000, other than an investment which either cannot be transferred or can be transferred only with the consent of a third party.

The Residuary Body for Wales (Dyffryn House and Gardens) Order 1997 (S.I. 1997/540)

Interpretation of the 1997 Order

551

(1) In paragraph (1) of article 2 of the Residuary Body for Wales (Dyffryn House and Gardens) Order 1997 (interpretation and general provisions)—

(a) for the definition of “contract for banking services” substitute—

“contract for banking services” means a contract for the provision of services for the Residuary Body by— 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 of that Schedule) to accept deposits;

(b) the definition of “contract of insurance” is revoked.

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

(5) The definition of “contract for banking services” in paragraph (1), and references in this Order 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 Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 (S.I. 1997/665)

Interpretation of the 1997 Regulations

552

(1) In paragraph (2) of regulation 1 of the Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 (citation, commencement and interpretation)[^f00349], 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;

(2) After that paragraph insert—

(2A) The definition of “reference banks” 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 Occupational Pension Schemes (Discharge of Liability) Regulations 1997 (S.I. 1997/784)

Requirements applying to policies of insurance and annuity contracts

553

(1) In paragraph (1) of regulation 2 of the Occupational Pension Schemes (Discharge of Liability) Regulations 1997 (requirements applying to policies of insurance and annuity contracts), for the words “an insurance company” to the end, 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 of that Schedule) to effect or carry out contracts of long-term insurance.

(2) For paragraph (2) of that regulation, substitute—

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

Payments by insurers

554

(1) Paragraph 5 of Schedule 1 to the Social Security (Recovery of Benefits) (Northern Ireland) Order 1997 is amended as follows.

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

(3) In that sub-paragraph—

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

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

(4) After that sub-paragraph, insert—

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

The Local Government Pension Scheme Regulations 1997 (S.I. 1997/1612)

Interpretation of the 1997 Regulations

555

(1) In regulation 2 of the Local Government Pension Scheme Regulations 1997 (interpretation)[^f00350], after paragraph (2) insert—

(3) The definitions of “AVC insurance company” and “Reference banks” in Schedule 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.

(2) In Schedule 1 to those Regulations (interpretation)[^f00351]—

(a) for the definition of “AVC insurance company” substitute—

“AVC 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;

(b) for the definition of “Reference banks” substitute—

“Reference banks” means the seven 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 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;

Interpretation of regulations 5 and 6 of, and Schedule 2A to, the 1997 Regulations

556

(1) Regulation 5[^f00352] of the Local Government Pension Scheme Regulations 1997 (Agreements to enable employees of non-Scheme employers to be members (“admission agreements”)) is amended as follows.

(2) In paragraph (17) of that regulation, for sub-paragraph (a)[^f00353] substitute—

(a) “authorised insurer” means— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of general 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 of that Schedule) to effect and carry out contracts of general insurance;

(3) In paragraph (17), for sub-paragraph (f) substitute—

(f) “relevant institution” means— (i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, (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, or (iii) a person who does not require permission under that Act to accept deposits, by way of business, in the United Kingdom;

(4) After paragraph (17) insert—

(18) In paragraph (17), the definitions of “authorised insurer” and “relevant institution” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; (c) Schedule 2 to that Act.

Revenue restrictions

557

In paragraph 1(1) of Schedule 4 to the Local Government Pension Scheme Regulations 1997 (Revenue restrictions), in sub-paragraph (e) of the definition of “continuity conditions”[^f00354], after “section 62 of the Financial Services Act 1986” insert “or section 71 or 150 of the Financial Services and Markets Act 2000”.

Prescribed persons to whom information may be provided

558

Paragraph 1 of Schedule 5A[^f00355] (mis-sold pensions) to the Local Government Pension Scheme Regulations 1997 is amended as follows—

(a) in sub-paragraph (a)—

(i) after “a person who is” insert “an authorised person within the meaning of the Financial Services and Markets Act 2000 (“the 2000 Act”),”,

(ii) before “has been an authorised person” insert “who”, and

(iii) the words “(“the 1986 Act”)” are revoked;

(b) in sub-paragraph (b) for “section 44 of the 1986 Act” substitute “section 39 of the 2000 Act”;

(d) for sub-paragraph (d) substitute—

(d) a designated professional body within the meaning of section 326 of the 2000 Act;

(e) for sub-paragraph (e) substitute—

(e) the Financial Services Authority;

