The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001
PART 1INTRODUCTORY
Citation, commencement and transitional provisions1.
This Order may be cited as the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 and comes into force on 1st December 2001.
Interpretation2.
In this Order “the Act” means the Financial Services and Markets Act 2000.
The principal repeals and revocations3.
(1)
The following enactments are repealed—
(a)
(b)
(c)
(d)
(e)
(f)
(2)
The following instruments are revoked—
(a)
(b)
(c)
PART 2AMENDMENTS TO THE COMPANIES LEGISLATION
Companies Act 1985 (c. 6)
Membership of holding company4.
(1)
(2)
In paragraph (b) of subsection (3B), for “section 75 of the Financial Services Act 1986” substitute “section 236 of the Financial Services and Markets Act 2000”.
(3)
“(d)
“insurance business” means business which consists of the effecting or carrying out of contracts of insurance;
(e)
“securities” includes—
(i)
options,
(ii)
futures, and
(iii)
contracts for differences,
and rights or interests in those investments;”.
(4)
In paragraph (f) of that subsection, for “section 75(8) of the Financial Services Act 1986” substitute “section 237(2) of the Financial Services and Markets Act 2000”.
(5)
“(3BA)
Subsection (3B) 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.”.
Meaning of “offer to the public”5.
Purchase by company of its own shares: definition of “off-market” and “market” purchase6.
(1)
(2)
In subsection (2)(a) for “Part IV of the Financial Services Act 1986” substitute “Part 6 of the Financial Services and Markets Act 2000”.
(3)
“(4)
“Recognised investment exchange” means a recognised investment exchange other than an overseas investment exchange.
(5)
Expressions used in the definition contained in subsection (4) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Duty of company as to issue of certificates7.
“(4)
Subsection (4A) applies in relation to a company—
(a)
of which shares or debentures are allotted to a financial institution,
(b)
of which debenture stock is allotted to a financial institution, or
(c)
with which a transfer for transferring shares, debentures or debenture stock to a financial institution is lodged.
(4A)
The company is not required, in consequence of that allotment or transfer, to comply with subsection (1).
(4B)
“Financial institution” means—
(a)
a recognised clearing house acting in relation to a recognised investment exchange; or
(b)
a nominee of—
(i)
a recognised clearing house acting in that way; or
(ii)
a recognised investment exchange.
(4C)
No person may be a nominee for the purposes of this section unless he is a person designated for those purposes in the rules of the recognised investment exchange in question.
(4D)
Expressions used in subsections (4B) and (4C) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Disclosure of interests in shares: interests to be disclosed8.
(1)
(2)
In subsection (2A), in paragraph (a) for “authorised to” substitute “who may lawfully”.
(3)
“(6)
For the purposes of subsection (2A), a person (“A”) may lawfully manage investments belonging to another if—
(a)
A can manage those investments in accordance with a permission which A has under Part 4 of the Financial Services and Markets Act 2000;
(b)
A is an EEA firm of the kind mentioned in sub-paragraph (a) or (b) of paragraph 5 of Schedule 3 to that Act, and can manage those investments in accordance with its EEA authorisation;
(c)
A can, in accordance with section 327 of that Act, manage those investments without contravening the prohibition contained in section 19 of that Act; or
(d)
A can lawfully manage those investments in another Member State and would, if he were to manage those investments in the United Kingdom, require permission under Part 4 of that Act.
(7)
References in this section to the management of investments 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.”.
(4)
In subsection (8)—
(a)
in paragraph (b) for the words from the beginning to “conferred” substitute “is certified by the competent authority in that member State as complying with the conditions imposed”; and
(b)
for “subsection (8) of section 86 of the Financial Services Act 1986” substitute “subsection (5) of section 264 of the Financial Services and Markets Act 2000”.
Disclosure of interests in shares: interests to be disregarded9.
“(2)
An interest in shares is an exempt security interest for the purposes of subsection (1)(c) if the condition mentioned in subsection (2A) is satisfied and it is held by—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act;
(c)
a person authorised under the law of a member State other than the United Kingdom to accept deposits who—
(i)
would not qualify for authorisation under paragraph 12 of Schedule 3 to that Act; and
(ii)
would require permission under another provision of that Act to accept such deposits in the United Kingdom;
(d)
an authorised insurance undertaking;
(e)
a person authorised under the law of a member State to deal in securities or derivatives, who deals in securities or derivatives on a relevant stock exchange or a relevant investment exchange, whether as a member or otherwise;
(f)
a relevant stock exchange;
(g)
a relevant investment exchange;
(h)
a recognised clearing house;
(i)
the Bank of England; or
(j)
the central bank of a member State other than the United Kingdom.
(2A)
The condition is that the interest in the shares must be held by way of security only for the purposes of a transaction entered into in the ordinary course of his or its business as a person or other body falling within any of paragraphs (a) to (j) of subsection (2).
(2B)
Paragraphs (a) to (c) of subsection (2) 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.
(2C)
But paragraph (a) of subsection (2) does not include—
(a)
a building society incorporated, or deemed to be incorporated, under the Building Societies Act 1986; or
(b)
a credit union, within the meaning of the Credit Unions Act 1979 of the Credit Unions (Northern Ireland) Order 1985.”.
Disclosure of interests in shares: interpretation10.
(1)
(2)
The definitions of “authorised credit institution” and “designated agency” are repealed.
(3)
In the definition of “authorised unit trust scheme” for “Chapter VIII of Part I of the Financial Services Act 1986” substitute “Part 17 of the Financial Services and Markets Act 2000”.
(4)
““derivatives” means options and futures in relation to shares;”.
(5)
““EEA authorisation” has the same meaning as in paragraph 6 of Schedule 3 to the Financial Services and Markets Act 2000;”.
(6)
In the definition of “operator” for “section 75(8) of the Financial Services Act 1986” substitute “section 237(2) of the Financial Services and Markets Act 2000”.
(7)
““recognised clearing house” has the same meaning as in the Financial Services and Markets Act 2000;
“recognised scheme” has the same meaning as in Part 17 of the Financial Services and Markets Act 2000;”.
(8)
In the definition of “units” for “section 75 of the Financial Services Act 1986” substitute “section 237(2) of the Financial Services and Markets Act 2000”.
(9)
“(1A)
References in subsection (1) to contracts of insurance (of any description), options and futures 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.”.
Limitations on exemptions for small and medium-sized companies in relation to accounts etc.11.
(1)
(2)
“(a)
the company is, or was at any time within the financial year to which the accounts relate—
(i)
a public company,
(ii)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities, or
(iii)
a person who carries on insurance market activity;”.
(3)
“(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or
(c)
a person who carries on an insurance market activity.”.
Limitations on exemptions for small and medium-sized groups12.
“(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or
(c)
a person who carries on an insurance market activity.”.
Limitations on exemptions for dormant companies13
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities; or
(b)
a person who carries on insurance market activity”.
Cases where exemptions not available14.
(1)
Subsection (1) of section 249B of the Act (cases where exemptions not available) is amended as follows.
(2)
“(b)
it was a person who had permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity,”.
(3)
“(bb)
it carried on an insurance market activity,”.
(4)
“(d)
it was an appointed representative, within the meaning of section 39 of the Financial Services and Markets Act 2000,”.
Summary financial statements by listed public companies15.
““listed” means included in the official list by the competent authority for the purposes of Part 6 of the Financial Services and Markets Act 2000 (official listing); and
“the official list” has the meaning given in section 103(1) of that Act.”.
Meaning of “banking partnership”16.
(1)
“(2)
A “banking partnership” means a partnership which has permission under Part 4 of the Financial Services and Markets Act 2000.
(2A)
But a partnership is not a banking partnership if it has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.”.
(2)
“(5)
Subsections (2) and (2A) 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.”.
Other distributions by investment companies17.
(1)
(2)
In subsection (4)(a) the words “within the meaning of the Financial Services Act 1986” are repealed.
(3)
“(4A)
In subsection (4)(a) “recognised investment exchange” and “overseas investment exchange” have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Realised profits of an insurance company with long term business18.
(1)
Section 268 of the 1985 Act (realised profits of insurance company with long term business) is amended as follows.
(2)
In subsection (1)—
(a)
for “an insurance company to which Part II of the Insurance Companies Act 1982 applies” substitute “an authorised insurance company”; and
(b)
in paragraph (a), for “in accordance with section 30(1) of that Act or carried forward unappropriated as mentioned in section 30(7) of that Act” substitute “or, as the case may be, carried forward unappropriated, in accordance with asset identification rules made under section 142(2) of the Financial Services and Markets Act 2000”.
(3)
In subsection (3)—
(a)
“(a)
“actuarial investigation” means—
(i)
an investigation made into the financial condition of an authorised insurance company in respect of its long term business, carried out once in every period of twelve months in accordance with rules made under Part 10 of the Financial Services and Markets Act 2000 by an actuary appointed as actuary to that company; or
(ii)
an investigation made into the financial condition of an authorised insurance company in respect of its long term business carried out in accordance with a requirement imposed under section 166 of that Act by an actuary appointed as actuary to that company;”;
(b)
“(b)
“long term business” means business which consists of effecting or carrying out contracts of long term insurance.”.
(4)
“(4)
The definition of “long term business” in subsection (3) 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.”.
Exceptions to rules relating to substantial property transactions involving directors19.
Duty of company to notify recognised investment exchange of certain matters concerning directors notified to the company20.
(1)
(2)
In subsection (1) the words “within the meaning of the Financial Services Act 1986” are repealed.
(3)
“(4)
In subsection (1) “recognised investment exchange” and “overseas investment exchange” have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Investigation of share dealing21.
“(4)
Sections 434 to 436 apply for the purposes of an investigation under this section to the following persons as they apply to officers of the company or of the other body corporate—
(a)
an authorised person;
(b)
a relevant professional;
(c)
a person not falling within paragraph (a) or (b) who may carry on a regulated activity without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000; and
(d)
in relation to an authorised person, to a relevant professional or to a person falling within paragraph (c)—
(i)
if it is a body corporate, any person who is or has been an officer of it;
(ii)
if it is a partnership, any person who is or has been a partner in it;
(iii)
if it is an unincorporated association, any person who is or has been a member of its governing body or an officer of it.
(4A)
In subsection (4)—
“authorised person” has the meaning given in section 31(2) of the Financial Services and Markets Act 2000;
“relevant professional” means a member of a profession in relation to which a body has been designated under section 326(1) of that Act, and, in relation to such a profession, “member” has the meaning given in section 325(2) of that Act.”.
Provision for security of information obtained22.
(1)
(2)
In subsection (1), the following are repealed—
(a)
in paragraph (c), the words “, or under section 94 or 177 of the Financial Services Act 1986,”;
(b)
in paragraph (d), the words “the Insurance Companies Act 1982,”;
(c)
paragraphs (de) and (df); and
(d)
paragraph (i).
(3)
In subsection (1)(cc), for the words from “or appointed” to “Financial Services Act 1986” substitute “section 447 of this Act”.
(4)
“(cd)
for the purposes of enabling or assisting a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation to discharge his functions;”.
(5)
In subsection (1)(d), for words from “the Financial Services Act 1986” to the end substitute “, Part 2, 3 or 7 of the Companies Act 1989 or the Financial Services and Markets Act 2000;”.
(6)
“(fa)
for the purposes of enabling or assisting the Financial Services Authority to discharge its functions under the legislation relating to friendly societies or to industrial and provident societies, under the Building Societies Act 1986, under Part 7 of the Companies Act 1989 or under the Financial Services and Markets Act 2000;
(fb)
for the purposes of enabling or assisting the competent authority for the purposes of Part 6 of the Financial Services and Markets Act 2000 to discharge its functions under that Part;
(g)
for the purposes of enabling or assisting a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager) to discharge its functions;
(h)
for the purposes of any proceedings before the Financial Services Tribunal by virtue of the Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001;
(ha)
with a view to the institution of, or otherwise for the purposes of, proceedings before the Financial Services and Markets Tribunal;
(hb)
for the purpose of enabling or assisting a recognised investment exchange or a recognised clearing house to discharge its functions as such;
(hc)
for the purpose of enabling or assisting a body designated under section 326(1) of the Financial Services and Markets Act 2000 (designated professional bodies) to discharge its functions in its capacity as a body designated under that section;”.
(7)
“(aa)
in paragraph (hb) “recognised investment exchange” and “recognised clearing house” has the same meaning as in section 285 of the Financial Services and Markets Act 2000;”.
(8)
Subsection (1D) is repealed.
(9)
(10)
“(ba)
a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation;”.
(11)
In subsection (3), in paragraph (c), for the words from “under” to “Financial Services Act 1986” substitute “under section 447 of this Act”.
(12)
“(ha)
the Financial Services Authority;”.
Punishment for destroying etc documents of an authorised insurance company23.
(1)
Section 450 of the 1985 Act (punishment for destroying, mutilating etc company documents) is amended as follows.
(2)
(3)
“(1A)
Subsection (1) applies to an officer of an authorised insurance company which is not a body corporate as it applies to an officer of a company.”.
Disclosure of information by inspectors24.
“(3)
Information to which this section applies may also be disclosed by an inspector appointed under this Part to—
(a)
another inspector appointed under this Part;
(b)
a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation; or
(c)
a person authorised to exercise powers under—
(i)
section 447 of this Act; or
(ii)
section 84 of the Companies Act 1989 (exercise of powers to assist overseas regulatory authority).”.
Production of documents subject to customer confidentiality25.
(1)
Section 452 of the 1985 Act (privileged information) is amended as follows.
(2)
“or the customer is—
(a)
a person on whom a requirement has been imposed under that section, or
(b)
a person on whom a requirement to produce information or documents has been imposed by the Secretary of State, or by a person appointed by the Secretary of State to conduct an investigation, under section 171 or 173 of the Financial Services and Markets Act 2000.”.
Companies to which section 460 applies26.
“(1)
If it appears to the Secretary of State that—
(a)
the affairs of a company to which this subsection applies are being or have been conducted in a manner which is unfairly prejudicial to the interests of its members generally or of some part of its members, or
(b)
any actual or proposed act or omission of a company to which this subsection applies, including an act or omission on its behalf, is or would be so prejudicial,
he may himself (in addition to or instead of presenting a petition for the winding up of the company) apply to the court by petition for an order under this Part.
(1A)
Subsection (1) applies to a company in respect of which—
(a)
the Secretary of State has received a report under section 437 of this Act;
(b)
the Secretary of State has exercised his powers under section 447 or 448 of this Act;
(c)
the Secretary of State or the Financial Services Authority has exercised his or its powers under Part 11 of the Financial Services and Markets Act 2000; or
(d)
the Secretary of State has received a report from an investigator appointed by him or the Financial Services Authority under that Part.”.
Application of section 720 to insurers27.
(1)
Section 720 of the 1985 Act (certain companies to publish periodical statement) is amended as follows.
(2)
In subsection (1) for “insurance company” substitute “insurer”.
(3)
In subsection (5) for “insurance company” substitute “insurer”.
(4)
“(6)
This section does not apply to an insurer which is—
(a)
an insurance company which is subject to, and complies with, rules made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000 as to the accounts and balance sheet to be prepared annually and deposited; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000, if the firm complies with the provisions of law of its home State as to the accounts and balance sheets to be prepared annually and deposited.”.
(5)
“(8)
For the purposes of this section—
(a)
“insurer” means a person who effects or carries out contracts of insurance in the United Kingdom; and
(b)
“contract of insurance” includes a contract of insurance under which the benefits provided by the insurer are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle.
(9)
Subsection (8) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that Schedule; and
(c)
Schedule 2 to that Act.”.
References to the Companies Acts in certain provisions to include references to the Financial Services and Markets Act 200028.
Meaning of “offer to the public”, “banking company”, “insurance company” and “authorised insurance company”29.
“Meaning of “offer to the public”742A.
(1)
Any reference in Part IV (allotment of shares and debentures) or Part VII (accounts) to offering shares or debentures to the public is to be read as including a reference to offering them to any section of the public, however selected.
(2)
This section does not require an offer to be treated as made to the public if it can properly be regarded, in all the circumstances—
(a)
as not being calculated to result, directly or indirectly, in the shares or debentures becoming available for subscription or purchase by persons other than those receiving the offer; or
(b)
as being a domestic concern of the persons receiving and making it.
(3)
An offer of shares in or debentures of a private company (other than an offer to which subsection (5) applies) is to be regarded (unless the contrary is proved) as being a domestic concern of the persons making and receiving it if—
(a)
it is made to—
(i)
an existing member of the company making the offer,
(ii)
an existing employee of that company,
(iii)
the widow or widower of a person who was a member or employee of that company,
(iv)
a member of the family of a person who is or was a member or employee of that company, or
(v)
an existing debenture holder; or
(b)
it is an offer to subscribe for shares or debentures to be held under an employee’s share scheme.
(4)
Subsection (5) applies to an offer—
(a)
which falls within paragraph (a) or (b) of subsection (3); but
(b)
which is made on terms which permit the person to whom it is made to renounce his right to the allotment of shares or issue of debentures.
(5)
The offer is to be regarded (unless the contrary is proved) as being a domestic concern of the persons making and receiving it if the terms are such that the right may be renounced only in favour—
(a)
of any person mentioned in subsection (3)(a); or
(b)
in the case of an employee’s share scheme, of a person entitled to hold shares or debentures under the scheme.
(6)
For the purposes of subsection (3)(a)(iv), the members of a person’s family are—
(a)
the person’s spouse and children (including step-children) and their descendants, and
(b)
any trustee (acting in his capacity as such) of a trust the principal beneficiary of which is the person him or herself or of any of those relatives.
(7)
Where an application has been made to the competent authority in any EEA State for the admission of any securities to official listing, then an offer of those securities for subscription or sale to a person whose ordinary business it is to buy or sell shares or debentures (whether as principal or agent) is not to be regarded as an offer to the public for the purposes of this Part.
(8)
For the purposes of subsection (7)—
(a)
“competent authority” means a competent authority appointed for the purposes of the Council Directive of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities; and
(b)
“official listing” means official listing pursuant to that directive.
Meaning of “banking company”742B
(1)
Subject to subsection (2), “banking company” means a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.
(2)
A banking company does not include—
(a)
a person who is not a company, and
(b)
a person who has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.
(3)
This section 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.
Meaning of “insurance company” and “authorised insurance company”742C
(1)
For the purposes of this Act, “insurance company” has the meaning given in subsection (2) and “authorised insurance company” has the meaning given in subsection (4).
(2)
Subject to subsection (3), “insurance company” means a person (whether incorporated or not)—
(a)
who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; or
(b)
who carries on insurance market activity; or
(c)
who may effect or carry out contracts of insurance under which the benefits provided by that person are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle, and does not fall within paragraph (a).
(3)
An insurance company does not include a friendly society, within the meaning of section 116 of the Friendly Societies Act 1992.
(4)
An “authorised insurance company” means a person falling within paragraph (a) of subsection (2).
(5)
References in this section to contracts of insurance and the effecting or carrying out of such contracts 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.”.
Interpretation of the 1985 Act30.
(a)
the definitions of “banking company” and “insurance company” are repealed;
(b)
““insurance market activity” has the meaning given in section 316(3) of the Financial Services and Markets Act 2000;”; and
(c)
““regulated activity” has the meaning given in section 22 of the Financial Services and Markets Act 2000;”.
Table of defined expressions31.
(a)
“authorised insurance company
section 742C”
(b)
in the second column of the entry relating to “banking company”, for “section 744” substitute “section 742B”;
(c)
in the second column of the entry relating to “insurance company”, for “section 744” substitute “section 742C”;
(d)
“insurance market activity
section 744”;
(e)
“regulated activity
section 744”.
Form and content of company accounts32.
“84.
(1)
“Listed investment” means an investment as respects which there has been granted a listing on—
(a)
a recognised investment exchange other than an overseas investment exchange; or
(b)
a stock exchange of repute outside Great Britain.
(2)
“Recognised investment exchange” and “overseas investment exchange” have the meaning given in Part 18 of the Financial Services and Markets Act 2000.”.
Disclosure of information: emoluments and other benefits of directors and others33.
(1)
(2)
““listed company” means a company—
(a)
whose securities have been admitted to the official list in accordance with the provisions of Part 6 of the Financial Services and Markets Act 2000; or
(b)
dealings in whose securities are permitted on any recognised investment exchange approved by the Treasury in accordance with regulations made under section 2(2) of the European Communities Act 1972 with respect to dealings in unlisted securities;”.
(3)
““the official list” has the meaning given in section 103(1) of the Financial Services and Markets Act 2000;”.
(4)
““recognised investment exchange” has the same meaning as in the Financial Services and Markets Act 2000;”.
Form and content of company accounts: small companies34.
“54.
(1)
“Listed investment” means an investment as respects which there has been granted a listing on—
(a)
a recognised investment exchange other than an overseas investment exchange; or
(b)
a stock exchange of repute outside Great Britain.
(2)
“Recognised investment exchange” and “overseas investment exchange” have the meaning given in Part 18 of the Financial Services and Markets Act 2000.”.
Meaning of “deposit-taking business”, “chief executive” and “manager”35.
(1)
Schedule 9 to the 1985 Act (special provisions for banking companies and groups) is amended as follows.
(2)
(a)
in sub-paragraph (1) for “banking business” substitute “deposit-taking business”; and
(b)
“(2)
For the purposes of this paragraph “deposit-taking business” means the activity of accepting deposits by way of business, but does not include accepting deposits only for the purpose of carrying on another regulated activity.”;
(c)
“(3)
References in sub-paragraph (2) to deposits and their acceptance, and to regulated activities 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.”.
(3)
In Part IV of that Schedule (additional disclosure: emoluments and other benefits of directors and others), in sub-paragraph (1)(b) of paragraph 3 (other transactions and agreements) for “within the meaning of the Banking Act 1987” substitute “within the meaning of the Financial Services and Markets Act 2000”.
Form and content of accounts of insurance companies and groups36.
(1)
(2)
In paragraph 6—
(a)
the existing text is numbered sub-paragraph (1);
(b)
for “to business within Classes 1 and 2 of Schedule 2 to the 1982 Act” substitute “to business which consists of effecting or carrying out relevant contracts of general insurance”;
(c)
“(2)
For the purposes of paragraph (1), a contract of general insurance is a relevant contract if the risk insured against relates to—
(a)
accident; or
(b)
sickness.
(3)
Sub-paragraph (2) 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.”.
(3)
In Part I, in paragraph 9—
(a)
the existing text is numbered sub-paragraph (1);
(b)
in sub-paragraph (1)(a), for “business within the classes of insurance specified in Schedule 2 to the 1982 Act” substitute “business which consists of effecting or carrying out contracts of general insurance”;
(c)
in sub-paragraph (1)(b), for “business within the classes of insurance specified in Schedule 1 to that Act” substitute “business which consists of effecting or carrying out contracts of long term insurance”; and
(d)
“(2)
In sub-paragraph (1), references to—
(a)
contracts of general or long term insurance; and
(b)
the effecting or carrying out of such contracts,
must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.”.
(4)
(5)
“(a)
the management of which constitutes long term insurance business, and”.
(6)
“50.
The amount of any equalisation reserve maintained in respect of general business, in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000, shall be determined in accordance with such rules.”.
(7)
In paragraph 81 (interpretations of Part I), in sub-paragraph (1)—
(a)
omit the definition of “the 1982 Act”;
(b)
““general business” means business which consists of effecting or carrying out contracts of general insurance;”;
(c)
““long term business” means business which consists of effecting or carrying out contracts of long term insurance;”;
(d)
in the definition of “long term fund” for “in accordance with the provisions of the 1982 Act” substitute “in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000”; and
(e)
““policy holder” has the meaning given in any relevant order under section 424(2) of the Financial Services and Markets Act 2000;”.
Share dealing by directors etc.: supplementary provision37.
(1)
(2)
The existing provision becomes sub-paragraph (1).
(3)
In that sub-paragraph, in paragraph (a), the words “within the meaning of the Financial Services Act 1986” are repealed.
(4)
“(2)
“Unit trust scheme” and “authorised unit trust scheme” have the meaning given in section 237 of the Financial Services and Markets Act 2000.”.
Companies Consolidation (Consequential Provisions) Act 1985 (c. 9)
Repeal of spent provisions38.
The following provisions of the Companies Consolidation (Consequential Provisions) Act 1985 are repealed—
(a)
section 25; and
(b)
in Schedule 2, the entries relating to—
(i)
the Policyholders Protection Act 1975;
(ii)
the Insurance Brokers (Registration) Act 1977; and
(iii)
the Insurance Companies Act 1982.
Company Directors Disqualification Act 1986 (c. 46)
Disqualification after investigation of company39.
“(1)
If it appears to the Secretary of State from investigative material that it is expedient in the public interest that a disqualification order should be made against a person who is, or has been, a director or shadow director of a company, he may apply to the court for such an order.
(1A)
“Investigative material” means—
(a)
a report made by inspectors under—
(i)
section 437 of the Companies Act 1985;
(ii)
section 167, 168, 169 or 284 of the Financial Services and Markets Act 2000; or
(iii)
where the company is an open-ended investment company (within the meaning of that Act) regulations made as a result of section 262(2)(k) of that Act; and
(b)
information or documents obtained under—
(i)
section 447 or 448 of the Companies Act 1985;
(ii)
section 2 of the Criminal Justice Act 1987;
(iii)
section 28 of the Criminal Law (Consolidation)(Scotland) Act 1995;
(iv)
section 83 of the Companies Act 1989; or
(v)
section 165, 171, 172, 173 or 175 of the Financial Services and Markets Act 2000.”.
Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6))
Interpretation of the 1986 Order40.
(a)
the definitions of “banking company” and “insurance company” are revoked; and
(b)
““insurance market activity” has the meaning given in section 316(3) of the Financial Services and Markets Act 2000;”
(c)
“regulated activity has the meaning given in section 22 of the Financial Services and Markets Act 2000;”.
Table of defined expressions41.
(a)
“authorised insurance company
Article 10C”
(b)
in the second column of the entry relating to “banking company”, for “Article 2(3)” substitute “Article 10B”;
(c)
in the second column of the entry relating to “insurance company”, for “Article 2(3)” substitute “Article 10C”;
(d)
“insurance market activity
Article 2(3)”;
(e)
“regulated activity
Article 2(3)”.
References to the Companies Orders in certain provisions to include references to the Financial Services and Markets Act 200042.
Meaning of “offer to the public”, “banking company”, “insurance company” and “authorised insurance company”43.
“Meaning of “offer to the public”10A.
(1)
Any reference in Part V (allotment of shares and debentures) or Part VIII (accounts) to offering shares or debentures to the public is to be read as including a reference to offering them to any section of the public, however selected.
(2)
This Article does not require an offer to be treated as made to the public if it can properly be regarded, in all the circumstances—
(a)
as not being calculated to result, directly or indirectly, in the shares or debentures becoming available for subscription or purchase by persons other than those receiving the offer; or
(b)
as being a domestic concern of the persons receiving and making it.
(3)
An offer of shares in or debentures of a private company (other than an offer to which paragraph (5) applies) is to be regarded (unless the contrary is proved) as being a domestic concern of the persons making and receiving it if—
(a)
it is made to—
(i)
an existing member of the company making the offer;
(ii)
an existing employee of that company;
(iii)
the widow or widower of a person who was a member or employee of that company;
(iv)
a member of the family of a person who is or was a member or employee of that company; or
(v)
an existing debenture holder; or
(b)
it is an offer to subscribe for shares or debentures to be held under an employee’s share scheme.
(4)
Paragraph (5) applies to an offer—
(a)
which falls within sub-paragraph (a) or (b) of paragraph (3); but
(b)
which is made on terms which permit the person to whom it is made to renounce his right to the allotment of shares or issue of debentures.
(5)
The offer is to be regarded (unless the contrary is proved) as being a domestic concern of the persons making and receiving it if the terms are such that the right may be renounced only in favour—
(a)
of any person mentioned in paragraph (3)(a); or
(b)
in the case of an employee’s share scheme, of a person entitled to hold shares or debentures under the scheme.
(6)
For the purposes of paragraph (3)(a)(iv), the members of a person’s family are—
(a)
the person’s spouse and children (including step-children) and their descendants, and
(b)
any trustee (acting in his capacity as such) of a trust the principal beneficiary of which is the person him or herself or of any of those relatives.
(7)
Where an application has been made to the competent authority in any EEA State for the admission of any securities to official listing, then an offer of those securities for subscription or sale to a person whose ordinary business it is to buy or sell shares or debentures (whether as principal or agent) is not to be regarded as an offer to the public for the purposes of this Part.
(8)
For the purposes of paragraph (7)—
(a)
“competent authority” means a competent authority appointed for the purposes of the Council Directive of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities; and
(b)
“official listing” means official listing pursuant to that directive.
Meaning of “banking company”10B
(1)
Subject to paragraph (2), “banking company” means a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.
(2)
A banking company does not include—
(a)
a person who is not a company, and
(b)
a person who has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.
(3)
This Article 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.
Meaning of “insurance company” and “authorised insurance company”10C
(1)
For the purposes of this Order, “insurance company” has the meaning given in paragraph (2) and “authorised insurance company” has the meaning given in paragraph (4).
(2)
Subject to paragraph (3), “insurance company” means a person (whether incorporated or not)—
(a)
who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance;
(b)
who carries on insurance market activity; or
(c)
who may effect or carry out contracts of insurance under which the benefits provided by that person are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle, and does not fall within sub-paragraph (a).
(3)
An insurance company does not include a friendly society, within the meaning of section 116 of the Friendly Societies Act 1992.
(4)
An “authorised insurance company” means a person falling within sub-paragraph (a) of paragraph (2).
(5)
References in this Article to contracts of insurance and the effecting or carrying out of such contracts 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.”.
Membership of holding company44.
(1)
(2)
In paragraph (3)(a) the words “(within the meaning of the Financial Services Act 1986)” are repealed.
(3)
“(3A)
In paragraph (3)(a) “recognised investment exchange” and “overseas investment exchange” have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Repeal of unnecessary provisions45.
Articles 69 and 70 of the 1986 Order (so far as those Articles continue to have effect) are repealed.
Purchase by company of its own shares: definition of “off-market” and “market” purchase46.
(1)
Article 173 of the 1986 Order (meaning of “off-market” and “market” purchase) is amended as follows.
(2)
(3)
“(4)
“Recognised investment exchange” means a recognised investment exchange other than an overseas investment exchange.
(5)
Expressions used in the definition contained in paragraph (4) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Duty of company as to issue of certificates47.
“(4)
Paragraph (4A) applies in relation to a company—
(a)
of which shares or debentures are allotted to a financial institution,
(b)
of which debenture stock is allotted to a financial institution, or
(c)
with which a transfer for transferring shares, debentures or debenture stock to a financial institution is lodged.
(4A)
The company is not required, in consequence of that allotment or transfer, to comply with paragraph (1).
(4B)
“Financial institution” means—
(a)
a recognised clearing house acting in relation to a recognised investment exchange; or
(b)
a nominee of—
(i)
a recognised clearing house acting in that way; or
(ii)
a recognised investment exchange.
(4C)
No person may be a nominee for the purposes of this Article unless he is a person designated for those purposes in the rules of the recognised investment exchange in question.
(4D)
Expressions used in paragraphs (4B) and (4C) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Disclosure of interests in shares: interests to be disclosed48.
(1)
Article 207 of the 1986 Order (interests in shares required to be disclosed) is amended as follows.
(2)
(3)
“or
(ii)
a recognised scheme;”.
(4)
“(6)
For the purposes of paragraph (2A), a person (“A”) may lawfully manage investments belonging to another if—
(a)
A can manage those investments in accordance with the permission which A has under Part 4 of the Financial Services and Markets Act 2000;
(b)
A is an EEA firm of the kind mentioned in sub-paragraph (a) or (b) of paragraph 5 of Schedule 3 to that Act, and can manage those investments in accordance with its EEA authorisation;
(c)
A can, in accordance with section 327 of that Act, manage those investments without contravening the prohibition contained in section 19 of that Act; or
(d)
A can lawfully manage those investments in another Member State and would, if he were to manage those investments in the United Kingdom, require permission under Part 4 of that Act.
(7)
References in this Article to the management of investments 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.”.
(5)
In paragraph (8)—
(a)
in sub-paragraph (b) for the words from the beginning to “conferred” substitute “is certified by the competent authority in that member State as complying with the conditions imposed”; and
(b)
for “subsection (8) of section 86 of the Financial Services Act 1986” substitute “subsection (5) of section 264 of the Financial Services and Markets Act 2000”.
Disclosure of interests in shares: interests to be disregarded49.
“(2)
An interest in shares is an exempt security interest for the purposes of paragraph (1)(c) if the condition mentioned in paragraph (2A) is satisfied and the interest is held by—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;
(c)
a person authorised under the law of a member State other than the United Kingdom to accept deposits who—
(i)
would not qualify for authorisation under paragraph 12 of Schedule 3 to that Act, and
(ii)
would require permission under another provision of that Act to accept such deposits in the United Kingdom;
(d)
an authorised insurance undertaking;
(e)
a person authorised under the law of a member State to deal in securities or derivatives, who deals in securities or derivatives on a relevant stock exchange or a relevant investment exchange, whether as a member or otherwise;
(f)
a relevant stock exchange;
(g)
a relevant investment exchange;
(h)
a recognised clearing house;
(i)
the Bank of England; or
(j)
the central bank of a member State other than the United Kingdom.
(2A)
The condition is that the interest in the shares must be held by way of security only for the purposes of a transaction entered into in the ordinary course of his or its business as a person or other body falling within any of sub-paragraphs (a) to (j) of paragraph (2).
(2B)
Sub-paragraphs (a) to (c) of paragraph (2) 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.
(2C)
But sub-paragraph (a) of paragraph (2) does not include—
(a)
a building society incorporated, or deemed to be incorporated, under the Building Societies Act 1986; or
(b)
a credit union, within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985.”.
Disclosure of interests in shares: interpretation50.
(1)
(2)
The definitions of “authorised credit institution” and “designated agency” are repealed.
(3)
In the definition of “authorised unit trust scheme” for “Chapter VIII of Part I of the Financial Services Act 1986” substitute “Part 17 of the Financial Services and Markets Act 2000”.
(4)
““derivatives” means options and futures in relation to shares;”.
(5)
““EEA authorisation” has the meaning given in paragraph 6 of Schedule 3 to the Financial Services and Markets Act 2000;”
(6)
In the definition of “operator” for “section 75(8) of the Financial Services Act 1986” substitute “section 237(2) of the Financial Services and Markets Act 2000”.
(7)
““recognised clearing house” has the same meaning as in the Financial Services and Markets Act 2000;
“recognised scheme” has the same meaning as in Part 17 of the Financial Services and Markets Act 2000;”.
(8)
In the definition of “units” for “section 75 of the Financial Services Act 1986” substitute “section 237(2) of the Financial Services and Markets Act 2000”.
(9)
“(1A)
References in paragraph (1) to contracts of insurance (of any description), options and futures 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.”.
Limitations on exemptions for small and medium-sized companies in relation to accounts etc.51.
(1)
(2)
“(a)
the company is, or was at any time within the financial year to which the accounts relate—
(i)
a public company,
(ii)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities, or
(iii)
a person who carries on insurance market activity;”.
(3)
“(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, or
(c)
a person who carries on insurance market activity.”.
Limitations on exemptions for small and medium-sized groups52.
“(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity,
(c)
a person who carries on insurance market activity.”.
Limitations on exemptions for dormant companies53.
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities;
(b)
a person who carries on insurance market activity.”.
Cases where exemptions not available54.
(1)
(2)
“(b)
it was a person who had permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity,”.
(3)
“(bb)
it carried on an insurance market activity,”.
(4)
“(d)
it was an appointed representative, within the meaning of section 39 of the Financial Services and Markets Act 2000,”.
Summary financial statements by listed public companies55.
““listed” means included in the official list by the competent authority for the purposes of Part 6 of the Financial Services and Markets Act 2000 (official listing); and
“the official list” has the meaning given in section 103(1) of that Act.”.
Meaning of “banking partnership”56.
(1)
“(2)
A “banking partnership” means a partnership which has permission under Part 4 of the Financial Services and Markets Act 2000.
(2A)
But a partnership is not a banking partnership if it has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.”.
(2)
“(5)
Paragraphs (2) and (2A) 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.”.
Other distributions by investment companies57.
(1)
Article 273 of the 1986 Order (other distributions by investment companies) is amended as follows.
(2)
In paragraph (4)(a) the words “within the meaning of the Financial Services Act 1986” are repealed.
(3)
“(4A)
In paragraph (4)(a) “recognised investment exchange” and “overseas investment exchange” have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Realised profits of an insurance company with long term business58.
(1)
Article 276 of the 1986 Order (realised profits of insurance company with long term business) is amended as follows.
(2)
In paragraph (1)—
(a)
for “an insurance company to which Part II of the Insurance Companies Act 1982 applies” substitute “an authorised insurance company”; and
(b)
in sub-paragraph (a), for “in accordance with section 30(1) of that Act or carried forward unappropriated as mentioned in section 30(7) of that Act” substitute “or, as the case may be, carried forward unappropriated, in accordance with asset identification rules made under section 142(2) of the Financial Services and Markets Act 2000”.
(3)
In paragraph (3)—
(a)
“(a)
“actuarial investigation” means—
(i)
an investigation made into the financial condition of an authorised insurance company in respect of its long term business, carried out once in every period of twelve months in accordance with rules made under Part 10 of the Financial Services and Markets Act 2000 by an actuary appointed as actuary to that company; or
(ii)
an investigation made into the financial condition of an authorised insurance company in respect of its long term business carried out in accordance with a requirement imposed by the Financial Services Authority under section 166 of that Act by an actuary appointed as actuary to that company;”
(b)
“(b)
“long term business” means business which consists of effecting or carrying out contracts of long term insurance.”.
(4)
“(4)
The definition of “long term business” in paragraph (3) 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.”.
Exceptions to rules relating to substantial property transactions involving directors59.
Duty of company to notify recognised investment exchange of certain matters concerning directors notified to the company60.
“(4)
In paragraph (1) “recognised investment exchange” has the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
Investigation of share dealing61.
“(3)
Articles 427 to 429 apply for the purposes of an investigation under this Article to the following persons as they apply to officers of the company or of the other body corporate—
(a)
an authorised person;
(b)
a relevant professional;
(c)
a person not falling within sub-paragraph (a) or (b) who may carry on a regulated activity without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000; and
(d)
in relation to an authorised person, to a relevant professional or to a person falling within sub-paragraph (c)—
(i)
if it is a body corporate, any person who is or has been an officer of it,
(ii)
if it is a partnership, any person who is or has been a partner in it,
(iii)
if it is an unincorporated association, any person who is or has been a member of its governing body or an officer of it.
(3A)
In paragraph (3)—
“authorised person” has the meaning given in section 31(2) of the Financial Services and Markets Act 2000;
“relevant professional” means a member of a profession if a body has been designated under section 326(1) of that Act in relation to that profession, and, in relation to such a profession, “member” has the meaning given in section 325(2) of that Act.”.
Provision for security of information obtained62.
(1)
Article 442 of the 1986 Order (provision for security of information obtained under Article 440 of that Order) is amended as follows.
(2)
In paragraph (1), the following are repealed—
(a)
in sub-paragraph (c), the words “or section 94 of the Financial Services Act 1986”;
(b)
in sub-paragraph (d), the words “the Insurance Companies Act 1982”;
(c)
sub-paragraphs (de) and (df);
(d)
sub-paragraph (i).
(3)
In paragraph (1)(cc), for the words from “or appointed” to “Financial Services Act 1986” substitute “Article 440 of this Order”.
(4)
“(cd)
for the purposes of enabling or assisting a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation to discharge his functions;”.
(5)
In paragraph (1)(d), for “the Insurance Companies Act 1982” substitute “the Financial Services and Markets Act 2000”.
