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

Interpretation of the 1995 Regulations

494.—(1) In regulation 2(1) of the Credit Institutions (Protection of Depositors) Regulations 1995—

(a) the definitions of “the 1987 Act”, “the 1992 Regulations”, “the commencement date”, “the Commission”, “the Deposit Protection Board”, “the deposit protection scheme”, “the Investor Protection Board”, “the investor protection scheme”, “non-EEA institution” and “UK scheme” are revoked;

(b) after the definition of “the 1986 Act”, insert—

““the 2000 Act” means the Financial Services and Markets Act 2000(1);”;

(c) after the definition of “the Authority”, insert—

““the Banking Consolidation Directive” has the same meaning as in the 2000 Act;”;

(d) for the definition of “EEA institution”, substitute—

““EEA institution” means an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the 2000 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;”;

(e) after the definition of “EEA State”, insert—

““Financial Services Compensation Scheme” means the Financial Services Compensation Scheme referred to in section 213(2) of the 2000 Act;

“Electing Participants Regulations” means the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001(2);”;

(f) in the definition of “home State”, the words “or a non-EEA institution” are revoked;

(g) for the definition of “home State scheme”, substitute—

““home State scheme” in relation to an EEA institution, means a scheme for the protection of depositors which is in force in the institution’s home State and in which the institution participates;”;

(h) in the definition of “investment”, for “Chapter I or Part II of these Regulations”, substitute “the Electing Participants Regulations”;

(i) after the definition of “Irish building society”, insert—

““scheme manager” means a body corporate established in accordance with section 212(1) of the 2000 Act;”;

(j) for the definition of “UK institution”, substitute—

““UK institution” means a body corporate or partnership incorporated or formed under the law of any part of the United Kingdom, and which has permission under Part IV of the 2000 Act to accept deposits;”.

(1)

2000 c. 8.

(2)

S.I. 2001/1783.