, and

(f) for sub-paragraph (f) substitute—

(f) the scheme manager (within the meaning of section 212(1) of the 2000 Act);

The Firemen’s Pensions (Provision of Information) Regulations 1997 (S.I. 1997/1829)

Persons to whom information may be supplied

559

In paragraph (2) of regulation 3 of the Firemen’s Pensions (Provision of Information) Regulations 1997 (persons to whom information may be supplied)—

(a) in sub-paragraph (a), for “the Financial Services Act 1986” substitute “the Financial Services and Markets Act 2000”;

(b) in sub-paragraph (b), for “section 44 of the Financial Services Act 1986” substitute “that Act”;

(d) for sub-paragraphs (d) to (f) substitute—

(d) a designated professional body within the meaning of Part XX of that Act; (e) the scheme manager within the meaning of that Act; (f) the Financial Services Authority;

The Police Pensions (Provision of Information) Regulations 1997 (S.I. 1997/1912)

Persons to whom information may be provided

560

In paragraph (2) of regulation 3 of the Police Pensions (Provision of Information) Regulations 1997 (persons to whom information may be supplied)—

(a) in sub-paragraph (a), for “the Financial Services Act 1986” substitute “the Financial Services and Markets Act 2000”;

(b) in sub-paragraph (b), for “section 44 of the Financial Services Act 1986” substitute “that Act”;

(d) for sub-paragraphs (d) to (f) substitute—

(d) a designated professional body within the meaning of Part XX of that Act; (e) the scheme manager within the meaning of that Act; (f) the Financial Services Authority;

The National Crime Squad Service Authority (Levying) Order 1997 (S.I. 1997/2283)

Interest on unpaid levies

561

In article 14 of the National Crime Squad Service Authority (Levying) Order 1997 (interest on unpaid levies)[^f00356], for paragraphs (2) and (3) substitute—

(2) For the purposes of paragraph (1) above— (a) the reference banks 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; (b) the size of a person is to be determined by reference to his total consolidated gross assets denominated in sterling, as shown in his audited end-year accounts last published before the beginning of the period for which interest is payable. (3) In this article, “consolidated gross assets” of a person is a reference to the gross assets of that person together with any subsidiary within the meaning of section 736 of the Companies Act 1985. (4) Paragraph (2)(a) 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 NCIS Service Authority (Levying) Order 1997 (S.I. 1997/2284)

Interest on unpaid levies

562

In article 14 of the NCIS Service Authority (Levying) Order 1997 (interest on unpaid levies)[^f00357], for paragraphs (2) and (3) substitute—

(2) For the purposes of paragraph (1) above— (a) the reference banks 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; (b) the size of a person is to be determined by reference to his total consolidated gross assets denominated in sterling, as shown in his audited end-year accounts last published before the beginning of the period for which interest is payable. (3) In this article, “consolidated gross assets” of a person is a reference to the gross assets of that person together with any subsidiary within the meaning of section 736 of the Companies Act 1985. (4) Paragraph (2)(a) 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 Teachers' Pensions Regulations 1997 (S.I. 1997/3001)

Interest on late payment of certain benefits

563

(1) In regulation E34 of the Teachers' Pensions Regulations 1997[^f00358], for paragraph (5)(b) substitute—

(b) “the reference banks” means the four 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; (iii) quote a base rate applicable to sterling deposits.

(2) After paragraph (5) of that regulation insert—

(6) Paragraph (5)(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 Building Societies (Transfer of Business) Regulations 1998 (S.I. 1998/212)

Transfer of business: prescribed matters for transfer statements and transfer notification statements

564

(1) In paragraph 10 of Part II of Schedule 1 to the Building Societies (Transfer of Business) Regulations 1998 (matters of which particulars are to be included in the case of a transfer to an existing company)—

(a) the existing text becomes sub-paragraph (1);

(b) in that sub-paragraph, for the words from “become” to the end substitute “have relevant permission”;

(2) “Relevant permission” means— (a) such permission under Part 4 of the Financial Services and Markets Act 2000, or (b) such permission under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule), as will enable the successor company to carry on the business which it will have as a result of the transfer without being taken (by virtue of section 20 of that Act) to have contravened a requirement imposed on it by the Authority under that Act.

