The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Definition of “bank”

226.—(1) Section 338 of the Housing (Scotland) Act 1987 (interpretation) is amended as follows.

(2) In subsection (1)—

(a) in the definition of “bank”, for paragraph (a) substitute—

“(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ab) 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, or”;

(b) for the definition of “insurance company” substitute—

““insurance company” means—

(a)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) 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 effect or carry out contracts of insurance;”.

(3) After subsection (1) insert—

“(1A) The definitions of “bank” and “insurance company” in subsection (1) 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.”.