The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

The Building Societies (Accounts and Related Provisions) Regulations 1998 (S.I. 1998/504)

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);”.