PART 9AMENDMENTS TO SECONDARY LEGISLATION

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

for the definition of “contract for banking services” substitute—

  • “contract for banking services” means a contract for the provision of services for the Residuary Body by—

    1. a

      a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or

    2. b

      an EEA firm of the kind mentioned in 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

After paragraph (3) of that article insert—

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.