Counter-Terrorism Act 2008

5 [F1 (1) Credit institution” means a credit institution, as defined in [F2 Article 4(1)(1) of the capital requirements regulation], when it accepts deposits or other repayable funds from the public or grants credits for its own account (within the meaning of that directive).] U.K.

(2) “Financial institution” means—

(a) an undertaking, including a money service business, when it carries out one or more of the activities listed in points 2 to 12 [F3 , 14 and 15] of [F4 Schedule 2 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017], other than—

(i) a credit institution;

(ii) an undertaking whose only listed activity is trading for own account in one or more of the products listed in point 7 of [F4 Schedule 2 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017] where the undertaking does not have a customer,

and for this purpose “customer” means a person who is not a member of the same group as the undertaking;

(b) an insurance company duly authorised in accordance with the life assurance consolidation directive, when it carries out activities covered by that directive;

[F5 (ba) a person equivalent to an insurance company within paragraph (b) whose head office is located in a non-EEA state, when carrying out activities of the kind mentioned in paragraph (b);]

(c) a person whose regular occupation or business is the provision to other persons of an investment service or the performance of an investment activity on a professional basis, when providing or performing investment services or activities (within the meaning of the markets in financial instruments directive), other than a person falling within Article 2 of that directive;

(d) a collective investment undertaking, when marketing or otherwise offering its units or shares;

(e) an insurance intermediary as defined in Article 2(5) of Directive 2002/92/EC of the European Parliament and of the Council of 9th December 2002 on insurance mediation (other than a tied insurance intermediary as mentioned in Article 2(7) of that Directive), when it acts in respect of contracts of long-term insurance within the meaning given by article 3(1) of, and Part II of Schedule 1 to, the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544);

F6 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(g) an insurance company (as defined by section 1165(3) of the Companies Act 2006 (c. 46));

(h) the National Savings Bank;

(i) the Director of Savings, when money is raised under the auspices of the Director under the National Loans Act 1968 (c. 13).

[F7 (3) The fact that an institution's head office is located in a non-EEA state does not prevent it from being a credit institution or a financial institution for the purposes of this Schedule.]

Textual Amendments

F1 Sch. 7 para. 5(1) substituted (17.12.2010) by Terrorist Asset-Freezing etc. Act 2010 (c. 38), ss. 48(1)(a), 55(1)

F2 Words in Sch. 7 para. 5(1) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 44(2)(a)

F3 Words in Sch. 7 para. 5(2)(a) substituted (9.2.2011 for specified purposes, 30.4.2011 in so far as not already in force) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 1(2), Sch. 4 para. 6(b)

F4 Words in Sch. 7 para. 5(2)(a) substituted (17.8.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 6(2) (with regs. 24-26)

F5 Sch. 7 para. 5(2)(ba) inserted (17.12.2010) by Terrorist Asset-Freezing etc. Act 2010 (c. 38), ss. 48(1)(b), 55(1)

F6 Sch. 7 para. 5(2)(f) repealed (17.12.2010) by Terrorist Asset-Freezing etc. Act 2010 (c. 38), ss. 48(1)(c), 55(1), Sch. 2 Pt. 2

F7 Sch. 7 para. 5(3) inserted (17.12.2010) by Terrorist Asset-Freezing etc. Act 2010 (c. 38), ss. 48(1)(d), 55(1)