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15.—(1) The Pension Sharing (Implementation and Discharge of Liability) Regulations (Northern Ireland) 2000(1) shall be amended in accordance with paragraphs (2) and (3).
(2) In regulation 1 (interpretation) –
(a)in paragraph (2) –
(i)after the definition of “the 1995 Order” there shall be inserted the following definition –
““the 2000 Act” means the Financial Services and Markets Act 2000;”;
(ii)for the definition of “reference banks”(2) there shall be substituted the following definition –
““reference banks” means the seven largest persons for the time being who –
have permission under Part IV of the 2000 Act to accept deposits;
are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and
quote a base rate in sterling,
and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in Article 4 of the Companies (Northern Ireland) Order 1986(3)), as shown in the audited end of year accounts last published before that time;”;
(b)after paragraph (2) there shall be inserted the following paragraph –
“(2A) The definition of “reference banks” in paragraph (2) must be read with –
(a)section 22 of the 2000 Act (regulated activities);
(b)any relevant order under that section, and
(c)Schedule 2 to that Act.”.
(3) In regulation 11 (qualifying arrangements) –
(a)in paragraph (1) for sub-paragraphs (a) to (c) there shall be substituted the following sub-paragraphs –
“(a)a person who has permission under Part IV of the 2000 Act to effect or carry out contracts of long-term insurance, or
(b)an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act (EEA passport rights) 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 long-term insurance.”;
(b)for paragraph (2) there shall be substituted the following paragraph –
“(2) Paragraph (1)(a) and (b) must be read with –
(a)section 22 of the 2000 Act (regulated activities);
(b)any relevant order under that section, and
(c)Schedule 2 to that Act.”.
S.R. 2000 No. 145, amended by S.R. 2000 No. 335
Definition of “reference banks” was amended by regulation 11(2)(b) of S.R. 2000 No. 335
S.I. 1986/1032 (N.I. 6); Articles 4 and 4A were substituted for Article 4 by Article 62(1) of the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))
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