(2) In paragraph 4 of Part III of that Schedule (matters of which particulars are to be included in the case of a transfer to a specially formed company)—

(a) the existing text becomes sub-paragraph (1);

(b) in that sub-paragraph, for the words from “become” to the end substitute “have relevant permission”;

(2) “Relevant permission” has the meaning given by paragraph 10(2) of Part II of this Schedule.

(3) In paragraph 4 of Schedule 3 to those Regulations (prescribed matters for transfer notification statements)—

(a) the existing text becomes sub-paragraph (1);

(b) in that sub-paragraph for the words from “become” to the end substitute “have relevant permission”;

(2) “Relevant permission” has the meaning given by paragraph 10(2) of Part II of Schedule 1 to these Regulations.

Group accounts: subsidiary undertakings

565

(1) In paragraph (7) of regulation 4 of the Building Societies (Accounts and Related Provisions) Regulations 1998 (group accounts: supplementary provisions), for the words from “means” to the end substitute “means the carrying on of a regulated activity (within the meaning of the Financial Services and Markets Act 2000) of accepting deposits”.

(2) After that paragraph insert—

(7A) The reference in paragraph (7) to accepting 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.

Interpretation of Schedules to the 1998 Regulations

566

In Schedule 11 to the Building Societies (Accounts and Related Provisions) Regulations 1998 (interpretation of Schedules)—

(a) in paragraph 5 (definition of “listed securities”) for “which meets the criteria agreed between the Financial Services Authority and the Stock Exchange and is included in a list maintained by the Stock Exchange for the purposes of the rules of the Stock Exchange” substitute “which meets the criteria established by the competent authority (within the meaning of section 72 of the Financial Services and Markets Act 2000) and is included in a list maintained by that authority”;

(b) in paragraph 13 (other definitions), for the definition of “credit institution” substitute—

“credit institution” means an undertaking carrying on (whether in the United Kingdom or elsewhere) a regulated activity (within the meaning of the Financial Services and Markets Act 2000) of accepting deposits, and authorised by the competent authorities of an EEA State or any other State (the reference to accepting deposits being read with section 22 of that Act, any relevant order under that section and Schedule 2 to that Act);

The Police Act 1997 (Provisions in Relation to the NCIS Service Authority) Order 1998 (S.I. 1998/633)

Meaning of “securities”

567

In paragraph (1) of article E5 of the Police Act 1997 (Provisions in Relation to the NCIS Service Authority) Order 1998 (interpretation of articles E2 and E4), for sub-paragraph (a) substitute—

(a) investments treated as securities for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000;

Borrowing powers

568

(1) In paragraph (2) of article G5 of the Police Act 1997 (Provisions in Relation to the NCIS Service Authority) Order 1998 (borrowing powers), for sub-paragraph (a) substitute—

(a) by overdraft or short term from the Bank of England or from a person who, at the time the borrowing is undertaken, is— (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 of that Schedule) to accept deposits; or

(2) After paragraph (2) insert—

(2A) Paragraph (2)(a) 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.

Insurance by the NCIS Service Authority against accidents to members

569

(1) In paragraph (1) of article K4 of the Police Act 1997 (Provisions in Relation to the NCIS Service Authority) Order 1998 (insurance by the NCIS Service Authority against accidents to members), the words “of Class 1 in Part 1 of Schedule 2 to the Insurance Companies Act 1982” are revoked.

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

(5) 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 of England (Information Powers) Order 1998 (S.I. 1998/1270)

Interpretation of the 1998 Order

570

In paragraph (2) of article 1 of the Bank of England (Information Powers) Order 1998 (citation, commencement and interpretation), in the definition of “securities”—

(a) the word “relevant” is revoked; and

(b) for “the Financial Services Act 1986” substitute “Part 17 of the Financial Services and Markets Act 2000”.

The Angola (United Nations Sanctions) Order 1998 (S.I. 1998/1752)

Assets of UNITA or persons connected with UNITA: definition of “investments”

571

In paragraph (4) of article 7 of the Angola (United Nations Sanctions) Order 1998 (assets of UNITA or persons connected with UNITA)[^f00359], 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 Angola (United Nations Sanctions) (Channel Islands) Order 1998 (S.I. 1998/1756)

Assets of UNITA or persons connected with UNITA: definition of “investments”

572

In paragraph (4) of article 8 of the Angola (United Nations Sanctions) (Channel Islands) Order 1998 (assets of UNITA or persons connected with UNITA)(a), 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 Angola (United Nations Sanctions) (Isle of Man) Order 1998 (S.I. 1998/1757)

