The Payment Services Regulations 2009 No. 209

PART 1 INTRODUCTORY PROVISIONS

Exemption for certain bodies

3.—(1) Subject to paragraph (2) and regulation 4(1)(d), these Regulations do not apply to the following persons—

(a) credit unions;

(b) municipal banks; and

(c) the National Savings Bank.

(2) Where municipal banks provide or propose to provide payment services they must give notice to the Authority.

(3) In this regulation—

“credit union” means a credit union within the meaning of—

(a)

the Credit Unions Act 1979(1);

(b)

the Credit Unions (Northern Ireland) Order 1985(2);

“municipal bank” means a company which, immediately before 1st December 2001, fell within the definition in section 103 of the Banking Act 1987(3).

(1)

1979 c.34.

(2)

S.I. 1985/1205 (N.I. 12).

(3)

1987 c.22; repealed by S.I. 2001/3649, article 3(1)(d).