The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2010

Interpretation

2.—(1) In these Regulations—

“the Act” means the Financial Services and Markets Act 2000;

“the 2009 Act” means the Banking Act 2009(1);

“actual account” has the meaning set out in paragraph 7 of Schedule 1;

“banking institution” means—

(a)

a bank (within the meaning of section 2 of the 2009 Act),

(b)

a building society (within the meaning of section 119 of the Building Societies Act 1986(2)),

(c)

a holding company (within the meaning of section 82 of the 2009 Act), or

(d)

if an order has been made under section 89 of the 2009 Act applying Part 1 of that Act to credit unions (within the meaning of section 31 of the Credit Unions Act 1979(3) or, in Northern Ireland, Article 2 of the Credit Unions (Northern Ireland) Order 1985(4)), a credit union;

“court” means the High Court or the Court of Session;

“determination notice” has the meaning set out in regulation 13(5);

“eligible expenses” has the meaning set out in regulation 3;

“expenses account” has the meaning set out in paragraph 1 of Schedule 1;

“final notification” has the meaning set out in regulation 10 where the scheme manager has not made an interim payment, and in regulation 11 where it has;

“further notification” has the meaning set out in regulation 5(1);

“information notice” has the meaning set out in regulation 9(4);

“initial notification” has the meaning set out in regulation 4(1);

“interim payment” has the meaning set out in regulation 9(1);

“net cost of resolution” has the meaning set out in paragraph 6 of Schedule 1;

“notified rate” has the meaning set out in regulation 4(2)(f);

“notional account” has the meaning set out in paragraph 7 of Schedule 1;

“other person” has the meaning set out in regulation 4(2)(d);

“reconsidered determination notice” has the meaning set out in regulation 14(3);

“recoveries account” has the meaning set out in paragraph 1 of Schedule 1;

“relevant time” means the time at which a stabilisation power takes effect in respect of a banking institution and, if more than one stabilisation power is exercised, means the time at which the first stabilisation power so exercised takes effect;

“resolution” means the exercise of a stabilisation power;

“scheme” means the compensation scheme;

“scheme manager’s limit” has the meaning set out in regulation 8(1);

“stabilisation power” means one of the stabilisation powers referred to in section 1(4) of the 2009 Act and a reference to the exercise of a stabilisation power includes the exercise of more than one stabilisation power in respect of or in connection with the same banking institution;

“total cost of interim payments” has the meaning set out in paragraph 19 of Schedule 1;

“voluntary interim payment” has the meaning set out in regulation 9(2); and

“voluntary payment notice” has the meaning given in regulation 9(8).

(2) Any reference in these Regulations to sections 214B, 214C or 214D are to those sections of the Act.

(3) A requirement under these Regulations to give a notice (or to notify) is a requirement to give notice in writing and, for that purpose, a message sent by facsimile transmission or electronic mail shall be treated as notice given in writing.

(1)

2009 c.1. Parts 1 to 3 of this Act have been amended by Schedule 2 to the Financial Services Act 2010.

(2)

1986 c.53.

(3)

1979 c.34.

(4)

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