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

Prescribed circumstances: accounts with exempt deposit-takers

530.—(1) Regulation 11 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Exemption from the requirement for money to be kept by the trustees) is amended as follows.

(2) In paragraph (1) of that regulation, for “at an institution authorised under the Banking Act 1987” substitute “with a deposit-taker”.

(3) For paragraph (1)(b)(i)(1) of that regulation substitute—

“(i) kept by them with any of the persons specified in paragraph (3);”.

(4) After paragraph (2) of that regulation insert—

“(3) The persons referred to in paragraph (1)(b)(i) are—

(a) the Bank of England or the central bank of another EEA State;

(b) the National Savings Bank; or

(c) a municipal bank.

(4) In paragraph (3)—

(a) “EEA State” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2 May 1992 as it has effect for the time being; and

(b) “municipal bank” means a company within the meaning of the Companies Act 1985(2)—

(i) in respect of which a resolution has been passed by a local authority under section 48(3) of the Banking Act 1979 or section 103(3) of the Banking Act 1987; and

(ii) is exempt from the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 in relation to the acceptance of deposits;

(c) the definition of “municipal bank” above must be read with—

(i) section 22 of the Financial Services and Markets Act 2000,

(ii) any relevant order under that section, and

(iii) Schedule 2 to that Act.”.

(1)

Paragraph (1)(a) and (b) was amended by S.I. 1999/3198, regulation 10(1) and (3).

(2)

1985 c. 6.