(6)
“(fa)
for the purposes of enabling or assisting the Financial Services Authority to discharge its functions under the legislation relating to friendly societies or to industrial and provident societies, under the Building Societies Act 1986, under Part 7 of the Companies Act 1989 or under the Financial Services and Markets Act 2000;
(g)
for the purposes of enabling or assisting a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager) to discharge its functions;
(h)
for the purposes of any proceedings before the Financial Services Tribunal by virtue of the Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001;
(ha)
with a view to the institution of or otherwise for the purposes of proceedings before the Financial Services and Markets Tribunal;
(hb)
for the purpose of enabling or assisting a recognised investment exchange or a recognised clearing house to discharge its functions as such;
(hc)
for the purpose of enabling or assisting a body designated under section 326(1) of the Financial Services and Markets Act 2000 (designated professional bodies) to discharge its functions in its capacity as a body designated under that section;”.
(7)
“(aa)
in sub-paragraph (hb) “recognised investment exchange” and “recognised clearing house” have the same meaning as in section 285 of the Financial Services and Markets Act 2000;”.
(8)
Paragraph (1D) is repealed.
(9)
(10)
“(ba)
a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation;”.
(11)
In paragraph (3), in sub-paragraph (c), for the words from “under” to “Financial Services Act 1986” substitute “under Article 440 of this Order”.
(12)
“(ha)
the Financial Services Authority;”.
Punishment for destruction etc. of company documents63.
(1)
Article 443 of the 1986 Order (punishment for destroying, mutilating etc company documents) is amended as follows.
(2)
(3)
“(1A)
Paragraph (1) applies to an officer of an authorised insurance company which is not a body corporate as it applies to an officer of a company.”.
Disclosure of information by inspectors64.
“(3)
Information to which this Article applies may also be disclosed by an inspector appointed under this Part to—
(a)
another inspector appointed under this Part;
(b)
a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation; or
(c)
a person authorised to exercise powers under—
(i)
Article 440 of this Order; or
(ii)
section 84 of the Companies Act 1989 (exercise of powers to assist overseas regulatory authority).”.
Production of documents subject to customer confidentiality65.
(1)
Article 445 of the 1986 Order (privileged information) is amended as follows.
(2)
“or the customer is—
(a)
a person on whom a requirement has been imposed under that Article, or
(b)
an authorised insurance company on whom a requirement to produce information or documents has been imposed by or on behalf of the Secretary of State under Part XI of the Financial Services and Markets Act 2000.”.
Companies to which Article 453 applies66.
“(1)
If it appears to the Department that—
(a)
the affairs of a company to which this paragraph applies are being or have been conducted in a manner which is unfairly prejudicial to the interests of its members generally or of some part of its members, or
(b)
any actual or proposed act or omission of a company to which this paragraph applies, including an act or omission on its behalf, is or would be so prejudicial,
the Department may (in addition to or instead of presenting a petition for the winding up of the company) apply to the court by petition for an order under this Part.
(1A)
Paragraph (1) applies to a company in respect of which—
(a)
the Department has received a report under Article 430;
(b)
the Department has exercised its powers under Article 440 or 441;
(c)
the Secretary of State or the Financial Services Authority has exercised his or its powers under Part 11 of the Financial Services and Markets Act 2000; or
(d)
the Secretary of State has received a report from an investigator appointed by him or by the Financial Services Authority under that Part.”.
Application of Article 669 to insurers67.
(1)
Article 669 of the 1986 Order (certain companies to publish periodical statement) is amended as follows.
(2)
In paragraph (1) for “insurance company” substitute “insurer”.
(3)
In paragraph (5) for “insurance company” substitute “insurer”.
(4)
“(6)
This Article does not apply to an insurer which is—
(a)
an insurance company which is subject to, and complies with, rules made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000 as to the accounts and balance sheet to be prepared annually and deposited; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000, if the firm complies with the provisions of law of its home State as to the accounts and balance sheets to be prepared annually and deposited.”.
(5)
“(8)
For the purposes of this Article—
(a)
“insurer” means a person who effects or carries out contracts of insurance in the United Kingdom; and
(b)
“contract of insurance” includes a contract of insurance under which the benefits provided by the insurer are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle.
(9)
Paragraph (8) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that Schedule; and
(c)
Schedule 2 to that Act.”.
Form and content of company accounts68.
“83.
(1)
“Listed investment” means an investment as respects which there has been granted a listing on—
(a)
a recognised investment exchange other than an overseas investment exchange; or
(b)
a stock exchange of repute outside Northern Ireland.
(2)
“Recognised investment exchange” and “overseas investment exchange” have the meaning given in Part 18 of the Financial Services and Markets Act 2000.”.
Disclosure of information: emoluments and other benefits of directors and others69.
(1)
(2)
““listed company” means a company—
(a)
whose securities have been admitted to the official list in accordance with the provisions of Part 6 of the Financial Services and Markets Act 2000; or
(b)
dealings in whose securities are permitted on any recognised investment exchange approved by the Treasury in accordance with regulations made under section 2(2) of the European Communities Act 1972 with respect to dealings in unlisted securities;”.
(3)
““the official list” has the meaning given in section 103(1) of the Financial Services and Markets Act 2000;”.
(4)
““recognised investment exchange” has the same meaning as in the Financial Services and Markets Act 2000;”.
Form and content of company accounts: small companies70.
“54.
(1)
“Listed investment” means an investment as respects which there has been granted a listing on—
(a)
a recognised investment exchange other than an overseas investment exchange; or
(b)
a stock exchange of repute outside Northern Ireland.
(2)
“Recognised investment exchange” and “overseas investment exchange” have the meaning given in Part 18 of the Financial Services and Markets Act 2000.”.
Meaning of deposit-taking business, chief executive and manager71.
(1)
Schedule 9 to the 1986 Order (special provisions for banking companies and groups) is amended as follows.
(2)
(a)
in sub-paragraph (1) for “banking business” substitute “deposit-taking business”;
(b)
“(2)
For the purposes of this paragraph “deposit-taking business” means the activity of accepting deposits by way of business, but does not include accepting deposits only for the purpose of carrying on another regulated activity.”;
(c)
“(3)
References in sub-paragraph (2) to deposits and their acceptance, and to regulated activities 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.”.
(3)
Form and content of accounts of insurance companies and groups72.
(1)
(2)
In paragraph 6—
(a)
the existing text is numbered sub-paragraph (1);
(b)
for “to business within Classes 1 and 2 of Schedule 2 to the 1982 Act” substitute “to business which consists of effecting or carrying out relevant contracts of general insurance”;
(c)
“(2)
For the purposes of sub-paragraph (1), a contract of general insurance is a relevant contract if the risk insured against relates to—
(a)
accident; or
(b)
sickness.
(3)
Sub-paragraph (2) 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.”.
(3)
In paragraph 9—
(a)
the existing text is numbered sub-paragraph (1);
(b)
in paragraph (a) of that sub-paragraph, for “business within the classes of insurance specified in Schedule 2 to the 1982 Act” substitute “business which consists of effecting or carrying out contracts of general insurance”;
(c)
in paragraph (b) of that sub-paragraph, for “business within the classes of insurance specified in Schedule 1 to that Act” substitute “business which consists of effecting or carrying out contracts of long term insurance”; and
(d)
“(2)
In sub-paragraph (1), references to—
(a)
contracts of general or long term insurance; and
(b)
the effecting or carrying out of such contracts,
must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.”.
(4)
(5)
“(a)
the management of which constitutes long term insurance business, and”.
(6)
“50.
The amount of any equalisation reserve maintained in respect of general business, in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000, shall be determined in accordance with such rules.”.
(7)
In paragraph 81 (interpretations of Part I), in sub-paragraph (1)—
(a)
omit the definition of “the 1982 Act”;
(b)
““general business” means business which consists of effecting or carrying out contracts of general insurance;”;
(c)
““long term business” means business which consists of effecting or carrying out contracts of long term insurance;”;
(d)
in the definition of “long term fund” for “in accordance with the provisions of the 1982 Act” substitute “in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000”; and
(e)
““policy holder” has the meaning given in any relevant order under section 424(2) of the Financial Services and Markets Act 2000;”.
Share dealing by directors etc.: supplementary provision73.
(1)
Paragraph 11 of Schedule 13 to the 1986 Order (share dealing by directors etc.: provision supplementary to Articles 332 to 336) is amended as follows.
(2)
The existing provision becomes sub-paragraph (1).
(3)
In that sub-paragraph, in paragraph (a), the words “within the meaning of the Financial Services Act 1986” are repealed.
(4)
“(2)
“Unit trust scheme” and “authorised unit trust scheme” have the meaning given in section 237 of the Financial Services and Markets Act 2000.”.
Companies Consolidation (Consequential Provisions)(Northern Ireland) Order 1986 (S.I. 1986/1035 (N.I. 9))
Repeal of spent provisions74.
The following provisions of the Companies Consolidation (Consequential Provisions)(Northern Ireland) Order 1986 are repealed—
(a)
Article 22; and
(b)
in Part 2 of Schedule 1, the entries relating to-
(i)
the Policyholders Protection Act 1975;
(ii)
the Insurance Brokers (Registration) Act 1977; and
(iii)
the Insurance Companies Act 1982.
The Companies' Act 1989 (c. 40)
Repeal of spent or unnecessary provisions75.
The following provisions of the Companies Act 1989 are repealed—
(a)
sections 72 to 77;
(b)
section 79;
(c)
section 81;
(d)
section 119(3);
(e)
section 156;
(f)
section 168;
(g)
section 169(1) and (4);
(h)
section 171;
(i)
sections 192 to 197;
(j)
section 200(1);
(k)
sections 201 to 206;
(l)
in section 213, subsections (5)(b) and (6);
(m)
section 214;
(n)
in Schedule 10, paragraphs 36 and 37;
(o)
in Schedule 20, paragraph 26;
(p)
Schedule 21;
(q)
Schedule 22; and
(r)
Schedule 23.
Requests for assistance by overseas regulatory authorities76.
(1)
Section 82 of the Companies Act 1989 (requests for assistance by overseas regulatory authorities) is amended as follows.
(2)
“(a)
any function corresponding to—
(i)
any function of the Secretary of State under the Companies Act 1985;
(ii)
any function of the Financial Services Authority under the Financial Services and Markets Act 2000;
(iii)
any function exercised by the competent authority under Part VI of that Act in relation to the listing of shares;”.
(3)
In subsection (3), for “he is” substitute “he and the Financial Services Authority are”.
(4)
(5)
“(5A)
In subsection (5), “authorised person” has the meaning given in the Financial Services and Markets Act 2000 and the references to deposits and their acceptance must be read with—
(a)
section 22 of that Act;
(b)
any relevant order under that section; and
(c)
Schedule 2 to that Act.”.
Exceptions from restrictions on disclosure of information77.
(1)
Section 87 of the Companies Act 1989 (exceptions from restrictions on disclosure of information) is amended as follows.
(2)
“(b)
civil proceedings arising under or by virtue of the Financial Services and Markets Act 2000 and proceedings before the Financial Services and Markets Tribunal;”.
(3)
In subsection (4), the table is amended in accordance with paragraphs (4) to (11).
(4)
The entries relating to the following are repealed—
A designated agency within the meaning of the Financial Services Act 1986;
A transferee body or the competent authority within the meaning of the Financial Services Act 1986;
The body administering a scheme under section 54 of the Financial Services Act 1986;
A recognised self-regulating organisation, recognised professional body, recognised investment exchange, recognised clearing house or recognised self-regulating organisation for friendly societies (within the meaning of the Financial Services Act 1986);
The Chief Registrar of friendly societies, and the Assistant Registrar of Friendly Societies for Scotland;
- The Friendly Societies Commission81;
The Deposit Protection Board;
The Industrial Assurance Commissioner and the Industrial Assurance Commissioner for Northern Ireland; and
The Building Societies Commission.
(5)
“The Secretary of State
Functions under—
- (a)
the enactments relating to companies or insolvency;
- (b)
Part 2, this Part or Part 7 of this Act;
- (c)
the Financial Services and Markets Act 2000.”.
(6)
“The Treasury.
Functions under—
- (a)
this Part or Part 7 of this Act;
- (b)
the Financial Services and Markets Act 2000.”.
(7)
“An inspector appointed under Part 14 of the Companies Act 1985.
Functions under that Part.”
(8)
“A person authorised to exercise powers under section 447 of the Companies Act 1985 or section 84 of this Act.
Functions under that section.
A person appointed under—
- (a)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
- (b)
section 168 of that Act (investigations in particular cases),
- (c)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
- (d)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
- (e)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation.
Functions in relation to the investigation.”.
(9)
“The Financial Services Authority.
Functions under the enactments relating to friendly societies, under the Building Societies Act 1986 and under the Financial Services and Markets Act 2000.”.
(10)
“A body corporate established in accordance with section 212(1) of that Act.
Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).
Functions in its capacity as an exchange or clearing house recognised under that Act.
A body designated under section 326(1) of the Financial Services and Markets Act 2000.
Functions in its capacity as a body designated under that section.”.
(11)
In the entry relating to the Director General of Fair Trading, for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.
Exercise of powers in relation to Northern Ireland78.
“(b)
section 449 of the Companies Act 1985 and sections 86 and 87 above (restrictions on disclosure of information);”.
Change in default rules of recognised investment exchange and clearing house79.
In section 157(1) of the Companies Act 1989 (notification of change in default rules), for “Secretary of State”, in both places, substitute “Authority”.
Duty to report on completion of default proceedings80.
(1)
Section 162 of the Companies Act 1989 (duty to report on completion of default proceedings) is amended as follows.
(2)
(3)
(4)
In subsection (4)—
(a)
for “Secretary of State, he” substitute “Authority, it”;
(b)
for “he”, in the second place where it occurs, substitute “it”; and
(c)
for “it” substitute “the report”.
Power to give directions81.
(1)
Section 166 of the Companies Act 1989 (power to give directions to recognised investment exchanges and recognised clearing houses with head offices in the UK) is amended as follows.
(2)
In subsection (2), in each of paragraphs (a) and (b)—
(a)
for “Secretary of State” substitute “Authority”;
(b)
for “he” substitute “the Authority”.
(3)
In subsection (3)—
(a)
for “Secretary of State” substitute “Authority”; and
(b)
for “he”, in both places, substitute “it”.
(4)
In subsection (7)—
(a)
for “Secretary of State”, in both places, substitute “Authority”; and
(b)
for “he is satisfied that it” substitute “it is satisfied that the direction”.
(5)
In subsection (8) for “Secretary of State” substitute “Authority”.
Application to determine whether default proceedings to be taken82.
(1)
Section 167 of the Companies Act 1989 (application to determine whether default proceedings to be taken) is amended as follows.
(2)
In subsection (1) for “Secretary of State” substitute “Authority”.
(3)
In subsection (3), for “Secretary of State”, in both places, substitute “Authority”.
(4)
In subsection (4) for “Secretary of State” substitute “Authority”.
(5)
In subsection (5) for “Secretary of State”, in both places, substitute “Authority”.
Application of certain provisions for purposes of Part 783.
(1)
Section 169 of the Companies Act 1989 (Part 7: supplementary provisions) is amended as follows.
(2)
In subsection (2) for the words from the beginning to “apply” substitute “Sections 296 and 297 of the Financial Services and Markets Act 2000 apply”.
(3)
In subsection (3)—
(a)
for “Financial Services Act 1986, the Secretary of State” substitute “Financial Services and Markets Act 2000, the appropriate authority”; and
(b)
for “he” substitute “it”.
(4)
“(3A)
“The appropriate authority” means—
(a)
in the case of an overseas investment exchange or clearing house, the Treasury; and
(b)
in the case of a UK investment exchange or clearing house, the Authority.”.
(5)
In subsection (5)—
(a)
for the words from the beginning to “applies” substitute “Regulations under section 414 of the Financial Services and Markets Act 2000 (service of notices) may make provision”; and
(b)
for “Secretary of State” substitute “Treasury or the Authority”.
Application of Part 7 in relation to overseas investment exchanges and clearing houses84.
(1)
Section 170 of the Companies Act 1989 (power to make provision in relation to certain overseas investment exchanges and clearing houses) is amended as follows.
(2)
In subsection (1)—
(a)
after “Secretary of State” insert “and the Treasury”; and
(b)
for “him” substitute “the Treasury”.
(3)
In subsection (2)—
(a)
for “Secretary of State” substitute “Treasury”; and
(b)
for “he is” substitute “they are”.
(4)
In subsections (4), (5)(a) and (6) for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.
Power to make provision about certain charges other than market charges85.
(1)
Section 176 of the Companies Act 1989 (power to make provision about certain other charges) is amended as follows.
(2)
In paragraph (b) of subsection (2)—
(a)
(b)
for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.
(3)
“(d)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a relevant regulated activity, or
(e)
an international securities self-regulating organisation approved for the purposes of an order made under section 22 of the Financial Services and Markets Act 2000,”.
(4)
(a)
the words “Financial Services” are repealed; and
(b)
for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.
(5)
“(8)
For the purposes of subsection (2)(d), “relevant regulated activity” means—
(a)
dealing in investments as principal or as agent;
(b)
arranging deals in investments;
(c)
managing investments;
(d)
safeguarding and administering investments;
(e)
sending dematerialised instructions; or
(f)
establishing etc. a collective investment scheme.
(9)
Subsection (8) 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.”.
Power to apply sections 177 to 180 to other cases86.
(1)
Section 181 of the Companies Act 1989 (power to apply sections 177 to 180 to other cases) is amended as follows.
(2)
In subsection (1), for the words from the beginning to “includes” substitute “A power to which this subsection applies includes the”.
(3)
“(3)
Subsection (1) applies to the powers of the Secretary of State and the Treasury to act jointly under—
(a)
sections 170, 172 and 176 of this Act; and
(b)
section 301 of the Financial Services and Markets Act 2000 (supervision of certain contracts).”.
Indemnity for certain acts87.
In section 184(5) of the Companies Act 1989 (indemnity for certain acts), for the words from “exercising” to “procedures” substitute “to whom the exercise of any function of a recognised investment exchange or recognised clearing house is delegated under its default rules”.
Power of Treasury and Secretary of State to make further provision for purposes of Part 788.
“(4)
References in this section to the provisions of this Part include any provision made under section 301 of the Financial Services and Markets Act 2000.”.
Definitions for purposes of Part 789.
(1)
Section 190 of the Companies Act 1989 (definitions for purposes of Part 7) is amended in accordance with paragraphs (2) to (6).
(2)
““the Authority” means the Financial Services Authority;”.
(3)
In that subsection, the definitions of “clearing house”, of “investment” and “investment exchange” and of “recognised” are repealed.
(4)
““recognised clearing house” and “recognised investment exchange” have the same meaning as in the Financial Services and Markets Act 2000;”.
(5)
““The Stock Exchange” means the London Stock Exchange Limited;”.
(6)
Subsection (4) is repealed.
(7)
In the table in section 191 of that Act (table of defined expressions)—
(a)
the entries relating to the following expressions are repealed—
clearing house;
ensuring the performance of a transaction;
investment;
investment exchange; and
recognised; and
(b)
“the Authority
section 190(1)”; and
“recognised clearing house and recognised investment exchange
section 190(1)”.
Transfer of securities90.
In section 207(1) of the Companies Act 1989 (transfer of securities), in paragraph (a), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.
The Companies (Northern Ireland) Order 1989 (S.I. 1989/2404 (N.I. 18))
Disqualification after investigation of company91.
“(1)
If it appears to the Department from investigative material that it is expedient in the public interest that a disqualification order should be made against a person who is, or has been, a director or shadow director of a company, the Department may apply to the High Court for such an order.
(1A)
“Investigative material” means—
(a)
a report made by inspectors under—
(i)
Article 430 of the Companies Order; or
(ii)
section 167, 168, 169 or 284 of the Financial Services and Markets Act 2000; or
(iii)
where the company is an open-ended investment company (within the meaning of that Act) regulations made as a result of section 262(2)(k) of that Act; and
(b)
information or documents obtained under—
(i)
Article 440 or 441 of the Companies Order;
(ii)
section 2 of the Criminal Justice Act 1987;
(iii)
section 28 of the Criminal Law (Consolidation)(Scotland) Act 1995;
(iv)
section 83 of the Companies Act 1989; or
(v)
section 165, 171, 172, 173 or 175 of the Financial Services and Markets Act 2000.”.
The Companies (No.2)(Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))
Repeal of spent or unnecessary provisions92.
The following provisions of the Companies (No. 2) (Northern Ireland) Order 1990 are repealed—
(a)
Articles 24 to 26;
(b)
Article 54(3);
(c)
Article 91; and
(d)
Article 93.
Duty to report on completion of default proceedings93.
(1)
Article 85 of the Companies (No. 2)(Northern Ireland) Order 1990 (duty to report on completion of default proceedings) is amended as follows.
(2)
(3)
(4)
In paragraph (4)—
(a)
for “Secretary of State, he” substitute “Authority, it”;
(b)
for “he”, in the second place where it occurs, substitute “it”; and
(c)
for “it” substitute “the report”.
Power to give directions94.
(1)
Article 89 of the Companies (No. 2) (Northern Ireland) Order 1990 (power to give directions to recognised investment exchanges and recognised clearing houses with head offices in the UK) is amended as follows.
(2)
In paragraph (2), in each of sub-paragraphs (a) and (b)—
(a)
for “Secretary of State” substitute “Authority”;
(b)
for “he” substitute “the Authority”.
(3)
In paragraph (3)—
(a)
for “Secretary of State” substitute “Authority”; and
(b)
for “he”, in both places, substitute “it”.
(4)
In paragraph (7)—
(a)
for “Secretary of State”, in both places, substitute “Authority”; and
(b)
for “he is satisfied that it” substitute “it is satisfied that the direction”.
(5)
In paragraph (8) for “Secretary of State” substitute “Authority”.
Application to determine whether default proceedings to be taken95.
(1)
Article 90 of the Companies (No. 2) (Northern Ireland) Order 1990 (application to determine whether default proceedings to be taken) is amended as follows.
(2)
In paragraph (1) for “Secretary of State” substitute “Authority”.
(3)
In paragraph (3), for “Secretary of State”, in both places, substitute “Authority”.
(4)
In paragraph (4) for “Secretary of State” substitute “Authority”.
(5)
In paragraph (5) for “Secretary of State”, in both places, substitute “Authority”.
Application of Part 5 in relation to overseas investment exchanges and clearing houses96.
In Article 92(1) of the Companies (No. 2) (Northern Ireland) Order 1990 (power to make provision in relation to certain overseas investment exchanges and clearing houses)—
(a)
after “Department” insert “and the Treasury”; and
(b)
for “Secretary of State” substitute “the Treasury”.
Power to make provision about certain charges other than market charges97.
(1)
Article 98 of the Companies (No.2) (Northern Ireland) Order 1990 (power to make provision about certain other charges) is amended as follows.
(2)
In sub-paragraph (b) of paragraph (2)—
(a)
the words “Financial Services” are repealed; and
(b)
for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.
(3)
“(d)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a relevant regulated activity, or
(e)
an international securities self-regulating organisation approved for the purposes of an order made under section 22 of the Financial Services and Markets Act 2000,”.
(4)
In paragraph (6)—
(a)
the words “Financial Services” are repealed; and
(b)
for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.
(5)
“(8)
For the purposes of subsection (2)(d), “relevant regulated activity” means—
(a)
dealing in investments as principal or as agent;
(b)
arranging deals in investments;
(c)
managing investments;
(d)
safeguarding and administering investments;
(e)
sending dematerialised instructions; or
(f)
establishing etc. a collective investment scheme.
(9)
Paragraph (8) 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.”.
Power to apply Articles 99 to 102 to other cases98.
In Article 103(1)(a) of the Companies (No. 2) (Northern Ireland) Order 1990 (power to apply Articles 99 to 102 to other cases), the words “93” are repealed.
Indemnity for certain acts99.
In Article 105(5) of the Companies (No. 2) (Northern Ireland) Order 1990 (indemnity for certain acts), for the words from “exercising” to “procedures” substitute “to whom the exercise of any function of a recognised investment exchange or recognised clearing house is delegated under its default rules”.
Power of Secretary of State to make further provision for purposes of Part 5100.
“(4)
References in paragraph (2) to the provisions of this Part include any provision made under section 301 of the Financial Services and Markets Act 2000.”.
Definitions for purposes of Part 5101.
(1)
Article 111 of the Companies (No. 2) (Northern Ireland) Order 1990 (definitions for purposes of Part 5) is amended in accordance with paragraphs (2) to (6).
(2)
““the Authority” means the Financial Services Authority;”.
(3)
In that paragraph, the definitions of “clearing house”, of “investment” and “investment exchange” and of “recognised” are repealed.
(4)
““recognised clearing house” and “recognised investment exchange” have the same meaning as in the Financial Services and Markets Act 2000;”.
(5)
““The Stock Exchange” means the London Stock Exchange Limited;”.
(6)
Paragraph (4) is repealed.
(7)
In the table in Article 112 of that Order (table of defined expressions)—
(a)
the entries relating to the following expressions are repealed—
clearing house;
ensuring the performance of a transaction;
investment;
investment exchange; and
recognised; and
(b)
“the Authority
Article 111(1)”; and
“recognised clearing house and recognised investment exchange
Article 111(1)”.
PART 3ENACTMENTS RELATING TO PENSIONS
Fire Services Act 1947 (c. 41)
Information in connection with firemen’s pensions102.
Judicial Pensions Act (Northern Ireland) 1951 (c. 20)
Additional voluntary contributions103.
(1)
(2)
“(iii)
the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;”.
(3)
In subsection (7)—
(a)
““authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit;
(b)
an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or
(c)
an EEA firm of a kind mentioned in paragraph 5(d) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.”; and
(b)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance;”.
(4)
“(7A)
In subsection (7), the definitions of “authorised provider” and “insurer” 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.
(7B)
If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and
(b)
that the firm is authorised by its home state authorisation to carry on that service.
(7C)
If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions.
(7D)
If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are-
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive;
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and
(c)
that the firm also carries on the activity in question in its home State.
(7E)
Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.”.
County Courts Act (Northern Ireland) 1959 (c. 25)
Additional voluntary contributions104.
(1)
(2)
“(iii)
the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;”.
(3)
(a)
““authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit;
(b)
an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or
(c)
an EEA firm of a kind mentioned in paragraph 5(d) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.”; and
(b)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance;”.
(4)
“(7A)
In subsection (7), the definitions of “authorised provider” and “insurer” 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.
(7B)
If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and
(b)
that the firm is authorised by its home state authorisation to carry on that service.
(7C)
If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are-
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions.
(7D)
If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive;
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and
(c)
that the firm also carries on the activity in question in its home State.
(7E)
Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.”.
Resident Magistrates' Pensions Act (Northern Ireland) 1960 (c. 2)
Additional voluntary contributions105.
(1)
(2)
“(iii)
the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;”.
(3)
(a)
““authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit;
(b)
an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or
(c)
an EEA firm of a kind mentioned in paragraph 5(d) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.”; and
(b)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance;”.
(4)
“(7A)
In subsection (7), the definitions of “authorised provider” and “insurer” 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.
(7B)
If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and
(b)
that the firm is authorised by its home state authorisation to carry on that service.
(7C)
If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions.
(7D)
If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive;
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and
(c)
that the firm also carries on the activity in question in its home State.
(7E)
Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.”.
Superannuation Act 1972 (c. 11)
Authorised providers in relation to superannuation schemes for civil servants etc.106.
(1)
Section 1 of the Superannuation Act 1972 (superannuation schemes in respect civil servants etc) is amended as follows.
(2)
““authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit;
(b)
an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (9B), (9C) or (9D); or
(c)
an EEA firm of a kind mentioned in paragraph 5(d) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit;”.
(3)
“(9A)
In subsection (9), the definition of “authorised provider” 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.
(9B)
If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and
(b)
that the firm is authorised by its home state authorisation to carry on that service.
(9C)
If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are-
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions.
(9D)
If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive;
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and
(c)
that the firm also carries on the activity in question in its home State.
(9E)
Expressions used in subsections (9B) to (9D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.”.
Authorised providers in relation to superannuation schemes for teachers107.
““authorised provider” has the meaning given in section 1;”.
Authorised providers in relation to superannuation schemes for persons engaged in health services, etc.108.
““authorised provider” has the meaning given in section 1;”.
Police Pensions Act 1976 (c. 35)
Information in connection with police officers' pensions109.
Judicial Pensions Act 1981 (c. 20)
Voluntary contributions by members of judicial pension scheme.110.
(1)
(2)
“(iii)
the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;”.
(3)
(a)
““authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit;
(b)
an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (9B), (9C) or (9D); or
(c)
an EEA firm of a kind mentioned in paragraph 5(d) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.”; and
(b)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance;”.
(4)
“(9A)
In subsection (9), the definitions of “authorised provider” and “insurer” 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.
(9B)
If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and
(b)
that the firm is authorised by its home state authorisation to carry on that service.
(9C)
If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions.
(9D)
If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive;
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and
(c)
that the firm also carries on the activity in question in its home State.
(9E)
Expressions used in subsections (9B) to (9D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.”.
Judicial Pensions (Northern Ireland) Order 1991 (S.I. 1991/2631 (N.I. 24))
Judicial pensions: transfer of accrued benefits111.
(1)
The Schedule which is set out in paragraph 1(2) of Schedule 2 to the Judicial Pensions (Northern Ireland) Order 1991 (transfer of accrued benefits) is amended as follows.
(2)
In paragraph 1, the existing provision becomes sub-paragraph (1).
(3)
““authorised insurer” means—
- (i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or
- (ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance;”.
(4)
“(2)
The definition of “authorised insurer” in sub-paragraph (1) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that section;
(c)
Schedule 2 to that Act.”.
(5)
In paragraph 6(2)(c), for “insurance companies” substitute “insurers”.
(6)
In paragraph 11(3), in paragraph (a) of the definition of “qualifying scheme” for “insurance company” substitute “insurer”.
Judicial Pensions and Retirement Act 1993 (c. 8)
Voluntary contributions by persons to whom Part 1 of the Act applies112.
(1)
Section 10 of the Judicial Pensions and Retirement Act 1993 is amended as follows.
(2)
“(iii)
the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;”.
(3)
In subsection (8)—
(a)
““authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit;
(b)
an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (8B), (8C) or (8D); or
(c)
an EEA firm of a kind mentioned in paragraph 5(d) 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 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.”; and
(b)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance;”.
(4)
“(8A)
In subsection (8), the definitions of “authorised provider” and “insurer” 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.
(8B)
If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and
(b)
that the firm is authorised by its home state authorisation to carry on that service.
(8C)
If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions.
(8D)
If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are—
(a)
that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive;
(b)
that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and
(c)
that the firm also carries on the activity in question in its home State.
(8E)
Expressions used in subsections (8B) to (8D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.”.
Retirement date for holders of judicial offices etc: repeal of references to old tribunals113.
In section 26(8) of the Judicial Pensions and Retirement Act 1993 (retirement date for members of certain tribunals), paragraphs (e), (f) and (j) are repealed.
Judicial pensions: transfer of accrued benefits114.
(1)
Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer of accrued benefits) is amended as follows.
(2)
In paragraph 1, the existing provision becomes sub-paragraph (1).
(3)
““authorised insurer” means—
- (i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or
- (ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance;”.
(4)
“(2)
The definition of “authorised insurer” in sub-paragraph (1) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that section;
(c)
Schedule 2 to that Act.”.
(5)
In paragraph 6(2)(c), for “insurance companies” substitute “insurers”.
(6)
In paragraph 11(3), in paragraph (a) of the definition of “qualifying scheme” for “insurance company” substitute “insurer”.
Repeal of spent amendments115.
The following provisions of Schedule 6 to the Judicial Pensions and Retirement Act 1993 (which are amendments to other legislation that are spent as a result of the coming into force of the Financial Services and Markets Act 2000) are repealed—
(a)
paragraph 41;
(b)
paragraph 64;
(c)
paragraph 65; and
(d)
paragraph 68.
Pension Schemes Act 1993 (c. 48)
Discharge of liability where guaranteed minimum pension secured by insurance policies or annuity contracts116.
(1)
Section 19 of the Pension Schemes Act 1993 (discharge of liability where guaranteed minimum pension secured by insurance policies or annuity contracts) is amended as follows.
(2)
In subsection (4)(a)—
(a)
for “insurance company” substitute “insurer”; and
(b)
in sub-paragraph (i), the word “ordinary” is repealed.
(3)
Subsection (7) is repealed.
Ways of giving effect to the protected rights: the pension and annuity requirements117.
(1)
Section 29 of the Pension Schemes Act 1993 (the pension and annuity requirements) is amended as follows.
(2)
(3)
Discharge of protected rights on winding up: insurance policies118.
(a)
for “insurance company” substitute “insurer”; and
(b)
in sub-paragraph (i), the word “ordinary” and the words “(within the meaning of the Insurance Companies Act 1982)” are repealed.
Alteration of rules of appropriate schemes: permitted form of scheme119.
(1)
Section 38 of the Pensions Schemes Act 1993 (alteration of rules of appropriate schemes: permitted forms) is amended as follows.
(2)
In subsection (6), in paragraph (b) for the words from “has” to the end substitute “is an authorised unit trust scheme”.
(3)
“(6A)
“Authorised unit trust scheme” has the meaning given in Part 17 of the Financial Services and Markets Act 2000 and includes any scheme which is, as a result of an order made under section 426 of that Act making transitional provisions, treated as falling within that meaning.”.
Entitlement to guaranteed minimum pensions: treatment of entitlements120.
In section 47(3)(d) of the Pension Schemes Act 1993 (Further provisions concerning entitlement to guaranteed minimum pensions for the purposes of section 46), for “Policyholders Protection Act 1975” substitute “Financial Services Compensation Scheme”.
Ways of taking rights to cash equivalent: members of occupational pension schemes121.
In section 95(2)(c) of the Pension Schemes Act 1993 (ways of taking rights to cash equivalent) for “insurance companies” substitute “insurers”.
Cash equivalent: authorised purposes for transfer notice122.
Procedure on an investigation by the Pensions Ombudsman123.
In section 149(6) of the Pension Schemes Act 1993 (procedure on an investigation by the Pensions Ombudsman: persons to whom information may be disclosed)—
(a)
paragraphs (f) and (g) are repealed;
(b)
“(h)
a person appointed under—
(i)
Part 14 of the Companies Act 1985,
(ii)
section 167 of the Financial Services and Markets Act 2000,
(iii)
subsection (3) or (5) of section 168 of that Act, or
(iv)
section 284 of that Act,
to conduct an investigation;”; and
(c)
“(k)
a body designated under section 326(1) of the Financial Services and Markets Act 2000; and
(l)
a recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).”.
Disclosure of information by the Secretary of State124.
(1)
(2)
The entries relating to the following persons are repealed—
The Treasury;
The Friendly Societies Commission;
The Building Societies Commission;
An inspector appointed by the Secretary of State;
A person authorised to exercise powers under section 106 of the Financial Services Act 1986;
A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986); and
A recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house (within the meaning of the Financial Services Act 1986).
(3)
“Functions under the legislation relating to friendly societies, under the Building Societies Act 1986 or under the Financial Services and Markets Act 2000.”
(4)
“A person appointed under—
- (a)
section 167 of the Financial Services and Markets Act 2000,
- (b)
subsection (3) or (5) of section 168 of that Act, or
- (c)
section 284 of that Act, to conduct an investigation.
Functions in relation to that investigation
A body designated under section 326(1) of the Financial Services and Markets Act 2000.
Functions in its capacity as a body designated under that section.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).
Functions in its capacity as an exchange or clearing house recognised under that Act.”.
Determination of questions by Secretary of State125.
In section 170(1)(c) of the Pension Schemes Act 1993 (Determination of questions by Secretary of State) for “Policyholders Protection Act 1975” substitute “Financial Services Compensation Scheme”.
Interpretation of expressions relating to insurance126.
“Insurer and long-term insurance business180A.
(1)
In this Act “insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance.
(2)
In this Act “long term insurance business” means business which consists of the effecting or carrying out of contracts of long-term insurance.
(3)
This section 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.”.
Interpretation: Financial Services Compensation Scheme127.
In section 181(1) of the Pension Schemes Act 1993—
(a)
““Financial Services Compensation Scheme” means the Financial Services Compensation Scheme referred to in section 213(2) of the Financial Services and Markets Act 2000.”;
(b)
the definition of “insurance company” is repealed.
Consultation on regulations concerning pension business of friendly societies128.
In section 185(7) of the Pension Schemes Act 1993 (consultation on regulations concerning removal of restrictions on pension business of friendly societies), for the words “Chief Registrar of Friendly Societies or the Friendly Societies Commission” substitute “Financial Services Authority or, if the matter concerns section 464 of the Income and Corporation Taxes Act 1988, the Commissioners of the Inland Revenue”.
Pension Schemes (Northern Ireland) Act 1993 (c. 49)
Discharge of guaranteed minimum pension secured by insurance policies or annuity contracts129.
(1)
Section 15 of the Pension Schemes (Northern Ireland) Act 1993 (discharge of guaranteed minimum pension secured by insurance policies or annuity contracts) is amended as follows.
(2)
In subsection (4)(a)—
(a)
for “insurance company” substitute “insurer”; and
(b)
in sub-paragraph (i), the word “ordinary” is repealed.
(3)
Subsection (7) is repealed.
Ways of giving effect to the protected rights: the pension and annuity requirements130.
(1)
Section 25 of the Pension Schemes (Northern Ireland) Act 1993 (the pension and annuity requirements) is amended as follows.
(2)
In subsection (3)(b) for “insurance company” substitute “insurer”.
(3)
In subsection (4), for “insurance company”, in both places, substitute “insurer”.
Discharge of protected rights on winding up: insurance policies131.
In section 28A of the Pension Schemes (Northern Ireland) Act 1993 (discharge of protected rights on winding up: insurance policies), in subsection (4)—
(a)
for “insurance company” substitute “insurer”; and
(b)
in sub-paragraph (i), the word “ordinary” and the words “(within the meaning of the Insurance Companies Act 1982)” are repealed.
Alteration of rules of appropriate schemes: permitted form of scheme132.
(1)
Section 34 of the Pension Schemes (Northern Ireland) Act 1993 (alteration of rules of appropriate schemes: permitted forms) is amended as follows.
(2)
In subsection (6), in paragraph (b) for the words from “has” to the end substitute “is an authorised unit trust scheme”.
(3)
“(6A)
“Authorised unit trust scheme” has the meaning given in Part 17 of the Financial Services and Markets Act 2000 and includes any scheme which is, as a result of an order under section 426 of that Act making transitional provisions, treated as falling within that meaning.”
Ways of taking rights to cash equivalent: members of occupational pension schemes133.
In section 91(2)(c) of the Pension Schemes (Northern Ireland) Act 1993 (ways of taking rights to cash equivalent) for “insurance companies” substitute “insurers”.
Cash equivalent: authorised purposes for transfer notice134.
In section 97F(2)(b) of the Pension Schemes (Northern Ireland) Act 1993 (authorised purposes for transfer notice) for “insurance companies” substitute “insurers”.
Procedure on an investigation by the Pensions Ombudsman135.
In section 145(6) of the Pension Schemes (Northern Ireland) Act 1993 (procedure on an investigation by the Pensions Ombudsman: persons to whom information may be disclosed)—
(a)
paragraphs (f) and (g) are repealed;
(b)
“(i)
a person appointed under—
(i)
Part 14 of the Companies Act 1985,
(ii)
section 167 of the Financial Services and Markets Act 2000,
(iii)
subsection (3) or (5) of section 168 of that Act, or
(iv)
section 284 of that Act,
to conduct an investigation;
(j)
a body designated under section 326(1) of the Financial Services and Markets Act 2000; and
(k)
a recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).”.
