The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003

“(a)

mentioned in regulation 2(2)(a) of the Appropriate Schemes Regulations (insurance policies and annuity contracts), being a scheme established by an authorised insurer who is subject to the provisions of, or participates in, the Financial Services Compensation Scheme;”;

“(c)

mentioned in regulation 2(2)(b) of the Appropriate Schemes Regulations (unit trust schemes), being a scheme of which the trustee and operator are both subject to the provisions of the Financial Services Compensation Scheme, and

(d)

mentioned in regulation 2(2)(c) of the Appropriate Schemes Regulations (interest-bearing accounts etc. with banks and building societies), being a scheme which is established by an authorised deposit-taker who is subject to the provisions of, or participates in, the Financial Services Compensation Scheme,”.

“(1)

For the purposes of section 26(1)(b) of the Act18 (securing of liability for protected rights) the prescribed circumstances are that if the scheme is a liable scheme which takes the form mentioned in any of sub-paragraphs (a), (b) and (c) of regulation 2(2) of the Appropriate Schemes Regulations, and if the provisions of the Financial Services Compensation Scheme applied, those provisions would become operative.”;

“(3)

The extent to which the liability specified in paragraph (2) must be met from some other source is, if the scheme takes the form mentioned in any of sub-paragraphs (a), (b) and (c) of regulation 2(2) of the Appropriate Schemes Regulations, the extent to which it would be met under the Financial Services Compensation Scheme if the rules of that Scheme applied.”.

“(b)

“reference banks” means the 4 largest persons for the time being who –

(i)

have permission under Part IV of the 2000 Act to accept deposits;

(ii)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits; and

(iii)

quote a base rate applicable to sterling deposits.”;

“(3)

Paragraph (2)(b) shall be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section;

(c)

Schedule 2 to that Act.”.

“(2)

Paragraph (1)(a) shall be read with –

(a)

section 22 of the Financial Services and Markets Act 2000 (regulated activities);

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.

“(a)

relevant schemes of a kind mentioned in article 4(4) of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 200130 (managing investments: occupational pension schemes);”.

“(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 2nd May 1992 as it has effect for the time being;

(b)

“municipal bank” means a company –

(i)

in respect of which a resolution has been passed by a local authority under section 48(3) of the Banking Act 197933 or section 103(3) of the Banking Act 198734; and

(ii)

is exempt from the prohibition imposed by section 19 of the 2000 Act in relation to the acceptance of deposits.

(5)

Paragraph (4)(b) shall be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.

“(2)

In this regulation “deposit-taker” means –

(a)

a person who has permission under Part IV of the 2000 Act to accept deposits; or

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act (EEA passport rights) which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.

(3)

Paragraph (2) shall be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.

“(2A)

The definition of “reference banks” in paragraph (2) must be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act.”.

“(a)

a person who has permission under Part IV of the 2000 Act to effect or carry out contracts of long-term insurance, or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act (EEA passport rights) 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 long-term insurance.”;

“(2)

Paragraph (1)(a) and (b) must be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act.”.

“(2A)

In paragraph (2) the definition of “reference banks” shall be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act.”.

“(a)

a person who has permission under Part IV of the 2000 Act to effect or carry out contracts of long-term insurance, or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act (EEA passport rights) 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 long-term insurance.”;

“(4)

Paragraph (3)(a) and (b) must be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act.”.

“(3A)

In paragraph (3) the definitions of “insurer” and “securities” shall be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act.”.

““contract of insurance” means a contract –

(a)

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

1. (i)

   life and annuity;

2. (ii)

   linked long term;

3. (iii)

   pension fund management, and

(b)

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

1. (i)

   Part IV of the 2000 Act, or

2. (ii)

   paragraph 15 of Schedule 3 to that Act (EEA passport rights),

to effect or carry out contracts of insurance of that kind;

“reference banks” means the seven largest persons for the time being who –

(a)

have permission under Part IV of the 2000 Act to accept deposits;

(b)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(c)

quote a base rate applicable to sterling deposits,

and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in Article 4 of the Companies (Northern Ireland) Order 1986), as shown in the audited end of year accounts last published before that time.”;

“(7)

In this regulation the expression “deposit”, and the definitions of “contract of insurance” and “reference banks” in paragraph (6), shall be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act.”.

“(a)

where the giving of advice constitutes a regulated activity of advising on investments (or would constitute such a regulated activity but for the identity of the person carrying on that activity), advice given by a person who may give that advice without contravening the prohibition imposed by section 19 of the 2000 Act;”;

“(5A)

Paragraph (5)(a) shall be read with –

(a)

section 22 of the 2000 Act (regulated activities);

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act.”.