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) In paragraph (1), in the definition of “relevant institution” for paragraph (d) substitute—
“(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) After paragraph (1) insert—
“(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.”.