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)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or(b)
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.”.