The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001

Citation, commencement and interpretation U.K.

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001 and come into force on 18th June 2001.

(2) In these Regulations—

• [F1 “authorised contractual scheme” has the meaning given at section 237(3) of the Act;]

• [F1 “authorised open-ended investment company” has the meaning given at section 237(3) of the Act;]

• [F1 “authorised unit trust scheme” has the meaning given at section 237(3) of the Act;]

• “branch”—

  (a)

  in relation to an investment firm, has the meaning given by Article 1.5 of the investor-compensation schemes directive;

  (b)

  in relation to a credit institution, has the meaning given by Article 1.5 of the deposit-guarantee schemes directive;

  (c)

  [F2 in relation to a relevant management company, has the meaning given by Article 1.5 of the investor-compensation schemes directive (as applied by [F3 Article 12.2] of the UCITS directive);]

• “credit institution” has the meaning given by [F4 Article 4(1)(1) of the capital requirements regulation];

• “deposit-guarantee schemes directive” means Council and European Parliament Directive 94/19/EC on deposit-guarantee schemes M1 ;

• “depositor” has the same meaning as in the deposit-guarantee schemes directive;

• [F5 “ELTIF” means a UK AIF that has been authorised by the FCA as a European long-term investment fund under Article 6 of the ELTIF Regulation];

• [F5 “ELTIF Regulation” means Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds;]

• “Financial Services Compensation Scheme” means the compensation scheme established pursuant to Part XV of the Act;

• “home State deposit-guarantee scheme” means—

  (a)

  in relation to a credit institution which is exempted by the EEA State in which that institution has its head office from the obligation to belong to a deposit-guarantee scheme by virtue of belonging to a system which protects the credit institution as mentioned in Article 3 of the deposit-guarantee schemes directive, that system; and

  (b)

  in all other cases, the deposit-guarantee scheme officially recognised by that EEA State for the purposes of Article 3.1 of the deposit-guarantee schemes directive;

• “home State investor-compensation scheme” means—

  (a)

  in relation to a credit institution which is exempted by the EEA State in which that institution has its head office from the obligation to belong to an investor-compensation scheme by virtue of Article 2.1 of the investor-compensation schemes directive (participation in a system that protects the credit institution), that system; and

  (b)

  in all other cases, the investor-compensation scheme officially recognised by that EEA State for the purposes of Article 2.1 of the investor-compensation schemes directive;

• [F6 “insurance intermediary” means an insurance intermediary (as defined in Article 2.1(3) of the insurance distribution directive), an ancillary insurance intermediary (as defined in Article 2.1(4) of the insurance distribution directive) or a reinsurance intermediary (as defined in Article 2.1(5) of the insurance distribution directive);]

• “investment firm” has the meaning given by Article 1.1 of the investor-compensation schemes directive;

• “investor” has the meaning given by Article 1.4 of the investor-compensation schemes directive;

• “investor-compensation schemes directive” means the Council and European Parliament Directive 97/9/EC on investor-compensation schemes M2 ;

• [F1 “relevant AIFM” means an EEA firm falling within paragraph 5(h) of Schedule 3 to the Act which—

  (a)

  is authorised by its home state regulator to provide services specified by Annex I to the alternative investment fund managers directive; and

  (b)

  is providing those services, or services specified by Article 6.4 of that directive (discretionary portfolio management and non-core services), in the United Kingdom;]

• [F7 “relevant management company” means an EEA firm falling within paragraph 5(f) of Schedule 3 to the Act which—

  (a)

  is authorised by its home state regulator to provide services of the kind specified by [F8 Article 6.3] of the UCITS directive (management of portfolios of investments); and

  (b)

  is providing those services in the United Kingdom].

• [F9 “relevant mortgage intermediary” means a mortgage intermediary falling within paragraph 5(i) of Schedule 3 to the Act which is providing all or part of the credit intermediation activities set out in Article 4(5) of the mortgages directive or which is providing advisory services (as defined in Article 4(21) of the mortgages directive) in the United Kingdom;]

• [F1 “UKAIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013.]

Textual Amendments

F1 Words in reg. 1(2) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 11(2)

F2 Words in reg. 1(2) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 7(a)(i)

F3 Words in reg. 1(2) substituted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 4(2)(a)

F4 Words in reg. 1(2) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 54

F5 Words in reg. 1(2) substituted (8.12.2016) by The Financial Services and Markets (Disclosure of Information to the European Securities and Markets Authority etc. and Other Provisions) Regulations 2016 (S.I. 2016/1095), regs. 1, 4

F6 Words in reg. 1(2) substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 20

F7 Words in reg. 1(2) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 7(a)(ii)

F8 Words in reg. 1(2) substituted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 4(2)(b)

F9 Words in reg. 1 inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 6(2) (with Pt. 4)

Marginal Citations

M1 OJ L135 31.5.1994 p. 5.

M2 OJ L084 26.3.1997 p 22.