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3.—(1) Subject to paragraph (2) and regulation 4(1)(d), these Regulations do not apply to the following persons—
(a)credit unions;
(b)municipal banks; and
(c)the National Savings Bank.
(2) Where municipal banks provide or propose to provide payment services they must give notice to the Authority.
(3) In this regulation—
“credit union” means a credit union within the meaning of—
“municipal bank” means a company which, immediately before 1st December 2001, fell within the definition in section 103 of the Banking Act 1987(3).
1987 c.22; repealed by S.I. 2001/3649, article 3(1)(d).
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