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The Deposit Guarantee Scheme Regulations 2015
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- UK Statutory Instruments
- 2015 No. 486
- PART 1
- Regulation 2
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InterpretationU.K.
This section has no associated Explanatory Memorandum
2.—(1) In these Regulations—
“compensation scheme rules” means rules made under section 213 of FSMA M1;
“the compensation scheme” has the meaning given in section 213(2) of FSMA;
“credit union” means—
(a)
a registered society (within the meaning given by section 1 of the Co-operative and Community Benefit Societies Act 2014 M2) that is registered as a credit union; or
[F1 “deposit” means—
(a)
a deposit within the meaning of point (23A) of Article 2(1) of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012;
(b)
a share in a building society, as defined in section 119 of the Building Societies Act 1986, other than a share of a capital nature that is own funds, as defined in point (118) of Article 4.1 of Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012; or
(c)
a share in a credit union other than—
(i)
a deferred share within the meaning given by section 31A of the Credit Unions Act 1979; or
(ii)
a deferred share issued by a society registered under the Credit Unions (Northern Ireland) Order 1985 or a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 as a credit union;]
“deposit guarantee schemes directive” means Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast), repealing directive 94/19/EC M5;
[F2“eligible deposit” has the meaning given in section 70A(7) of the Banking Act 2009]
“FSMA” means the Financial Services and Markets Act 2000 M6;
F3...
(2) Except as provided by paragraph (1) or article 3—
(a)any expression used in these Regulations which is defined in Article 2 (definitions) of the deposit guarantee schemes directive has the meaning given by that Article;
(b)any other expression used in these Regulations which is defined in section 417 (definitions) of FSMA has the meaning given by that section.
Textual Amendments
F1Words in reg. 2(1) substituted (31.12.2020) by The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1285), regs. 1(3), 5(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in reg. 2(1) inserted (4.12.2018) by The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1285), regs. 1(2), 2(2)(b)
F3Words in reg. 2(1) omitted (31.12.2020) by virtue of The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1285), regs. 1(3), 5(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M1Section 213 of FSMA was amended by the Financial Services Act 2012 (c. 21), section 38 and Schedule 10. Subsections (10) and (11) of section 213 were substituted for the original subsection (10) by S.I. 2011/1613.
M5OJ L173, 12.6.2014, p 149.
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