Assets of UNITA or persons connected with UNITA: definition of “investments”

573

In paragraph (4) of article 7 of the Angola (United Nations Sanctions) (Isle of Man) Order 1998 (assets of UNITA or persons connected with UNITA)(a), 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 Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (S.I. 1998/1831)

Interpretation of the 1998 Regulations: general

574

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

Definition of “investment”

575

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

Definition of “investment manager”

576

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

Limits on investments

577

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

Definition of “open-ended investment company”

578

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

The Investor Compensation Scheme Regulations 1998 (S.I. 1998/2169)

Revocation of the 1998 Regulations

579

The Investor Compensation Scheme Regulations 1998 are revoked.

The Residuary Body for Wales (Winding Up) Order 1998 (S.I. 1998/2859)

Interpretation of the 1998 Order

580

(1) In paragraph (1) of article 2 of the Residuary Body for Wales (Winding Up Order) 1998 (interpretation and general provisions)—

(a) for the definition of “contract for banking services” substitute—

“contract for banking services” means a contract for the provision of services for the Residuary Body by— 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 of that Schedule) to accept deposits;

(b) the definition of “contract of insurance” is revoked.

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

(4) The definition of “contract for banking services” in paragraph (1), and references in this Order 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.

Meaning of “qualifying lending institution”

581

(1) Article 3 of the Social Landlords (Additional Purposes or Objects) Order 1999 (priority of mortgages) is amended as follows.

(2) In paragraph (3), for the definition of “qualifying lending institution” substitute—

“qualifying lending institution” means— the Corporation; a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or an EEA firm of the kind mentioned in paragraph 5(b) or (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) either— to accept deposits; or to effect or carry out contracts of insurance;

(3) after paragraph (3) insert—

(4) The definition of “qualifying lending institution” 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 Scotland Act 1998 (Functions Exercisable in or as regards Scotland) Order 1999 (S.I. 1999/1748)

Revocation of references to former tribunals

582

In Schedule 1 to the Scotland Act 1998 (Functions Exercisable in or as Regards Scotland) Order 1999—

(a) paragraphs 8 and 23 (which relate to the tribunal established under section 47 of the Building Societies Act 1986[^f00364]), and

(b) paragraph 9 (which relates to the Financial Services Tribunal),

are revoked.

Unfair Terms in Consumer Contracts Regulations 1999 (S.I. 1999/2083)

Functions of the Financial Services Authority

583

In article 16[^f00365] of the Unfair Terms in Consumer Contracts Regulations 1999 (the functions of the Financial Services Authority), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

The Banking (Gibraltar) Regulations 1999 (S.I. 1999/2094)

Revocation of the 1999 Regulations

584

The Banking (Gibraltar) Regulations 1999 are revoked.

The Education (School Government) (England) Regulations 1999 (S.I. 1999/2163)

Restrictions on persons taking part in proceedings of the governing body or their committees

585

In paragraph 2 of Schedule 6 to the Education (School Government) (England) Regulations 1999 (pecuniary interests), for sub-paragraph (8) substitute—

(8) In this paragraph, “securities” means any investments which are treated as securities for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000.

The Education (School Government) (Wales) Regulations 1999 (S.I. 1999/2242)

Restrictions on persons taking part in proceedings of the governing body or their committees

586

In paragraph 2 of Schedule 7 to the Education (School Government) (Wales) Regulations 1999 (pecuniary interests), for sub-paragraph (8) substitute—

(8) In this paragraph, “securities” means any investments which are treated as securities for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000.

The Data Protection (Processing of Sensitive Personal Data) Order 2000 (S.I. 2000/417)

Interpretation of the 2000 Order: Insurance business

587

(1) The Schedule to the Data Protection (Processing of Sensitive Personal Data) Order 2000 (Circumstances in which sensitive personal data may be processed) is amended as follows.

(2) In sub-paragraph (2) of paragraph 5 of that Schedule, for paragraph (a) substitute—

(a) “insurance business” means business which consists of effecting or carrying out contracts of insurance of the following kind— (i) life and annuity, (ii) linked long term, (iii) permanent health, (iv) accident, or (v) sickness; and

(3) After sub-paragraph (2) of paragraph 5 insert—

(2A) The definition of “insurance business” in sub-paragraph (2) 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.

(4) In paragraph 6(b) of that Schedule for paragraph (i) substitute—

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