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

Interpretation of the 1993 Order

434.—(1) Article 2 of the Iraq (United Nations) (Sequestration of Assets) Order 1993 (interpretation) is amended as follows.

(2) In paragraph (1) of that article before the definition of “the Bank” insert—

““authorised deposit taker” means—

(a)

a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or

(b)

an EEA firm of the kind mentioned in sub-paragraph (b) or (c) of paragraph 5 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(1) of that Schedule), to accept deposits;”.

(3) In that paragraph, the definition of “the Banking Act” is revoked.

(4) In that paragraph, before the definition of “funds” insert—

““former authorised institution” means a person who—

(a)

continues to have a liability in respect of a deposit which was held by him in accordance the Banking Act 1979 or the Banking Act 1987, and

(b)

is not an authorised person within the meaning of the Financial Services and Markets Act 2000;”.

(5) In that paragraph, for the definition of “relevant institution” substitute—

““relevant institution” means—

(a)

an authorised deposit taker, and

(b)

a person who may lawfully accept deposits by reason of being an exempt person within the meaning of section 38 of that Act;”.

(6) After that paragraph insert—

“(1A) The definitions of “authorised deposit taker” and “relevant institution” in paragraph (1) must be read with—

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

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.