Disclosure of information by the Department136.
(1)
The table set out in section 154A(1) of the Pension Schemes (Northern Ireland) Act 1993 (power of Department to disclose social security information for certain purposes) is amended as follows.
(2)
The entries relating to the following persons are repealed—
The Treasury;
The Friendly Societies Commission;
The Building Societies Commission;
An inspector appointed by the Secretary of State;
A person authorised to exercise powers under section 106 of the Financial Services Act 1986;
A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986); and
A recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house (within the meaning of the Financial Services Act 1986).
(3)
“Functions under the legislation relating to friendly societies, under the Building Societies Act 1986, or under the Financial Services and Markets Act 2000.”.
(4)
“A person appointed under—
- (a)
section 167 of the Financial Services and Markets Act 2000
- (b)
subsection (3) or (5) of section 168 of that Act, or
- (c)
section 284 of that Act,
to conduct an investigation.
Functions in relation to that investigation.
A body designated under section 326(1) of the Financial Services and Markets Act 2000.
Functions in its capacity as a body designated under that section.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).
Functions in its capacity as an exchange or clearing house recognised under that Act.”.
Interpretation of expressions relating to insurance137.
(1)
“Insurer and long-term insurance business175A.
(1)
In this Act “insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance.
(2)
In this Act “long term insurance business” means business which consists of the effecting or carrying out of contracts of long-term insurance.
(3)
This section 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.”.
(2)
In section 176(1) of that Act, the definition of “insurance company” is repealed.
Consultation on regulations concerning pension business of friendly societies138.
In section 180(1) of the Pension Schemes (Northern Ireland) Act 1993 (consultation on regulations concerning removal of restrictions on pension business of friendly societies), for the words “Chief Registrar of Friendly Societies” substitute “Financial Services Authority or, if the matter concerns section 464 of the Income and Corporation Taxes Act 1988, the Commissioners of the Inland Revenue”.
Pensions Act 1995 (c. 26)
Occupational pension scheme under a trust: power of investment and delegation139.
(1)
Section 34 of the Pensions Act 1995 (power of investment and delegation) is amended as follows.
(2)
“(3)
This subsection applies to a fund manager who, in relation to the investments, may take the decisions in question without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 (prohibition on carrying on regulated activities unless authorised or exempt).”.
(3)
In subsection (5)(b) for the words from “carrying” to “1986)” substitute “the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000)”.
Choice of investments by trustees of occupational pension scheme under a trust: meaning of “proper advice”140.
“(a)
if the giving of the advice constitutes the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000), advice given by a person who may give it without contravening the prohibition imposed by section 19 of that Act (prohibition on carrying on regulated activities unless authorised or exempt);”.
Restriction on employer-related investments141.
(1)
Section 40 of the Pensions Act 1995 (employer-related investments) is amended as follows.
(2)
In subsection (2) the definition of “securities” is repealed.
(3)
“(2A)
In subsection (2)(a) “securities” does not include government or other public securities.
(2B)
Paragraph (a) of subsection (2) and subsection (2A) 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.”.
Advisers for occupational pension schemes142.
(1)
Section 47 of the Pensions Act 1995 is amended as follows.
(2)
In subsection (2) the words “(within the meaning of the Financial Services Act 1986)” are repealed.
(3)
“(2A)
References in this section to investments 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.”.
Receipts, record and payments: duties of pension trustees and others143.
(1)
Section 49 of the Pensions Act 1995 (receipts, record and payments: duties of pension trustees and others) is amended as follows.
(2)
(3)
(4)
(5)
“(8A)
“Deposit taker” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;
(c)
the Bank of England or the central bank of a member state other than the United Kingdom;
(d)
the National Savings Bank; or
(e)
a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987 exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.
(8B)
Paragraphs (a) and (b) of subsection (8A) 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.”.
Salary related occupational pension schemes: discharge of liabilities by insurance etc144.
In section 74 of the Pensions Act 1995 (discharge of liabilities by insurance etc.), in subsection (3)(c), for “insurance companies” substitute “insurers”.
Borrowing power of Compensation Board145.
(1)
Section 78 of the Pensions Act 1995 (the Compensation Board) is amended as follows.
(2)
In subsection (5), for the words from “an” to “1987” substitute “a deposit-taker”.
(3)
“(5A)
“Deposit taker” means—
(a)
a person who has 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 paragraph 5(b) 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 of that Schedule) to accept deposits.
(5B)
Sub-paragraph (5A) 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.”.
Disclosure of information by the Occupational Pensions Regulatory Authority146.
(1)
The table set out in section 107(1) of the Pensions Act 1995 (power of the Authority to disclose pension information for certain purposes) is amended as follows.
(2)
The entries relating to the following persons are repealed—
- The Treasury115;
The Policyholders Protection Board;
The Deposit Protection Board;
The Investor Protection Board;
The Friendly Societies Commission;
The Building Societies Commission;
A person authorised to exercise powers under section 106 of the Financial Services Act 1986;
A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986);
A recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house (within the meaning of the Financial Services Act 1986); and
A person administering a scheme for the compensation of investors under section 54 of the Financial Services Act 1986.
(3)
In the entry relating to the Secretary of State, in the second column—
(a)
the words “Insurance Companies Act 1982,” and “the Financial Services Act 1986,” are repealed; and
(b)
for “or Part III of the Pension Schemes Act 1993” substitute “, Part 3 of the Pension Schemes Act 1993 or the Financial Services and Markets Act 2000”.
(4)
“Functions under the legislation relating to friendly societies, under the Building Societies Act 1986 or under the Financial Services and Markets Act 2000.”.
(5)
In the entry relating to an inspector appointed by the Secretary of State, the words “or section 94 or 177 of the Financial Services Act 1986” are repealed.
(6)
“A person authorised to exercise powers under section 447 of the Companies Act 1985, Article 440 of the Companies (Northern Ireland) Order 1986 or section 84 of the Companies Act 1989.
Functions under those sections or that Article.
A person appointed under—
- (a)
section 167 of the Financial Services and Markets Act 2000,
- (b)
subsection (3) or (5) of section 168 of that Act, or
- (c)
section 284 of that Act, to conduct an investigation.
Functions in relation to that investigation.
A body designated under section 326(1) of the Financial Services and Markets Act 2000.
Functions in its capacity as a body designated under that section.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).
Functions in its capacity as an exchange or clearing house recognised under that Act.
A body corporate established in accordance with section 212(1) of that Act.
Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act.”.
Disclosure of information to Compensation Board147.
In section 114(7) of the Pensions Act 1995 (bodies which may disclose information to the Compensation Board)—
(a)
paragraphs (f) and (j) are repealed;
(b)
“(la)
the Financial Services Authority;
(lb)
a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (Financial Services Compensation Scheme: the scheme manager);”.
Disclosure of information concerning public service pension schemes148.
In section 172 of the Pensions Act 1995 (information in connection with public service pensions), in subsection (1)(a), after “section 62 of the Financial Services Act 1986” insert “or under section 150 of the Financial Services and Markets Act 2000”.
Repeal of spent amendments by Pensions Act 1995 to other legislation149.
The following provisions of the Pensions Act 1995 (amendments to other legislation spent as a result of the coming into force of the Financial Services and Markets Act 2000) are repealed—
(a)
in Schedule 3, paragraphs 11, 17, 18 and 19;
(b)
in Schedule 5, paragraph 11; and
(c)
in Schedule 7, in Part 1, the entries relating to the Insurance Companies Act 1982 and the Banking Act 1987 and, in Part 2, the entries relating to the Insurance Companies Act 1982.
Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
Occupational pension scheme under a trust: power of investment and delegation150.
(1)
Article 34 of the Pensions (Northern Ireland) Order 1995 (power of investment and delegation) is amended as follows—
(2)
“(3)
This paragraph applies to a fund manager who, in relation to the investments, may take the decisions in question without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 (prohibition on carrying on regulated activities unless authorised or exempt).”.
(3)
In paragraph (5)(b) for the words from “carrying” to “1986)” substitute “the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000)”.
Choice of investments by trustees of occupational pension scheme under a trust: meaning of “proper advice”151.
“(a)
if the giving of the advice constitutes the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000), advice given by a person who may give it without contravening the prohibition imposed by section 19 of that Act (prohibition on carrying on regulated activities unless authorised or exempt);”.
Restriction on employer-related investments152.
(1)
Article 40 of the Pensions (Northern Ireland) Order 1995 (employer-related investments) is amended as follows.
(2)
In paragraph (2) the definition of “securities” is repealed.
(3)
“(2A)
In paragraph (2)(a) “securities” does not include government or other public securities.
(2B)
Sub-paragraph (a) of paragraph (2) and paragraph (2A) 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.”.
Advisers for occupational pension schemes153.
(1)
Article 47 of the Pensions (Northern Ireland) Order 1995 is amended as follows.
(2)
In paragraph (2) the words “(within the meaning of the Financial Services Act 1986)” are repealed.
(3)
“(2A)
References in this Article to investments 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.”.
Receipts, record and payments: duties of pension trustees and others154.
(1)
Article 49 of the Pensions (Northern Ireland) Order 1995 (receipts, record and payments: duties of pension trustees and others) is amended as follows.
(2)
(3)
(4)
(5)
“(8A)
“Deposit taker” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;
(c)
the Bank of England or the central bank of a member state other than the United Kingdom;
(d)
the National Savings Bank; or
(e)
a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987, exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.”
(8B)
Paragraph (8A) 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.”.
Disclosure of information by the Occupational Pensions Regulatory Authority155.
(1)
The table set out in Article 105(1) of the Pensions (Northern Ireland) Order 1995 (power of the Authority to disclose pension information for certain purposes) is amended as follows.
(2)
The entries relating to the following persons are repealed—
The Treasury;
The Policyholders Protection Board;
The Deposit Protection Board;
The Investor Protection Board;
The Friendly Societies Commission;
The Building Societies Commission;
A person authorised to exercise powers under section 106 of the Financial Services Act 1986;
A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986);
A recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house (within the meaning of the Financial Services Act 1986); and
A person administering a scheme for the compensation of investors under section 54 of the Financial Services Act 1986.
(3)
In the entry relating to the Secretary of State, in the second column—
(a)
the words “Insurance Companies Act 1982,” and “the Financial Services Act 1986,” are repealed; and
(b)
for “or Part III of the Pension Schemes Act 1993” substitute “, Part 3 of the Pension Schemes Act 1993 or the Financial Services and Markets Act 2000”.
(4)
“Functions under the legislation relating to friendly societies, under the Building Societies Act 1986 or under the Financial Services and Markets Act 2000.”.
(5)
In the entry relating to an inspector appointed by the Secretary of State, the words “or section 94 or 177 of the Financial Services Act 1986” are repealed.
(6)
“A person authorised to exercise powers under section 447 of the Companies Act 1985, Article 440 of the Companies (Northern Ireland) Order 1986 or section 84 of the Companies Act 1989.
Functions under those sections or that Article.
A person appointed under—
- (a)
section 167 of the Financial Services and Markets Act 2000,
- (b)
subsection (3) or (5) of section 168 of that Act, or
- (c)
section 284 of that Act,
to conduct an investigation.
Functions in relation to that investigation.
A body designated under section 326(1) of the Financial Services and Markets Act 2000.
Functions in its capacity as a body designated under that section.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).
Functions in its capacity as an exchange or clearing house recognised under that Act.
A body corporate established in accordance with section 212(1) of that Act.
Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act.”.
Disclosure of information to Compensation Board156.
In Article 112(7) of the Pensions (Northern Ireland) Order 1995 (bodies which may disclose information to the Compensation Board)—
(a)
sub-paragraphs (f) and (i) are repealed;
(b)
“(ka)
the Financial Services Authority;
(kb)
a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (Financial Services Compensation Scheme: the scheme manager);”.
Disclosure of information concerning public service pension schemes157.
In Article 164 of the Pensions (Northern Ireland) Order 1995 (information in connection with public service pensions), in paragraph (1)(a), after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.
Repeal of spent amendments by Pensions (Northern Ireland) Order 1995 to other legislation158.
Paragraph 7 of Schedule 3 to the Pensions (Northern Ireland) Order 1995 (which is spent as a result of the coming into force of the Financial Services and Markets Act 2000) is repealed.
Welfare Reform and Pensions Act 1999 (c. 30)
Pension credits: qualifying arrangements159.
(1)
Paragraph 6 of Schedule 5 to the Welfare Reform and Pensions Act 1999 (pension credits: qualifying arrangements) is amended as follows.
(2)
In sub-paragraph (2)—
(a)
for “insurance company” substitute “insurer”; and
(b)
in paragraph (a), the word “ordinary” is repealed.
(3)
“(3)
“Insurer” and “long-term insurance business” have the meaning given in section 180A of the Pension Schemes Act 1993.”.
Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11))
Pension credits: qualifying arrangements160.
(1)
Paragraph 6 of Schedule 5 to the Welfare Reform and Pensions (Northern Ireland) Order 1999 (pension credits: qualifying arrangements) is amended as follows.
(2)
In sub-paragraph (2)—
(a)
for “insurance company” substitute “insurer”; and
(b)
in paragraph (a), the word “ordinary” is repealed.
(3)
“(3)
“Insurer” and “long-term insurance business” have the meaning given in section 175A of the Pension Schemes Act.”.
PART 4ENACTMENTS RELATING TO THE BANK OF ENGLAND
Bank of England Act 1998 (c. 11)
Power of Bank of England to require undertakings to provide information161.
(1)
Section 17 of the Bank of England Act 1998 (power of Bank to require undertakings to provide information for purposes of Bank’s functions under Part 2 of that Act) is amended as follows.
(2)
“(3)
An undertaking is one to which this section applies if—
(a)
it has a place of business in the United Kingdom; and
(b)
it falls within subsection (3A), (3B), (3C) or (3D).
(3A)
An undertaking falls within this subsection if it is a deposit-taker.
(3B)
An undertaking falls within this subsection if it is not a deposit-taker but it—
(a)
falls within the subsector “other monetary financial institution”, as defined by paragraph 2.48 of Annex A to Council Regulation (EC) No. 2223/96,
(b)
carries on a business of granting credits secured on land used for residential purposes,
(c)
has issued a debt security, or
(d)
has acted as an agent in connection with arranging or managing the issue of a debt security.
(3C)
An undertaking falls within this subsection if it is a financial holding company.
(3D)
An undertaking falls within this subsection if it is not a deposit-taker but continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987 or a permission under Part 4 of the Financial Services and Markets Act 2000.”.
(3)
In subsection (5), for “subsection (3)” substitute “subsections (3) to (3D)”.
(4)
“(7)
“Deposit taker” means—
(a)
a person who has 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 paragraph 5(b) or (c) 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 or other repayable funds.
(7A)
“Debt security” means any instrument creating or acknowledging indebtedness (including a government or public security).
(7B)
Subsections (7) and (7A) 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.
(7C)
“Financial holding company” has the meaning given by Article 1(21) of Council Directive 2000/12/EC of the European Parliament and the Council.
(7D)
“Undertaking” has the meaning given by section 259 of the Companies Act 1985.”.
Repeal of spent provisions relating to transfer of functions from the Bank to the Authority etc162.
The following provisions of the Bank of England Act 1998 (which are spent or unnecessary as a result of the coming into force of the Financial Services and Markets Act 2000) are repealed—
(a)
sub-paragraphs (i) and (ii) of paragraph (a) and paragraphs (b) and (c) of section 21;
(b)
paragraphs 1 to 35, 39, 44, 45, 47, 52 to 59, 61, 65, 66 and 68 of Schedule 5 and section 23(1) so far as it relates to those paragraphs;
(c)
section 25;
(d)
section 26 and Schedule 6;
(e)
sections 27 to 29;
(f)
section 31;
(g)
section 32;
(h)
section 36;
(i)
in Schedule 8, paragraphs 1 to 5 and paragraph 7; and
(j)
in Schedule 9—
(i)
in Part 1, the entries relating to the Financial Services Act 1986 and to the Banking Act 1987; and
(ii)
Part 2.
Cash ratio deposits163.
(1)
“(1)
Each deposit-taker is an eligible institution for the purposes of this Schedule.
(1A)
“Deposit-taker” has the meaning given in section 17, except that it does not include—
(a)
a credit union;
(b)
a friendly society;
(c)
a person who has permission to accept deposits under Part 4 of the Financial Services and Markets Act 2000 only in the course of effecting or carrying out contracts of insurance in accordance with that permission; or
(d)
an EEA firm of the kind mentioned in paragraph 5(c) of Schedule 3 to that Act.
(1B)
“Credit union” has the meaning given—
(a)
by the Credit Unions Act 1979; or
(b)
in Northern Ireland, by the Credit Unions (Northern Ireland) Order 1985.
(1C)
“Friendly society” means—
(a)
a society which is registered within the meaning of the Friendly Societies Act 1974; or
(b)
a society incorporated under the Friendly Societies Act 1992.”.
(2)
In sub-paragraph (2) of that paragraph, for “sub-paragraph (1)” substitute “sub-paragraphs (1) to (1C)”.
Restriction on disclosure of information164.
(1)
Schedule 7 to the Bank of England Act 1998 (restriction on disclosure of information) is amended as follows.
(2)
“(2)
“Credit institution” means an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account.”.
(3)
“The Treasury.
Functions under the Financial Services and Markets Act 2000.
The Secretary of State.
Functions under the Financial Services and Markets Act 2000.
An inspector appointed under Part 14 of the Companies Act 1985 or Part 15 of the Companies (Northern Ireland) Order 1986.
Functions under that Part.
A person authorised to exercise powers under section 447 of the Companies Act 1985, Article 440 of the Companies (Northern Ireland) Order 1986 or section 84 of the Companies Act 1989.
Functions under that section or Article.
A person appointed under—
- (a)
section 167 of the Financial Services and Markets Act 2000,
- (b)
subsection (3) or (5) of section 168 of that Act, or
- (c)
section 284 of that Act,
to conduct an investigation.
Functions in relation to that investigation.
The Financial Services Authority.
Functions under the legislation relating to friendly societies, the Building Societies Act 1986, Part 7 of the Companies Act 1989 or the Financial Services and Markets Act 2000.
The competent authority for the purposes of Part 6 of the Financial Services and Markets Act 2000.
Functions under that Part.
The Office for National Statistics.
Functions under the Statistics of Trade Act 1947.
The Occupational Pensions Regulatory Authority
Functions under the Pension Schemes Act 1993 or the Pensions Act 1995 or any enactment in force in Northern Ireland corresponding to either of them.”.
PART 5AMENDMENTS TO THE CONSUMER CREDIT ACT 1974 (c. 39)
Exempt agreements165.
(1)
Section 16 (exempt agreements) of the Consumer Credit Act 1974 is amended as follows.
(2)
In subsection (1)—
(a)
“(a)
an insurer;”; and
(b)
“(h)
a deposit-taker.”.
(3)
“(3)
Before he makes, varies or revokes an order under subsection (1), the Secretary of State must undertake the necessary consultation.
(3A)
The necessary consultation means consultation with the bodies mentioned in the following table in relation to the provision under which the order is to be made, varied or revoked:
TABLE
Provision of subsection (1)
Consultee
Paragraph (a) or (b)
The Financial Services Authority
Paragraph (d)
The Charity Commissioners
Paragraph (e), (f) or (ff)
Any Minister of the Crown with responsibilities in relation to the body in question
Paragraph (g) or (h)
The Treasury and the Financial Services Authority”.
(4)
“(8)
In the application of this section to Scotland, subsection (3A) shall have effect as if the reference to the Charity Commissioners were a reference to the Lord Advocate.”.
(5)
In subsection (9)—
(a)
for “subsection (3)” substitute “subsection (3A)”;
(b)
the words “any reference to the Chief Registrar of Friendly Societies were a reference to the Registrar of Friendly Societies for Northern Ireland,” are repealed.
(6)
“(10)
In this section—
(a)
“deposit-taker” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits,
(iii)
any wholly owned subsidiary (within the meaning of the Companies Act 1985) of a person mentioned in sub-paragraph (i), or
(iv)
any undertaking which, in relation to a person mentioned in sub-paragraph (ii), is a subsidiary undertaking within the meaning of any rule of law in force in the EEA State in question for purposes connected with the implementation of the European Council Seventh Company Law Directive of 13 June 1983 on consolidated accounts (No. 83/349/EEC), and which has no members other than that person;
(b)
“insurer” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance,
but does not include a friendly society or an organisation of workers or of employers.
(11)
Subsection (10) 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.”.
Standard licences166.
“(9)
Subsection (10) applies if a standard licence is issued to an EEA consumer credit firm.
(10)
The activities described in the licence are not to include an activity for which the firm has, or could obtain, permission under paragraph 15 of Schedule 3 to the Financial Services and Markets Act 2000.”.
Fitness of licensees167.
(1)
Section 25 of the Consumer Credit Act 1974 (licensees to be fit persons) is amended as follows.
(2)
“(1A)
The Director shall refuse an application for the grant of standard licence made by a consumer credit EEA firm if all of the activities described in the licence are activities for which the firm has permission, or could obtain permission, under paragraph 15 of Schedule 3 to the Financial Services and Markets Act 2000.
(1B)
If an application for the grant of a standard licence—
(a)
is made by a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, and
(b)
relates to a listed activity,
the Financial Services Authority may, if it considers that the Director ought to refuse the application, notify him of that fact.
(1C)
In subsection (1B) “listed activity” means an activity listed in Annex 1 to the banking consolidation directive (2000/12/EC) or in the Annex to the investment services directive (93/22/EEC) and references to deposits and to their acceptance 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.”.
(3)
“(bb)
contravened any provision in force in an EEA State which corresponds to a provision of the kind mentioned in paragraph (b);”.
Conduct of Consumer Credit Act business168.
“26.Conduct of business
(1)
Regulations may be made as to—
(a)
the conduct by a licensee of his business; and
(b)
the conduct by a consumer credit EEA firm of its business in the United Kingdom.
(2)
The regulations may in particular specify—
(a)
the books or other records to be kept by any person to whom the regulations apply;
(b)
the information to be furnished by such a person to those persons with whom—
(i)
that person does business, or
(ii)
that person seeks to do business,
and the way in which that information is to be furnished.”.
The register maintained under the Consumer Credit Act 1974169.
“(1A)
The Director shall also cause to be kept in the register any copy of any notice or other document relating to a consumer credit EEA firm which is given to the Director by the Financial Services Authority for inclusion in the register.”.
Enforcement of agreements made by unlicensed trader170.
“(6)
This section does not apply to a regulated agreement, other than a non-commercial agreement, made by a consumer credit EEA firm unless at the time it was made that firm was precluded from entering into it as a result of—
(a)
a consumer credit prohibition imposed under section 203 of the Financial Services and Markets Act 2000; or
(b)
a restriction imposed on the firm under section 204 of that Act.”.
Appeals to the Secretary of State171.
“Imposition of, or refusal to withdraw, consumer credit prohibition under section 203 of the Financial Services and Markets Act 2000.
The consumer credit EEA firm concerned.
Imposition of, or refusal to withdraw, a restriction under section 204 of the Financial Services and Markets Act 2000.
The consumer credit EEA firm concerned.”.
Conduct of business regulations172.
In section 54 of the Consumer Credit Act 1974 (conduct of business regulations), for “a licensee” substitute “a person to whom the regulations apply”.
Enforcement of agreements made by unlicensed trader173.
“(6)
This section does not apply to an agreement made by a consumer credit EEA firm unless at the time it was made that firm was precluded from entering into it as a result of—
(a)
a consumer credit prohibition imposed under section 203 of the Financial Services and Markets Act 2000; or
(b)
a restriction imposed on the firm under section 204 of that Act.”.
Regulated agreements made on introductions by unlicensed credit-brokers174.
“(6)
For the purposes of this section, “unlicensed credit-broker” does not include a consumer credit EEA firm unless at the time the introduction was made that firm was precluded from making it as a result of—
(a)
a consumer credit prohibition imposed under section 203 of the Financial Services and Markets Act 2000; or
(b)
a restriction imposed on the firm under section 204 of that Act.”.
Restriction on disclosure of information175.
“(3A)
Subsections (1) and (2) do not apply to any disclosure of information by the Director to the Financial Services Authority for the purpose of—
(a)
enabling or assisting the Authority to discharge any of its functions;
(b)
enabling or assisting the Director to discharge any of his functions under this Act or the Financial Services and Markets Act 2000.”.
Interpretation176.
In section 189(1) of the Consumer Credit Act 1974 (definitions)—
(a)
the definitions of “authorised institution” and “insurance company” are repealed;
(b)
in the definition of “deposit”, after “means” insert “(except in section 16(10) and 25(1B))”; and
(c)
in the definition of “friendly society” for “under the Friendly Societies Acts 1896 to 1971” substitute “or treated as registered under the Friendly Societies Act 1974 or the Friendly Societies Act 1992”.
Meaning of “consumer credit EEA firm”177.
“Meaning of “consumer credit EEA firm”189A.
In this Act “consumer credit EEA firm” means an EEA firm falling within sub-paragraph (a), (b) or (c) of paragraph 5 of Schedule 3 to the Financial Services and Markets Act 2000 carrying on, or seeking to carry on, consumer credit business, consumer hire business or ancillary credit business for which a licence would be required under this Act but for paragraph 15(3) of Schedule 3 to the Financial Services and Markets Act 2000.”.
PART 6ENACTMENTS RELATING TO MUTUAL SOCIETIES
CHAPTER Iprimary legislation
Superannuation and Other Trust Funds (Validation) Act 1927 (c. 41)
Amendments consequential on dissolution of Registrar of Friendly Societies178.
(1)
The Superannuation and other Trust Funds (Validation) Act 1927 is amended as follows.
(2)
In the following sections for the word “registrar” (wherever it appears), substitute “Authority”; for the word “he” (wherever it appears) substitute “it” and for the word “his” (wherever it appears) substitute “its”—
(a)
section 3(1), 3(2), 3(3), 3(4) and 3(5);
(b)
section 4(1) and 4(2);
(c)
section 5(2);
(d)
the side heading to section 6 and section 6(1).
(3)
Section 3(6) is repealed.
(4)
In section 6(2) (supplementary provisions as to powers of registrar) for the words “Chief Registrar, or in Scotland the assistant registrar for Scotland” substitute “Authority” and for the word “he” substitute “it”.
(5)
In section 7 (penalties for default) for the word “registrar” (wherever it appears) substitute “Authority”.
(6)
In section 8 (interpretation)—
(a)
““Actuary” means a person who satisfies the requirements which are specified by the Authority for the purposes of section 340(6) of the Financial Services and Markets Act 2000 in so far as that subsection relates to actuaries;”;
(b)
the definition of “Chief Registrar” and “Registrar” is repealed; and
(c)
““Authority” means the Financial Services Authority;”.
(7)
Section 10 (reports to Parliament) is repealed.
Industrial and Provident Societies Act 1965 (c. 12)
Cancellation of registration of society179.
(1)
(2)
Advertising dissolution of society180.
Power to make regulations181.
(1)
Section 71 of the Industrial and Provident Societies Act 1965 is repealed.
(2)
In sections 2(3) and 10(3), for the words from “in the prescribed form” to the end substitute “bearing the Authority’s seal”.
Depositing of documents182.
“Every return and other document required for the purposes of this Act shall be made in such form, shall contain such particulars and shall be deposited in such manner as the Authority may direct and the Authority shall register and record those documents with such observations thereon (if any) as it considers appropriate.”
Industrial and Provident Societies Act 1967 (c. 48)
References to regulations made by Treasury183.
(1)
The Industrial and Provident Societies Act 1967 is amended as follows.
(2)
In section 1(2)(a) (charges on assets of English and Welsh societies) for the words “in the prescribed manner” substitute “in the manner directed by the Authority” and for the words “as may be prescribed” substitute “as may be required by the Authority”.
(3)
In section 1(3)—
(a)
for the words “in the prescribed form” in paragraph (a) substitute “bearing the Authority’s seal”;
(b)
the word “prescribed” in paragraph (b) is repealed;
(c)
the words after paragraph (c) are repealed.
(4)
In section 1(4)—
(a)
for the words “to make regulations” substitute “to give directions”;
(b)
for the words “section 71” substitute “section 72”;
(c)
for the words “regulations under that section may” substitute “the Authority may, under that section”.
(5)
In section 4(1) (filing of information relating to charges)—
(a)
in paragraph (a), for the words “in the prescribed manner” substitute “in the manner directed by the Authority”;
(b)
in paragraph (b), for the words “as may be prescribed” substitute “as may be required by the Authority”.
(6)
In section 4(3)(a) for the words “in the prescribed form” substitute “bearing the Authority’s seal”.
(7)
Section 4(4) is repealed.
(8)
In section 5(1) (supplemental provisions)—
(a)
for the words “to make regulations” substitute “to give directions”;
(b)
for the words “section 71” substitute “section 72”;
(c)
for the words “regulations under that section may” substitute “the Authority may, under that section”.
(9)
In section 7 (interpretation, etc general)—
(a)
the word “prescribed” in subsection (1) is repealed;
(b)
the words “, 71” and “, regulations” are repealed.
Friendly and Industrial and Provident Societies Act 1968 (c. 55)
Power of societies to disapply obligation to appoint auditors184.
(1)
(2)
In subsection (3)(e) the words “within the meaning of the Banking Act 1987” are repealed.
(3)
“(9)
In subsection (3), the reference to a deposit must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that section;
(c)
Schedule 2 to that Act.”.
Interpretation185.
Friendly Societies Act 1974 (c. 46)
Power of societies to disapply obligation to appoint auditors186.
(1)
(2)
In subsection (3) the words “within the meaning of the Banking Act 1987” are repealed.
(3)
“(3A)
In subsection (3) the reference to a deposit must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that section;
(c)
Schedule 2 to that Act.”.
References to Chief Registrar etc.187.
(1)
(2)
In Schedule 3 to the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001, paragraphs 27, 29(b) and 30 are revoked.
Regulations with respect to registration and procedure188.
Section 109(1)(a) of the Friendly Societies Act 1974 (Regulations) is repealed.
Advertising dissolution of society189.
Requirements for rules of registered societies190.
(1)
Schedule 2 to the Friendly Societies Act 1974 (matters to be provided for by the rules of societies registered under that Act) is amended as follows.
(2)
In sub-paragraph (2) of paragraph 11, the words “within the meaning of the Insurance Companies Act 1974” are repealed.
(3)
“(2A)
In sub-paragraph (2) “long-term business” has the meaning given by section 117(2) of the Friendly Societies Act 1992.”.
Credit Unions Act 1979 (c. 34)
General prohibition on deposit taking191.
“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.”.
Insurance against fraud or other dishonesty192.
(1)
Section 15 of the Credit Unions Act 1979 (insurance against fraud or other dishonesty) is amended as follows.
(2)
“(d)
must be issued by—
(i)
a person who has a permission under Part IV of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance of a relevant class.”.
(3)
“(3A)
Paragraph (d) of subsection (2) above 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.”.
Definition of “authorised bank”193.
(1)
Section 31(1) of the Credit Unions Act 1979 (interpretation) is amended as follows.
(2)
“(a)
a person who has permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits;
(ab)
an EEA firm of the kind mentioned in paragraph 5(b) 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;
(ac)
a municipal bank, that is to say a company which, immediately before the coming into force of this provision, fell within the definition in section 103 of the Banking Act 1987;”.
(3)
“(1A)
Paragraphs (a) and (ab) of the definition of “authorised bank” in subsection (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.”.
Building Societies Act 1986 (c. 53)
Lending limit for building societies194.
(1)
(2)
In paragraph (c) of the definition of X in subsection (2), for the words “insurance companies within the meaning of the Insurance Companies Act 1982” substitute “effecting or carrying out contracts of insurance”.
(3)
“(12)
In this section “long term insurance funds”, in relation to an undertaking effecting or carrying out contracts of insurance, means funds maintained by it—
(a)
in accordance with asset identification rules (within the meaning of section 142(2) of the Financial Services and Markets Act 2000) in respect of its business in effecting or carrying out contracts of long term insurance; or
(b)
where it is incorporated in a country or territory outside the United Kingdom, under the corresponding provisions of the law of that country or territory.”.
(4)
“(12A)
The definition of X in subsection (2) and subsection (12) 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.”.
Restrictions on powers of building societies195.
(1)
(2)
In subsection (5)—
(a)
“(a)
as a person who has permission under Part IV of the Financial Services and Markets Act 2000 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, 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.”;
(b)
the words after paragraph (b) to the end are repealed.
(3)
In subsection (9)—
(a)
in the definition of “collective investment scheme” for the words “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”;
(b)
““derivative investment” means an investment of the following kinds—
(a)
instruments giving entitlements to investments;
(b)
options;
(c)
futures;
(d)
contracts for differences;”.
(4)
“(9A)
Subsection (5) and the definition of “derivative investment” in subsection (9) 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;”.
Transfers of business by building society to company196.
(1)
(2)
“have—
(i)
such permission under Part IV of the Financial Services and Markets Act 2000, or
(ii)
such permission under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule),
as will enable it to carry on the business which it will have as a result of the transfer without being taken (by virtue of section 20 of that Act) to have contravened a requirement imposed on it by the Authority under that Act; or”.
Financial institution becoming subsidiary of building society197.
(1)
(2)
In subsection (4)(a)—
(a)
for the words “financial institution” substitute “person who is an authorised person within the meaning of section 31 of the Financial Services and Markets Act 2000”;
(b)
for the words “an institution” substitute “a person”.
(3)
In subsection (6), the definition of “financial institution” is repealed.
Definition of “institution” and “deposit”198.
(1)
(2)
“(12)
In this section—
“deposit” 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;
“institution” means—
(a)
a body corporate wherever incorporated;
(b)
a partnership formed under the law of any part of the United Kingdom;
(c)
a partnership or other unincorporated association of two or more persons formed under the law of a member State other than the United Kingdom.”.
Repeal of unnecessary provisions etc.199.
(1)
Section 119 of the Building Societies Act 1986 is amended as follows.
(2)
““own funds” means own funds as defined in Section 1 of Chapter 2 of Title V of the Banking Consolidation Directive;”.
(3)
(4)
Application of companies insolvency legislation to building societies200.
(1)
“(aa)
every reference to a company registered in Scotland shall have effect as a reference to a building society whose principal office is situated in Scotland;”.
(2)
“(aa)
every reference to a company registered in Scotland shall have effect as a reference to a building society whose principal office is situated in Scotland;”.
(3)
Paragraphs 209(b) and 210(b) of Schedule 3 to the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001 are revoked.
Friendly Societies Act 1992 (c. 40)
Transfers of engagements201.
(1)
Section 86 of the Friendly Societies Act 1992 (transfer of engagements by or to friendly society) is amended as follows.
(2)
Subsection (1)(a) is repealed.
(3)
In subsection (1)(d), for the words “insurance company” to the end, substitute “insurer”.
(4)
In subsection (1)(e) for the words “paragraph (a), (b) or (c) above” substitute “paragraph (b), (c) or (d) above”.
(5)
“(12)
In this section “insurer” means—
(a)
a person who has permission under Part IV of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance.
(13)
Subsection (12) 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.”.
Law applicable to contracts of insurance202.
(a)
(b)
Miscellaneous amendments203.
(1)
The Friendly Societies Act 1992 is amended as follows.
(2)
In section 85(3) (amalgamation of friendly societies), for the words “central office” substitute “Authority”.
(3)
“(7)
The Authority shall keep a copy of any direction given under this section in the public file of the society concerned.”.
(4)
In section 90(8) (power of Commission to effect transfer of engagements) for the words from the beginning to “who” substitute “If the Authority gives a direction it shall keep a copy of that direction and”.
(5)
In section 104 (public file of a friendly society)—
(a)
in subsection (1)(b) for the words “on payment of the fee prescribed under section 114 below”, substitute “subject to subsection (2A) below”;
(b)
in subsection (2) for the words “on payment of the fee so prescribed” substitute “subject to subsection (2A) below”.
(6)
In Schedule 3 to the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001, paragraphs 99(b), 100(f) and 108(b) are revoked.
Form of documents204.
(1)
“114.
(1)
The Authority may, by directions under this section, make provision with respect to the form of any document to be sent to it under this Act or the 1974 Act, the particulars to be included in any such document and the procedure to be followed in sending any such document.
(2)
The directions have effect subject to any other provision of or made under this Act.”.
(2)
In Schedule 3 to the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001, paragraph 113 is revoked.
Interpretation of the Friendly Societies Act 1992205.
(1)
Section 117(8) of the Friendly Societies Act 1992 (meaning of “provision of insurance”) is repealed.
(2)
Section 119 of the Friendly Societies Act 1992 (interpretation) is amended as follows.
(3)
(4)
(5)
Subsection (1B) is repealed.
(6)
“(1C)
In the definition of “supervisory authority” in subsection (1), the reference to contracts of insurance and to effecting or carrying out such contracts 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.”.
Transfer of engagements: margin of solvency206.
(1)
“13.
(1)
The Authority shall not confirm a transfer in any case where the transferee is required by section 87 above to furnish the Authority with a report unless it is satisfied (after taking the proposed transfer into account) either that the transferee will possess the margin of solvency required by rules made by the Authority under section 138 of the Financial Services and Markets Act 2000 or, where no margin of solvency is required by such rules, that the value of the transferee’s assets will exceed its liabilities.
(2)
The Authority shall not confirm a transfer of any engagements the fulfilment of which will constitute effecting or carrying out contracts of insurance in the United Kingdom unless it is satisfied (after taking the proposed transfer into account) either that the transferee will possess the margin of solvency required by rules made by the Authority under section 138 of the Financial Services and Markets Act 2000 or, where no margin of solvency is required by such rules, that the value of the transferee’s assets will exceed its liabilities.
(3)
This paragraph does not apply to any transfer of engagements to which paragraph 15 or 15A below applies.
(4)
The reference in sub-paragraph (2) to effecting or carrying out contracts of insurance 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.”.
(2)
In paragraph 128 of Schedule 3 to the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001—
(a)
in sub-paragraph (o), for the words “paragraphs 12 and 13” substitute “paragraph 12”;
(b)
sub-paragraphs (p) and (q) are revoked.
Transfer of engagements: general business207.
(1)
(2)
In sub-paragraph (1)(c)—
(a)
“(ii)
a UK firm which has an EEA right deriving from any of the insurance directives;”;
(b)
“(iii)
an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000;”;
(c)
paragraph (iv) is repealed;
(d)
“(v)
an insurance company whose head office is in Switzerland, which has permission under Part IV of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, which permission is not limited to reinsurance business;”.
(3)
“(6)
In this paragraph “the relevant authority” means—
(a)
if the transferee falls within paragraph (1)(c)(iii), its home state regulator;
(b)
if the transferee falls within paragraph (1)(c)(v), the supervisory authority in Switzerland;
(c)
if the transferee falls within paragraph (1)(c)(vi), the Authority or other supervisory body responsible for the supervision;
(d)
in any other case, the Authority.”.
Transfer of engagements: long term business208.
(1)
(2)
In sub-paragraph (1)(c)—
(a)
“(ii)
a UK firm which has an EEA right deriving from any of the insurance directives;”;
(b)
“(iii)
an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000;”;
(c)
paragraph (iv) is repealed.
(3)
“(6)
In this paragraph “the relevant authority” means—
(a)
if the transferee falls within paragraph (1)(c)(iii), its home state regulator;
(b)
if the transferee falls within paragraph (1)(c)(v), the Authority or other supervisory body responsible for the supervision;
(c)
in any other case, the Authority.”.
Transfer of engagements: interpretation209.
CHAPTER IIsubordinate legislation
Enactments relating to friendly societies
Revocation of redundant provisions210.
