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The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014
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- UK Statutory Instruments
- 2014 No. 1960
- PART 2
- Article 2
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Circumstances in which accepting a deposit is not a core activityU.K.
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2.—(1) In relation to a UK deposit-taker, accepting a deposit is not a core activity unless the deposit is a core deposit.
(2) A deposit is a core deposit if it is held with the UK deposit-taker in [F1a UK account or] an EEA account except where one or more of the account holders is—
(a)a relevant financial institution;
(b)a qualifying organisation;
(c)a qualifying group member; F2...
(d)an eligible individual; [F3or
(e)a person who is, or at any time within the previous six months has been, subject to financial sanctions.]
(3) In this article—
(a)a reference to an account held with a UK deposit-taker is to an account provided by the institution as part of its activity of accepting deposits;
(b)an account is an EEA account if it was opened at a branch of the UK deposit-taker located in an EEA state;
[F4(ba)an account is a UK account if it was opened at a branch of the UK deposit-taker located in the United Kingdom;]
(c)“branch” means a place of business that forms a legally dependent part of the UK deposit-taker and conducts directly all or some of the operations inherent in its business;
(d)“relevant financial institution” has the meaning given in the excluded activities and prohibitions order;
[F5(e)“financial sanctions” means any prohibition or obligation imposed under financial sanctions legislation as defined in section 143(4) of the Policing and Crime Act 2017.]
Textual Amendments
F1Words in art. 2(2) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 191(3)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F2Word in art. 2(2) omitted (31.10.2018) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018 (S.I. 2018/897), arts. 1(2), 2(2)(a)(i)
F3Art. 2(2)(e) and word inserted (31.10.2018) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018 (S.I. 2018/897), arts. 1(2), 2(2)(a)(ii)
F4Art. 2(3)(ba) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 191(3)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F5Art. 2(3)(e) inserted (31.10.2018) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018 (S.I. 2018/897), arts. 1(2), 2(2)(b)
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