The Banking Consolidation Directive (Consequential Amendments) Regulations 2000

Amendment of the Friendly Societies (Insurance Business) Regulations 1994

13.—(1) The Friendly Societies (Insurance Business) Regulations 1994(1) are amended as follows.

(2) In regulation 2(1), after the definition of “authorisation” there is inserted:

““the Banking Consolidation Directive” means Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions;”.

(3) In regulation 19(1), for the definition of “approved credit institution” there is substituted:

““approved credit institution” means an institution recognised or permitted under the law of an EEA state to carry on any of the activities set out in Annex 1 to the Banking Consolidation Directive;”.

(4) In:

(a) regulation 19(1), in the definition of “approved securities”;

(b) regulation 20(5)(2);

(c) regulation 30(7)(a)(iv)(3);

(d) regulation 32(5)(e)(4); and

(e) paragraph 14(b) of Schedule 10(5)

for “Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions” there is substituted “the Banking Consolidation Directive”.

(1)

S.I. 1994/1981; relevant amending instrument is 1996/3008.

(2)

Paragraph 5 amended by S.I. 1996/3008, regulation 6(3).

(3)

Regulation 30 substituted by S.I. 1996/3008, regulation 13.

(4)

Regulation 32 substituted by S.I. 1996/3008, regulation 15.

(5)

Part III of Schedule 6 substituted by S.I. 1996/3008, regulation 27, Schedule 2.