The following enactments are revoked—
(a)
the Friendly Societies (Fees) Order 1971 (S.I. 1971/1900);
(b)
the Friendly Societies Regulations 1975 (S.I. 1975/205);
(c)
the Friendly Societies Act 1992 (Consequential Provisions) (No 2) Regulations 1993 (S.I. 1993/1187);
(d)
the Friendly Societies Appeal Tribunal Regulations 1993 (S.I. 1993/2002);
(e)
the Friendly Societies (Qualifications of Actuaries No 2) Regulations 1993 (S.I. 1993/2518);
(f)
(g)
the Friendly Societies (Insurance Business) Regulations 1994 (S.I. 1994/1981);
(h)
The Friendly Societies (Authorisation) Regulations 1994 (S.I. 1994/1982);
(i)
the Friendly Societies (Activities of a Subsidiary) Order 1995 (S.I. 1995/3062);
(j)
The Friendly Societies (Insurance Business) (Amendment) Regulations 1996 (S.I. 1996/3008);
(j)
the Friendly Societies (Activities of a Subsidiary) Order 1996 (S.I. 1996/3009);
(k)
the Friendly Societies (Insurance Business) (Amendment) Regulations 1997 (S.I. 1997/966);
(l)
the Friendly Societies (Activities of a Subsidiary) Order 1998 (S.I. 1998/2328);
(m)
the Friendly Societies (Activities of a Subsidiary) (No 2) Order 1998 (S.I. 1998/2696);
(n)
the Friendly Societies (Insurance Business) (Amendment) Regulations 1998 (S.I. 1998/3034);
(o)
the Friendly Societies (Insurance Business) (Amendment) Regulations 2000 (S.I. 2000/1700);
(p)
the Friendly Societies (General Charge and Fees) Regulations 2001 (S.I. 2001/816).
Revocation of references to dissolved bodies, repealed legislation etc.211.
(1)
In the Friendly Societies Act 1992 (Commencement No 3 and Transitional Provisions) Order 1993 (S.I. 1993/16)—
(a)
in article 1(2) (interpretation), the definitions of “assistant registrar”, “Chief Registrar”, “Commission” and “registrar” are revoked; and
(b)
articles 5, 7 and 9 (transitional provisions) are revoked.
(2)
In the Friendly Societies Act 1992 (Transitional and Consequential Provisions and Savings) Regulations 1993 (S.I. 1993/932)—
(a)
in regulation 2 (interpretation), the definitions of “the 1987 Regulations”, “incorporated friendly society” and “registrar” are revoked; and
(b)
regulations 3 to 5 (transitional provisions) are revoked.
(3)
In the Friendly Societies Act 1992 (Commencement No 6 and Transitional Provisions) Order 1993 (S.I. 1993/2213)—
(a)
in article 1(2), the definition of “Industrial Assurance Commissioner” is revoked; and
(b)
article 6 is revoked.
(4)
Article 7 of the Friendly Societies Act 1992 (Commencement No 7 and Transitional Provisions and Savings) Order 1993 (S.I.1993/3226) is revoked.
(5)
In regulation 9 (associated bodies) of, and paragraph 12 of Schedule 3 to, the Friendly Societies (Accounts and Related Provisions) Regulations 1994 (S.I. 1994/1983), for “Commission” substitute “Authority”.
(6)
In the Friendly Societies Act 1992 (Transitional and Consequential Provisions) Regulations 1995 (S.I. 1995/710), regulations 3 and 5 are revoked.
Enactments relating to building societies
Revocation of redundant provisions212.
The following enactments are revoked—
(a)
(b)
the Building Societies (Designation of Prescribed Regulatory Authorities) Order 1988 (S.I. 1988/630);
(c)
the Building Societies Appeal Tribunal (Amendment) Regulations 1993 (S.I. 1993/983);
(d)
(e)
The Building Societies (Designation of Prescribed Regulatory Authorities) Order 1997 (S.I. 1997/2302);
(f)
The Building Societies (General Charge and Fees) Regulations 2001 (S.I. 2001/815).
Revocation or amendment of references to dissolved bodies, repealed legislation etc.213.
(1)
In the Building Societies Act 1986 (Rules and Miscellaneous Transitional Provisions) Order 1986 (S.I. 1986/2168), articles 3(4) and (5), 4, 10 and 11 are revoked.
(2)
In the Building Societies Act 1986 (Powers and Miscellaneous Transitional Provisions) Order 1986 (S.I. 1986/2169), the definition of “the registrar” in article 2 and articles 4, 8 and 11 are revoked.
(3)
In regulation 2 of, and paragraph 28 of Part I of Schedule 1 to, and Schedule 3 to, the Building Societies (Transfer of Business) Regulations 1998 (S.I. 1998/212), for “Building Societies Commission” in each place those words appear, substitute “Authority”.
(4)
(5)
In regulation 3 of the Building Societies (Business Names) Regulations 1998 (S.I. 1998/3186) and in the cross-heading before that regulation, for “Commission” substitute “Authority”.
(6)
In regulation 2 of, and the Schedule to, the Building Societies (Merger Notification Statement) Regulations 1999 (S.I. 1999/1215), for “Building Societies Commission” in each place those words appear, substitute “Authority”.
Building Societies (Deferred Shares) Order 1991214.
The Building Societies (Deferred Shares) Order 1991 (S.I. 1991/701) is amended as follows—
(a)
“(2)
The condition mentioned in paragraph (1) of this article is that—
(a)
the document containing the issue terms, or where the issue terms are contained in a series of documents, one of those documents, being in either case a document which is furnished to every applicant for the shares (“the issue document”), and every document evidencing title to the shares (“the title document”), contains a prominent statement to the effect that the shares are deferred shares for the purposes of section 119 of the Act;
(b)
where the issue document was issued before 1st December 2001 or where the title document evidences title obtained before that date, that document contains a prominent statement to the effect that the shares are not protected investments for the purposes of payments out of the Building Societies Investor Protection Fund; and
(c)
where the issue document was issued on or after 1st December 2001 or where the title document evidences title obtained on or after that date, that document contains a prominent statement stating whether or not the shares are an investment in respect of which a claim may be entertained by the Financial Services Compensation Scheme.”; and
(b)
in the Schedule, for “Commission” substitute “Authority”.
Enactments relating to industrial and provident societies and credit unions
Revocation of redundant provisions215.
The following enactments are revoked—
(a)
the Industrial and Provident Societies (Forms and Procedure) Regulations 1996 (S.I. 1996/3121);
(b)
the Industrial and Provident Societies (Fees) Regulations 2001 (S.I. 2001/813);
(c)
the Industrial and Provident Societies (Credit Unions) Regulations 1979 (S.I. 1979/937);
(d)
the Industrial and Provident Societies (Credit Unions) (Fees) Regulations 2001 (S.I. 2001/814).
PART 7ENACTMENTS RELATING TO SCOTLAND
CHAPTER Iprimary legislation
Agricultural Credits (Scotland) Act 1929 (19&20 Geo. V c. 13)
Repeal of redundant provision216.
Section 8 of the Agricultural Credits (Scotland) Act 1929 (registration of agricultural charges) is repealed.
Definition of “Bank”217.
““Bank” means—
(a)
the Bank of England,
(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(c)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits, or
(d)
the Post Office in the exercise of its powers to provide banking services,
and the expressions used in paragraphs (b) and (c) of this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act;”.
Local Government (Scotland) Act 1973 (c. 65)
Meaning of “securities”218.
“(1)
In sections 39 and 41 of this Act “securities” has the meaning given by section 92.”
Contracts deemed to be insurance policies219.
Meaning of “securities”220.
(1)
Section 92 of the Local Government (Scotland) Act 1973 (transfer of securities on alteration of area etc.) is amended as follows.
(2)
(3)
“(3)
“Securities” means—
(a)
shares;
(b)
instruments creating or acknowledging indebtedness;
(c)
government and public securities;
(d)
instruments giving entitlements to investments;
(e)
certificates representing securities;
(f)
units in a collective investment scheme;
(g)
rights to, or interests in, any security of the kind mentioned in paragraphs (a) to (f);
(h)
rights (whether actual or contingent) to money lent to, or deposited with—
(i)
a society registered under the Industrial and Provident Societies Act 1965, or
(ii)
a building society within the meaning of the Building Societies Act 1986.
(4)
Subsection (3) 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.”
National Health Service (Scotland) Act 1978 (c. 29)
Financial Services and Markets Act 2000 disapplied to certain health service schemes221.
Solicitors (Scotland) Act 1980 (c. 46)
Specification of banks where solicitors may keep accounts222.
(1)
Section 35 of the Solicitors (Scotland) Act 1980 (accounts rules) is amended as follows.
(2)
“(e)
a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(ea)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;”.
(3)
“(2A)
Paragraphs (e) and (ea) of subsection (2) 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.”.
Meaning of “authorised insurer”223.
(1)
Section 44 of the Solicitors (Scotland) Act 1980 (professional indemnity) is amended as follows.
(2)
“an “authorised insurer” is—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of general liability insurance;
(b)
a person who has permission under Part 4 of that Act to effect or carry out contracts of insurance relating to accident, sickness, credit, suretyship, miscellaneous financial loss and legal expenses;
(c)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of general liability insurance; or
(d)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts relating to accident, sickness, credit, suretyship, miscellaneous financial loss and legal expenses;”.
(3)
“(6)
The definition of “authorised insurer” in subsection (5) 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.”.
Bankruptcy (Scotland) Act 1985 (c. 66)
Petitions for sequestration under Financial Services and Markets Act 2000224.
Meaning of “appropriate bank or institution”225.
““appropriate bank or institution” means—
(a)
the Bank of England,
(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(c)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits, or
(d)
a person who is exempt from the general prohibition in respect of accepting deposits as a result of an exemption order made under section 38(1) of that Act,
and the expressions in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act;”.
Housing (Scotland) Act 1987 (c. 26)
Definition of “bank”226.
(1)
Section 338 of the Housing (Scotland) Act 1987 (interpretation) is amended as follows.
(2)
In subsection (1)—
(a)
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(ab)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits, or”;
(b)
““insurance company” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance;”.
(3)
“(1A)
The definitions of “bank” and “insurance company” in subsection (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.”.
Local authority indemnity for building societies: consultation requirements227.
In section 229(4) of the Housing (Scotland) Act 1987 (local authority indemnity for building societies: consultation requirements) for “Building Societies Commission” substitute “Financial Services Authority”.
The Criminal Justice (Scotland) Act 1987 (c. 41)
Competent authorities for receipt of information228.
“(e)
a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation;
(f)
a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager);”.
Self-Governing Schools etc. (Scotland) Act 1989 (c. 39)
Specification of banks and investments229.
(1)
Section 53 of the Self-Governing Schools etc. (Scotland) Act 1989 (disposal of surplus money on winding up) is amended as follows.
(2)
“any person who has permission under the Financial Services and Markets Act 2000 to accept deposits); and”.
(3)
“(4)
This section applies to any investment which is a security.”
(4)
“(5)
The references to accepting deposits in subsection (1)(a) and to an investment being a security in subsection (4) 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.”.
Enterprise and New Towns (Scotland) Act 1990 (c. 35)
Exclusion from financial promotion restriction230.
“(2)
Section 21 of the Financial Services and Markets Act 2000 (restrictions on financial promotion) shall not apply to any invitation or inducement (within the meaning of that section) which Scottish Enterprise communicates in the discharge of its functions.”
Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40)
Definition of “relevant institution”231.
“(a)
a “relevant institution” is—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;
(iii)
such other person or class of persons as the Secretary of State may by regulations made under this section, prescribe;”.
Definition of “recognised financial institution”232.
(1)
Section 19 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (executry services by recognised financial institutions) is amended as follows.
(2)
“(2)
In this section “recognised financial institution” means—
(a)
any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;
(c)
any subsidiary (as defined by section 736(1) of the Companies Act 1985) of a body falling within paragraph (a) or (b) above whose business or any part of whose business consists of the provision of executry services.”.
(3)
“(2A)
The definition of “recognised financial institution” in subsection (2) above 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.”.
(4)
In subsection (6), for the words from “section 16” to the end, substitute “rules made under section 141(1) of the Financial Services and Markets Act 2000 (which may restrict insurers to carrying on insurance business).”.
Meaning of “executry services”233.
In section 23 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (interpretation of sections 16 to 22), in the definition of “executry services” for the words “investment business within the meaning of the Financial Services Act 1986” substitute “carrying on a regulated activity within the meaning of the Financial Services and Markets Act 2000”.
Criminal Law (Consolidation) (Scotland) Act 1995 (c. 39)
Competent authorities for the receipt of information234.
“(e)
a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation;
(f)
a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager);”.
Adults with Incapacity (Scotland) Act 2000 (asp 4)
Persons capable of giving “proper advice”235.
(1)
Schedule 2 to the Adults with Incapacity (Scotland) Act 2000 (management of estate of adult) is amended as follows.
(2)
In paragraph 5(2), for the words “authorised to carry on investment business in the United Kingdom for the purposes of the Financial Services Act 1986 (c. 60)” substitute “who has permission for the purposes of the Financial Services and Markets Act 2000 to advise on investments”.
(3)
“(2A)
Sub-paragraph (2) 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.”.
CHAPTER IIsecondary legislation
The Banking Appeal Tribunal (Scottish Appeals)
Revocation of instruments made under the Banking Act 1987236.
The following instruments are revoked—
(a)
The Banking Appeal Tribunal (Scottish Appeals) Regulations 1987 (S.I. 1987/1336 (S.95));
(b)
The Banking Appeal Tribunal (Scottish Appeals) Amendment Regulations 1993 (S.I. 1993/1061 (S.150)).
Local Government Superannuation (Scotland) Regulations 1987 (S.I. 1987/1850)
Actionable loss arising from pension mis-selling237.
(a)
after the words “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”; and
(b)
the words “made under the Act” are revoked.
Use and investment of superannuation funds' moneys238.
(1)
Regulation P6 of the Local Government Superannuation (Scotland) Regulations 1987 (use and investment of superannuation funds' moneys) is amended as follows.
(2)
“the provisions of CIS 5.14.4R and CIS 5.14.6R of the rules made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000.”.
(3)
““investment manager” means a person who has permission for the purposes of the Financial Services and Markets Act 2000 to manage investments which are held for the purposes of an occupational pension scheme and who is reasonably believed by the administrating authority to be suitably qualified to make investment decisions on their behalf, but who is not an employee of that authority;”.
(4)
“(11)
The definition of “investment manager” in paragraph (10) must be read with—
(a)
sections 22 and 419 of the Financial Services and Markets Act 2000;
(b)
any relevant order under those sections;
(c)
Schedule 2 to that Act.”.
The Teachers' Superannuation (Scotland) Regulations 1992 (S.I. 1992/280)
Meaning of “reference banks”239.
(1)
The Teachers' Superannuation (Scotland) Regulations 1992 are amended as follows.
(2)
“(b)
“the reference banks” means the four largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(ii)
are incorporated in and carrying on in the United Kingdom a regulated activity of accepting deposits; and
(iii)
quote a base rate applicable to sterling deposits,
and in this definition the reference to accepting deposits must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act;”.
The Brechin and Bridge of Dun Light Railway Order 1992 (S.I. 1992/1267)
Meaning of “insurer”240.
(1)
Article 10 of the Brechin and Bridge of Dun Light Railway Order 1992 (public liability insurance) is amended as follows.
(2)
““insurer” means—
(a)
any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class, or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance of a relevant class;”.
(3)
“(1A)
The definition of “insurer” 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.”.
The Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992 (S.I. 1992/2184 (S. 218))
Definition of “reference banks”241.
(1)
Regulation 4 of the Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992 (calculation of interest—repayment on or after 1st October 1992) is amended as follows.
(2)
In paragraph (3)—
(a)
“seven largest persons who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; and
(b)
are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits;”; and
(b)
for the words “an institution” substitute “a person”; for the words “that institution” substitute “that person” and for the word “its” substitute “the”.
(3)
“(4)
Paragraph (3) 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.”.
The Registered Housing Associations (Accounting Requirements) (Scotland) Order 1993 (S.I. 1993/487 (S. 52))
Meaning of “listed investment”242.
In paragraph 15 of Schedule 2 to the Registered Housing Associations (Accounting Requirements) (Scotland) Order 1993 (investments)—
(a)
in sub-paragraph (1)(b) for the words “the Financial Services Act 1986” substitute “the Financial Services and Markets Act 2000”;
(b)
in sub-paragraph (3) for the words “the Financial Services Act 1986” substitute “the Financial Services and Markets Act 2000”.
The Criminal Justice (Scotland) Act 1987 (Crown Servants and Regulators etc.) Regulations 1994 (S.I. 1994/1808) (S.80))
Exemption from obligation to disclose knowledge or suspicion of money laundering243.
In regulation 4(1) of the Criminal Justice (Scotland) Act 1987 (Crown Servants and Regulators etc.) Regulations 1994 (designation of persons appearing to the Secretary of State to be performing regulatory etc. functions)—
(a)
“(c)
the Financial Services Authority;”;
(b)
sub-paragraphs (b), (d) to (g) and (i) to (m) are revoked.
The National Health Service Superannuation Scheme (Scotland) Regulations 1995 (S.I. 1995/365)
Actionable loss arising from pension mis-selling244.
The Charities (Dormant Accounts) (Scotland) Regulations 1995 (S.I. 1995/2056)
Prescribed “relevant institutions”245.
The Acquisition of Land (Rate of Interest After Entry) (Scotland) Regulations 1995 (S.I. 1995/2791) (S.206))
Definition of reference banks246.
(1)
Regulation 2 of the Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995 (rate of interest) is amended as follows.
(2)
“seven largest persons who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; and
(b)
are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits,”;
(3)
In paragraphs (5)(b) and (6) for the words “an institution” (in both places) substitute “a person”; for the words “that institution” substitute “that person” and for “its” (wherever it appears) substitute “his”.
(4)
“(5A)
Paragraph (5) 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.”.
The Teachers' Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995 (S.I. 1995/2814)
Meaning of “insurer”247.
(1)
Regulation 9 of the Teachers' Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995 (investment of contributions) is amended as follows.
(2)
In paragraphs (1) and (2), for “insurance company” wherever it appears substitute “insurer”.
(3)
“(3)
In this regulation “insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, 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)
“(4)
Paragraph (3) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that section;
(c)
Schedule 2 to that Act.”.
The Fossil Fuel Levy (Scotland) Regulations 1996 (S.I. 1996/293)
Investment of sums collected248.
(1)
Regulation 25 of the Fossil Fuel Levy (Scotland) Regulations 1996 (investment of sums collected) is amended as follows.
(2)
“a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits and an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule”.
(3)
“(4)
Paragraph (3) 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.”.
The Independent Qualified Conveyancers (Scotland) Regulations 1997 (S.I. 1997/316) ( S.20))
Meaning of “banks” and “recognised financial institution”249.
(1)
Regulation 2 of the Independent Qualified Conveyancers (Scotland) Regulations 1997 (interpretation) is amended as follows.
(2)
In paragraph (1)—
(a)
““Bank” means—
(a)
a person (other than a building society) who has 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 paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule;”; and
(b)
““recognised financial institution” means—
(a)
any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;
(c)
any subsidiary (as defined by section 736(1) of the Companies Act 1985) of a body falling within paragraph (a) or (b) above whose business or any part of whose business consists of the provision of executry services.”.
(3)
“(1A)
The definitions of “bank” and “recognised financial 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.”.
The Executry Practitioners (Scotland) Regulations 1997 (S.I. 1997/317) (S.21))
Meaning of “bank” and “recognised financial institution”250.
(1)
Regulation 2 of the Executry Practitioners (Scotland) Regulations 1997 (interpretation) is amended as follows.
(2)
““Bank” means—
(a)
a person (other than a building society) who has 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 paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule;”.
(3)
““recognised financial institution” means—
(a)
any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;
(c)
any subsidiary (as defined by section 736(1) of the Companies Act 1985) of a body falling within paragraph (a) or (b) above whose business or any part of whose business consists of the provision of executry services.”.
(4)
“(1A)
The definitions of “bank” and “recognised financial 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.”.
The Local Government Pension Scheme (Scotland) Regulations 1998 (S.I. 1998/366)
Meaning of “authorised insurer” and “relevant institution”251.
(1)
(2)
“(a)
“authorised insurer” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of general insurance; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of general insurance,
and the expressions used in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.
(3)
“(e)
“relevant institution” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 accept deposits;
(ii)
a person who is exempt from the general prohibition in respect of accepting deposits as a result of an exemption order made under section 38(1) of that Act;
(iii)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule,
and the expressions used in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.
Actionable loss arising from pensions mis-selling252.
In regulation 6(9) of the Local Government Pension Scheme (Scotland) Regulations 1998 (joining the Scheme), after the words “section 62 of the Financial Services Act 1986” add “or section 150 of the Financial Services and Markets Act 2000”.
Appropriate annuity contracts etc.253.
(1)
(2)
“(a)
effects or carries out contracts of long-term insurance in the United Kingdom or any other member State; and”.
(3)
“(3)
Paragraph (2)(a) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order made under that section; and
(c)
Schedule 2 to that Act.”.
Definition of terms254.
(1)
Schedule 1 to the Local Government Pension Scheme (Scotland) Regulations 1998 (interpretation) is amended as follows.
(2)
In the definition of “AVC insurance company”—
(a)
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance; or”
(b)
“and paragraphs (a) and (b) of this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.
(3)
In the definition of “the Reference banks”—
(a)
“seven largest persons for the time being who—
- (a)
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
- (b)
are incorporated in and carrying on in the United Kingdom a regulated activity of accepting deposits; and
- (c)
quote a base rate in sterling,
and in 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 section 736 of the Companies Act 1985), as shown in the audited end-of-year accounts last published before that time; and
the reference to accepting deposits must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act;”.
(4)
The National Health Service Superannuation Scheme (Scotland) (Additional Voluntary Contributions) Regulations 1998 (S.I. 1998/1451) (S.75))
Meaning of “insurance company”255.
(1)
Regulation 2 of the National Health Service Superannuation Scheme (Scotland) (Additional Voluntary Contributions) Regulations 1998 (interpretation) is amended as follows.
(2)
““insurance company” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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 which has permission under paragraph 15 of that Schedule to effect or carry out contracts of long-term insurance as a result of satisfying the establishment conditions within the meaning of that Schedule;”.
(3)
“(1A)
The definition of “insurance company” 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.”.
The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (S.I. 1998/2888) (S.168))
Definitions of terms256.
(1)
(a)
the existing provision becomes paragraph (1);
(b)
the definitions of “European authorised institution” and “European institution” are revoked;
(c)
the definition of “home-regulated investment business” is revoked;
(d)
““relevant institution” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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; or
(c)
a person who is an exempt person in respect of accepting deposits as a result of an order made under section 38(1) of that Act;”;
(e)
“(2)
The definition of “relevant institution” in paragraph (1), together with regulations 3(5) to (6A) and 4(2) and paragraph 4 of Part I of Schedule 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.”.
Meaning of “investment”257.
(1)
“(5)
A contract of insurance is an investment if and only if it is a contract of a relevant class, and is entered into with a person within paragraph (6) for whom entering into the contract constitutes the carrying on of a regulated activity (within the meaning of the Financial Services and Markets Act 2000).
(6)
The persons within this paragraph are—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or
(c)
a person who does not fall within sub-paragraph (a) or (b) and who, because he has his head office in an EEA State (within the meaning of that Act) other than the United Kingdom, is permitted by the law of that State to effect or carry out contracts of insurance of a relevant class.
(6A)
A contract of insurance is of a relevant class for the purposes of paragraphs (5) and (6) if it is—
(a)
a contract of insurance on human life or a contract to pay an annuity on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified); or
(b)
a contract to manage the investments of pension funds, whether or not combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.”.
(2)
“(7)
A stock lending arrangement is an investment if, and only if, in respect of it, the conditions in rules 5.14.4R and 5.14.6R in the Collective Investment Scheme Sourcebook are complied with.
(8)
For the purposes of paragraph (7)—
(a)
the references in rules 5.14.4R and 5.14.6R to the trustee must be read as if they were references to the administering authority; and
(b)
the “Collective Investment Scheme Sourcebook” means the Collective Investment Scheme Sourcebook made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000.”.
Meaning of “investment manager”258.
(1)
“(2)
A person is an investment manager if—
(a)
he has permission under Part 4 of the Financial Services and Markets Act 2000 to manage the assets of occupational pension schemes;
(b)
he is an EEA firm of the kind mentioned in paragraph 5(a) or (b) 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 of that Schedule) to manage the assets of occupational pension schemes; or
(c)
he is a person—
(i)
who does not carry on regulated activities (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom;
(ii)
whose head office is situated in an EEA State (within the meaning of that Act) other than the United Kingdom;
(iii)
who is recognised by the law of that EEA State as a national of that or another EEA State;
(iv)
who is authorised under that law to carry on one or more regulated activities (within the meaning of that Act); and
(v)
who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.”.
Limits on investments and other definitions259.
(1)
Schedule 1 to the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (limits on investments) is amended as follows.
(2)
“4.
All deposits with—
(a)
any local authority, or
(b)
any body with power to issue a precept or requisition to a local authority, or to the expenses of which a local authority can be required to contribute,
which is an exempt person (within the meaning of the Financial Services and Markets Act 2000) in respect of accepting deposits as a result of an order made under section 38(1) of that Act, and all loans (but see paragraph 12).”.
(3)
In paragraph 15—
(a)
in the definition of “collective investment scheme” for the words “section 75 of the Financial Services Act 1986” substitute “section 235 of the Financial Services and Markets Act 2000”; and
(b)
in the definition of “open-ended investment company” for the words “Open-ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996” substitute “Open-Ended Investment Companies Regulations 2001”.
The Registered Housing Associations (Accounting Requirements) (Scotland) Order 1999 (S.I. 1999/1073)
Listed investments shown on balance sheet260.
“granted a listing on—
(a)
a recognised investment exchange other than an overseas investment exchange within the meaning of the Financial Services and Markets Act 2000; or
(b)
any stock exchange of repute outside Great Britain.”.
The Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999 (S.I. 1999/1082)
Additional voluntary contributions261.
(1)
Schedule 6 to the Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999 (additional voluntary contributions) is amended as follows.
(2)
“(3)
In this Schedule, paragraphs 5(2) and 8(2) 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.”.
(3)
“(a)
in an insurance policy or policies taken out with an office or branch in the United Kingdom of—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 effect or carry out contracts of long-term insurance;
(b)
in a deposit account or accounts with a building society (within the meaning of the Building Societies Act 1986) which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.”.
(4)
“being a United Kingdom branch or office of—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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 which has permission under paragraph 15 of that Schedule to effect or carry out contracts of long-term insurance as a result of satisfying the establishment conditions within the meaning of that Schedule;”.
The Scotland Act 1998 (Functions Exercisable in or as Regards Scotland) Order 1999 (S.I. 1999/1748)
Revocation of redundant provision262.
In Schedule 1 to the Scotland Act 1998 (Functions Exercisable in or as Regards Scotland) Order 1999—
(a)
(b)
paragraph 9 (which relates to the Financial Services Tribunal),
are revoked.
The European Communities (Lawyer’s Practice) (Scotland) Regulations 2000 (S.I. 2000/121)
Application of Part 20 of the Financial Services and Markets Act 2000 to European lawyers263.
(1)
Schedule 2 to the European Communities (Lawyer’s Practice) (Scotland) Regulations (application, extension and modification of enactments to registered European lawyers) is amended as follows.
(2)
“3.
For the purposes of Part 20 of the Financial Services and Markets Act 2000 (provision of financial services by members of the professions), a registered European lawyer and any partner shall be treated as—
(a)
a member of the profession in relation to which the Law Society of Scotland177 is established; and(b)
as subject to the rules of the Law Society of Scotland.”.
(3)
Paragraph 5 of Part II is revoked.
PART 8MISCELLANEOUS AMENDMENTS TO PRIMARY LEGISLATION
Lloyd’s Act 1871 (c. 21)
Functions to be exercised by the Authority264.
(1)
The Lloyd’s Act 1871 is amended as follows.
(2)
(3)
Bankers' Books Evidence Act 1879 (c. 11)
Meaning of “bank” etc.265.
(1)
Section 9 of the Bankers' Books Evidence Act 1879 (meaning of “bank” etc.) is amended as follows.
(2)
“(a)
a deposit-taker;”.
(3)
“(1A)
“Deposit taker” means—
(a)
a person who has 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 paragraph 5(b) 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 or other repayable funds from the public.
(1B)
But a person is not a deposit-taker if he has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.
(1C)
Subsections (1A) and (1B) 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.”.
Meaning of “legal proceedings”266.
“(c)
an investigation, consideration or determination of a complaint by a member of the panel of ombudsmen for the purposes of the ombudsman scheme within the meaning of the Financial Services and Markets Act 2000.”.
Agricultural Credits Act 1928 (c. 43)
Agricultural charges on farming stock and assets267.
(1)
““Bank” means—
(a)
the Bank of England;
(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(c)
an EEA firm of the kind mentioned in paragraph 5(b) 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 or other repayable funds from the public;”.
(2)
“(7A)
Paragraphs (b) and (c) of the definition of “Bank” in subsection (7) 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.”.
Trustee Investments Act 1961 (c. 62)
Power of Treasury to give directions in relation to local authority investment schemes268.
Manner of investment269.
(1)
(2)
“10A.
In any units of a gilt unit trust scheme.
A gilt unit trust scheme is an authorised unit trust scheme, or a recognised scheme, the objective of which is—
(a)
to invest at least 90% of the property of the scheme in loan stock, bonds or other instruments creating indebtedness which—
(i)
are transferable; and
(ii)
are issued or guaranteed by the government of the United Kingdom or of any other country or territory, by a local authority in the United Kingdom or in a relevant state, or by an international organisation the members of which include the United Kingdom or a relevant state;
(b)
to invest the remainder of the property of the scheme in shares, debentures or other instruments creating or acknowledging indebtedness, certificates representing securities or units in a collective investment scheme.
Sub-paragraphs (a) and (b) 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.”.
(3)
(4)
“6.
In any units of a recognised scheme which does not fall within Part 2 of this Schedule.”.
(5)
(6)
“4A.
In this Schedule—
“authorised unit trust scheme” and “recognised scheme” have the meaning given by section 237(3) of the Financial Services and Markets Act 2000;
“collective investment scheme” has the meaning given by section 235 of that Act; and
“recognised investment exchange” has the meaning given by section 285 of that Act.”
(7)
Stock Transfer Act 1963 (c. 18)
Registered securities to which section 1 of the Act applies270.
Meaning of “securities”: units of a collective investment scheme271.
Stock Transfer Act (Northern Ireland) 1963 (c. 24)
Registered securities to which section 1 of the Act applies272.
Meaning of “securities”: units of a collective investment scheme273.
Parliamentary Commissioner Act 1967 (c. 13)
Bodies no longer subject to investigation274.
the Building Societies Commission;
the Friendly Societies Commission; and
the Registry of Friendly Societies (and Note 2, which relates to that entry is also repealed).
Functions of administrative staff of certain tribunals subject to investigation by Commissioner275.
“Financial Services and Markets Tribunal constituted under section 132 of the Financial Services and Markets Act 2000.”.
Local Authorities' Mutual Investment Trust Act 1968 (c. 25)
Meaning of “securities”276.
Interpretation277.
(1)
Section 2 of the Local Authorities' Mutual Investment Trust Act 1968 (interpretation) is amended as follows.
(2)
““recognised investment exchange” has the meaning given by section 285(1) of the Financial Services and Markets Act 2000;”
(3)
““unit trust scheme” has the meaning given by section 237(1) of the Financial Services and Markets Act 2000;”.
Theft Act 1968 (c. 60)
Obtaining a money transfer by deception: interpretation278.
(1)
(2)
In subsection (4), the words after paragraph (b) are repealed.
(3)
“(4A)
References in subsection (4) to a deposit 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,
but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.”.
Theft Act (Northern Ireland) 1969 (c. 16)
Obtaining a money transfer by deception: interpretation279.
(1)
(2)
In subsection (4), the words after paragraph (b) are repealed.
(3)
“(4A)
References in subsection (4) to a deposit 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,
but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.”.
Employers' Liability (Compulsory Insurance) Act 1969 (c. 57)
Insurance against liability for employees: meaning of authorised insurer280.
(1)
Section 1 of the Employers' Liability (Compulsory Insurance) Act 1969 (insurance against liability for employees) is amended as follows.
(2)
“(b)
“authorised insurer” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance of a kind required by this Act and regulations made under this Act, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000, which has permission under paragraph 15 of that Schedule to effect and carry out contracts of insurance of a kind required by this Act and regulations made under this Act;”.
(3)
“(3A)
Subsection (3)(b) 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.”.
Local Government Act 1972 (c. 70)
Restrictions on voting: interpretation281.
“(1)
In sections 95 and 97 “securities” means—
(a)
shares;
(b)
instruments creating or acknowledging indebtedness;
(c)
instruments giving entitlements to investments;
(d)
certificates representing securities;
(e)
units in a collective investment scheme;
(f)
rights to, or interests in, any security of the kind mentioned in paragraphs (a) to (e);
(g)
rights (whether actual or contingent) to money lent to, or deposited with—
(i)
a society registered under the Industrial and Provident Societies Act 1965, or
(ii)
a building society within the meaning of the Building Societies Act 1986,
and the definition of securities must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.
Insurance by local authorities against accidents to members282.
(1)
Section 140 of the Local Government Act 1972 (insurance by local authorities against accidents to members) is amended as follows.
(2)
(3)
“(3A)
References to accident insurance 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.”.
Insurance against accidents to voluntary assistants283.
(1)
(2)
“(a)
contracts of permanent health insurance; and
(b)
contracts of accident insurance.”.
(3)
“(1A)
Subsection (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.”.
Fair Trading Act 1973 (c. 41)
Exclusions from Part 11 of the Fair Trading Act 1973284.
(1)
(2)
“(a)
under which the promoter or any of the promoters or participants is to carry on, or to purport to carry on, a relevant regulated activity;”.
(3)
“(6A)
For the purposes of subsection (6)(a), “relevant regulated activity” means—
(a)
dealing in investments as principal or agent;
(b)
arranging deals in investments;
(c)
managing investments;
(d)
safeguarding and administering investments;
(e)
sending dematerialised instructions;
(f)
establishing etc. a collective investment scheme;
(g)
advising on investments,
and paragraphs (a) to (g) must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.”.
Restrictions on disclosure of information285.
(1)
Section 133(2) of the Fair Trading Act 1973 (exceptions from general restrictions on disclosure of information obtained under that Act) is amended as follows.
(2)
(3)
At the end of that paragraph, insert “or Chapter 2 of Part 18 of the Financial Services and Markets Act 2000”.
Solicitors Act 1974 (c. 47)
Meaning of “authorised insurer”286.
(1)
Section 87 of the Solicitors Act 1974 (interpretation) is amended as follows.
(2)
(3)
““bank” means the Bank of England, a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;”.
(4)
“(1A)
In this Act “authorised insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;
(b)
a person who carries on an insurance market activity, within the meaning of section 316(3) of that Act;
(c)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or
(d)
a person who does not fall within paragraph (a), (b) or (c) and who may lawfully effect or carry out contracts of insurance of a relevant class in a member state other than the United Kingdom.
(1B)
A contract of insurance is of a relevant class for the purposes of subsection (1A) if it insures against risks arising from—
(a)
accident;
(b)
credit;
(c)
legal expenses;
(d)
general liability to third parties;
(e)
sickness;
(f)
suretyship;
(g)
miscellaneous financial loss.
(1C)
The definition of “bank” in subsection (1) and subsections (1A) and (1B) 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.”.
House of Commons Disqualification Act 1975 (c. 24)
Repeal of spent disqualifications287.
(1)
(2)
In Part 2, the following entries are repealed—
“The Building Societies Commission.”; and
“The Friendly Societies Commission.”.
(3)
In Part 3, the following entries are repealed—
“Chairman of a designated agency within the meaning of the Financial Services Act 1986 if he is in receipt of remuneration.”;
“Chairman of a transferee body within the meaning of Schedule 11 to the Financial Services Act 1986 if he is in receipt of remuneration.”;
“Registrar or Assistant Registrar of Friendly Societies.”.
Northern Ireland Assembly Disqualification Act 1975 (c. 25)
Repeal of spent disqualifications288.
(1)
Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (disqualifying offices) is amended as follows.
(2)
In Part 2, the following entries are repealed—
“The Building Societies Commission.”; and
“The Friendly Societies Commission.”.
(3)
In Part 3, the following entries are repealed—
“Chairman of a designated agency within the meaning of the Financial Services Act 1986 if he is in receipt of remuneration.”;
“Chairman of a transferee body within the meaning of Schedule 11 to the Financial Services Act 1986 if he is in receipt of remuneration.”;
“Industrial Assurance Commissioner or Deputy Industrial Assurance Commissioner appointed under the Industrial Assurance Act (Northern Ireland) 1924.”; and
“Registrar or Assistant Registrar of Friendly Societies.”.
The Stock Exchange (Completion of Bargains) Act 1976 (c. 47)
Acquisition and disposal of securities by trustees etc289.
(1)
Section 5 of the Stock Exchange (Completion of Bargains) Act 1976 (acquisition and disposal of securities by trustees etc.) is amended as follows.
(2)
(3)
In paragraph (b) of that subsection, for “clearing house or nominee” substitute “financial institution”.
(4)
In that subsection, the words after paragraph (b) are repealed.
(5)
“(2)
“Financial institution” means—
(a)
a recognised clearing house acting in relation to a recognised investment exchange; or
(b)
a nominee of—
(i)
a recognised clearing house acting in that way; or
(ii)
a recognised investment exchange.
(3)
No person may be a nominee for the purposes of this section unless he is a person designated for those purposes in the rules of the recognised investment exchange in question.
(4)
Expressions used in subsections (2) and (3) have the same meaning as in the Part 18 of the Financial Services and Markets Act 2000.”.
Supreme Court Act 1981 (c. 54)
Attachment of debts290.
(1)
Section 40 of the Supreme Court Act 1981 (attachment of debts) is amended as follows.
(2)
In subsection (1), for the words from “the following” to the end substitute “any deposit account, and any withdrawable share account, with a deposit-taker”.
(3)
In subsection (4)(b) for “deposit-taking institution”, in both places, substitute “deposit-taker”.
(4)
“(6)
“Deposit-taker” means a person who may, in the course of his business, lawfully accept deposits in the United Kingdom.”.
(5)
“(7)
Subsection (6) 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.”.
Administrative expenses of garnishees and others291.
(1)
(2)
In subsection (1)—
(a)
for “any deposit-taking institution, the institution” substitute “a deposit-taker, it”;
(b)
for “the administrative and clerical expenses of the institution” substitute “its administrative and clerical expenses”; and
(c)
the words “of an institution” are repealed.
(3)
In subsection (1A)—
(a)
for “any such institution as is mentioned in that subsection” substitute “a deposit-taker”; and
(b)
for “the institution” substitute “it”.
(4)
““deposit-taker” has the meaning given by section 40(6);”.
(5)
Betting and Gaming Duties Act 1981 (c. 63)
Saving of section 63 of the Financial Services Act 1986292.
(a)
section 63 of that Act (gaming contracts),
(b)
paragraphs 9 and 12 of Schedule 1 to that Act, and
(c)
Parts III and IV of that Schedule 1
Duchy of Cornwall Management Act 1982 (c. 47)
Bank accounts in the name of the Duchy293.
(1)
Section 6 of the Duchy of Cornwall Management Act 1982 (banking) is amended as follows.
(2)
In subsection (2), for “recognised bank or banks” substitute “deposit taker”.
(3)
(4)
“(4)
In this section “deposit taker” means—
(a)
a person who has 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 paragraph 5(b) 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.”.
(5)
“(5)
Subsection (4) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that Schedule; and
(c)
Schedule 2 to that Act.”.
County Courts Act 1984 (c. 28)
Attachment of debts294.
