The Bank Accounts Directive (Miscellaneous Banks) Regulations 2008

Meaning of “qualifying bank”

3.—(1) Any body of persons, whether incorporated or unincorporated, which—

(a) is incorporated or formed by or established under any public general Act of Parliament passed before the year 1837,

(b) has a principal place of business within the United Kingdom,

(c) is an authorised deposit taker, and

(d) is not required by any enactment to prepare accounts under Part 15 of the Companies Act 2006,

is a qualifying bank for the purposes of these Regulations.

(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(1),

(b) a credit union, within the meaning of the Credit Unions Act 1979(2) or the Credit Unions (Northern Ireland) Order 1985(3),

(c) a specially authorised friendly society, within the meaning of section 7(1)(f) of the Friendly Societies Act 1974(4), 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, the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(5), and Schedule 2 to that Act.

(1)

1986 c.53.

(2)

1979 c.34.

(3)

S.I. 1985/1285 (N.I. 12).

(4)

1974 c.46.

(5)

S.I. 2001/544, as amended by S.I. 2001/3544, S.I. 2002/682, S.I. 2002/1310, S.I. 2002/1776, S.I. 2002/1777, S.I. 2003/1475, S.I. 2003/1476, S.I. 2003/2822, S.I. 2004/1610, S.I. 2004/2737, S.I. 2004/3379, S.I. 2005/593, S.I. 2005/1518, S.I. 2005/2114 and S.I. 2006/1969.