The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2009

Interpretation

2.  In these Regulations—

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

“the 2009 Act” means the Banking Act 2009;

“Amount A” has the meaning set out in regulation 4(2)(a)(vii)(aa);

“Amount B” has the meaning set out in regulation 5(2);

“amount of recovery” has the meaning set out in regulation 8(1);

“banking institution” means—

(a)

a bank (within the meaning of section 2 of the 2009 Act);

(b)

a building society (within the meaning of section 119 of the Building Societies Act 1986(1));

(c)

a holding company (within the meaning of section 82 of the 2009 Act); or

(d)

if an order has been made under section 89 of the 2009 Act applying Part 1 of that Act to credit unions (within the meaning of section 31 of the Credit Unions Act 1979(2) or, in Northern Ireland, Article 2 of the Credit Unions (Northern Ireland) Order 1985(3)), a credit union;

“compensation scheme order” has the meaning set out in section 49(2) of the 2009 Act;

“COMP Sourcebook” means the Authority’s Compensation Sourcebook as amended from time to time, made by the Authority under the Act;

“court” means the High Court or the Court of Session;

“determination notice” has the meaning set out in regulation 8(6);

“eligible claimant” means a person who is eligible to make a claim under the scheme in respect of a deposit at a banking institution (see rule 4.2.1. of the COMP Sourcebook);

“end of the resolution” means the time at which the scheme manager receives the final notification under regulation 5 or 6;

“FEES 6 Chapter” means Chapter 6 (Financial Services Compensation Scheme Funding) of the Fees Manual as amended from time to time, made by the Authority under the Act;

“protected deposit” means a protected deposit under the scheme (see rule 5.3.1 of the COMP Sourcebook);

“qualifying claimant” means an eligible claimant who, if the banking institution were to have been in default for the purposes of the COMP Sourcebook immediately before the relevant time, would have had a claim against the banking institution in respect of a protected deposit;

“relevant time” means the time at which a stabilisation power takes effect in respect of a banking institution and, if more than one stabilisation power is exercised, means the time at which the first stabilisation power so exercised takes effect;

“resolution fund order” has the meaning set out in section 49(3) of the 2009 Act;

“revised determination notice” has the meaning set out in regulation 9(3);

“scheme” means the compensation scheme;

“stabilisation power” means one of the stabilisation powers referred to in section 1(4) of the 2009 Act and a reference to the exercise of a stabilisation power includes the exercise of more than one stabilisation power in respect of or in connection with the same banking institution;

“third party compensation scheme order” has the meaning set out in section 49(4) of the 2009 Act; and

“total liability” has the meaning set out in regulation 5(6).

(1)

1986 c.53.

(2)

1979 c.34.

(3)

S.I. 1985/1205 (NI 12).