(1)
Section 108 of the County Courts Act 1984 (attachment of debts) is amended as follows.
(2)
In subsection (1), for the words from “the following” to the end substitute “any deposit account, and any withdrawable share account, with a deposit-taker”.
(3)
In subsection (4)(b) for “deposit-taking institution”, in both places, substitute “deposit-taker”.
Administrative expenses of garnishees and others295.
(1)
Section 109 of the County Courts Act 1984 (administrative expenses of garnishees and others) is amended as follows.
(2)
(a)
for “any deposit-taking institution, the institution” substitute “a deposit-taker, it”;
(b)
for “the administrative and clerical expenses of the institution” substitute “its administrative and clerical expenses”; and
(c)
the words “of an institution” are repealed.
(3)
(a)
for “any such institution as is mentioned in that subsection” substitute “a deposit-taker”; and
(b)
for “the institution” substitute “it”.
(4)
Meaning of “deposit-taking institution”296.
(1)
Section 147 of the County Courts Act 1984 (Interpretation) is amended as follows.
(2)
““deposit-taking institution” means a person who may, in the course of his business, lawfully accept deposits in the United Kingdom;”.
(3)
“(1A)
The definition of “deposit-taking institution” in subsection (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.”.
Trustee Savings Banks Act 1985 (c. 58)
Transferees to be treated as included within certain categories of institution297.
(1)
Paragraph 11 of Schedule 1 to the Trustee Savings Banks Act 1985 (status of transferees as authorised institutions for certain purposes) is amended as follows.
(2)
(3)
“(4A)
“Deposit taker” means—
(a)
a person who has 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 paragraph 5(b) 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 or other repayable funds from the public.
(4B)
But a person is not a deposit-taker if he has permission to accept deposits only for purpose of carrying on another regulated activity in accordance with that permission.
(4C)
Sub-paragraphs (4A) and (4B) 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.”.
Administration of Justice Act 1985 (c. 61)
Meaning of “authorised insurer”298.
“(5)
“Authorised insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or
(c)
a person who does not fall within sub-paragraph (i) or (ii) and who may lawfully effect or carry out contracts of insurance of a relevant class in a member State other than the United Kingdom.
(6)
A contract of insurance is of a relevant class for the purposes of subsection (5) if it insures against a risk arising from—
(a)
accident;
(b)
credit;
(c)
legal expenses;
(d)
general liability to third parties;
(e)
sickness;
(f)
suretyship; or
(g)
miscellaneous financial loss.
(7)
Subsections (5) and (6) 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.”.
Housing Act 1985 (c. 68)
Lending institutions and savings institutions299.
(1)
The Housing Act 1985 is amended as follows.
(2)
“an authorised deposit taker
an authorised insurer”.
(3)
“an authorised deposit taker
an authorised insurer”.
(4)
“an authorised deposit taker
an authorised insurer”.
(5)
In section 447(1) (recognised lending institutions)—
(a)
(b)
“an authorised deposit taker
an authorised insurer”.
(6)
In section 448(1) (recognised savings institutions)—
(a)
(b)
“an authorised deposit taker”.
(7)
“an authorised deposit taker, or
an authorised insurer.”
Interpretation of the 1985 Act300.
(1)
Section 622 of the Housing Act 1985 is amended as follows.
(2)
The existing text is numbered subsection (1).
(3)
(4)
““authorised deposit taker” means—
(a)
a person who has 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 paragraph 5(b) of Schedule 3 to that Act who 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;
“authorised insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act who has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of insurance;”.
(5)
“(2)
The definitions of “authorised deposit taker” and “authorised insurer” in subsection (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.”.
Housing Associations Act 1985 (c. 69)
Agreements to indemnify certain lenders in England and Wales: consultation requirements301.
Agreements to indemnify certain lenders in Scotland: consultation requirements302.
Insolvency Act 1986 (c. 45)
Further meaning of inability to pay debts where the company is a deposit taker303.
(1)
“(1A)
For the purposes of a petition presented by the Financial Services Authority alone or together with any other party, an authorised deposit taker who defaults in an obligation to pay any sum due and payable in respect of a relevant deposit is deemed to be unable to pay its debts as mentioned in subsection (1).
(1B)
In subsection (1A)—
(a)
“authorised deposit taker” means a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, but excludes a person who has such permission only for the purpose of carrying on another regulated activity in accordance with that permission; and
(b)
“relevant deposit” 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,
but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.”.
Limitation on power to make administration order304.
“(4)
An administration order shall not be made in relation to a company after it has gone into liquidation.
(5)
An administration order shall not be made against a company if—
(a)
it has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance in the United Kingdom;
(b)
it continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987.
(6)
Subsection (5)(a) 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.”.
Petition for winding-up by the Secretary of State305.
“(b)
any report made by inspectors under—
(i)
section 167, 168, 169 or 284 of the Financial Services and Markets Act 2000, or
(ii)
where the company is an open-ended investment company (within the meaning of that Act), regulations made as a result of section 262(2)(k) of that Act;
(bb)
any information or documents obtained under section 165, 171, 172, 173 or 175 of that Act,”.
Winding-up on petition of the Authority: partnerships306.
Power to apply Parts 1 to 7 to former authorised institutions307.
Criminal Justice Act 1987 (c. 38)
Restriction on disclosure of information by members of Serious Fraud Office308.
“(e)
a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation;
(f)
a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager);”.
Consumer Protection Act 1987 (c. 43)
Exclusion of offences under section 397 of the Financial Services and Markets Act 2000309.
“(5A)
A person is not guilty of an offence under subsection (1) or (2) above if, in giving the misleading indication which would otherwise constitute an offence under either of those subsections, he is guilty of an offence under section 397 of the Financial Services and Markets Act 2000 (misleading statements and practices).”.
Repeal of unnecessary provisions310.
(1)
Section 22 of the Consumer Protection Act 1987 (application of provisions relating to misleading price indications to services and facilities) is amended as follows.
(2)
Subsection (3) is repealed.
(3)
In subsection (5), the definitions of “appointed representative”, “authorised person” and “investment business” are repealed.
Access to Medical Reports Act 1988 (c. 28)
Access to medical reports: “insurance purposes”311.
(1)
Section 2 of the Access to Medical Reports Act 1988 (interpretation) is amended as follows.
(2)
““insurance purposes”, in a case of any individual who has entered into, or is seeking to enter into, a contract of insurance with an insurer, means the purposes of that insurer in relation to that individual;
“insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out relevant contracts of insurance.”.
(3)
“(1A)
The definitions of “insurance purposes” and “insurer” in subsection (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.”.
Road Traffic Act 1988 (c. 52)
Notification of refusal of insurance on health grounds312.
“(2)
“Authorised insurer” means an insurer who is a member of the Motor Insurers Bureau (a company limited by guarantee and incorporated under the Companies Act 1929 on 14th June 1946).
(3)
“Insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out relevant contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out relevant contracts of insurance.
(4)
A contract is a relevant contract of insurance if the risk insured against relates to—
(a)
the insured sustaining accidental injury or death as a result of travelling as a passenger;
(b)
land vehicles;
(c)
goods in transit; or
(d)
motor vehicle liability.
(5)
This section must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any order for the time being in force under that section; and
(c)
Schedule 2 to that Act.”.
Requirements with respect to policies of insurance313.
“(5)
“Authorised insurer” has the same meaning as in section 95.”.
Defined expressions: “authorised insurer”314.
“Authorised insurer
Section 145(5).”
Water Act 1989 (c. 15)
Listing particulars of nominated holding companies315.
(1)
Section 90 of the Water Act 1989 (listing particulars of nominated holding companies) is amended as follows.
(2)
Subsection (2) is repealed.
(3)
“(3)
In this section—
“listing particulars” has the same meaning as in section 90(1) of the Financial Services and Markets Act 2000; and
“responsible”, in relation to listing particulars, has the meaning given in section 79(3) of that Act.”.
Restriction on disclosure of information316.
“(e)
for the purpose of enabling or assisting the Secretary of State, the Treasury or the Financial Services Authority to exercise any powers conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency;
(ea)
for the purpose of enabling or assisting any inspector appointed under enactments relating to companies to carry out his functions;”.
Law of Property (Miscellaneous Provisions) Act 1989 (c. 34)
Contracts to which section 2 of the 1989 Act does not apply317.
(1)
Section 2 of the Law of Property (Miscellaneous Provisions) Act 1989 (Contracts for sale etc of land to be made by signed writing) is amended as follows.
(2)
“(c)
a contract regulated under the Financial Services and Markets Act 2000, other than a regulated mortgage contract;”.
(3)
““regulated mortgage contract” 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.”.
Local Government and Housing Act 1989 (c. 42)
Borrowing powers of local authorities318.
(1)
Section 43 of the Local Government and Housing Act 1989 (borrowing powers) is amended as follows.
(2)
In paragraph (a) of subsection (2), for “an authorised institution within the meaning of the Banking Act 1987” substitute “a deposit-taker”.
(3)
In that subsection, the words after paragraph (c) are repealed.
(4)
“(9)
In this section—
(a)
“deposit-taker” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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; and
(b)
“short-term”, in relation to borrowing, is to be read with section 45(6).
(10)
Subsection (9)(a) 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.”.
National Health Service and Community Care Act 1990 (c. 19)
Schemes for meeting losses and liabilities of certain health service bodies319.
“(5)
A person or body administering a scheme under this section does not require permission under any provision of the Financial Services and Markets Act 2000 as respects activities carried out under the scheme.”.
Contracts (Applicable Law) Act 1990 (c. 36)
Law applicable to a contract of insurance320.
“(1A)
The internal law for the purposes of Article 1(3) of the Rome Convention is the provisions of the regulations for the time being in force under section 424(3) of the Financial Services and Markets Act 2000.”.
Courts and Legal Services Act 1990 (c. 41)
Authorisation of conveyancing practitioners321.
“(8)
Subsection (8A) applies if the applicant is—
(a)
a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or
(b)
an EEA firm of the kind mentioned in paragraph 5(b) or (d) 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) either—
(i)
to accept deposits, or
(ii)
to effect or carry out contracts of insurance.
(8A)
The Board must have regard to the fact that the applicant has obtained that permission in determining whether it is satisfied as mentioned in subsection (1)(a).
(8B)
Subsection (8) 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.”.
Investigation of conveyancing practitioners322.
“(4)
Subsection (4A) applies if an authorised practitioner whose affairs are under investigation is—
(a)
a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or
(b)
an EEA firm of the kind mentioned in paragraph 5(b) or (d) 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) either—
(i)
to accept deposits, or
(ii)
to effect or carry out contracts of insurance.
(4A)
The Lord Chancellor may give a direction with a view to limiting the scope of the investigation to matters concerned with the provision of conveyancing services.
(4B)
Subsection (4) 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.”.
Exceptions from restrictions on disclosure of information by the Authorised Conveyancing Practitioners Board323.
(1)
Subsection (2) of section 50 of the Courts and Legal Services Act 1990 (power of the Board to disclose information for certain purposes) is amended as follows.
(2)
The following are repealed—
(a)
paragraphs (d) and (l);
(b)
sub-paragraph (vii) of paragraph (m); and
(c)
(3)
“(e)
a recognised investment exchange or a recognised clearing house (both within the meaning given by section 285 of the Financial Services and Markets Act 2000) to discharge any of its functions;”.
(4)
“(fa)
the Financial Services Authority to discharge its functions under the legislation relating to friendly societies or to industrial and provident societies, under the Building Societies Act 1986 or under the Financial Services and Markets Act 2000;
(g)
the Secretary of State or the Treasury to discharge any function conferred by this Act, the Financial Services and Markets Act 2000 or any enactment relating to competition, companies or insolvency;
(h)
the competent authority for the purposes of Part 6 of the Financial Services and Markets Act 2000 to discharge its functions under that Part;
(ha)
a person appointed under—
(i)
section 167 of the Financial Services and Markets Act 2000 (general investigations),
(ii)
section 168 of that Act (investigations in particular cases),
(iii)
section 169(1)(b) of that Act (investigation in support of overseas regulator),
(iv)
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
(v)
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation to discharge his functions;
(hb)
any inspector appointed by the Secretary of State under this Act or any enactment relating to competition, companies or insolvency to discharge his functions under that enactment;
(hc)
a body designated under section 326(1) of the Financial Services and Markets Act 2000 to discharge its functions in its capacity as a body designated under that section;”.
(5)
“(x)
the Financial Services and Markets Act 2000;”.
(6)
“(r)
the Financial Services Tribunal to discharge any function it has in relation to proceedings before it by virtue of the Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001;
(s)
the Financial Services and Markets Tribunal to discharge any of its functions.”.
Board’s power of intervention324.
“(5)
Subsection (6) applies to an authorised practitioner who—
(a)
has permission under any provision of the Financial Services and Markets Act 2000 to carry on a regulated activity; or
(b)
is an appointed representative of a person with such permission;
and “regulated activity” and “appointed representative” have the meaning given in that Act.
(6)
In relation to an authorised practitioner to whom this subsection applies, the powers of intervention may be exercised only after consultation with the Financial Services Authority.”.
Preparation of papers for probate325.
(1)
(2)
“(e)
a person who—
(i)
has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance, and
(ii)
satisfies the conditions mentioned in subsection (2A);
(f)
an EEA firm of the kind mentioned in paragraph 5(b) or (d) of Schedule 3 to that Act—
(i)
which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) either to accept deposits or to effect or carry out contracts of insurance, and
(ii)
which satisfies those conditions;”.
(3)
In paragraph (h) of that inserted subsection, for “, (f) or (g)” substitute “or (f)”.
(4)
“(2AB)
Paragraphs (e) and (f) of subsection (2) 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.”.
Judicial pensions: transfer of accrued benefits326.
(1)
Schedule 13 to the Courts and Legal Services Act 1990 (transfer of accrued benefits) is amended as follows.
(2)
(3)
““authorised insurer” means—
- (i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or
- (ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance;”.
(4)
“(2)
The definition of “authorised insurer” in sub-paragraph (1) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that section;
(c)
Schedule 2 to that Act.”.
(5)
In paragraph 6(2)(c), for “insurance companies” substitute “insurers”.
(6)
In paragraph 11(3), in paragraph (a) of the definition of “qualifying scheme” for “insurance company” substitute “insurer”.
Foreign lawyers: authorisation under Financial Services Act 1986327.
Paragraph 9 of Schedule 14 to the Courts and Legal Services Act 1990 is repealed.
Water Industry Act 1991 (c. 56)
Restriction on disclosure of information328.
“(e)
for the purpose of enabling or assisting the Secretary of State, the Treasury or the Financial Services Authority to exercise any powers conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency;
(ea)
for the purpose of enabling or assisting any inspector appointed under enactments relating to companies to carry out his functions;”.
Water Resources Act 1991 (c. 57)
Restriction on disclosure of information329.
“(e)
for the purpose of enabling or assisting the Secretary of State, the Treasury or the Financial Services Authority to exercise any powers conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency;
(ea)
for the purpose of enabling or assisting any inspector appointed under enactments relating to companies to carry out his functions;”.
The Social Security Administration Act 1992 (c. 5)
Meaning of “qualifying lender”330.
(1)
Section 15A of the Social Security Administration Act 1992 is amended as follows.
(2)
In subsection (3)—
(a)
“(a)
a deposit taker;”;
(b)
paragraph (b) is repealed; and
(c)
“(c)
an insurer;”.
(3)
““deposit taker” means—
(a)
a person who has 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 paragraph 5(b) 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 of that Schedule) to accept deposits;
“insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to effect and carry out contracts of insurance;”.
(4)
“(4A)
The definitions of “deposit taker” and “insurer” in subsection (4) 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.”.
Local Government Act 1992 (c. 19)
Repeal of spent provision331.
Paragraph 22 of Schedule 3 to the Local Government Act 1992 (minor and consequential amendments) is repealed.
Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52)
Application of section 99 of Friendly Societies Act 1992 to trade unions332.
Application of section 19 to employers' associations333.
In section 129(3) of the Trade Union and Labour Relations (Consolidation) Act 1992 (application of section 19 of that Act to employers' associations), the words “industrial assurance or” are repealed.
Tribunals and Inquiries Act 1992 (c. 53)
Concurrence required for removal of members of certain tribunals334.
Consultation on tribunal rules335.
(1)
Section 8 of the Tribunals and Inquiries Act 1992 (consultation on tribunal rules) is amended as follows.
(2)
Subsection (2) is repealed.
(3)
Removal of unnecessary right of appeal336.
Power to amend or repeal certain provisions337.
In section 13(5) of the Tribunals and Inquiries Act 1992 (power to amend or repeal certain provisions of that Act) in paragraph (a), the word “, 6” is repealed.
Removal of references to old tribunals338.
In Schedule 1 to the Tribunals and Inquiries Act 1992 (tribunals subject to the Council’s supervision) the entries relating to the following matters are repealed—
Banking;
Building Societies; and
- Friendly Societies249.
Charities Act 1993 (c. 10)
Power to give directions about dormant bank accounts of charities339.
(1)
Section 28 of the Charities Act 1993 (power to give directions about dormant bank accounts of charities) is amended as follows.
(2)
“(ii)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(iii)
an EEA firm of the kind mentioned in paragraph 5(b) 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; or
(iv)
such other person who may lawfully accept deposits in the United Kingdom as may be prescribed by the Secretary of State.”.
(3)
“(8A)
Sub-paragraphs (ii) to (iv) of the definition of “relevant institution” in subsection (8)(b) 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.”.
Criminal Justice Act 1993 (c. 36)
Penalties under implementing regulations340.
Insider dealing: special defences341.
(1)
Schedule 1 to the Criminal Justice Act 1993 (insider dealing: special defences) is amended as follows.
(2)
In paragraph 1(3) for “under paragraph 25B of Schedule 1 to the Financial Services Act 1986” substitute “by the Treasury under any relevant order under section 22 of the Financial Services and Markets Act 2000”.
(3)
“(2)
“Price stabilisation rules” means rules made under section 144(1) of the Financial Services and Markets Act 2000.”.
Repeal of spent provisions342.
The following provisions of the Criminal Justice Act 1993 (which are spent) are repealed—
(a)
in Schedule 5, paragraphs 7 to 13; and
(b)
in Schedule 6, the entries relating to the Financial Services Act 1986 and the Banking Act 1987.
Railways Act 1993 (c. 43)
Restriction on disclosure of information343.
“(c)
for the purpose of enabling or assisting the Secretary of State, the Treasury or the Financial Services Authority to exercise any powers conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency;
(ca)
for the purpose of enabling or assisting any inspector appointed under enactments relating to companies to carry out his functions;”.
Definition of “securities”344.
In subsection (1) of section 151 of the Railways Act 1993 (general interpretation), in the definition of “securities” for “section 142 of the Financial Services Act 1986” substitute “section 74(5) of the Financial Services and Markets Act 2000”.
Finance Act 1994 (c. 9)
Insurance Premium Tax: Tax representatives345.
(1)
(2)
In subsections (2) and (3) for “a representative fulfilling the requirements of section 10 of the Insurance Companies Act 1982” substitute “a general representative”.
(3)
“(16A)
For the purposes of subsections (2) and (3), “general representative” means a person resident in the United Kingdom who—
(a)
has been designated as the representative of the insurer or taxable intermediary,
(b)
is authorised to act generally, and to accept service of any document, on behalf of the insurer or taxable intermediary, and
(c)
fulfils the requirements of rules made under Part 10 of the Financial Services and Markets Act 2000.”.
Insurance Premium Tax: Contracts that are not taxable346.
(1)
(2)
In paragraph 2(1) (contracts constituting long term business) for the words from “if it is one” to the end of that sub-paragraph substitute “if it is exclusively a contract of long-term insurance.”.
(3)
“(2)
In deciding whether a contract is exclusively a contract of long-term insurance, as is mentioned in sub-paragraph (1) above, where—
(a)
the contract includes cover for risks relating to accident or sickness;
(b)
the contract contains related and subsidiary provisions such that it might also be regarded as a contract of general insurance, but is treated as a contract of long-term insurance for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000; and
(c)
the contract was not entered into after 30th November 1993,
the inclusion of such cover shall be ignored.”
(4)
In paragraph 4 (contracts relating to commercial ships)—
(a)
in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and
(b)
“(2)
For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—
(a)
accidents,
(b)
ships, or
(c)
liabilities of ships,
(and no other risks).”.
(5)
In paragraph 5 (contracts relating to lifeboats and lifeboat equipment)—
(a)
in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and
(b)
“(2)
For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—
(a)
accidents,
(b)
ships, or
(c)
liabilities of ships,
(and no other risks).”.
(6)
In paragraph 7 (contracts relating to commercial aircraft)—
(a)
in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and
(b)
“(2)
For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—
(a)
accidents,
(b)
aircraft, or
(c)
aircraft liability,
(and no other risks).”.
(7)
In paragraph 8 (contracts relating to risks outside the United Kingdom)—
(a)
“(2)
The question of whether a risk is situated in the United Kingdom shall be determined in accordance with regulations made under section 424(3) of the Financial Services and Markets Act 2000; but in determining that question as respects a contract which relates to a building it shall be irrelevant whether or not the contract also covers the contents of the building.”.
(8)
In paragraph 9 (contracts relating to foreign or international railway rolling stock)—
(a)
in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and
(b)
“(2)
For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—
(a)
railway rolling stock, or
(b)
general liability to third parties,
(and no other risks).”.
(9)
In paragraph 10 (contracts relating to the Channel tunnel)—
(a)
in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and
(b)
“(2)
For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—
(a)
fire or natural forces,
(b)
damage to property, or
(c)
general liability to third parties,
(and no other risks).”.
(10)
In paragraph 11—
(a)
in sub-paragraph (1) for the words from “a contract whose effecting” to the end of that sub-paragraph substitute “a contract of general insurance of a relevant class.”; and
(b)
“(2)
For the purposes of this paragraph, a contract of general insurance is of a relevant class if it insures against risks arising from or in relation to—
(a)
fire or natural forces,
(b)
damage to property, or
(c)
general liability to third parties,
(and no other risks).”.
(11)
“(c)
the contract of insurance insures against risks arising from or in relation to either or both—
(i)
credit,
(ii)
suretyship.”.
(12)
“16A.
Paragraphs 2, 4, 5, 7, 8, 9, 10, 11 and 15 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.”.
Value Added Tax Act 1994 (c. 23)
Supplies exempt from Value Added Tax347.
(1)
(2)
“1
The provision of insurance or reinsurance in the course of insurance business by—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance;
(b)
a person who is exempt in respect of effecting or carrying out contracts of insurance by reason of an order under section 38 of that Act (and accordingly may effect or carry out contracts of insurance without contravening the general prohibition);
(c)
a person who carries on an insurance market activity;
(d)
a person (not falling within paragraph (a)) who would require permission to effect or carry out—
(i)
a contract of insurance under which the benefits provided by that person are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle, or
(ii)
a contract in the course of a Community co-insurance operation,
but for the identity of the person carrying on that activity.”.
(3)
“2
The provision by an insurer or reinsurer who belongs outside the United Kingdom of—
(a)
insurance against any of the risks or other things described in the Annex to the first non-life insurance directive or in the Annex to the first life insurance directive, or
(b)
reinsurance relating to any of those risks or other things.”.
(4)
In Item 4, in paragraph (a) for “a contract of insurance or reinsurance” substitute “a contract of insurance”.
(5)
“A1
For the purposes of Item 1—
“Community co-insurance operation” has the same meaning as in the Council Directive of 30 May 1978 on the co-ordination of laws, regulations and administrative provisions relating to Community co-insurance (No. 78/473/EEC);
“insurance business” means business which consists of effecting and carrying out contracts of insurance;
“insurance market activity” has the meaning given in section 316(3) of the Financial Services and Markets Act 2000.
B1
References—
(a)
in Items 1 and 4 to contracts of insurance, and
(b)
in Item 1 and Note (AI) to the effecting and carrying out of contracts of insurance,
must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.
C1
In Item 2—
(a)
“first non-life insurance directive” means the Council Directive of 24 July 1973 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance (No. 73/239/EEC);
(b)
“first life insurance directive” means the Council Directive of 5 March 1979 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance (No.79/267/EEC).”.
Supplies exempt from Value Added Tax—Finance348.
(1)
In Schedule 9 to the Value Added Tax Act 1994 (exempt supplies), Group 5 (Finance) is amended as follows.
(2)
“(6)
In item 9—
“authorised unit trust scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000;
“operator” has the meaning given in section 237(2) of that Act; and
“trust based scheme” means a scheme the purpose or effect of which is to enable persons taking part in the scheme, by becoming beneficiaries under a trust, to participate in or receive profits or income arising from the acquisition, holding, management or disposal of property of a kind described in section 239(3)(a) of the Financial Services and Markets Act 2000 or sums paid out of such profits or income.”
(3)
“(10)
For the purposes of this Group—
“collective investment scheme” has the meaning given in section 235 of the Financial Services and Markets Act 2000; and
“open-ended investment company” has the meaning given in section 236 of that Act.”.
Police Act 1996 (c. 16)
Determination of status of particular bodies349.
Section 64(3) of the Police Act 1996 (power of chief registrar of friendly societies to determine status of bodies for the purposes of that section) is repealed.
Damages Act 1996 (c. 48)
Enhanced protection for structured settlement annuitants350.
In section 4 of the Damages Act 1996—
(a)
in subsection (1) after “insurer)”, and in subsections (2) and (3) after “sections”, insert “as applied by any transitional provisions made by order under section 426 of the 2000 Act”;
(b)
“(3A)
In relation to an annuity—
(a)
purchased for a person pursuant to a structured settlement from an authorised insurer;
(b)
purchased from such an insurer pursuant to any order of the kind referred to in subsection (2); or
(c)
purchased from or otherwise provided by such an insurer pursuant to terms corresponding to those of a structured settlement contained in an agreement of the kind referred to in subsection (3),
any long term insurance provision in the Financial Services Compensation Scheme has effect in accordance with subsection (3B).
(3B)
To the extent that any long term insurance provision limits the obligation of the scheme manager to make payments or secure continuity of insurance by reference to any amount less than the full amount of any liability, benefit or value due under a contract of long term insurance, the provision has effect as if the reference to that amount were a reference to the full amount of the liability, benefit or value.
(3C)
In this section—
“the 2000 Act” means the Financial Services and Markets Act 2000;
“authorised insurer” means an authorised person within the meaning of the 2000 Act with permission under that Act to effect or carry out contracts of insurance as principal;
“Financial Services Compensation Scheme” means the Financial Services Compensation Scheme referred to in section 213(2) of the Financial Services and Markets Act 2000;
“long term insurance provision” means any provision in the Financial Services Compensation Scheme requiring the scheme manager to—
(a)
pay compensation in respect of a liability of an authorised insurer in liquidation under a contract of long term insurance;
(b)
secure continuity of insurance for parties to contracts of long term insurance in the event that an authorised insurer goes into liquidation; or
(c)
secure that payments are made in respect of benefits falling due under contracts of long term insurance during any period while the scheme manager is seeking to make arrangements to secure continuity of insurance as mentioned in (b) above;
“scheme manager” means a body corporate established in accordance with section 212(1) of the 2000 Act.
(3D)
In subsections (3B) and (3C) above—
(a)
a reference to a contract of long term insurance must be read with—
(i)
section 22 of the 2000 Act;
(ii)
any relevant order under that section; and
(iii)
Schedule 2 to that Act;
(b)
an authorised insurer is in liquidation when—
(i)
a resolution has been passed in accordance with the provisions of the Insolvency Act 1986 or (as the case may be) of the Insolvency (Northern Ireland) Order 1989 for the voluntary winding up of the insurer, otherwise than merely for the purpose of reconstruction of the insurer or of amalgamation with another insurer; or
(ii)
without any such resolution having been passed beforehand, an order has been made for the winding up of the insurer by the court under that Act or that Order.”;
(c)
In subsection (5), for “This section applies”, substitute “Subsections (1) to (3) of this section apply”;
(d)
“(6)
Subsections (3A) to (3D) of this section apply if the liquidation of the authorised insurer begins (within the meaning of subsection (3D)) after the coming into force of section 19 of the 2000 Act, irrespective of when the annuity was purchased or provided.”.
Housing Act 1996 (c. 52)
Registration of social landlords351.
In section 3(3) of the Housing Act 1996 (recording of registration as a social landlord), in sub-paragraph (b), for “appropriate registrar” substitute “Financial Services Authority”.
Removal of social landlord from register352.
In section 4(6) of the Housing Act 1996 (notification of removal of society from register of social landlords), in sub-paragraph (b), for “appropriate registrar” substitute “Financial Services Authority”.
Appeal against decision in relation to register of social landlords353.
In section 6(3) of the Housing Act 1996 (notification of appeal against decision concerning register of social landlords), in sub-paragraph (b), for “appropriate registrar” substitute “Financial Services Authority”.
Notice of agreed proposals where registered social landlord insolvent354.
In section 45(4) of the Housing Act 1996 (notification of agreed proposals where registered social landlord is insolvent), in sub-paragraph (d), for “appropriate registrar” substitute “Financial Services Authority”.
Transfer of engagements of registered social landlord355.
In section 48(3) of the Housing Act 1996 (copy of transfer of engagements of social landlord which is an industrial and provident society under an order under section 46), for “appropriate registrar and registered by him” substitute “Financial Services Authority and registered by it”.
Removal of definition of “appropriate registrar”356.
(1)
In section 57(1) of the Housing Act 1996 (definitions for the purposes of Part 1 of that Act) the entry relating to the “appropriate registrar” is repealed.
(2)
In the Table set out in section 64 of that Act (index of defined expressions) the entry relating to the “appropriate registrar” is repealed.
Regulation of registered social landlords357.
(1)
Schedule 1 to the Housing Act 1996 (regulation of registered social landlords) is amended as follows.
(2)
In paragraph 9, in sub-paragraphs (1) and (4), for “appropriate registrar” substitute “Financial Services Authority”.
(3)
In paragraph 12—
(a)
in sub-paragraph (1), for “appropriate registrar” substitute “Financial Services Authority”;
(b)
in sub-paragraph (2)—
(i)
for “registrar” substitute “Financial Services Authority”, and
(ii)
for “him” substitute “it”;
(c)
in sub-paragraph (4)(b), for “appropriate registrar” substitute “Financial Services Authority”; and
(d)
in sub-paragraph (5)—
(i)
for “appropriate registrar” substitute “Financial Services Authority”, and
(ii)
for “him” substitute “it”.
Social Security (Recovery of Benefits) Act 1997 (c. 27)
Payments by insurers358.
(1)
Paragraph 5 of Schedule 1 to the Social Security (Recovery of Benefits) Act 1997 is amended as follows.
(2)
The existing provision becomes sub-paragraph (1).
(3)
In that sub-paragraph—
(a)
for “insurance company within the meaning of the Insurance Companies Act 1982” substitute “insurer”; and
(b)
for “the company” substitute “the insurer”.
(4)
“(2)
“Insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance.
(3)
Sub-paragraph (2) 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.”.
Local Government and Rating Act 1997 (c. 29)
Repeal of spent provision359.
Paragraph 21 of Schedule 3 to the Local Government and Rating Act 1997 (which is spent) is repealed.
Scotland Act 1998 (c. 46)
Functions of the Accountant in Bankruptcy360.
(1)
Paragraph 23 of Schedule 8 to the Scotland Act 1998 (consequential amendments in relation to Insolvency Act 1986) is amended as follows.
(2)
“(2)
Anything directed to be done, or which may be done, to or by the registrar of companies in Scotland by virtue of any of the provisions mentioned in sub-paragraph (3), shall, or (as the case may be) may, also be done to or by the Accountant in Bankruptcy.
(2A)
In the case of a building society, friendly society or industrial and provident society which has its registered office in Scotland, anything directed to be done, or which may be done, to or by the Financial Services Authority by virtue of any of the provisions mentioned in sub-paragraph (3) as applied (with or without modifications) in relation to the society shall, or (as the case may be) may, also be done to or by the Accountant in Bankruptcy.”.
(3)
“(4)
Anything directed to be done, or which may be done, to or by the registrar of companies in Scotland by virtue of any of the provisions mentioned in sub-paragraph (5), shall, or (as the case may be) shall instead be done to or by the Accountant in Bankruptcy.
(4A)
In the case of a building society, friendly society or industrial and provident society which has its registered office in Scotland, anything directed to be done, or which may be done, to or by the Financial Services Authority by virtue of any of those provisions as applied (with or without modifications) in relation to the society shall, or (as the case may be) shall instead be done to or by the Accountant in Bankruptcy.”.
Terrorism Act 2000 (c. 11)
Meaning of “financial institution”361.
(1)
Paragraph 6 of Schedule 6 to the Terrorism Act 2000 (financial information) is amended as follows.
(2)
(a)
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,”;
(b)
paragraph (b) is repealed; and
(c)
“(d)
a person carrying on a relevant regulated activity,”.
(3)
“(1A)
For the purposes of sub-paragraph (1)(d), a relevant regulated activity means—
(a)
dealing in investments as principal or as agent,
(b)
arranging deals in investments,
(c)
managing investments,
(d)
safeguarding and administering investments,
(e)
sending dematerialised instructions,
(f)
establishing etc. collective investment schemes,
(g)
advising on investments.
(1B)
Sub-paragraphs (1)(a) and (1A) 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.”.
Postal Services Act 2000 (c. 26)
Meaning of “bank”362.
(1)
Section 7 of the Postal Services Act 2000 (exceptions from section 6) is amended as follows.
(2)
““bank” means—
(a)
the Bank of England,
(b)
a deposit taker,
(c)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 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, or
(d)
the central bank of an EEA State other than the United Kingdom.”.
(3)
““deposit taker” means a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, but does not include—
(a)
(b)
a specially authorised society within the meaning of section 7(1)(f) of the Friendly Societies Act 1974258,(c)
a person who has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.”.
(4)
“(6)
In subsection (5), paragraph (c) of the definition of “bank” and the definition of “deposit taker” 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.”.
Utilities Act 2000 (c. 27)
Restriction on disclosure of information363.
“(c)
for the purpose of facilitating the exercise by the Secretary of State, the Treasury or the Financial Services Authority of any power conferred by or under the Financial Services and Markets Act 2000 or by the enactments relating to companies or insolvency;”.
Criminal Justice and Police Act 2001 (c. 16)
Repeal of unnecessary provisions364.
(a)
in section 56(5), paragraphs (c), (d) and (e);
(b)
in section 57(1), paragraphs (e), (h) and (j);
(c)
in section 66(5), paragraphs (a), (c) and (e);
(d)
in section 68(2), paragraphs (b), (d) and (e);
(e)
in Schedule 1, paragraphs 32, 40 and 43; and
(f)
in Schedule 2, in paragraph 16(2), paragraphs (a), (b), (c) and (d).
PART 9AMENDMENTS TO SECONDARY LEGISLATION
The Superannuation and other Trust Funds (Qualifications of Actuaries) Regulations 1968 (S.I. 1968/1480)
Revocation of the 1968 Regulations365.
The Superannuation and Other Trust Funds (Qualifications of Actuaries) Regulations 1968 are revoked.
The British Transport (Alteration of Pension Schemes) Order 1969 (S.I. 1969/1858)
Additional powers of investment366.
The Employers' Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972 (S.I. 1972/963 (N.I. 6))
Insurance against liability for employees: meaning of authorised insurer367.
(1)
Article 5 of the Employers' Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972 (insurance against liability for employees) is amended as follows.
(2)
“(b)
“authorised insurer” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance;
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance; or
(iii)
a person who does not fall within sub-paragraph (i) or (ii) and who may lawfully effect or carry out contracts of insurance in a member State other than the United Kingdom;”.
(3)
“(3A)
Paragraph (3)(b) 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.”.
The Local Authority (Stocks and Bonds) Regulations 1974 (S.I. 1974/519)
Interpretation of the 1974 Regulations368.
The Superannuation and other Trust Funds (fees) Regulations 1976 (S.I. 1976/354)
Revocation of the 1976 Regulations369.
The Superannuation and Other Trust Funds (Fees) Regulations 1976 are revoked.
The National Savings Stock Register Regulations 1976 (S.I. 1976/2012)
Minors370.
(1)
“(1A)
In paragraph (1) above “approved account” means—
(a)
an account in the National Savings Bank comprising investment deposits within the meaning of the National Savings Bank Act 1971,
(b)
an account with a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
(c)
an account with an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000, 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.”.
(2)
“(3)
Paragraph (1A) must be read with—
(a)
section 2 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that section; and
(c)
Schedule 2 to that Act.”.
The Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977 (S.I. 1977/1254 (N.I. 21))
Acquisition and disposal of securities by trustees etc371.
(1)
Article 7 of the Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977 (acquisition and disposal of securities by trustees etc.) is amended as follows.
(2)
(3)
In sub-paragraph (b) of that paragraph, for “clearing house or nominee” substitute “financial institution”.
(4)
In that paragraph, the words after sub-paragraph (b) are repealed.
(5)
“(2)
“Financial institution” means—
(a)
a recognised clearing house acting in relation to a recognised investment exchange; or
(b)
a nominee of—
(i)
a recognised clearing house acting in that way, or
(ii)
a recognised investment exchange.
(3)
No person may be a nominee for the purposes of this Article unless he is a person designated for those purposes in the rules of the recognised investment exchange in question.
(4)
Expressions used in paragraphs (2) and (3) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000.”.
The British Railways Board (Winding up of Closed Pension Funds) Order 1978 (S.I. 1978/1358)
Interpretation of the 1978 Order: “insurer”372.
(1)
In paragraph (2) of article 1 of the British Railways Board (Winding Up of Closed Pension Funds) Order 1978 (commencement, citation and interpretation)—
(a)
the definition of friendly society is revoked, and
(b)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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 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)
“(2A)
The definition of “insurer” in paragraph (2) 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.”.
(3)
In paragraph (3)(b) of Article 4 of that Order (order on application of assets on winding up of a pension fund) for “an insurance company or friendly society” substitute “an insurer”.
The Road Traffic (Northern Ireland) Order 1981 (S.I. 1981/154 (N.I. 1))
Notification of refusal of insurance on health grounds373.
“(2)
“Authorised insurer” means an insurer who is a member of the Motor Insurers Bureau (a company limited by guarantee and incorporated under the Companies Act 1929 on 14th June 1946).
(3)
“Insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out relevant contracts of insurance; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out relevant contracts of insurance.
(4)
A contract is a relevant contract of insurance if the risk insured against relates to—
(a)
the insured sustaining accidental injury or death as a result of travelling as a passenger;
(b)
land vehicles;
(c)
goods in transit; or
(d)
motor vehicle liability.
(5)
This Article must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any order for the time being in force under that section; and
(c)
Schedule 2 to that Act.”.
Requirements with respect to policies of insurance374.
(1)
Article 101 of the Road Traffic (Northern Ireland) Order 1981 (requirements with respect to policies of insurance) is amended as follows.
(2)
“(1)
In this Part “authorised insurer” has the same meaning as in Article 12.”.
(3)
In paragraph (2) the words “referred to in paragraph (1)” are repealed.
The Consumer Credit (Agreements) Regulations 1983 (S.I. 1983/1553)
Interpretation of the 1983 Regulations: “contract of insurance”375.
(1)
(2)
“(2A)
References in these Regulations to contracts of insurance 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.”.
The Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983 (S.I. 1983/1560)
Interpretation of the 1983 Regulations: “contract of insurance” and “deposit”376.
(1)
In paragraph (2) of Regulation 1 of the Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983 (citation, commencement and interpretation) the definitions of “contract of insurance” and “deposit” are revoked.
(2)
“(2A)
References in these Regulations to contracts of insurance and to deposits 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.”.
The Insolvency Rules 1986 (S.I. 1986/1925)
Authorised deposit-takers and former authorised deposit-takers377.
(1)
The Insolvency Rules 1986 are amended as follows.
