3. In Regulation 2(1) of the 1986 Regulations—
(a)after the definition of “exempt pension fund” there shall be inserted—
““general client account deposit” means a deposit, held by a building society in a client account (other than one which is identified by the building society as one in which sums are held only for one or more particular clients of the person whose account it is) in respect of which that person is required by provision made under any enactment to make payments representing interest to some or all of the clients for whom, or on whose account, he received the sums deposited in the account;”; and
(b)in the definition of “qualifying time deposit” in paragraph (b) for the words “before the end of the period of twelve months” there shall be substituted “not later than the end of the period of five years”.