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

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Point in time view as at 18/06/2001. This version of this provision has been superseded. Help about Status

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Citation, commencement and interpretationU.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—

  • “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;

  • “credit institution” has the meaning given by Article 1 of the banking consolidation directive;

  • “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;

  • “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;

  • “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.

Marginal Citations

M1OJ L135 31.5.1994 p. 5.

M2OJ L084 26.3.1997 p 22.

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