(1)The Secretary of State may by regulations apply to banking partnerships, subject to such exceptions, adaptations and modifications as he considers appropriate, the provisions of this Part applying to banking companies.
[F2(2)A “banking partnership” means a partnership which has permission under Part 4 of the Financial Services and Markets Act 2000.
(2A)But a partnership is not a banking partnership if it has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.]
(3)Regulations under this section shall be made by statutory instrument.
(4)No regulations under this section shall be made unless a draft of the instrument containing the regulations has been laid before Parliament and approved by a resolution of each House.
[F3(5)Subsections (2) and (2A) 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.]]
Textual Amendments
F1New s. 255D inserted (subject to the saving and transitional provisions in S.I. 1990/355, arts. 6–9, Sch. 2) by Companies Act 1989 (c. 40, SIF 27), ss. 1, 18(2), 213(2) as part of the text inserted in place of ss. 221–262 (as mentioned in s. 1(a) of the 1989 Act)
F2S. 255D(2)(2A) substituted (1.12.2001) for s. 255D(2) by S.I. 2001/3649, arts. 1, 16(1)
F3S. 255D(5) inserted (1.12.2001) for s. 255D(5) by S.I. 2001/3649, arts. 1, 16(2)