(2)
“(a)
is an authorised deposit-taker or former authorised deposit-taker,”.
(3)
(4)
(5)
(6)
(7)
“an “authorised deposit-taker or a former authorised deposit-taker””.
The Scheme Manager of the Financial Services Compensation Scheme378.
(1)
In Rule 4.1 of those Rules (Voluntary winding up; winding up by court), in paragraph (1)(b), for “Deposit Protection Board” substitute “the scheme manager”.
(2)
In Rule 4.72 (Additional provisions as regards certain meetings)—
(a)
(b)
in paragraphs (3), (4), (5), (6) and (7) for “the Board” substitute “the scheme manager”.
(3)
In Schedule 1 (Deposit Protection Board’s Voting Rights) for “Deposit Protection Board” or “Board” wherever occurring, substitute “scheme manager”.
Additional Creditor Members379.
“(7)
The following categories of person are to be regarded as additional creditor members—
(a)
a representative of the Financial Services Authority who exercises the right under section 371(4)(b) of the Financial Services and Markets Act 2000 to be a member of the committee;
(b)
a representative of the scheme manager who exercises the right under section 215(4) of that Act to be a member of the committee.”.
Debts not provable unless all other claims have been paid in full380.
“(a)
in a winding up or a bankruptcy, any claim arising by virtue of section 382(1)(a) of the Financial Services and Markets Act 2000, not being a claim also arising by virtue of section 382(1)(b) of that Act;”.
Interpretation of “deposit-taker”381.
““Authorised deposit-taker and former authorised deposit-taker”13.12A
(1)
“Authorised deposit-taker” means a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.
(2)
“Former authorised deposit-taker” means a person who—
(a)
is not an authorised deposit-taker,
(b)
was formerly an authorised institution under the Banking Act 1987, or a recognised bank or a licensed institution under the Banking Act 1979276, and(c)
continues to have liability in respect of any deposit for which it had a liability at a time when it was an authorised institution, recognised bank or licensed institution.
(3)
Paragraphs (1) and (2) 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.”.
The Police Pensions Regulations 1987 (S.I. 1987/257)
Mis-sold pensions382.
The Personal Pension Schemes (Disclosure of Information) Regulations 1987 (S.I. 1987/1110)
Information about the scheme: illustrative estimates of cash equivalents383.
(1)
“9
Illustrative estimates of the cash equivalents which would be paid on the transfer of protected rights to another scheme at the end of the first 5 years of membership, which—
(a)
are clearly labelled as illustrative estimates, and state the period for which they will be honoured by the scheme, the assumptions made, and whether the same basis of calculation has been used for all members of the scheme; or
(b)
are prepared in accordance with rules made under Part 10 of the Financial Services and Markets Act 2000, if the scheme is established by an authorised person within the meaning of section 31(2) of that Act.”.
(2)
In paragraph 10 of that Schedule, for the words from “where a scheme is established by a person to whose business Chapter V of Part I of the Financial Services Act 1986 applies” to the end of the paragraph substitute “where a scheme is established by an authorised person within the meaning of section 31(2) of the Financial Services and Markets Act 2000 the information required by this paragraph may be specified in accordance with rules made under Part 10 of that Act.”.
The Consumer Protection (Northern Ireland) Order 1987 (S.I. 1987/2049 (N.I. 20))
Exclusion of offences under section 397 of the Financial Services and Markets Act 2000384.
“(5A)
A person is not guilty of an offence under paragraph (1) or (2) above if, in giving the misleading indication which would otherwise constitute an offence under either of those paragraphs, he is guilty of an offence under section 397 of the Financial Services and Markets Act 2000 (misleading statements and practices).”.
Repeal of unnecessary provisions385.
(1)
Article 15 of the Consumer Protection (Northern Ireland) Order 1987 (application of provisions relating to misleading price indications to services and facilities) is amended as follows.
(2)
Paragraph (3) is repealed.
(3)
In paragraph (5), the definitions of “appointed representative”, “authorised person” and “investment business” are repealed.
The Consumer Protection (Cancellation of Contracts Concluded Away From Business Premises) Regulations 1987 (S.I. 1987/2117)
Excepted contracts386.
(1)
Regulation 3 of the Consumer Protection (Cancellation of Contracts Concluded away from Business Premises) Regulations 1987 (contracts to which the Regulations apply) is amended as follows.
(2)
“(d)
contracts of insurance;”.
(3)
“(e)
any agreement the making or performance of which by either party constitutes a relevant regulated activity;”.
(4)
“(4)
For the purposes of paragraph (2)(e)—
(a)
“a relevant regulated activity” means an activity of the following kind, namely—
(i)
dealing in investments, as principal or as agent,
(ii)
arranging deals in investments,
(iii)
managing investments,
(iv)
safeguarding and administering investments,
(v)
establishing etc. a collective investment scheme; and
(b)
“investment” means—
(i)
shares,
(ii)
instruments creating or acknowledging indebtedness,
(iii)
government and public securities,
(iv)
instruments giving entitlement to investments,
(v)
certificates representing securities,
(vi)
units in a collective investment scheme,
(vii)
options,
(viii)
futures,
(ix)
contracts for differences, and
(x)
rights to or interests in investments.
(5)
Paragraphs (2)(d) and (4) 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,
but any restriction on or exclusion from the meaning of a regulated activity (which is a relevant regulated activity for the purposes of paragraph (2)(e)) which arises from the identity of the person carrying it on is to be disregarded.”.
The Insurance Companies (Assistance) Regulations 1987 (S.I. 1987/2130)
Revocation of the 1987 Regulations387.
The Insurance Companies (Assistance) Regulations 1987 are revoked.
The Department of Trade and Industry (Fees) Order 1988 (S.I. 1988/93)
Fees in relation to insurance388.
The Department of Trade and Industry (Fees) Order 1988 is amended as follows.
(2)
(3)
(4)
The Social Security (Payments on Account, Overpayments and Recovery) Regulations 1988 (S.I. 1988/664)
Conversion of payments by an authorised institution389.
(a)
the existing text is numbered paragraph (1);
(b)
in paragraph (1) for “any institution which is authorised under the Banking Act 1987” substitute “any authorised deposit-taker”;
(c)
“(2)
In this regulation “authorised deposit-taker” means—
(a)
a person who has 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 paragraph 5(b) 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)
Paragraph (2) 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.”.
The Control of Misleading Advertisements Regulations 1988 (S.I. 1988/915)
Revocation of exception of communications by authorised persons or appointed representatives390.
The Service Charge Contributions (Authorised Investments) Order 1988 (S.I. 1988/1284)
Investment of sums standing to the credit of any trust fund391.
(1)
In article 2 of the Service Charge Contributions (Authorised Investments) Order 1988, the existing text is numbered paragraph (1).
(2)
“(b)
deposited in the United Kingdom at interest with—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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)
Paragraph (1)(c) of that article is revoked.
(4)
“(2)
Where a person of a kind mentioned in paragraph (1)(b)(i) is a building society within the meaning of the Building Societies Act 1986, any such sums may also be invested in shares in that building society.
(3)
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.”.
The Consumer Protection (Code of Practice for Traders on Price Indications) Approval Order 1988 (S.I. 1988/2078)
Definition of services and facilities: investment business392.
In the Introduction to the Schedule to the Consumer Protection (Code of Practice for Traders on Price Indications) Approval Order 1988, in the definition of “Services and Facilities” the words “those provided by a person who is an authorised person or appointed representative under the Financial Services Act 1986 in the course of investment business,” are revoked.
The Personal Pension Schemes (Compensation) Regulations 1988 (S.I. 1988/2238)
Interpretation of the 1988 Regulations393.
(1)
In paragraph (2) of regulation 1 of the Personal Pension Scheme (Compensation) Regulations 1988 (citation, commencement and interpretation), the following definitions are revoked—
(i)
“the Banking Act”,
(ii)
“the Building Societies Act”,
(iii)
“the Financial Services Act”,
(iv)
“the Financial Services Compensation Rules”,
(v)
“the Friendly Societies Protection Scheme”, and
(vi)
“the Policyholders Protection Act”.
(2)
““authorised insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act to effect and carry out contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance in the United Kingdom;
“authorised deposit taker” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act to accept deposits, or
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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;
“the Financial Services and Markets Act” means the Financial Services and Markets Act 2000;
“the Financial Services Compensation Scheme” has the same meaning as in section 213(2) of the Financial Services and Markets Act;”.
(3)
“(3)
In paragraph (2), the definitions of “authorised insurer” and “authorised deposit taker” 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.”.
Meaning of “liable schemes”394.
(1)
“(a)
mentioned in regulation 2(1)(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:”.
(2)
Paragraph (b) of regulation 2 is revoked.
(3)
In paragraph (c) of regulation 2, for “the Financial Services Compensation Rules” substitute “the Financial Services Compensation Scheme”.
(4)
“(d)
mentioned in regulation 2(1)(c) of those 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.”.
Securing of liability for protected rights: prescribed requirements395.
(1)
“(1)
For the purposes of paragraph (b) of section 30(1) of the Act the prescribed circumstances are that if the scheme is a liable scheme which takes the form mentioned in any of subparagraphs (a), (b) or (c) of regulation 2(1) of the Appropriate Schemes Regulations, and if the provisions of the Financial Services Compensation Scheme applied, those provisions would become operative.”.
(2)
“(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 subparagraphs (a), (b) or (c) of regulation 2(1) 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.”.
The Consumer Credit (Exempt Agreements) Order 1989 (S.I. 1989/869)
Exemption where the creditor is an authorised deposit taker396.
In paragraph (2) of article 2 of the Consumer Credit (Exempt Agreements) Order 1989 (exemption of certain consumer credit agreements secured on land) for “or a building society authorised under the Building Societies Act 1986, or an authorised institution under the Banking Act 1987 or a wholly owned subsidiary of such an institution,” substitute “or a deposit taker (within the meaning given by section 16(10) of the Act),”.
The Consumer Credit (Advertisements) Regulations 1989 (S.I. 1989/1125)
Interpretation of the 1989 Regulations397.
(1)
The Consumer Credit (Advertisements) Regulations 1989 are amended as follows.
(2)
““authorised deposit taker” means—
(a)
a person who has 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 paragraph 5(b) 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)) to accept deposits,
(3)
““contract of insurance” means a contract of insurance the effecting or carrying out of which, by way of business, constitutes the carrying on of a regulated activity within the meaning of the Financial Services and Markets Act 2000;”.
(4)
“(2A)
The definitions “authorised deposit taker” and “contract of insurance” in paragraph (2) 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.”.
(5)
In paragraph (3) of regulation 2 (general Rules) for “an institution authorised under the Banking Act 1987 or a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986” substitute “an authorised deposit taker”.
The Banks (Administration Proceedings) Order 1989 (S.I. 1989/1276)
Application of Part II of the Insolvency Act 1986 to former authorised institutions398.
(1)
The Banks (Administration Proceedings) Order 1989 is amended as follows.
(2)
“Interpretation1A.
In this Order, “former authorised institution” means a company which—
(a)
continues to have a liability in respect of a deposit which was held by it 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.”.
(3)
In article 2 (application of provisions in the Insolvency Act 1986 with modifications in relation to companies which are authorised or former authorised institutions under the Banking Act 1987) in the sub-heading the words “authorised or” and “under the Banking Act 1987” are revoked.
(4)
In the sub-heading to the Schedule (Modifications of Part II of the Insolvency Act 1986 in relation to companies which are authorised or former authorised institutions under the Banking Act 1987) the words “authorised or” and “under the Banking Act 1987” are revoked.
(5)
“(1)
Subsection (1A) of section 8, and the definition of “relevant deposit” in subsection (1B), apply in relation to a former authorised institution as they apply in relation to an authorised deposit taker.”.
(6)
In paragraph 8 of the Schedule for “the Deposit Protection Board” substitute “the scheme manager, within the meaning of the Financial Services and Markets Act 2000”.
The Financial Services (Authorised Unit Trust Scheme) (Certificate of Compliance) Regulations 1989 (S.I. 1989/1535)
Revocation of the 1989 Regulations399.
The Financial Services (Authorised Unit Trust Scheme) (Certificate of Compliance) Regulations 1989 are revoked.
The Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19))
Further meaning of inability to pay debts where the company is a deposit taker400.
“(1A)
For the purposes of a petition presented by the Financial Services Authority alone or together with any other party, an authorised deposit taker who defaults in an obligation to pay any sum due and payable in respect of a relevant deposit is deemed to be unable to pay its debts as mentioned in paragraph (1).
“(1B)
In paragraph (1A)—
(a)
“authorised deposit taker” means a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, but excludes a person who has such permission only for the purpose of carrying on another regulated activity in accordance with that permission; and
(b)
“relevant deposit” 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,
but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.”.
Limitation on power to make administration order401.
“(4)
An administration order shall not be made in relation to a company after it has gone into liquidation.
(5)
An administration order shall not be made against a company if—
(a)
it has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance in the United Kingdom;
(b)
it continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987.
(6)
Paragraph (5)(a) 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.”.
Petition for winding-up by the Department402.
“(c)
any report made by inspectors under—
(i)
section 167, 168, 169 or 284 of the Financial Services and Markets Act 2000, or
(ii)
where the company is an open-ended investment company (within the meaning of that Act), regulations made as a result of section 262(2)(k) of that Act;
(cc)
any information or documents obtained under section 165, 171, 172, 173 or 175 of that Act;”.
Powers to apply Parts 2 to 7 to former authorised institutions403.
The Fossil Fuel Regulations 1990 (S.I. 1990/266)
Investment of sums collected404.
(1)
(2)
“(4)
In paragraph (3), “authorised deposit taker” means—
(a)
a person who has 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 paragraph 5(b) 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.
(5)
The definition of “authorised deposit taker” 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.”.
The Local Authorities (Capital Finance) (Approved Investments) Regulations 1990 (S.I. 1990/426)
Interpretation of the 1990 Regulations405.
(1)
Regulation 1 of the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990 is amended as follows.
(2)
In paragraph (2) of that regulation the definition of “authorised institution” is revoked.
(3)
““authorised deposit taker” means—
(a)
a person who has 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 paragraph 5(b) 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;”.
(4)
(5)
“(3)
The definition of “authorised deposit taker” in paragraph (2) 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.”.
Investments Approved for the purposes of Part IV of the Local Government and Housing Act 1989406.
(1)
In regulation 2 of the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990 the existing text is numbered as paragraph (1).
(2)
“(b)
any deposit made with an authorised deposit taker or the Bank of England, or any certificate of such a deposit;
(c)
any shares in a building society, and for this purpose “share” and “building society” have the meaning given by section 119 of the Building Societies Act 1986294;”.
(3)
In sub-paragraph (d) of paragraph (1), for “an authorised institution” substitute “an authorised deposit taker”.
(4)
“(2)
Paragraph (1)(b) 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,
but for the purposes of this regulation a deposit includes a sum paid by a local authority.”.
The Local Authorities (Borrowing) Regulations 1990 (S.I. 1990 /767)
Loan instruments issued by local authorities407.
(1)
The Local Authorities (Borrowing) Regulations 1990 are amended as follows.
(2)
In regulation 2 (interpretation) in the definition of “listing rules” for “section 142(6) of the Financial Services Act 1986” substitute “section 74(4) of the Financial Services and Markets Act 2000”.
(3)
“(4)
In this regulation, references to a “deposit” 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.”.
(4)
(5)
“(e)
contain a statement to the effect that the instrument is issued by a person who may, by reason of being an exempt person under section 38 of the Financial Services and Markets Act 2000, lawfully accept deposits in the United Kingdom without contravening the prohibition imposed by section 19 of that Act.”.
(6)
““authorised institution” means—
(a)
a person who has 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 paragraph 5(b) 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;”.
(7)
“(11)
Paragraph (9)(e) and the definition of “authorised institution” in paragraph (10) 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.”.
The Insurance Companies (Legal Expenses Insurance) Regulations 1990 (S.I. 1990/1159)
Interpretation of the 1990 Regulations408.
(1)
Regulation 2 of the Insurance Companies (Legal Expenses Insurance) Regulations 1990 (interpretation) is amended as follows.
(2)
In paragraph (1), renumber sub-paragraphs (a) and (b) as sub-paragraphs (c) and (d).
(3)
“(a)
“general insurance business” means the business of effecting or carrying out of contracts of general insurance;
(b)
“insurance company” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance,
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance, or
(iii)
a person not falling with paragraph (i) or (ii) who may effect or carry out contracts of insurance without contravening the prohibition imposed by section 19 of that Act;”.
(4)
“(c)
“legal expenses insurance business” means the business of effecting or carrying out contracts of insurance (other than contracts of reinsurance) which insure against a risk arising from legal expense;”.
(5)
“(2)
The definitions of “general insurance business”, “insurance company” and “legal expenses insurance business” 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.”.
Revocation of spent provision409.
Regulation 10 of the Insurance Companies (Legal Expenses Insurance) Regulations 1990 (amendment) is revoked.
Enforcement of the 1990 Regulations410.
In regulation 11 of the Insurance Companies (Legal Expenses Insurance) Regulations 1990 (enforcement) for “as a failure by it to satisfy an obligation to which it is subject by virtue of the Insurance Companies Act 1982” substitute “as if it were a contravention of a requirement imposed on it by or under the Financial Services and Markets Act 2000, and Part XIV of that Act shall apply in the event of any such breach”.
The Insurance Companies (Amendment) Regulations 1990 (S.I. 1990/1333)
Revocation of the 1990 Regulations411.
The Insurance Companies (Amendment) Regulations 1990 are revoked.
The Non-Domestic Rating (Payment of Interest) Regulations 1990 (S.I. 1990/1904)
Meaning of “the reference banks”412.
(1)
“(b)
the reference banks, in relation to any 15th March, are the seven largest persons who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling effective as mentioned in sub-paragraph (a); and”.
(2)
In paragraph (2)(c) of that regulation for “institution” substitute “person” and for “its” (in both places) substitute “his”.
(3)
In paragraph (3) of that regulation, for “institution” substitute “person”.
(4)
“(4)
Paragraph (2)(b) 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.”.
The Health and Personal Social Services (Northern Ireland) Order 1991 (S.I. 1991/194 (N.I. 1))
Schemes for meeting losses and liabilities of certain health service bodies413.
“(5)
A person or body administering a scheme under this Article does not require permission under any provision of the Financial Services and Markets Act 2000 as respects activities carried out under the scheme.”.
The Banks (Administration Proceedings) Order (Northern Ireland) 1991 (S.R. (NI) 1991/295)
Application of Part III of the Insolvency (Northern Ireland) Order 1989 to former authorised institutions414.
(1)
The Banks (Administration Proceedings) Order (Northern Ireland) 1991 is amended as follows.
(2)
““former authorised institution” means a company which—
(a)
continues to have a liability in respect of a deposit which was held by it in accordance with 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;”.
(3)
“(1)
Paragraph (1A) of Article 21, and the definition of “relevant deposit” in paragraph (1B) apply in relation to a former authorised institution as they apply in relation to an authorised deposit taker.”.
(4)
In paragraph 8 of the Schedule for “the Deposit Protection Board” substitute “the scheme manager, within the meaning of the Financial Services and Markets Act 2000”.
The Financial Markets and Insolvency Regulations 1991 (S.I. 1991/880)
Meaning of “relevant investment”415.
(1)
Regulation 16 of the Financial Markets and Insolvency Regulations 1991 (circumstances in which member or designated non-member dealing as principal to be treated as acting in different capacities) is amended as follows.
(2)
“(i)
which is a relevant investment; and”.
(3)
“(3)
In paragraph (1)(a)(i) “relevant investment” means an investment of one of the following kinds—
(a)
options;
(b)
futures;
(c)
contracts for differences;
(d)
rights to or interests in an investment of a kind mentioned in sub-paragraphs (a) to (c).
(4)
Paragraph (3) 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.”.
The Access to Personal Files and Medical Reports (Northern Ireland) Order 1991 (S.I. 1991/1707 (N.I. 14))
Access to medical reports: “insurance purposes”416.
(1)
Article 6 of the Access to Personal Files and Medical Reports (Northern Ireland) Order 1991 (interpretation) is amended as follows.
(2)
““insurance purposes”, in the case of any individual who has entered into, or is seeking to enter into, a contract of insurance with an insurer, means the purposes of that insurer in relation to that individual;
“insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out relevant contracts of insurance.”.
(3)
“(1A)
The definitions of “insurance purposes” and “insurer” 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.”.
The Bank Accounts Directive (Miscellaneous Banks) Regulations 1991 (S.I. 1991/2704)
Accounting requirements for authorised deposit takers not required to prepare accounts under Part VII of the Companies Act 1985417.
(1)
The Bank Accounts Directive (Miscellaneous Banks) Regulations 1991 are amended as follows.
(2)
In regulation 3 of those Regulations (scope of application), the existing text is numbered as paragraph (1).
(3)
In paragraph (1)(c) of regulation 3, for “an authorised institution within the meaning of the Banking Act 1987” substitute “an authorised deposit taker”.
(4)
“(2)
In paragraph (1), “authorised deposit taker” means a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, but excludes—
(a)
a building society, within the meaning of section 119 of the Building Societies Act 1986,
(b)
a credit union, within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985,
(c)
a specially authorised friendly society, within the meaning of section 7(1)(f) of the Friendly Societies Act 1974, and
(d)
a person who has permission to accept deposits only in the course of effecting or carrying out contracts of insurance in accordance with that permission.
(3)
References in paragraph (2) to—
(a)
accepting deposits, and
(b)
effecting and carrying out contracts of insurance,
must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.”.
(5)
In regulation 5 (publication of Accounts), paragraph (4) is revoked.
The Registered Foreign Lawyers Order 1991 (S.I. 1991/2831)
Revocation of spent provision418.
Article 3 of the Registered Foreign Lawyers Order 1991 (Banking Act 1987 (Exempt Transactions) Regulations 1988 is revoked.
The Opencast Coal (Rate of Interest on Compensation) Order 1992 (S.I. 1992/46)
Meaning of “the reference banks”419.
(1)
“(b)
the reference banks are the seven largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling; and”.
(2)
In paragraph (2)(c) of article 2, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3)
In paragraph (3) of article 2, for “an institution” substitute “a person” and for “that institution” substitute “that person”.
(4)
“(4)
Paragraph (2)(b) 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.”.
The Firemen’s Pension Scheme Order 1992 (S.I. 1992/129)
Actionable contravention giving rise to loss420.
The Serbia and Montenegro (United Nations Sanctions) Order 1992 (S.I. 1992/1302)
Assets of Serbia and Montenegro: definition of “investments”421.
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Serbia and Montenegro (United Nations Sanctions) (Dependent Territories) Order 1992 (S.I. 1992/1303)
Assets of Serbia and Montenegro: definition of “investments”422.
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Serbia and Montenegro (United Nations Sanctions) (Channel Islands) Order 1992 (S.I. 1992/1308)
Assets of Serbia and Montenegro: definition of “investments”423.
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Child Support (Arrears, Interest and Adjustment of Maintenance Assessments) Regulations 1992 (S.I. 1992/1816)
Meaning of “the reference banks”424.
(1)
“(b)
the reference banks are the seven largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling; and”.
(2)
In paragraph (3)(c) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3)
In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”.
(4)
“(6)
Paragraph (3)(b) 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.”.
The Local Government Superannuation (National Rivers Authority) Regulations 1992 (S.I. 1992/1991)
Meaning of “the reference banks”425.
(1)
“(b)
the reference banks, in relation to any 15th March, are the seven largest persons who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling; and”.
(2)
In sub-paragraph (c) of that paragraph for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3)
In that paragraph, sub-paragraph (d) is revoked.
(4)
In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”.
(5)
“(5)
Paragraph (3)(b) 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.”.
The Education (London Residuary Body) (Transfer of Functions and Property) (No. 2) Order 1992 (S.I. 1992/2257)
Meaning of “the reference banks”426.
(1)
“(b)
the reference banks, in relation to any 15th March, are the seven largest persons who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling effective as mentioned in sub-paragraph (a) above; and”.
(2)
In paragraph (7)(c) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3)
Paragraph (7)(d) of that regulation is revoked.
(4)
In paragraph (8) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”.
(5)
“(8A)
The definition of “reference banks” in paragraph (7) 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.”.
The Local Authorities (Funds) (England) Regulations 1992 (S.I. 1992/2428)
Meaning of “the reference banks”427.
(1)
“(3)
For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling.”.
(2)
In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3)
In paragraph (5) of that regulation—
(a)
in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and
(b)
the definition of “a deposit-taking business” is revoked.
(4)
“(6)
Paragraph (3) 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.”.
Prescribed investments428.
(1)
Schedule 3 to the Local Authorities (Funds) (England) Regulations 1992 is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
In paragraph (1)(a) (as renumbered) for “an institution authorised under Part I of the Banking Act 1987” substitute “an authorised deposit taker”.
(4)
Sub-paragraph (b) of that paragraph is revoked.
(5)
“(c)
if the deposit is repayable at not more than 7 days notice, a deposit with a relevant body (other than the billing authority) which may accept deposits without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000, by reason of being an exempt person under section 38 of that Act.”.
(6)
“(2)
In this Schedule—
(a)
“an authorised deposit taker” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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;
(b)
“relevant body” means—
(i)
a local authority, within the meaning of the Local Government Act 1972299, the Common Council of the City, or the Council of the Isles of Scilly, or(ii)
any other body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland.
(3)
The definition of “authorised deposit-taker” 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.”.
The Levying Bodies (General) Regulations 1992 (S.I. 1992/2903)
Meaning of “the reference banks”429.
(1)
“(a)
the reference banks are the seven largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling;”.
(2)
In paragraph (3)(b) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3)
In paragraph (4) of that regulation—
(a)
in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and
(b)
the definition of “a deposit taking business” is revoked.
(4)
“(5)
Paragraph (3)(a) 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.”.
The Local Authorities (Funds) (Wales) Regulations 1992 (S.I. 1992/2929)
Meaning of “the reference banks”430.
(1)
“(3)
For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling.”.
(2)
In paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.
(3)
In paragraph (5) of that regulation—
(a)
in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and
(b)
the definition of “a deposit-taking business” is revoked.
(4)
“(6)
Paragraph (3) 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.”.
Prescribed investments431.
(1)
Schedule 3 to the Local Authorities (Funds) (Wales) Regulations 1992 is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
In paragraph (1)(a) (as renumbered) for “an institution authorised under Part I of the Banking Act 1987” substitute “an authorised deposit taker”.
(4)
Sub-paragraph (b) of that paragraph is revoked.
(5)
“(c)
if the deposit is repayable at not more than 7 days notice, a deposit with a relevant body (other than the billing authority) which may accept deposits without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000, by reason of being an exempt person under section 38 of that Act.”.
(6)
“(2)
In this Schedule—
(a)
“an authorised deposit taker” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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;
(b)
“relevant body” means—
(i)
a local authority, or
(ii)
any other body which by virtue of any enactment has power to issue a precept to a local authority in England or Wales or a requisition to a local authority in Scotland, or to the expenses of which, by virtue of any enactment, a local authority in the United Kingdom is or can be required to contribute.
(3)
The definition of “authorised deposit-taker” in paragraph (2) 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.”.
The Value Added Tax (Cars) Order 1992 (S.I. 1992/3122)
Interpretation of the 1992 Order432.
(1)
Article 2 of the Value Added Tax (Cars) Order 1992 (Interpretation) is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance against risks arising from loss of or damage to goods; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 effect and carry out in the United Kingdom contracts of insurance against risks arising from loss of or damage to goods;”.
(4)
“(2)
The definition of “insurer” 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.”.
The Insurance Companies (Amendment) Regulations 1993 (S.I. 1993/174)
Revocation of the 1993 Regulations433.
The Insurance Companies (Amendment) Regulations 1993 are revoked.
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)
““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)
““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)
““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)
“(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.”.
Winding up of an authorised deposit taker or former authorised institution435.
(1)
(2)
In paragraph (3)(iv) of article 20 of that Order (restitution), for “or a winding-up order made against it under section 92 of the Banking Act” substitute “or is an authorised deposit taker or former authorised institution and has a winding-up order made against it under section 367 of the Financial Services and Markets Act 2000”.
The Insurance Companies (Cancellation) Regulations 1993 (S.I. 1993/1327)
Revocation of the 1993 Regulations436.
The Insurance Companies (Cancellation) Regulations 1993 are revoked.
The Financial Services (Disclosure of Information) (Designated Authorities) (No. 7) Order 1993 (S.I. 1993/1826)
Revocation of unnecessary provision437.
In article 2 of the Financial Services (Disclosure of Information) (Designated Authorities) (No. 7) Order 1993 (Designation of authorities and specification of functions), the words “section 180(3) of the Financial Services Act 1986 and” are revoked.
The Money Laundering Regulations 1993 (S.I. 1993/1933)
Interpretation of the 1993 Regulations438.
(1)
Regulation 2 of the Money Laundering Regulations 1993 (interpretation) is amended as follows.
(2)
““European institution” means an EEA firm of the kind mentioned in sub-paragraph (b) or (c) of paragraph 5 of Schedule 3 to the Financial Services and Markets Act 2000 which qualifies for authorisation for the purposes of that Act under paragraph 12 of that Schedule;”.
(3)
““home regulated activity”, in relation to a European institution, means any activity listed in Annex 1 to the banking consolidation directive (the text of which is, for convenience set out in the Schedule to these Regulations)—
(a)
in relation to which a supervisory authority in its home state has regulatory functions, and
(b)
in the case of an EEA firm of the kind mentioned in paragraph 5(c) of Schedule 3 to the Financial Services and Markets Act 2000, it is carrying on in its home State;
“home state”, in relation to a person incorporated in or formed under the law of another member State, means that State;”.
(4)
““insurance business” means business which consists of effecting or carrying out contracts of long-term insurance”.
(5)
“(1A)
The definition of “insurance business” 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.”.
Meaning of “relevant financial business”439.
(1)
Regulation 4 of the Money Laundering Regulations 1993 (relevant financial business) is amended as follows.
(2)
“(a)
accepting deposits, by a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits (including, in the case of a building society, the raising of money from members of the society by the issue of shares);”.
(3)
Sub-paragraph (b) of paragraph (1) is revoked.
(4)
In sub-paragraph (e) of paragraph (1), for “the requirements of paragraph 1 of Schedule 2 to the Banking Coordination (Second Council Directive) Regulations 1992 have been complied with” substitute “the establishment conditions in paragraph 13 of Schedule 3 to the Financial Services and Markets Act 2000, or the service conditions in paragraph 14 of that Schedule, have been satisfied;”.
(5)
“(f)
business which consists of carrying on one or more of the following kinds of regulated activity in the United Kingdom—
(i)
dealing in investments as principal or as agent,
(ii)
arranging deals in investments,
(iii)
managing investments,
(iv)
safeguarding and administering investments,
(v)
sending dematerialised instructions,
(vi)
establishing etc. a collective investment scheme,
(vii)
advising on investments.”.
(6)
In paragraph (2)—
(a)
sub-paragraph (d) is revoked; and
(b)
“(e)
in relation to any person who is for the time being specified in any order made under section 38 of the Financial Services and Markets Act 2000 as an exempt person in respect of all or any regulated activities (within the meaning of that Act), those activities in respect of which he is exempt.”.
(7)
Paragraph (3) of that regulation is revoked.
(8)
In paragraph (4) of that regulation, the definition of “deposit-taking business” is revoked.
(9)
“(5)
Sub-paragraphs (a) and (f) of 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.”.
Accounts with deposit takers which constitute evidence of identity440.
“(a)
a person who for the time being has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits; or”.
Responsibility of principal for record-keeping by appointed representative441.
(1)
In paragraph (4) of regulation 13 of the Money Laundering Regulations 1993 (record-keeping procedures; supplementary provisions)—
(a)
for the words from the beginning of the paragraph to the end of sub-paragraph (b) substitute “Where a person bound by regulation 5(1) above is an appointed representative”; and
(b)
for “under section 44 of the Financial Services Act 1986” substitute “under section 39 of the Financial Services and Markets Act 2000”.
(2)
“(6)
For the purposes of paragraphs (4) and (5) above, “appointed representative” has the same meaning as in section 39(2) of the Financial Services and Markets Act 2000, and “principal” (in relation to an appointed representative) has the same meaning as in section 39(1) of that Act.”.
Meaning of references to “supervisory authorities” in the 1993 Regulations442.
(1)
In paragraph (2) of regulation 15 of the Money Laundering Regulations 1993 (supervisory authorities)—
(a)
sub-paragraphs (b), (c), (d), (f), (g), (l), (m), (n), (o) and (p) are revoked, and
(b)
“(e)
a designated professional body within the meaning of section 326(2) of the Financial Services and Markets Act 2000;”.
(2)
“(3)
These Regulations apply to the Secretary of State and to the Treasury in the exercise, in relation to any person carrying on relevant financial business, of their respective functions under the enactments relating to companies or insolvency or under the Financial Services and Markets Act 2000.”.
Persons who must disclose information indicating engagement in money laundering443.
In paragraph (6) of regulation 16 of the Money Laundering Regulations 1993 (supervisors etc. to report evidence of money laundering)—
(a)
in sub-paragraph (a) the words “section 17 of the Industrial Assurance Act 1923 or” are revoked;
(b)
“(e)
a person appointed under section 167, 168(3) or (5), or 169(1)(b) or 284 of the Financial Services and Markets Act 2000, or under regulations made as a result of section 262(2)(k) of that Act, to conduct an investigation, or;”;
(c)
(d)
in sub-paragraph (g) the words “section 44 of the Insurance Companies Act 1982,” and “section 106 of the Financial Services Act 1986,” are revoked.
The Libya (United Nations Sanctions) Order 1993 (S.I. 1993/2807)
Interpretation of article 12: assets of Libya444.
(1)
Paragraph (5) of article 12 of the Libya (United Nations Sanctions) Order 1993 (assets of Libya) is amended as follows.
(2)
“(b)
“investment” means any investment of a kind specified by any relevant order under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
(3)
““relevant institution” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(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 of that Schedule), to accept deposits, or
(c)
a person who may accept deposits without contravening the prohibition imposed by section 19 of that Act, by reason of being an exempt person as a result of an order under section 38 of that Act;”.
The Libya (United Nations Sanctions) (Dependent Territories) Order 1993 (S.I. 1993/2808)
Interpretation of article 12: assets of Libya445.
(1)
Paragraph (5) of article 12 of the Libya (United Nations Sanctions) (Dependent Territories) Order 1993 (assets of Libya) is amended as follows.
(2)
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
(3)
“(b)
a person who may lawfully accept deposits in or from within the Territory by way of business.”.
(4)
“(6)
For the purpose of the definition of “relevant institution” in paragraph (5)—
(a)
the activity of accepting deposits has the meaning given in any relevant order under section 22 of the Financial Services and Markets Act 2000; and
(b)
a person is not regarded as accepting deposits by way of business if—
(i)
he does not hold himself out as accepting deposits on a day to day basis, and
(ii)
any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities.
(7)
In determining for the purposes of that definition whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.”.
The Libya (United Nations Sanctions) (Channel Islands) Order 1993 (S.I. 1993/2811)
Interpretation of article 12: assets of Libya446.
(1)
Article 12 of the Libya (United Nations Sanctions) (Channel Islands) Order 1993 (assets of Libya) is amended as follows.
(2)
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Libya (United Nations Sanctions) (Isle of Man) Order 1993 (S.I. 1993/2812)
Interpretation of article 12: assets of Libya447.
(1)
Paragraph (5) of article 12 of the Libya (United Nations Sanctions) (Isle of Man) Order 1993 (assets of Libya) is amended as follows.
(2)
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Credit Unions (Authorised Investments) Order 1993 (S.I. 1993/3100)
Interpretation of the Schedule to the 1993 Order448.
(1)
The Schedule to the Credit Unions (Authorised Investments) Order 1993 (authorised investments) is amended as follows.
(2)
“(a)
deposits;”.
(3)
In paragraph 4 (Interpretation)—
(a)
““deposits” includes shares in a building society (other than deferred shares), but does not include transferable instruments;”;
(b)
““European authorised institution” means an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation by virtue of paragraph 12 of that Schedule) to accept deposits;”; and
(c)
““European deposit-taker” means an EEA firm falling within paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 which has lawfully established a branch in the United Kingdom for the purpose of accepting deposits;”.
The Insurance Companies (Switzerland) Regulations 1993 (S.I. 1993/3127
Revocation of the 1993 Regulations449.
The Insurance Companies (Switzerland) Regulations 1993 are revoked.
The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993 (S.I. 1993/3245)
Interpretation of the 1993 Regulations: qualifying bodies450.
(1)
Regulation 2 of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993 (interpretation) is amended as follows.
(2)
““friendly society” has the same meaning as in the Financial Services and Markets Act 2000;”.
(3)
“(b)
requires permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance without contravening the prohibition imposed by section 19 of that Act, and”.
(4)
“(c)
is a friendly society.”.
(5)
“(5)
Paragraph (2)(b) 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.”.
The Parliamentary Pensions (Additional Voluntary Contributions Scheme) Regulations 1993 (S.I. 1993/3252)
Investment of additional voluntary contributions451.
(1)
“(a)
an insurance policy or policies taken out with an office or branch in the United Kingdom of—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of long-term term insurance, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 effect or carry out contracts of long-term insurance; or”.
(2)
In sub-paragraph (b) of paragraph (2) of that regulation, for “a building society authorised by virtue of Part II of the Building Societies Act 1986” substitute “a building society, within the meaning of the Building Societies Act 1986, which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits”.
(3)
“(5)
Paragraph (2) 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.”.
Persons from whom pensions must be purchased452.
(1)
“(2)
The Trustees shall purchase the pension or pensions specified under paragraph (1) above from such insurer as the Trustees may determine from time to time or as the contributor may in writing specify, being an office or branch in the United Kingdom of—
(a)
person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of long-term term insurance; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 effect or carry out contracts of long-term insurance.”.
(2)
In paragraph (3) of that regulation the words “or friendly society” in each place are revoked.
(3)
“(4)
Paragraph (2) 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.”.
The Traded Securities (Disclosure) Regulations 1994 (S.I. 1994/188)
Interpretation of the 1994 Regulations453.
(1)
In regulation 2 of the Traded Securities (Disclosure) Regulations 1994 (interpretation)—
(a)
““the Official List” means the list maintained by the competent authority in accordance with section 74 of the Financial Services and Markets Act 2000;”;
(b)
““overseas investment exchange” means a recognised investment exchange in the case of which a recognition order was made by virtue of section 292(2) of the Financial Services and Markets Act 2000;”;
(c)
““recognised investment exchange” has the same meaning as in section 285 of the Financial Services and Markets Act 2000;”;
(d)
in the definition of “security” for “Part IV of the Financial Services Act 1986” substitute “ Part VI of the Financial Services and Markets Act 2000”.
Requirements for recognition of overseas investment exchanges454.
“The Financial Services and Markets Act 2000 shall have effect as if the requirement set out in paragraph (3) of regulation 3 above were, in the case of an overseas investment exchange, among those specified in section 292(3) of that Act (requirements for recognition of overseas investment exchange) and mentioned in section 297(2)(a) of that Act (revocation of recognition order).”.
The Financial Services (Disclosure of Information) (Designated Authorities) (No. 8) Order 1994 (S.I. 1994/340)
Revocation of unnecessary provision455.
The Haiti (United Nations Sanctions) Order 1994 (S.I. 1994/1323)
Assets of Haiti: definition of “investments”456.
“(b)
“investments” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Haiti (United Nations Sanctions) (Dependent Territories) Order 1994 (S.I. 1994/1324)
Assets of Haiti: definition of “investments”457.
“(b)
“investments” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Haiti (United Nations Sanctions) (Channel Islands) Order 1994 (S.I. 1994/1325)
Assets of Haiti: definition of “investments”458.
