PART 9AMENDMENTS TO SECONDARY LEGISLATION

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

For paragraph (3) substitute—

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

After paragraph (3) insert—

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)”.