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The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2009
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Activities of reclaim funds
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4. After article 63M (other exclusions)(1) insert—
“CHAPTER 15D
ACTIVITIES OF RECLAIM FUNDSThe activities
63N Dormant account funds
(1) The following are specified kinds of activity—
(a)the meeting of repayment claims by a reclaim fund;
(b)the management of dormant account funds (including the investment of such funds) by a reclaim fund.
(2) In this article—
“account”, “balance”, “dormant” and “reclaim fund” have the same meaning as in Part 1 of the Dormant Bank and Building Society Accounts Act 2008 (transfer of balances in dormant accounts) (see section 6 of that Act);
“dormant account funds” and “repayment claims” have the same meaning as in section 5 of that Act;
“management of dormant account funds” means the acceptance of a transfer from a bank or building society of the balance of a dormant account, or a proportion of such a balance, and the management of those funds in such a way as to enable the reclaim fund to meet whatever repayment claims it is prudent to anticipate.”.
(1)
Article 63M is inserted by S.I. 2009/1342 as from 1st July 2009.
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