“(b)
“investments” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Haiti (United Nations Sanctions) (Isle of Man) Order 1994 (S.I. 1994/1326)
Assets of Haiti: definition of “investments”459.
“(b)
“investments” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Insurance Companies Regulations 1994 (S.I. 1994/1516)
Revocation of the 1994 Regulations460.
The Insurance Companies Regulations 1994 are revoked.
The Drug Trafficking Offences Act 1986 (Crown Servants and Regulators etc) Regulations 1994 (S.I. 1994/1757)
Revocation of references to person no longer performing regulatory functions461.
(a)
sub-paragraphs (b), (c), (d), (f), (g), (i), (j), (k) and (l) are revoked; and
(b)
“(e)
a designated professional body within the meaning of section 326(2) of the Financial Services and Markets Act 2000;”.
The Friendly Societies (Insurance Business) Regulations 1994 (S.I. 1994/1981)
Revocation of the 1994 Regulations464.
The Friendly Societies (Insurance Business) Regulations 1994 are revoked.
The Insolvent Partnerships Order 1994 (S.I. 1994/2421)
Winding up of an insolvent partnership which is an authorised person467.
“(4)
Nothing in this Order is to be taken as preventing a petition being presented against an insolvent partnership under section 367 of the Financial Services and Markets Act 2000, or any other enactment.”.
Partnerships which are authorised persons: administration orders468.
(1)
In paragraph 2 of Schedule 2 to the Insolvent Partnerships Order 1994 (modified provisions of Part II of the Insolvency Act), in subsection (1)(a) of the text of section 8 of the Insolvency Act 1986 (as modified by that paragraph), after “of this Act” insert “or subsection (1A) below”.
(2)
“(1A)
An authorised deposit taker which defaults on an obligation to pay any sum due and payable in respect of a relevant deposit is deemed to be unable to pay its debts.
(1B)
In subsection (1A)—
(a)
“authorised deposit taker” means a person (being a partnership) which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, other than a person who has such permission only for the purpose of carrying on another regulated activity in accordance with that permission; and
(b)
“relevant deposit” 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,
but any restriction on the meaning of deposit which arises from the identity of the person making it is to be disregarded.”.
(3)
“(4)
An administration order shall not be made in relation to a partnership after an order has been made for it to be wound up by the court as an unregistered company, nor after an order has been made in relation to it by virtue of article 11 of the Insolvent Partnerships Order 1994312.(5)
An administration order shall not be made against a partnership if—
(a)
it has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance in the United Kingdom;
(b)
it continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987.
(6)
The definition of “authorised deposit taker” in subsection (1B)(a) and subsection (5)(a) 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.”.
Authorised deposit takers and former authorised institutions: restriction on presentation of bankruptcy petition by partners469.
(1)
“if the partnership—
(a)
has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, other than such a permission only for the purpose of carrying on another regulated activity in accordance with that permission, or
(b)
continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987.”.
(2)
“(2A)
Subsection (2)(a) 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.”.
Disqualification of a member of an insolvent partnership after investigation470.
“(1)
If it appears to the Secretary of State from—
(a)
a report made by an inspector or person appointed to conduct an investigation under a provision mentioned in subsection (1A), or
(b)
information or documents obtained under a provision mentioned in subsection (1B),
that it is expedient in the public interest that a disqualification order should be made against any person who is or has been an officer of an insolvent partnership, he may apply to the court for such an order to be made against that person.
(1A)
The provisions are—
(a)
section 437 of the Companies Act,
(b)
section 167, 168, 169(1)(b) or 284 of the Financial Services and Markets Act 2000, or
(c)
regulations made as a result of section 262(2)(k) of that Act.
(1B)
The provisions are—
(a)
section 447 or 448 of the Companies Act,
(b)
section 2 of the Criminal Justice Act 1987,
(c)
section 52 of the Criminal Justice (Scotland) Act 1987,
(d)
section 83 of the Companies Act 1989, or
(e)
section 171 or 173 of the Financial Services and Markets Act 2000.”.
The Insolvency Regulations 1994 (S.I. 1994/2507)
Interpretation of the 1994 Regulations471.
““bank” means—
(a)
a person who has 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 paragraph 5(b) 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;”.
The British Coal Staff Superannuation Scheme (Modification) Regulations 1994 (S.I. 1994/2576)
Meaning of “securities”472.
(1)
“(b)
“securities” means—
(a)
shares,
(b)
instruments creating or acknowledging indebtedness,
(c)
instruments giving entitlement to investments,
(d)
certificates representing securities.”.
(2)
“(3)
The definition of “securities” in sub-clause (2)(b) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that Schedule; and
(c)
Schedule 2 to that Act.”.
The Mineworkers Pension Scheme (Modification) Regulations 1994 (S.I. 1994/2577)
Meaning of “securities”473.
(1)
“(b)
“securities” means—
(a)
shares,
(b)
instruments creating or acknowledging indebtedness,
(c)
instruments giving entitlement to investments,
(d)
certificates representing securities.”.
(2)
“(3)
The definition of “securities” in sub-clause (2)(b) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that Schedule; and
(c)
Schedule 2 to that Act.”.
The Former Yugoslavia (United Nations Sanctions) Order 1994 (S.I. 1994/2673)
Assets of persons connected with Bosnian Serb controlled areas: definition of “investments”474.
“(b)
“investments” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Former Yugoslavia (United Nations Sanctions) (Channel Islands) Order 1994 (S.I. 1994/2675)
Assets of persons connected with Bosnian Serb controlled areas: definition of “investments”475.
“(b)
“investments” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Former Yugoslavia (United Nations Sanctions) (Isle Of Man) Order 1994 (S.I. 1994/2676)
Assets of persons connected with Bosnian Serb controlled areas: definition of “investments”476.
“(b)
“investments” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.
The Teachers' Superannuation (Additional Voluntary Contributions) Regulations 1994 (S.I. 1994/2924)
Interpretation of the 1994 Regulations477.
(1)
““insurance company” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance;”.
(2)
“(3A)
The definition of “insurance company” in paragraph (3) 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.”.
The Industry-wide Coal Staff Superannuation Scheme Regulations 1994 (S.I. 1994/2973)
Interpretation of the Trust Deed and Superannuation Scheme478.
(1)
The Industry-Wide Coal Staff Superannuation Scheme Regulations 1994 are amended as follows.
(2)
“(b)
“securities” means—
(i)
shares,
(ii)
instruments creating or acknowledging indebtedness,
(iii)
instruments giving entitlement to investments,
(iv)
certificates representing securities.”.
(3)
“(3)
The definition of “securities” in sub-clause (2)(b) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that Schedule; and
(c)
Schedule 2 to that Act.”.
(4)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance;”.
(5)
“1.1A
The definition of “insurer” in rule 1.1 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.”.
The Industry-Wide Mineworkers' Pension Scheme Regulations 1994 (S.I. 1994/2974)
Interpretation of the Appendix to the 1994 Regulations479.
(1)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance;”.
(2)
“1.1A
The definition of “insurer” in rule 1.1 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.”.
The Charitable Institutions (Fund-raising) Regulations 1994 (S.I.1994/3024)
Interpretation of the 1994 Regulations: authorised deposit taker480.
(1)
The Charitable Institutions (Fund-Raising) Regulations 1994 are amended as follows.
(2)
“(2)
In these Regulations, “authorised deposit taker” means—
(a)
the Bank of England;
(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(c)
an EEA firm of the kind mentioned in paragraph 5(b) 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)
“(2A)
Paragraph (2) 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.”.
(4)
In paragraph (2)(a)(iii) of regulation 6 (Transmission of money and other property to charitable institutions) for “a bank or building society” substitute “an authorised deposit taker”.
The Insurance Companies (Amendment) Regulations 1994 (S.I. 1994/3132)
Revocation of the 1994 Regulations481.
The Insurance Companies (Amendment) Regulations 1994 are revoked.
The Insurance Companies (Amendment No.2) Regulations 1994 (S.I. 1994/3133)
Revocation of the 1994 Regulations482.
The Insurance Companies (Amendment No.2) Regulations 1994 are revoked.
The National Health Service Pension Scheme Regulations 1995 (S.I. 1995/300)
Actionable contraventions483.
(1)
The National Health Service Pension Scheme Regulations 1995 are amended as follows.
(2)
(3)
Meaning of “reference banks”484.
(1)
(2)
““reference banks” means the four largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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.”.
(3)
“(5)
The definition of “reference banks” in paragraph (4) above 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.”.
The Local Government Residuary Body (England) Order 1995 (S.I. 1995/401)
Interest on unpaid levies485.
The Local Government Residuary Body (England) Order 1995 is amended as follows—
(a)
“(a)
the reference banks are the seven largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling.”;
(b)
in paragraph (3)(b) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c)
in paragraph (4) of that article, the definition of “deposit-taking business” is revoked;
(d)
in the second sub-paragraph of paragraph (4) for “an institution” substitute “a person” and for “that institution” substitute “that person”; and
(e)
“(5)
Paragraph (3)(a) 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.”.
The Local Government Changes For England (Property Transfer and Transitional Payments) Regulations 1995 (S.I. 1995/402)
Interest on unpaid sums486.
Regulation 18 of the Local Government Changes for England (Property Transfer and Transitional Payments) Regulations 1995 (interest) is amended as follows—
(a)
“(3)
For the purposes of paragraph (2) above, the reference banks are the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling.”;
(b)
in paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c)
in paragraph (5) of that regulation—
(i)
in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”, and
(ii)
the definition of “a deposit-taking business” is revoked;
(d)
“(6)
Paragraph (3)(a) and (b) 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.”.
The European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (S.I. 1995/739)
Investment of additional voluntary contributions487.
(1)
Article 6 of the European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (investment of contributions) is amended as follows.
(2)
“(a)
in an insurance policy or policies taken out with an authorised insurer, being either—
(i)
a United Kingdom office or branch of a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; or
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 effect or carry out contracts of long-term insurance; or”.
(3)
For paragraph (2)(b) of that article, for “authorised by virtue of Part II of the Building Societies Act 1986” substitute “within the meaning of the Building Societies Act 1986, which has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits.”.
(4)
“(2A)
Sub-paragraphs (a) and (b) of paragraph (2) 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.”.
Purchase of retirement benefits from an authorised insurer488.
(1)
Article 9 of the European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No 2) Order 1995 (purchase of pensions on retirement) is amended as follows.
(2)
(3)
In that paragraph for “being either” substitute “being an office or branch in the United Kingdom of either”.
(4)
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance.”.
(5)
“(3)
Sub-paragraphs (a) and (b) of paragraph (2) 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.”.
The Local Authorities (Companies) Order 1995 (S.I. 1995/849)
Interpretation of the 1995 Order489.
(1)
Article 12 of the Local Authorities (Companies) Order 1995 (interpretation) is amended as follows.
(2)
““relevant lender” means—
(a)
the Public Works Loan Board,
(b)
the Bank of England,
(c)
the European Investment Bank,
(d)
a body mentioned in any of paragraphs 1 to 17, or in paragraph 28 or 29, of Part II of the Schedule to the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990,
(e)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
(f)
an EEA firm or the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits.”.
(3)
“(3)
Sub-paragraphs (e) and (f) of the definition of “relevant lender” in paragraph (2) 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.”.
The Contracting Out (Functions in Relation to the Registration of Companies) Order 1995 (S.I. 1995/1013)
Revocation of spent provision490.
In Schedule 1 to the Contracting Out (Functions in relation to the Registration of Companies) Order 1995 (functions of the Registrar of Companies for England and Wales enabled to be contracted out), paragraph 6 is revoked.
The Local Government Pension Scheme Regulations 1995 (S.I. 1995/1019)
Meaning of “the reference banks”491.
(1)
(2)
The existing text is numbered paragraph (1).
(3)
““The reference banks” means the seven largest persons for the time being who—
- (a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling,
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 section 736 of the Companies Act 1985), as shown in the audited end-of-year accounts last published before that time;”.
(4)
“(2)
The definition of “the reference banks” 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.”.
Meaning of “insurance company”492.
(1)
(2)
““insurance company” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, 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;”.
(3)
“24.
The definition of “insurance company” in paragraph 23 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.”.
Actionable loss493.
The Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442)
Interpretation of the 1995 Regulations494.
(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)
““the 2000 Act” means the Financial Services and Markets Act 2000327;”;
(c)
““the Banking Consolidation Directive” has the same meaning as in the 2000 Act;”;
(d)
““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)
““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 2001328;”;
(f)
in the definition of “home State”, the words “or a non-EEA institution” are revoked;
(g)
““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)
““scheme manager” means a body corporate established in accordance with section 212(1) of the 2000 Act;”;
(j)
““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;”.
Information to be supplied on request495.
In regulation 46 of the Credit Institutions (Protection of Depositors) Regulations 1995—
(a)
in paragraph (1), for “, an EEA institution and a non-EEA institution”, substitute “and an EEA institution”;
(b)
in paragraph (4)(a)(i), for “relevant UK scheme”, substitute “Financial Services Compensation Scheme”;
(c)
in paragraphs (4)(b)(ii) and (10)(b), for “a UK scheme”, substitute “the Financial Services Compensation Scheme”;
(d)
paragraphs (4)(c) and (d) are revoked;
(e)
in paragraph (8), for “relevant authority”, substitute “Authority”;
(f)
paragraph (9) is revoked;
(g)
in paragraph (10)(b), for “Chapter I or Part II of these Regulations”, substitute “section 214(5) of the 2000 Act and the Electing Participants Regulations”;
(h)
paragraphs (10)(c) and (d) are revoked.
Information in explanatory literature496.
In regulation 47 of the Credit Institutions (Protection of Depositors) Regulations 1995—
(a)
in paragraph (1), for “, an EEA institution and a non-EEA institution”, substitute “and an EEA institution”;
(b)
in paragraph (2)(a)(i), for “relevant UK scheme”, substitute “Financial Services Compensation Scheme”;
(c)
in paragraph (2)(b)(ii), for “a UK scheme”, substitute “the Financial Services Compensation Scheme”;
(d)
paragraphs (2)(c) and (2)(d) are revoked;
(e)
in paragraph (6)—
(i)
in the definition of “relevant deposit”, for “, an EEA institution or non-EEA institution”, substitute “or an EEA institution”;
(ii)
the definition of “the relevant UK scheme” is revoked.
Information in advertisements497.
In regulation 48 of the Credit Institutions (Protection of Depositors) Regulations 1995—
(a)
in paragraph (2)—
(i)
for “, an EEA institution and a non-EEA institution”, substitute “and an EEA institution”;
(ii)
in sub-paragraph (2)(a), for “relevant UK scheme”, substitute “Financial Services Compensation Scheme”;
(b)
in paragraph (3)(b)(ii), for “a UK scheme”, substitute “the Financial Services Compensation Scheme”;
(c)
paragraphs (3)(c) and (3)(d) are revoked;
(d)
in paragraph (6), the definition of “the relevant UK scheme” is revoked;
(e)
“(7)
For the purposes of this regulation—
(a)
an advertisement issued or caused to be issued by any person by way of display or exhibition in a public place shall be treated as issued or caused to be issued by him on every day on which he causes or permits it to be displayed or exhibited;
(b)
an advertisement inviting deposits with a person specified in the advertisement shall be presumed, unless the contrary is proved, to have been issued to the order of that person;
(c)
an advertisement issued outside the United Kingdom shall be treated as issued in the United Kingdom if it is directed to persons in the United Kingdom or is made available to them otherwise than in a newspaper, journal, magazine or other periodical publication published and circulating principally outside the United Kingdom or in a sound or television broadcast transmitted principally for reception outside the United Kingdom.”.
Enforcement498.
In regulation 49 of the Credit Institutions (Protection of Depositors) Regulations 1995—
(a)
in paragraph (2)—
(i)
for “participating non-EEA institution”, substitute “building society”;
(ii)
for “subsection (2) of section 12 of the 1987 Act (restriction of authorisation)”, substitute “subsection (1) of section 45 of the 2000 Act (Variation etc. on the Authority’s own initiative)”;
(iii)
for “(b) to the protection of the institution’s depositors or potential depositors”, substitute “(c) to the interests of consumers or potential consumers”;
(iv)
in sub-paragraph (a), after “institution”, insert “or building society”;
(b)
in paragraph (3)—
(i)
for “the Deposit Protection Board” and “that Board”, substitute “the scheme manager”;
(ii)
for “participating non-EEA institution”, substitute “building society”;
(iii)
for “11 or 12 of the 1987 Act”, substitute “45 of the 2000 Act”;
(c)
“(4)
In this regulation, “unpaid contribution”, in relation to an institution or building society, means any amount required to be paid by the institution or society by way of a levy imposed in accordance with the Financial Services Compensation Scheme, and which remains unpaid after the last day on which payment falls due, as determined by or in accordance with that Scheme.”.
Other provisions499.
Regulations 51 and 52 of the Credit Institutions (Protection of Depositors) Regulations 1995 are revoked.
The Value Added Tax (Special Provisions) Order 1995 (S.I. 1995/1268)
Interpretation of the 1995 Order: meaning of “insurer”500.
Article 2 of the Value Added Tax (Special Provisions) Order 1995 (interpretation) is amended as follows—
(a)
the existing text of that article is numbered paragraph (1);
(b)
““insurer” means a person who may, in the United Kingdom, lawfully effect and carry out contracts of insurance against risks arising from loss of or damage to goods without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000;”;
(c)
“(2)
The definition of “insurer” 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.”.
The Public Offers of Securities Regulations 1995 (S.I. 1995/1537)
Interpretation of the 1995 Regulations501.
(1)
Regulation 2 of the Public Offers of Securities Regulations 1995 (interpretation) is amended as follows.
(2)
In paragraph (1) of that regulation—
(a)
in the definition of “the Act” for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”;
(b)
in the definition of “body corporate” for “section 207(1)” substitute “section 417(1)”;
(c)
“(i)
instruments creating or acknowledging indebtedness of a kind which can be converted into or exchanged for, or which confer rights to acquire, securities;
(ii)
instruments giving entitlements to securities; or
(iii)
certificates representing securities;”;
(d)
““credit institution” means a credit institution as defined in Article 1 of Directive 2000/12/EC of the European Parliament and of the Council;”;
(e)
in the definition of “director” for “section 207(1)” substitute “section 417(1)”;
(f)
(g)
the definition of “European institution” is revoked;
(h)
““financial institution” means a financial institution as defined in Article 1 of the Directive 2000/12/EC of the European Parliament and of the Council;”;
(i)
““group”, in relation to a body corporate (“A”) means A and any other body corporate which is—
- (i)
a subsidiary of A,
- (ii)
a holding company of A, or
- (iii)
a subsidiary of such a holding company;”;
(j)
the definition of “home-regulated investment business” is revoked; and
(k)
in the definition of “recognised investment exchange” for “section 207(1)” substitute “section 285”.
(3)
“(1A)
Paragraphs (i), (ii) and (iii) of the definition of “convertible securities” in paragraph (1) above, together with regulations 3(2) and (5), 7(2)(f),(n), 8(4) and (5), and 9(4) 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.”.
Investments to which Part II of the 1995 Regulations applies502.
“Investments to which this Part applies3.
(1)
This Part of these Regulations applies to any investment which—
(a)
is not admitted to official listing, nor is the subject of an application for listing, in accordance with Part VI of the Act; and
(b)
is of a kind specified in paragraph (2).
(2)
Subject to paragraphs (3) to (5) below, the kinds of investments specified for the purposes of paragraph (1)(b) are—
(a)
shares, including for those purposes deferred shares of a building society, within the meaning of section 119 of the Building Societies Act 1986;
(b)
instruments creating or acknowledging indebtedness;
(c)
instruments giving entitlements to securities, including warrants and other instruments entitling the holder to acquire any share or instrument creating or acknowledging indebtedness; and
(d)
certificates representing securities.
(3)
For the purposes of paragraph (1)(b), investments of the kind specified in paragraph (2)(a) (shares) do not include transferable shares in a body incorporated under the law relating to industrial and provident societies.
(4)
For the purposes of paragraph (1)(b), investments of the kind specified in paragraph (2)(b) (instruments creating or acknowledging indebtedness) do not include—
(a)
debentures having a maturity of less than one year from their date of issue, and
(b)
bills of exchange accepted by a banker.
(5)
For the purposes of paragraph (1)(b)—
(a)
investments of the kind specified in sub-paragraph (c) of paragraph (2) do not include instruments giving entitlements in connection with government and public securities; and
(b)
investments of the kind specified in sub-paragraph (d) of paragraph (2) do not include investments and certificates representing government or public securities.”
Listing rules503.
In paragraph (3) of regulation 4 of the Public Offers of Securities Regulations 1995, for “section 156A” substitute “section 87”.
Exemptions504.
(1)
Regulation 7 of the Public Offers of Securities Regulations 1995 (exemptions) is amended as follows.
(2)
“(iii)
persons holding instruments creating or acknowledging indebtedness issued by the company;”.
(3)
In sub-paragraph (g) of that paragraph the words “as defined in paragraph 3 of Schedule 1 to the Act” are revoked.
(4)
“the securities are—
(i)
shares,
(ii)
instruments giving entitlements to subscribe for shares, or
(iii)
certificates representing shares,”.
(5)
(6)
In sub-paragraphs (p) and (t) of regulation 7(2) for “Part IV” substitute “Part VI”.
(7)
(a)
for “issued in the United Kingdom (within the meaning of the Act), or is caused to be so issued,” substitute “issued in, or directed at persons in, the United Kingdom (or is caused to be so issued or so directed),”, and
(b)
“(i)
a advertisement which is an exempt communication falling within article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001332 (Investment professionals); or(ii)
an advertisement which would be an exempt communication falling within article 19 of that Order if the meaning of “investment professionals” in paragraph (5) of that article included a person with or for whom any credit institution or other financial institution through which the Euro-securities may be acquired pursuant to the offer has effected or arranged for the effecting of a transaction within the period of twelve months ending with the date on which the offer is first made;”.
(8)
“must be read with—
(a)
section 22 to the Financial Services and Markets Act 2000,
(b)
any relevant order under that section; and
(c)
Schedule 2 to that Act.”.
(9)
“(8A)
for the purposes of paragraph (2)(g), a government, local authority or public authority means—
(a)
the government of the United Kingdom;
(b)
the Scottish Administration;
(c)
the Executive Committee of the Northern Ireland Assembly;
(d)
the National Assembly for Wales;
(e)
the government of any country or territory outside the United Kingdom;
(f)
a local authority in the United Kingdom or elsewhere; or
(g)
a body the members of which comprise—
(i)
states including the United Kingdom or another EEA State, or
(ii)
bodies whose members comprise states including the United Kingdom or another EEA State.”.
(10)
In paragraph 12 of that regulation for “within the meaning of Schedule 1 to the Act” substitute “within the meaning of section 421 of the Act”.
(11)
“(13)
In paragraph (2)(o)—
“group” has the same meaning as in section 421 of the Act, and
“a relevant trustee” has the same meaning as in article 71(6)(b) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001333 (Activities carried on in connection with employee share schemes).”.
Specified kinds of investments505.
(1)
In paragraphs (4) and (5) of regulation 8 of the Public Offers of Securities Regulations 1995 (form and content of prospectus)—
(a)
for “securities falling within paragraph 1 of Schedule 1 to the Act” substitute “shares”, and
(b)
for “securities”, in both places, substitute “shares”.
(2)
In paragraph (4) of regulation 9 to those Regulations (general duty of disclosure in prospectus) for “a certificate or other instrument falling within paragraph 5 of Schedule 1 to the Act” substitute “a certificate or other instrument representing securities”.
Exceptions506.
In regulation 11 of the Public Offers of Securities Regulations 1995—
(a)
in paragraph (3) for “Part IV” substitute “Part VI”; and
(b)
in paragraph (6) for “Section 156” substitute “Section 101”.
Contraventions by an authorised person507.
In regulation 16 of the Public Offers of Securities Regulations 1995 (contraventions)—
(a)
“(1)
An authorised person who contravenes regulation 4(1) or, where it applies, regulation 4(2), or who contravenes regulation 12, or who assists another person to contravene any of those provisions, shall be treated as having contravened rules under Part X of the Act.”;
(b)
“(5)
In this regulation—
“authorised person” means a person who is authorised for the purposes of the Act; and
“exempt regulated activity” has the same meaning as in section 325(2) of the Act.”; and
(c)
paragraph (6) is revoked.
Maximum penalties508.
In regulation 18 (penalties) of the Public Offers of Securities Regulations 1995, for “Part IV” substitute “Part VI”.
Miscellaneous and Supplementary509.
In regulation 23 of the Public Offers of Securities Regulations 1995—
(a)
for the sub-title to that regulation (“Application of Part X of the Act”) substitute “Miscellaneous and Supplementary”;
(b)
in paragraph (1)—
(i)
for “section 187(4) of the Act” substitute “paragraph 19(1) of Schedule 1 to the Act”, and
(ii)
for “Part IV” substitute “Part VI”;
(c)
in paragraph (2) for “section 188” substitute “section 415”;
(d)
in paragraph (3) for “section 192” substitute “section 410”;
(e)
“(4)
Section 176 of the Act shall have effect, in relation to these Regulations, as if for the purposes of subsection (4) of section 176 the offences mentioned in section 168 of the Act included an offence under these Regulations.”;
(f)
“(5)
Subsections (1) and (3) of section 398 of the Act shall apply in relation to information given to the competent authority—
(a)
for the purposes of or in connection with an application under these Regulations, or
(b)
in purported compliance with requirements imposed by or under these Regulations,
as they apply in relation to information given in purported compliance with any requirement imposed by or under the Act.”; and
(g)
in paragraph (6) for “Sections 201(1), 202 and 203” substitute “Sections 400, 401 and 403”.
Interpretation of Schedule 1510.
In Schedule 1 to the Public Offers of Securities Regulations 1995 (Form and content of the Prospectus)—
(a)
in paragraph 1 in the definition of “debentures” for “securities falling within paragraph 2 of Schedule 1 to the Act” substitute “instruments creating or acknowledging indebtedness”;
(b)
“1A
The definition of “debentures” 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.”; and
(c)
in Part II in paragraph 8 for “authorised under the Financial Services Act 1986” substitute “authorised for the purposes of the Financial Services and Markets Act 2000”.
Application of Part VI of the Financial Services and Markets Act 2000 to a recognised European document511.
In Schedule 4 to the Public Offers of Securities Regulations 1995 (Recognition for the purposes of Part IV of the Financial Services Act 1986 of Prospectuses and Listing Particulars approved in Other Member States)—
(a)
in the heading to Part I for “Part IV of the Financial Services Act 1986” substitute “Part VI of the Financial Services and Markets Act 2000”;
(b)
in paragraph 2 for “section 143” substitute “section 75”;
(c)
in paragraph 3—
(i)
for “Part IV” substitute “Part VI”;
(ii)
in sub-paragraph (a) for “section 144(2)” substitute “section 79(2)”; and
(iii)
in sub-paragraph (b) for “to which section 144 of the Act applies” substitute “required by listing rules made under section 84 of the Act”;
(d)
in paragraph 4—
(i)
for “Part IV” substitute “Part VI” in each place where it occurs;
(ii)
in sub-paragraph (b) for “sections 146, 147(1)(a) and 150(2)” substitute “sections 80, 81(1)(a) and 90(3)”; and
(iii)
in sub-paragraph (c) for “section 147” substitute “section 81”; and
(e)
in paragraph 5 for “Part IV” substitute “Part VI”.
Revocation of spent provision512.
The following provisions of the Public Offers of Securities Regulations 1995 are revoked—
(a)
regulation 17 and Schedule 2 (amendments to the Financial Services Act 1986 and minor consequential amendments and repeals);
(b)
regulation 24 and Schedule 5 (amendments to regulations made under the Banking Act 1987);
(c)
Schedule 3 (offers of securities to the public in the United Kingdom).
The Financial Markets and Insolvency (Money Market) Regulations 1995 (S.I. 1995/2049)
Revocation of the 1995 Regulations513.
The Financial Markets and Insolvency (Money Market) Regulations 1995 are revoked.
The Acquisition of Land (Rate of Interest After Entry) Regulations 1995 (S.I. 1995/2262)
Meaning of “reference banks”514.
Regulation 2 of the Acquisition of Land (Rate of Interest after Entry) Regulations 1995 (rate of interest) is amended as follows—
(a)
“(a)
the reference banks, in relation to any reference day, are the seven largest persons who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling effective as mentioned in paragraphs (2), (3) and (4); and”;
(b)
in sub-paragraph (b) of that paragraph, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c)
in paragraph (6) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”;
(d)
“(8)
Paragraph (5)(a) 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.”.
The Local Authorities (Precepts) (Wales) Regulations 1995 (S.I. 1995/2562)
Meaning of “the reference banks”515.
Regulation 8 of the Local Authorities (Precepts) (Wales) Regulations 1995 (Calculation of interest on amounts of instalments) is amended as follows—
(a)
“(3)
For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling.”;
(b)
in paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c)
in paragraph (5) of that regulation—
(i)
in the definition of “consolidated gross assets” for “an institution” substitute “a person” and for “that institution” substitute “that person”;
(ii)
in paragraph (5) of that regulation the definition of “a deposit-taking business” is revoked;
(d)
“(6)
Paragraph (3)(a) 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.”.
The Charities (Accounts and Reports) Regulations 1995 (S.I. 1995/2724)
Meaning of “collective investment scheme”516.
In Part IV of Schedule 1 to the Charities (Accounts and Reports) Regulations 1995 (Form and content of statements of accounts—Notes to accounts), in paragraph 1(l)(ii)(C) for “section 75 of the Financial Services Act 1986” substitute “section 235 of the Financial Services and Markets Act 2000”.
Information to be provided in the case of a common deposit fund517.
(1)
Schedule 2 to the Charities (Accounts and Reports) Regulations 1995 (Form and content of statement of accounts: Common investment funds and common deposit funds) is amended as follows.
(2)
“(i)
deposits at the Bank of England;
(ii)
deposits with a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;”.
(3)
“4
In Part III of this Schedule, paragraph (3)(c)(ii) 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.”.
The Local Government Changes for England (Payments to Designated Authorities) (Minimum Revenue Provision) Regulations 1995 (S.I. 1995/2895)
Meaning of “the reference banks”518.
Regulation 7 of the Local Government Changes for England (Payments to Designated Authorities) (Minimum Revenue Provision) Regulations 1995 (Interest) is amended as follows—
(a)
“(3)
For the purposes of paragraph (1), the reference banks are the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling.”;
(b)
in paragraph (4) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c)
in paragraph (5) of that regulation—
(i)
in the definition of “consolidated gross assets”, for “an institution” substitute “a person” and for “that institution” substitute “that person”; and
(ii)
the definition of “deposit-taking business” is revoked;
(d)
“(6)
Paragraph (3) 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.”.
The National Parks Authorities (Levies) (Wales) Regulations 1995 (S.I. 1995/3019)
Meaning of “the reference banks”519.
Regulation 9 of the National Parks Authorities (Levies) (Wales) Regulations 1995 (Interest on unpaid levies) is amended as follows—
(a)
“(a)
the reference banks are the seven largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling.”;
(b)
in sub-paragraph (b) of that paragraph, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c)
in paragraph (4) of that regulation—
(i)
the definition of “a deposit-taking business” is revoked; and
(ii)
in the paragraph beginning “the reference to the consolidated gross assets”, for “an institution” substitute “a person” and for “that institution” substitute “that person”; and
(d)
“(5)
Paragraph (3)(a) 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.”.
The Lloyd’s Underwriters (Gilt-Edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3225)
Interpretation of the 1995 Regulations520.
““premiums trust fund” means any trust fund to which an underwriter is required, by rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000, to carry premiums received by him or on his behalf in respect of the carrying on of any insurance market activity, within the meaning of section 316(3) of that Act;”.
The Occupational Pension Schemes (Discharge of Protected Rights on Winding up) Regulations 1996 (S.I. 1996/775)
Prescribed requirements applying to insurers521
“Requirements applying to insurers3.
(1)
The requirements referred to in section 32A(2)(a)(ii) of the Act (policy of insurance appropriate if the insurer satisfies prescribed requirements) are that the insurer—
(a)
is a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of long-term insurance; or
(b)
is an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance in the United Kingdom.
(2)
References to contracts of long-term insurance 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; or
(c)
Schedule 2 to that Act.”.
The Insurance Companies (Amendment No. 2) Regulations 1996 (S.I. 1996/944)
Revocation of the 1996 Regulations522.
The Insurance Companies (Amendment No. 2) Regulations 1996 are revoked.
The Insurance Companies (Reserves) Regulations 1996 (S.I. 1996/946)
Revocation of the 1996 Regulations523.
The Insurance Companies (Reserves) Regulations 1996 are revoked.
The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996 (S.I. 1996/1216)
Interpretation of the 1996 Regulations524.
(1)
Regulation 2 of the Occupational Pension Schemes (Member-Nominated Trustees and Directors) Regulations 1996 (General interpretation) is amended as follows.
(2)
In paragraph (1) of that regulation—
(a)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, 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;”;
(b)
(3)
“(1A)
The definition of “insurer” 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; or
(c)
Schedule 2 to that Act.”.
The Occupational Pension Schemes (Minimum Funding Requirements and Actuarial Valuations) Regulations 1996 (S.I. 1996/1536)
Interpretation of the 1996 Regulations525.
(1)
The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996 are amended as follows.
(2)
In paragraph (1) of regulation 2 (Interpretation)—
(a)
““equities” means investments of the following kinds—
(a)
shares,
(b)
instruments creating or acknowledging indebtedness,
(c)
instruments giving entitlements to investments of the kind mentioned in (a) or (b) above,
(d)
certificates representing such investments;”; and
(b)
““gilt-edged securities” means investments of the following kinds—
(a)
government and public securities,
(b)
contracts of long term insurance;”.
(3)
“(1A)
The definitions of “equities” and “gilt-edged securities” 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.”.
(4)
““relevant institution” 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 paragraph 5(b) 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;”.
(5)
“(1A)
The definition of “relevant institution” in sub-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.”.
The Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996 (S.I. 1996/1537)
Prescribed conditions relating to an insurer526.
Regulation 11 of the Personal and Occupational Pension Schemes (Protected Rights) Regulations 1996 (Insurance companies that may provide protected rights by way of annuities) is amended as follows—
(a)
in the sub-title of that regulation, for “Insurance companies” substitute “Insurers”;
(b)
the existing text of that regulation is numbered paragraph (1);
(c)
in paragraph (1) for “insurance company” (in both places) substitute “insurer”;
(d)
“(a)
(i)
is a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of long-term insurance; or
(ii)
is an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect and carry out contracts of long-term insurance;”; and
(e)
“(2)
Paragraph (1)(a) of this regulation 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.”.
The Financial Institutions (Prudential Supervision) Regulations 1996 (S.I.1996/1669)
Revocation of the 1996 Regulations527.
The Financial Institutions (Prudential Supervision) Regulations 1996 are revoked.
The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (S.I. 1996/1715)
Relevant occupational pension schemes528.
In paragraph (3) of regulation 3 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Exemptions from the professional advisers requirements)—
(a)
the words “(within the meaning of the Financial Services Act 1986)” are revoked; and
(b)
“(a)
relevant schemes of a kind mentioned in paragraph (4) of regulation 4 of the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001339 (Managing investments: occupational pension schemes);”.
Notification by fund managers of any conflict of interest529.
“(i)
in the case of a fund manager, or a person carrying out functions referred to in regulation 2(c), who is subject to rules made under section 138 of the Financial Services and Markets Act 2000 (General rule making power) which impose requirements in relation to conflicts of interest, confirm in writing that he will notify the trustees or managers of any conflicts of interest to which he is or may be subject in relation to the scheme, in accordance with those requirements, and—”.
Prescribed circumstances: accounts with exempt deposit-takers530.
(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)
“(i)
kept by them with any of the persons specified in paragraph (3);”.
(4)
“(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 1985342—(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.”.
Meaning of “deposit-taker”531.
(1)
Regulation 15 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Employer to make payments of benefits into a separate account), is amended as follows.
(2)
The existing text of that regulation is numbered paragraph (1).
(3)
In paragraph (1) for “institution authorised under the Banking Act 1987” substitute “deposit taker”.
(4)
“(2)
(a)
In this regulation “deposit taker” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of having qualified for authorisation under paragraph 12(1) of that Schedule) to accept deposits;
(b)
sub-paragraph (a) 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.”.
The Disability Discrimination (Services and Premises) Regulations 1996 (S.I. 1996/1836)
Interpretation of the 1996 Regulations532.
(1)
Regulation 1 of the Disability Discrimination (Services and Premises) Regulations 1996 (Citation, commencement and interpretation) is amended as follows.
(2)
In paragraph (2) of that regulation—
(a)
““insurance business” means business which consists of effecting or carrying out contracts of insurance;”; and
(b)
““insurer” means a person who may carry on insurance business without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000.”.
(3)
“(2A)
The definition of “insurance business” in paragraph (2) 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.”.
The Local Authorities (Contracting Out of Investment Functions) Order 1996 (S.I. 1996/1883)
Qualifications of contractors533.
“9
In relation to any function which a contractor is authorised to exercise by the authority, the contractor shall ensure that he and his employees are suitably qualified to make investment decisions on the authority’s behalf and have practical experience of financial matters, including making investments, and, without prejudice to the generality of this condition, shall ensure that he is—
(a)
an authorised person within the meaning of the Financial Services and Markets Act 2000 (“the 2000 Act”); or
(b)
a person—
(i)
who does not carry on regulated activities (within the meaning of the 2000 Act) from a permanent place of business maintained by him in the United Kingdom;
(ii)
whose head office is situated in an EEA State other than the United Kingdom;
(iii)
who is recognised by the law of that EEA State as a national of that or another EEA State; and
(iv)
who is for the time being authorised under that law to carry on one or more regulated activities (within the meaning of the 2000 Act), and is not precluded by that law from managing assets belonging to another person.”.
The Deregulation (Insurance Companies Act 1982) Order 1996 (S.I. 1996/2102)
Revocation of the 1996 Order534.
The Deregulation (Insurance Companies Act 1982) Order 1996 is revoked.
The Social Landlords (Permissible Additional Purposes or Objects) Order 1996 (S.I. 1996/2256)
Interpretation of the 1996 Order535.
Article 2 of the Social Landlords (Permissible Additional Purposes or Objects) Order 1996 (interpretation) is amended is follows—
(a)
the existing provision becomes paragraph (1);
(b)
the definitions of “bank” and “insurance company” are revoked;
(c)
““qualifying lending institution” means—
(a)
the Corporation;
(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or
(c)
an EEA firm of the kind mentioned in paragraph 5(b) or (d) 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 of that Schedule) either—
- (i)
to accept deposits; or
- (ii)
to effect or carry out contracts of insurance;”;
(d)
“(2)
The definition of “qualifying lending 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.”.
The Teachers' Superannuation (Provision of Information and Administrative Expenses etc) Regulations 1996 (S.I. 1996/2282)
Provision of information536.
The Teachers' Superannuation (Provision of Information and Administrative Expenses etc) Regulations 1996 are amended as follows—
(a)
in regulation 1 (citation, commencement and interpretation), the definition of “the 1986 Act” is revoked;
(b)
in paragraph (2) of regulation 3 (provision of information)—
(i)
in sub-paragraph (a), for “the 1986 Act” substitute “the Financial Services and Markets Act 2000”;
(ii)
in sub-paragraph (b), for “section 44 of the 1986 Act” substitute “that Act”;
(iii)
sub-paragraph (c) is revoked;
(iv)
“(d)
a designated professional body within the meaning of Part XX of that Act;
(e)
the scheme manager within the meaning of that Act;
(f)
the Financial Services Authority;”.
The Housing Act 1996 (Consequential Provisions) Order 1996 (S.I. 1996/2325)
Revocation of spent provision537.
