PART 9AMENDMENTS TO SECONDARY LEGISLATION

The Iraq (United Nations) (Sequestration of Assets) Order 1993 (S.I. 1993/1244)

Interpretation of the 1993 Order434

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—

    1. a

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

    2. 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—

    1. 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

    2. 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—

    1. a

      an authorised deposit taker, and

    2. 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.