The Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004

Interpretation

2.—(1) In these Regulations—

“the 2000 Act” means the Financial Services and Markets Act 2000;

“account-holder” means the holder of a deposit account;

“Bank of England base rate” means the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank of England is willing to enter into transactions for providing short-term liquidity in the money markets;

“the Conduct of Business Rules” means the Conduct of Business Rules made by the Financial Services Authority under section 153 of the 2000 Act;

“relevant contract of insurance” means a contract of insurance—

(a)

which, or any part of which, is one or more of the following kinds—

(i)

life and annuity,

(ii)

linked long-term, and

(b)

which is carried out by an insurer who has permission, as the case may be, under—

(i)

Part 4 of the 2000 Act, or

(ii)

paragraph 15 of Schedule 3 to the 2000 Act,

to effect or carry out contracts of insurance of that kind, and

(c)

is not a with-profits policy and does not include rights in a with-profits fund;

“deposit account” means a deposit account with a deposit-taker and includes a share account with a building society within the meaning of the Building Societies Act 1986(1);

“deposit-taker” means—

(a)

a person who has permission under Part 4 of the 2000 Act to accept deposits, or

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the 2000 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;

“dilution levy” has the meaning given by the handbook made by the Financial Services Authority under section 153 of the 2000 Act;

“insurer” means—

(a)

a person who has permission under Part 4 of the 2000 Act to effect or carry out contracts of insurance, or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) 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 effect or carry out contracts of insurance;

“investor” means a member of a collective investment scheme which complies with regulation 5 or an underlying fund which complies with regulation 6 as the case may be;

“investment property” means the scheme property of a collective investment scheme which complies with regulation 5 or an underlying fund which complies with regulation 6 as the case may be;

“investment scheme” means a collective investment scheme which complies with regulation 5 or a linked long-term contract which complies with regulation 6 as the case may be;

“land and buildings” means interests in any land or buildings which satisfy the conditions in rule 5A.8.5R of the Collective Investment Schemes Sourcebook made by the Financial Services Authority under section 153 of the 2000 Act;

“linked long-term contract” means a contract of long-term insurance as specified in paragraph 3 of Part 2 of Schedule 1 to the principal Order;

“manager” means the manager of a relevant collective investment scheme or the insurer of a relevant linked long-term contract as the case may be;

“the principal Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

“relevant collective investment scheme” means an authorised unit trust scheme, an authorised open-ended investment company or a recognised scheme, as the case may be, as defined in section 237(3) of the 2000 Act;

“relevant investments” means—

(a)

shares issued by a company wherever incorporated and officially listed on a recognised stock exchange;

(b)

units in a relevant collective investment scheme where a substantial proportion of the scheme property is invested, directly or indirectly, in shares, as defined in paragraph (a) or land and buildings; and

(c)

rights under a contract of insurance where a substantial proportion of the assets of the funds held in respect of that contract are invested, directly or indirectly, in shares as set out in sub-paragraph (a) or land and buildings;

“relevant linked long-term contract” means a linked long-term contract which meets the conditions and characteristics specified in regulation 6(1);

“units” means the rights or interests (however described) of the members of a relevant collective investment scheme.

(2) The definitions of “deposit-taker” and “insurer” in paragraph (1) must be read with—

(a) section 22 of the 2000 Act,

(b) any relevant order under that section, and

(c) Schedule 2 to that Act.

(1)

1986 c. 53 as amended by the Building Societies Act 1997 (c. 32) and S.I. 2001/3649.