In Schedule 1 to the Housing Act 1996 (Consequential Provisions) Order 1996 (repeals), the entry relating to the Banking Act 1987 is revoked.
The National Health Service Pension Scheme (Provision of Information and Administrative Expenses etc) Regulations 1996 (S.I. 1996/2424)
Provision of information538.
The National Health Service Pension Scheme (Provision of Information and Administrative Expenses etc) Regulations 1996 are amended as follows—
(a)
““the FSM Act” means the Financial Services and Markets Act 2000;”;
(b)
in paragraph (2) of regulation 3 (application of the 1996 Regulations), for “section 62 of the Financial Services Act” substitute “section 71 or 150 of the FSM Act”;
(c)
in regulation 5 (provision of information to prescribed persons)—
(i)
in paragraph (a), for “the Financial Services Act” substitute “the FSM Act”;
(ii)
in paragraph (b), for “section 44 of the Financial Services Act” substitute “the FSM Act”;
(iii)
paragraph (c) is revoked;
(iv)
“(d)
a designated professional body within the meaning of Part XX of the FSM Act;
(e)
the Financial Services Authority;
(f)
the scheme manager within the meaning of the FSM Act;”.
The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 (S.I. 1996/2475)
Exclusions from jurisdiction539.
“(1)
The Pensions Ombudsman shall not investigate or determine any complaint or dispute which can be dealt with under the compulsory jurisdiction of the ombudsman scheme provided for by Part 16 of the Financial Services and Markets Act 2000, other than a complaint or dispute relating to the management of a personal pension scheme.”.
Payment of interest on late paid benefit540.
(1)
“(b)
“reference banks” means the four largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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.”.
(2)
“(3)
Paragraph (2)(b) 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.”.
The National Park Authorities (Levies) (England) Regulations 1996 (S.I. 1996/2794)
Interest on unpaid levies541.
The National Park Authorities (Levies) (England) Regulations 1996 are amended as follows—
(a)
“(a)
the reference banks are the seven largest persons who-
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling, and”;
(b)
in paragraph (3)(b) of regulation 8, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c)
paragraph (4)(a) of regulation 8 is revoked;
(d)
in paragraph (4)(b) of regulation 8, for “that institution” the first time it appears substitute “a person” and the second time it appears substitute “that person”;
(e)
“(5)
Paragraph (3)(a) 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.”.
The Insurance (Lloyd's) Regulations 1996 (S.I. 1996/3011)
Revocation of the 1996 Regulations542.
The Insurance (Lloyd's) Regulations 1996 are revoked.
The Industrial and Provident Societies (Forms and Procedure) Regulations 1996 (S.I. 1996/3121)
Maintenance of files for registered societies543.
In paragraph (2) of regulation 12 of the Industrial and Provident Societies (Forms and Procedure) Regulations 1996 (duties and functions), the words from “together with documents” to the end are revoked.
The Occupational Pension Schemes (Investment) Regulations 1996 (S.I. 1996/3127)
Interpretation of the 1996 Regulations544.
Regulation 1 of the Occupational Pension Schemes (Investment) Regulations 1996 (citation, commencement and interpretation) is amended as follows—
(a)
in paragraph (2)—
(i)
““collective investment scheme” has the same meaning as in Part 17 of the Financial Services and Markets Act 2000, but includes arrangements of the type described in paragraphs 4 and 9 of the Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001;”;
(ii)
““insurance company” means a person carrying on the business of effecting or carrying out contracts of insurance;”;
(iii)
““policy of insurance” means a contract of long-term insurance the effecting or carrying out of which, by way of business, constitutes the carrying on of a regulated activity within the meaning of the Financial Services and Markets Act 2000;”;
(b)
“(3)
The definitions of “insurance company” and “policy of insurance” in paragraph (2), together with regulations 5(3)(b), 6(2) and (4) and 8(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.”.
Restrictions on employer-related investments545.
“(3)
(b)
a security mentioned in section 40(2)(a) of the 1995 Act which is an instrument creating or acknowledging indebtedness, except any such security which is listed on a recognised stock exchange;”.
Investments to which restrictions on employer-related investments do not apply546.
(a)
“(a)
the policy is a contract of insurance on human life or a contract to pay an annuity on a human life, and is treated as a contract of long-term insurance for the purposes of any relevant order under section 22 of the Financial Services and Markets Act 2000 (but excluding a contract which is so treated solely by virtue of being a contract to manage the investments of pension funds); and
(b)
the policy of insurance is issued by an insurance company which is the employer and is—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance.”;
(b)
paragraph (3) is revoked;
(c)
“with—
(a)
a person who has 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 paragraph 5(b) 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 of that Schedule) to accept deposits.”;
(d)
in paragraphs (8)(c) and (8A)(c), for “paragraph (2)(b)(i), (ii) or (iii)” substitute “paragraph (2)(b)(i) or (ii)”.
Loans that become employer-related547.
In paragraph (1) of regulation 8 of the Occupational Pension Schemes (Investment) Regulations 1996 (loans that become employer-related), for “a security falling within paragraph 2 of Schedule 1 to the Financial Services Act 1986” substitute “a security which is an instrument creating or acknowledging indebtedness”.
Exemptions from section 35 of the 1995 Act548.
(1)
(2)
In paragraph (1), for the words “the effecting of which” to the end substitute “of a kind mentioned in regulation 6(2)(a)”.
(3)
In paragraph (4)(a), for “regulation 6(2)(b)(i), (ii) or (iii)” substitute “regulation 6(2)(b)(i) or (ii)”.
The Local Authorities (Capital Finance) Regulations 1997 (S.I. 1997/319)
Capital receipts of debt-free authorities549.
(1)
(2)
“(e)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(f)
an EEA firm of the kind mentioned in paragraph 5(b) 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)
“(1A)
Sub-paragraphs (e) and (f) of the definition of “relevant lender” 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.”.
The Personal Pension Schemes (Appropriate Schemes) Regulations 1997 (S.I. 1997/470)
Forms of scheme which may be appropriate schemes550.
(1)
The Personal Pension Schemes (Appropriate Schemes) Regulations 1997 are amended as follows.
(2)
In paragraph (2) of regulation 1 (citation, commencement and interpretation), the definition of “investment business” is revoked.
(3)
“(b)
a unit trust scheme of a kind mentioned in Part I of Schedule 1 to these Regulations which is the subject of an authorisation order made (or treated as made) under section 243 of the Financial Services and Markets Act 2000;”.
(4)
“(2)
This paragraph applies to a Friendly Society which has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance.”.
(5)
Paragraph (3)(a) of regulation 3 is revoked.
(6)
“(c)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(ca)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits;”.
(7)
In paragraph (3)(d) of regulation 3, for “an institution”, in both places, substitute “a person or firm”, and after “sub-paragraph (c)” insert “or (ca)”.
(8)
In paragraph (4) of that regulation, for “an institution” substitute “a person or firm”, and after “paragraph (3)(c)” insert “or (ca)”.
(9)
“(5)
Sub-paragraphs (c) and (ca) of paragraph (3) 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.”.
(10)
In Schedule 1 (kinds of unit trust scheme that may be an appropriate scheme)—
(a)
in Part I (kinds of unit trust scheme), for “investment company with a variable capital”, in both places, substitute “open-ended investment company”;
(b)
in Part II (definitions)—
(i)
in the definition of “authorised unit trust scheme”, for “the Financial Services Act 1986” substitute “Part 17 of the Financial Services and Markets Act 2000”;
(ii)
in the definition of “feeder fund”, for “investment company with variable capital” substitute “open-ended investment company”;
(iii)
in the definition of “fund of funds”, for “investment companies with a variable capital” substitute “open-ended investment companies”;
(iv)
the definition of “investment company with variable capital” is revoked;
(v)
““open-ended investment company” has the same meaning as in the Open-Ended Investment Companies Regulations 2001;”;
(vi)
““transferable security” means any investment which is treated as a security for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000, other than an investment which either cannot be transferred or can be transferred only with the consent of a third party.”.
The Residuary Body for Wales (Dyffryn House and Gardens) Order 1997 (S.I. 1997/540)
Interpretation of the 1997 Order551.
(1)
In paragraph (1) of article 2 of the Residuary Body for Wales (Dyffryn House and Gardens) Order 1997 (interpretation and general provisions)—
(a)
““contract for banking services” means a contract for the provision of services for the Residuary Body by—
(a)
a person who has 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 paragraph 5(b) 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 of that Schedule) to accept deposits;”;
(b)
the definition of “contract of insurance” is revoked.
(2)
“(5)
The definition of “contract for banking services” in paragraph (1), and references in this Order to contracts of insurance, 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.”.
The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 (S.I. 1997/665)
Interpretation of the 1997 Regulations552.
(1)
““reference banks” means the four largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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;”.
(2)
“(2A)
The definition of “reference banks” in paragraph (2) 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.”.
The Occupational Pension Schemes (Discharge of Liability) Regulations 1997 (S.I. 1997/784)
Requirements applying to policies of insurance and annuity contracts553.
(1)
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, 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)
“(2)
Sub-paragraphs (a) and (b) of 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.”.
The Social Security (Recovery of Benefits) (Northern Ireland) Order 1997 (S.I. 1997/1183 (N.I. 12))
Payments by insurers554.
(1)
Paragraph 5 of Schedule 1 to the Social Security (Recovery of Benefits) (Northern Ireland) Order 1997 is amended as follows.
(2)
The existing provision becomes sub-paragraph (1).
(3)
In that sub-paragraph—
(a)
for “insurance company within the meaning of the Insurance Companies Act 1982” substitute “insurer”; and
(b)
for “the company” substitute “the insurer”.
(4)
“(2)
“Insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance.
(3)
Sub-paragraph (2) 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.”.
The Local Government Pension Scheme Regulations 1997 (S.I. 1997/1612)
Interpretation of the 1997 Regulations555.
(1)
“(3)
The definitions of “AVC insurance company” and “Reference banks” in Schedule 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.”.
(2)
(a)
““AVC insurance company” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, 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;”;
(b)
““Reference banks” means the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling;
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 section 736 of the Companies Act 1985), as shown in the audited end-of-year accounts last published before that time;”.
Interpretation of regulations 5 and 6 of, and Schedule 2A to, the 1997 Regulations556.
(1)
(2)
“(a)
“authorised insurer” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of general insurance, or
(ii)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect and carry out contracts of general insurance;”.
(3)
“(f)
“relevant institution” means—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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, or
(iii)
a person who does not require permission under that Act to accept deposits, by way of business, in the United Kingdom;”.
(4)
“(18)
In paragraph (17), the definitions of “authorised insurer” and “relevant institution” must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order under that section;
(c)
Schedule 2 to that Act.”.
Revenue restrictions557.
Prescribed persons to whom information may be provided558.
(a)
in sub-paragraph (a)—
(i)
after “a person who is” insert “an authorised person within the meaning of the Financial Services and Markets Act 2000 (“the 2000 Act”),”,
(ii)
before “has been an authorised person” insert “who”, and
(iii)
the words “(“the 1986 Act”)” are revoked;
(b)
in sub-paragraph (b) for “section 44 of the 1986 Act” substitute “section 39 of the 2000 Act”;
(c)
sub-paragraph (c) is revoked;
(d)
“(d)
a designated professional body within the meaning of section 326 of the 2000 Act;”
(e)
“(e)
the Financial Services Authority;”, and
(f)
“(f)
the scheme manager (within the meaning of section 212(1) of the 2000 Act);”.
The Firemen’s Pensions (Provision of Information) Regulations 1997 (S.I. 1997/1829)
Persons to whom information may be supplied559.
In paragraph (2) of regulation 3 of the Firemen’s Pensions (Provision of Information) Regulations 1997 (persons to whom information may be supplied)—
(a)
in sub-paragraph (a), for “the Financial Services Act 1986” substitute “the Financial Services and Markets Act 2000”;
(b)
in sub-paragraph (b), for “section 44 of the Financial Services Act 1986” substitute “that Act”;
(c)
sub-paragraph (c) is revoked;
(d)
“(d)
a designated professional body within the meaning of Part XX of that Act;
(e)
the scheme manager within the meaning of that Act;
(f)
the Financial Services Authority;”.
The Police Pensions (Provision of Information) Regulations 1997 (S.I. 1997/1912)
Persons to whom information may be provided560.
In paragraph (2) of regulation 3 of the Police Pensions (Provision of Information) Regulations 1997 (persons to whom information may be supplied)—
(a)
in sub-paragraph (a), for “the Financial Services Act 1986” substitute “the Financial Services and Markets Act 2000”;
(b)
in sub-paragraph (b), for “section 44 of the Financial Services Act 1986” substitute “that Act”;
(c)
sub-paragraph (c) is revoked;
(d)
“(d)
a designated professional body within the meaning of Part XX of that Act;
(e)
the scheme manager within the meaning of that Act;
(f)
the Financial Services Authority;”.
The National Crime Squad Service Authority (Levying) Order 1997 (S.I. 1997/2283)
Interest on unpaid levies561.
“(2)
For the purposes of paragraph (1) above—
(a)
the reference banks are the seven largest persons who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling;
(b)
the size of a person is to be determined by reference to his total consolidated gross assets denominated in sterling, as shown in his audited end-year accounts last published before the beginning of the period for which interest is payable.
(3)
In this article, “consolidated gross assets” of a person is a reference to the gross assets of that person together with any subsidiary within the meaning of section 736 of the Companies Act 1985.
(4)
Paragraph (2)(a) above 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.”.
The NCIS Service Authority (Levying) Order 1997 (S.I. 1997/2284)
Interest on unpaid levies562.
“(2)
For the purposes of paragraph (1) above—
(a)
the reference banks are the seven largest persons who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling;
(b)
the size of a person is to be determined by reference to his total consolidated gross assets denominated in sterling, as shown in his audited end-year accounts last published before the beginning of the period for which interest is payable.
(3)
In this article, “consolidated gross assets” of a person is a reference to the gross assets of that person together with any subsidiary within the meaning of section 736 of the Companies Act 1985.
(4)
Paragraph (2)(a) above 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.”.
The Teachers' Pensions Regulations 1997 (S.I. 1997/3001)
Interest on late payment of certain benefits563.
(1)
“(b)
“the reference banks” means the four largest persons for the time being who—
(i)
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(ii)
are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits;
(iii)
quote a base rate applicable to sterling deposits.”.
(2)
“(6)
Paragraph (5)(b) 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.”.
The Building Societies (Transfer of Business) Regulations 1998 (S.I. 1998/212)
Transfer of business: prescribed matters for transfer statements and transfer notification statements564.
(1)
In paragraph 10 of Part II of Schedule 1 to the Building Societies (Transfer of Business) Regulations 1998 (matters of which particulars are to be included in the case of a transfer to an existing company)—
(a)
the existing text becomes sub-paragraph (1);
(b)
in that sub-paragraph, for the words from “become” to the end substitute “have relevant permission”;
(c)
“(2)
“Relevant permission” means—
(a)
such permission under Part 4 of the Financial Services and Markets Act 2000, or
(b)
such permission under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule),
as will enable the successor company to carry on the business which it will have as a result of the transfer without being taken (by virtue of section 20 of that Act) to have contravened a requirement imposed on it by the Authority under that Act.”.
(2)
In paragraph 4 of Part III of that Schedule (matters of which particulars are to be included in the case of a transfer to a specially formed company)—
(a)
the existing text becomes sub-paragraph (1);
(b)
in that sub-paragraph, for the words from “become” to the end substitute “have relevant permission”;
(c)
“(2)
“Relevant permission” has the meaning given by paragraph 10(2) of Part II of this Schedule.”.
(3)
In paragraph 4 of Schedule 3 to those Regulations (prescribed matters for transfer notification statements)—
(a)
the existing text becomes sub-paragraph (1);
(b)
in that sub-paragraph for the words from “become” to the end substitute “have relevant permission”;
(c)
“(2)
“Relevant permission” has the meaning given by paragraph 10(2) of Part II of Schedule 1 to these Regulations.”.
The Police Act 1997 (Provisions in Relation to the NCIS Service Authority) Order 1998 (S.I. 1998/633)
Meaning of “securities”567.
“(a)
investments treated as securities for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000;”.
Borrowing powers568.
(1)
“(a)
by overdraft or short term from the Bank of England or from a person who, at the time the borrowing is undertaken, is—
(i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits; or”.
(2)
“(2A)
Paragraph (2)(a) above 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.”.
Insurance by the NCIS Service Authority against accidents to members569.
(1)
In paragraph (1) of article K4 of the Police Act 1997 (Provisions in Relation to the NCIS Service Authority) Order 1998 (insurance by the NCIS Service Authority against accidents to members), the words “of Class 1 in Part 1 of Schedule 2 to the Insurance Companies Act 1982” are revoked.
(2)
“(5)
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.”.
The Bank of England (Information Powers) Order 1998 (S.I. 1998/1270)
Interpretation of the 1998 Order570.
In paragraph (2) of article 1 of the Bank of England (Information Powers) Order 1998 (citation, commencement and interpretation), in the definition of “securities”—
(a)
the word “relevant” is revoked; and
(b)
for “the Financial Services Act 1986” substitute “Part 17 of the Financial Services and Markets Act 2000”.
The Angola (United Nations Sanctions) Order 1998 (S.I. 1998/1752)
Assets of UNITA or persons connected with UNITA: definition of “investments”571.
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security;”.
The Angola (United Nations Sanctions) (Channel Islands) Order 1998 (S.I. 1998/1756)
Assets of UNITA or persons connected with UNITA: definition of “investments”572.
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security;”.
The Angola (United Nations Sanctions) (Isle of Man) Order 1998 (S.I. 1998/1757)
Assets of UNITA or persons connected with UNITA: definition of “investments”573.
“(b)
“investment” means any investment of a kind specified by any relevant order made under section 22 of the Financial Services and Markets Act 2000 which is not a security;”.
The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (S.I. 1998/1831)
Interpretation of the 1998 Regulations: general574.
(a)
the existing provision becomes paragraph (1);
(b)
the definitions of “European authorised institution” and “European institution” are revoked;
(c)
the definition of “home-regulated investment business” is revoked;
(d)
““relevant institution” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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; or
(c)
a person who is an exempt person in respect of accepting deposits as a result of an order made under section 38(1) of that Act;”;
(e)
“(2)
The definition of “relevant institution” in paragraph (1), together with regulations 3(5) to (6A) and 4(2) and paragraph 4 of Part I of Schedule 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.”.
Definition of “investment”575.
(1)
(2)
“(5)
A contract of insurance is an investment if and only if it is a contract of a relevant class, and is entered into with a person within paragraph (6) for whom entering into the contract constitutes the carrying on of a regulated activity (within the meaning of the Financial Services and Markets Act 2000).
(6)
The persons within this paragraph are—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or
(c)
a person who does not fall within sub-paragraph (a) or (b) and who, because he has his head office in an EEA State (within the meaning of that Act) other than the United Kingdom, is permitted by the law of that State to effect or carry out contracts of insurance of a relevant class.
(6A)
A contract of insurance is of a relevant class for the purposes of paragraphs (5) and (6) if it is—
(a)
a contract of insurance on human life or a contract to pay an annuity on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified); or
(b)
a contract to manage the investments of pension funds, whether or not combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.”.
(3)
“(7)
A stock lending arrangement is an investment if and only if, in respect of it, the conditions in rules 5.14.4R and 5.14.6R in the Collective Investment Scheme Sourcebook are complied with.
(8)
For the purposes of paragraph (7)—
(a)
references in rules 5.14.4R and 5.14.6R to the trustee must be read as if they were references to the administering authority, and
(b)
the “Collective Investment Scheme Sourcebook” means the Collective Investment Scheme Sourcebook made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000.”.
Definition of “investment manager”576.
“(2)
A person is an investment manager if—
(a)
he has permission under Part 4 of the Financial Services and Markets Act 2000 to manage investments and may lawfully manage the assets of occupational pension schemes;
(b)
he is an EEA firm of the kind mentioned in sub-paragraph (a), (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 of that Schedule) to manage investments and may lawfully manage the assets of occupational pension schemes; or
(c)
he is a person—
(i)
who does not carry on regulated activities (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom;
(ii)
whose head office is situated in an EEA State (within the meaning of that Act) other than the United Kingdom;
(iii)
who is recognised by the law of that EEA State as a national of that or another EEA State;
(iv)
who is authorised under that law to carry on one or more regulated activities (within the meaning of that Act); and
(v)
who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.”.
Limits on investments577.
“4.
All deposits with—
(a)
any local authority, or
(b)
any body with power to issue a precept or requisition to a local authority, or to the expenses of which a local authority can be required to contribute,
which is an exempt person (within the meaning of the Financial Services and Markets Act 2000) in respect of accepting deposits as a result of an order made under section 38(1) of that Act, and all loans (but see paragraph 12).”.
Definition of “open-ended investment company”578.
The Investor Compensation Scheme Regulations 1998 (S.I. 1998/2169)
Revocation of the 1998 Regulations579.
The Investor Compensation Scheme Regulations 1998 are revoked.
The Residuary Body for Wales (Winding Up) Order 1998 (S.I. 1998/2859)
Interpretation of the 1998 Order580.
(1)
In paragraph (1) of article 2 of the Residuary Body for Wales (Winding Up Order) 1998 (interpretation and general provisions)—
(a)
““contract for banking services” means a contract for the provision of services for the Residuary Body by—
(a)
a person who has 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 paragraph 5(b) 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 of that Schedule) to accept deposits;”;
(b)
the definition of “contract of insurance” is revoked.
(2)
“(4)
The definition of “contract for banking services” in paragraph (1), and references in this Order to contracts of insurance, 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.”.
The Social Landlords (Additional Purposes or Objects) Order 1999 (S.I. 1999/985)
Meaning of “qualifying lending institution”581.
(1)
Article 3 of the Social Landlords (Additional Purposes or Objects) Order 1999 (priority of mortgages) is amended as follows.
(2)
In paragraph (3), for the definition of “qualifying lending institution” substitute—
““qualifying lending institution” means—
(a)
the Corporation;
(b)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or
(c)
an EEA firm of the kind mentioned in paragraph 5(b) or (d) 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 of that Schedule) either—
- (i)
to accept deposits; or
- (ii)
to effect or carry out contracts of insurance;”;
(3)
“(4)
The definition of “qualifying lending institution” in paragraph (3) 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.”.
The Scotland Act 1998 (Functions Exercisable in or as regards Scotland) Order 1999 (S.I. 1999/1748)
Revocation of references to former tribunals582.
In Schedule 1 to the Scotland Act 1998 (Functions Exercisable in or as Regards Scotland) Order 1999—
(a)
(b)
paragraph 9 (which relates to the Financial Services Tribunal),
are revoked.
Unfair Terms in Consumer Contracts Regulations 1999 (S.I. 1999/2083)
Functions of the Financial Services Authority583.
The Banking (Gibraltar) Regulations 1999 (S.I. 1999/2094)
Revocation of the 1999 Regulations584.
The Banking (Gibraltar) Regulations 1999 are revoked.
The Education (School Government) (England) Regulations 1999 (S.I. 1999/2163)
Restrictions on persons taking part in proceedings of the governing body or their committees585.
“(8)
In this paragraph, “securities” means any investments which are treated as securities for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000.”.
The Education (School Government) (Wales) Regulations 1999 (S.I. 1999/2242)
Restrictions on persons taking part in proceedings of the governing body or their committees586.
“(8)
In this paragraph, “securities” means any investments which are treated as securities for the purposes of any relevant order made under section 22 of the Financial Services and Markets Act 2000.”.
The Data Protection (Processing of Sensitive Personal Data) Order 2000 (S.I. 2000/417)
Interpretation of the 2000 Order: Insurance business587.
(1)
The Schedule to the Data Protection (Processing of Sensitive Personal Data) Order 2000 (Circumstances in which sensitive personal data may be processed) is amended as follows.
(2)
“(a)
“insurance business” means business which consists of effecting or carrying out contracts of insurance of the following kind—
(i)
life and annuity,
(ii)
linked long term,
(iii)
permanent health,
(iv)
accident, or
(v)
sickness; and”.
(3)
“(2A)
The definition of “insurance business” in sub-paragraph (2) above 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.”.
(4)
“(i)
effecting or carrying out contracts of long-term insurance of the kind mentioned in sub-paragraph (2)(a)(i), (ii) or (iii) of paragraph 5 above.”.
The Community Legal Service (Costs) Regulations 2000 (S.I. 2000/441)
Interpretation of regulation 24 of the 2000 Regulations588.
(1)
Regulation 24 of the Community Legal Service (Costs) Regulations 2000 (interest on damages) is amended as follows.
(2)
In paragraph (2) of that regulation for “a bank or building society” substitute “a deposit-taker”.
(3)
In paragraph (6) of that regulation—
(a)
the definitions of “bank” and “building society” are revoked; and
(b)
““deposit taker” means the Bank of England, or the branch, situated in England or Wales, of either—
(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 paragraph 5(b) 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;”.
(4)
“(7)
The definition of “deposit taker” in paragraph (6) 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.”.
The National Health Service Pension Scheme (Additional Voluntary Contributions) Regulations 2000 (S.I. 2000/619)
Interpretation of the 2000 Regulations589.
(1)
The National Health Service Pension Scheme (Additional Voluntary Contributions) Regulations 2000 are amended as follows.
(2)
““insurer” means—
(a)
a person with permission under Part 4 of the Financial Services and Markets Act 2000 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 which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to effect or carry out contracts of long-term insurance;”.
(3)
“(3)
The definition of “insurer” in paragraph (1) above 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.”.
(4)
In regulations 7(2) and 11(1) and (6), and paragraphs 1(1) and 4(8) of Schedule 2 to those Regulations, for “insurance company” substitute “insurer”.
The Pension Sharing (Implementation and Discharge of Liability) Regulations 2000 (S.I. 2000/1053)
Interpretation of the 2000 Regulations590.
(1)
““the reference banks” means the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(b)
are incorporated in the United Kingdom and carrying on there the regulated activity of accepting deposits, and
(c)
quote a base rate in sterling;
and for the purpose of this definition the size of a person at any time is to be determined by the gross assets denominated in sterling of that person, together with any subsidiary (as defined in section 736 of the Companies Act 1985), as shown in the end of year accounts last published before that time;”.
(2)
“(3)
The definition of “the reference banks” in paragraph (2) must be read with—
(a)
section 22 of the Financial Services and Markets Act;
(b)
any relevant order under that section; and
(c)
Schedule 2 to that Act.”.
Qualifying arrangements591.
(1)
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, 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)
“(2)
Paragraph (1)(a) and (b) 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.”.
The Pension Sharing (Pension Credit Benefit) Regulations 2000 (S.I. 2000/1054)
Interpretation of the 2000 Regulations592.
(1)
““the reference banks” means the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling;
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 section 736 of the Companies Act 1985), as shown in the audited end of year accounts last published before that time.”.
(2)
“(3)
The definition of “the reference banks” in paragraph (2) 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.”.
Means of assuring pension credit benefit593.
(1)
“(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, 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)
“(4)
Paragraph (3)(a) and (b) 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.”.
The Pension Sharing (Safeguarded Rights) Regulations 2000 (S.I. 2000/1055)
Insurance companies that may provide safeguarded rights by way of annuities594.
(1)
“(2)
The insurance company must be—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 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, 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)
In paragraph (4) of that regulation, for the words from the beginning of that paragraph to “as described in paragraph (2)(b),” substitute “Where the annuities are issued by an insurance company which is a friendly society, within the meaning given by section 116 of the Friendly Societies Act 1992,”.
(3)
“(5)
Paragraph (2) 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.”.
The Stakeholder Pension Schemes Regulations 2000 (S.I. 2000/1403)
Interpretation of the 2000 Regulations: general595.
(1)
In paragraph (3) of regulation 1 of the Stakeholder Pension Schemes Regulations 2000 (Citation, commencement and interpretation)—
(a)
““insurer” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or
(b)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of insurance;”; and
(b)
““securities” means investments of the following kinds—
(a)
shares,
(b)
instruments creating or acknowledging indebtedness,
(c)
government and public securities,
(d)
instruments giving entitlements to investments,
(e)
certificates representing securities,
but does not include shares in a unit trust;”.
(2)
“(3A)
The definitions of “insurer” and “securities” in paragraph (3) 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.”.
(3)
In regulation 8(5) of those Regulations for “insurance company” substitute “insurer”.
(4)
In regulation 15(3) of those Regulations for “insurance company” substitute “insurer”.
Interpretation of regulation 8596.
(1)
In paragraph (4) of regulation 8 of the Stakeholder Pension Schemes Regulations 2000 (Requirement applying to all stakeholder pension schemes as regards investments), for “section 75 of the Financial Services Act 1986” substitute “section 235 of the Financial Services and Markets Act 2000”.
(2)
In paragraph (6) of that regulation—
(a)
““contract of insurance” means a contract—
(a)
which, or any part of which, is of one or more of the following kinds—
- (i)
life and annuity,
- (ii)
linked long term,
- (iii)
pension fund management, and
- (iv)
which is carried out by an insurer who has permission, as the case may be, under—
- (v)
Part 4 of the Financial Services and Markets Act 2000, or
- (ii)
paragraph 15 of Schedule 3 to that Act,
to effect or carry out contracts of insurance of that kind;”;
(b)
the definition of “deposit” is revoked; and
(c)
““reference banks” means the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 section 736 of the Companies Act 1985), as shown in the audited end of year accounts last published before that time.”.
(3)
“(7)
References to a “deposit” in this regulation, together with the definitions of “contract of insurance” and “reference banks” in paragraph (6) 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.”.
Meaning of “proper advice”597.
(1)
“(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 Financial Services and Markets Act 2000;”.
(2)
“(5A)
Paragraph (5)(a) 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.”.
The Local Government (Early Termination of Employment) (Discretionary Compensation) (England and Wales) Regulations 2000 (S.I. 2000/1410)
Interpretation of the 2000 Regulations: “reference banks”598.
(1)
““reference banks” means the seven largest persons for the time being who—
(a)
have permission under Part 4 of the Financial Services and Markets Act 2000 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 in sterling;
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 section 736 of the Companies Act 1985), as shown in the audited end of year accounts last published before that time.”.
(2)
“2.
The definition of “the reference banks” 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.”.
The Iraq (United Nations Sanctions) Order 2000 (S.I. 2000/3241)
Construction of the 2000 Order—“relevant institution”599.
(1)
Article 2 of the Iraq (United Nations Sanctions) Order 2000 (interpretation) is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
““relevant institution” means—
(a)
a person who has 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 paragraph 5(b) 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,
but does not include a person of the kind mentioned in paragraph (a) who has permission to accept deposits for the purpose of effecting or carrying out contracts of insurance.”.
(4)
“(2)
The definition of “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.”.
The Iraq (United Nations Sanctions) (Overseas Territories) Order 2000 (S.I. 2000/3242)
Construction of the 2000 Order—“relevant institution”600.
(1)
Article 2 of the Iraq (United Nations Sanctions) (Overseas Territories) Order 2000 (interpretation) is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
In paragraph (1), in the definition of “relevant institution”—
(a)
“(b)
a person who may lawfully accept deposits in or from within the Territory by way of business;”;
(b)
“(c)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000, which has lawfully established a branch in Gibraltar for the purpose of accepting deposits;”.
(4)
“(2)
For the purpose of the definition of “relevant institution” in paragraph (1)—
(a)
the activity of accepting deposits has the meaning given in any relevant order under section 22 of the Financial Services and Markets Act 2000; and
(b)
a person is not regarded as accepting deposits by way of business if—
(i)
he does not hold himself out as accepting deposits on a day to day basis, and
(ii)
any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities.
(3)
In determining for the purposes of paragraph (2)(b)(ii) whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.”.
The Iraq (United Nations Sanctions) (Isle of Man) Order 2000 (S.I. 2000/3245)
Construction of the 2000 Order—“relevant institution”601.
(1)
Article 2 of the Iraq (United Nations Sanctions) (Isle of Man) Order 2000 (interpretation) is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
“(d)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000, which has lawfully established a branch in the Isle of Man for the purpose of accepting deposits or other repayable funds from the public;”.
(4)
“(2)
For the purpose of paragraph (d) of the definition of “relevant institution” in paragraph (1) the activity of accepting deposits has the meaning given in any relevant order under section 22 of the Financial Services and Markets Act 2000.”.
The Whole of Government Accounts (Designation of Bodies) Order 2000 (S.I. 2000/3357)
Revocation of reference to Policyholders Protection Board602.
In the Schedule to the Whole of Government Accounts (Designation of Bodies) Order 2000, the words “Policyholders Protection Board” are revoked.
The Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001 (S.I. 2001/192)
Revocation of references to person no longer performing regulatory functions603
In regulation 4(1) of the Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001 (Disapplication of section 19 in relation to persons performing functions of a public nature)—
(a)
sub-paragraphs (b), (c), (d), (f), (g), (i), (j), (k) and (l) are revoked; and
(b)
“(e)
a designated professional body within the meaning of section 326(2) of the Financial Services and Markets Act 2000;”.
The Pig Industry Restructuring (Capital Grant) Scheme 2001 (S.I. 2001/251)
Meaning of “bank”604.
(1)
Paragraph 2 of the Pig Industry Restructuring (Capital Grant) Scheme 2001 (interpretation) is amended as follows.
(2)
““bank” means—
- (i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
- (ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits,
- (iii)
the National Savings Bank,
- (iv)
a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987, exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act, or
- (v)
a credit union within the meaning of the Credit Unions Act 1979;”.
(3)
“(1A)
The definition of “bank” in sub-paragraph (1) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order made under that section; and
(c)
Schedule 2 to that Act.”.
The Pig Industry Restructuring Grant (Non-capital Grant) Scheme 2001 (S.I. 2001/252)
Meaning of “bank”605.
(1)
Paragraph 2 of the Pig Industry Restructuring (Non-Capital Grant) Scheme 2001 (interpretation) is amended as follows.
(2)
““bank” means—
- (i)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
- (ii)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits,
- (iii)
the National Savings Bank,
- (iv)
a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987 exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act, or
- (v)
a credit union within the meaning of the Credit Unions Act 1979;”.
(3)
“(1A)
The definition of “bank” in sub-paragraph (1) must be read with—
(a)
section 22 of the Financial Services and Markets Act 2000;
(b)
any relevant order made under that section; and
(c)
Schedule 2 to that Act.”.
The Afghanistan (United Nations Sanctions) (Overseas Territories) Order 2001 (S.I. 2001/392)
Construction of the 2001 Order—“relevant institution”606.
(1)
Article 2 of the Afghanistan (United Nations Sanctions) (Overseas Territories) Order 2001 (interpretation) is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
In paragraph (1), in the definition of “relevant institution”—
(a)
“(b)
a person who may lawfully accept deposits in or from within the Territory by way of business;”;
(b)
“(c)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000, which has lawfully established a branch in Gibraltar for the purpose of accepting deposits;”.
(4)
“(2)
For the purpose of the definition of “relevant institution” in paragraph (1)—
(a)
the activity of accepting deposits has the meaning given in any relevant order under section 22 of the Financial Services and Markets Act 2000; and
(b)
a person is not regarded as accepting deposits by way of business if—
(i)
he does not hold himself out as accepting deposits on a day to day basis, and
(ii)
any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities.
(3)
In determining for the purposes of paragraph (2)(b)(ii) whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.”.
The Afghanistan (United Nations Sanctions) (Isle of Man) Order 2001 (S.I. 2001/394)
Construction of the 2001 Order—“relevant institution”607.
(1)
Article 2 of the Afghanistan (United Nations Sanctions) (Isle of Man) Order 2001 (interpretation) is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
“(d)
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000, which has lawfully established a branch in the Isle of Man for the purpose of accepting deposits or other repayable funds from the public;”.
(4)
“(2)
For the purpose of paragraph (d) of the definition of “relevant institution” in paragraph (1) the activity of accepting deposits has the meaning given in any relevant order under section 22 of the Financial Services and Markets Act 2000.”.
The Afghanistan (United Nations Sanctions) Order 2001 (S.I. 2001/396)
Construction of the 2001 Order—“relevant institution”608.
(1)
Article 2 of the Afghanistan (United Nations Sanctions) Order 2001 (interpretation) is amended as follows.
(2)
The existing text is numbered paragraph (1).
(3)
““relevant institution” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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; or
(c)
an institution, not falling within paragraph (a), which continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987,
but does not include a person of the kind mentioned in paragraph (a) who has permission to accept deposits for the purpose of effecting or carrying out contracts of insurance.”.
(4)
“(2)
The definition of “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.”.
The Justices' Chief Executives (Accounts) Regulations 2001 (S.I. 2001/463)
Meaning of “bank”609.
(1)
Regulation 6 of the Justices' Chief Executives (Accounts) Regulations 2001 (bank accounts) is amended as follows.
(2)
“(3)
In paragraph (1) “bank” means—
(a)
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b)
an EEA firm of the kind mentioned in paragraph 5(b) 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 of that Schedule) to accept deposits.”.
(3)
“(3A)
But where a person of the kind mentioned in paragraph (3)(a) is a building society within the meaning of the Building Societies Act 1986, it is not a bank for the purposes of paragraph (1) unless it may lawfully provide corporate banking services.
(3B)
Paragraph (3) 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.”.
(4)
In paragraph (4), for “subsection (3)(c)” substitute “paragraph (3)(b)”.
The Transport Act 2000 (Civil Aviation Authority Pension Scheme) Order 2001 (S.I. 2001/853)
Interpretation of the Trust Deed—meaning of “authorised insurance company”610.
“Authorised Insurance Company means:(1)
a person with permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance;
(2)
an EEA firm of the kind mentioned in paragraph 5(d) 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 of that Schedule) to effect or carry out contracts of long-term insurance; or
(3)
any other insurer acceptable for the purposes of section 19 of the Pension Schemes Act 1993:
and for the purposes of this definition “contract of long-term insurance” must be read with—
- (a)
section 22 of the Financial Services and Markets Act 2000;
- (b)
any relevant order made under that section; and
- (c)
Schedule 2 to that Act.”.
This Order sets out the amendments to primary and secondary legislation consequential on the coming into force of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”). The large majority of the amendments are needed as a result of the principal repeals and revocations made by article 3. All references in other legislation to the enactments repealed here, or to expressions used in those enactments, have been amended in the subsequent provisions of the Order so that they refer to the appropriate provision or expression under FSMA.
Part 1 of the Order provides for the Order to come into force on 1st December 2001, the date on which the main provisions of FSMA come into force in accordance with the Financial Services and Markets Act 2000 (Commencement No. 7) Order 2001 (S.I. 2001/3528 (C. 115)). Article 3 repeals the legislation which established the regulatory regimes which are replaced by FSMA.
Part 2 of the Order makes amendments to the Companies Acts and the corresponding Northern Ireland Orders. Part 3 amends enactments relating to pensions and the corresponding Northern Ireland provisions. Parts 4 and 5 amend the Bank of England Act 1998 (c. 11) and the Consumer Credit Act 1974 (c. 39) respectively.
Part 6 amends primary and secondary legislation relating to mutuals societies. Some of these provisions are consequent upon the dissolution of the bodies referred to in Part III of the Financial Services and Markets Act 2000 (Mutual Societies) Order 2001 (S.I. 2001/2617) and the transfer of their functions to the Financial Services Authority. Schedule 3 to that Order made most of the amendments needed as a result of the dissolution of those bodies but further amendments are included here. A small number of the articles in this Part replaces provisions in Schedule 3 to the Mutual Societies Order by amending provisions which are amended by Schedule 3 and revoking the relevant provisions in that Schedule.
Part 7 of the Order amends primary and secondary legislation in Scotland.
Part 8 amends other primary legislation not covered elsewhere in the Order and Part 9 amends secondary legislation. Amendments to enactments dealing with taxation are made by the Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629) which also comes into effect on 1 December 2001.