Explanatory Note
(This note is not part of the Regulations)
These Regulations amend regulation 7 of the Banking Act 1987 (Exempt Transactions) Regulations 1988, which relates to the acceptance of deposits by retail and other co-operative societies. They extend the range of societies that can benefit from the exemption by including societies the principal business of which is the sale of goods or the provision of services to retail societies (societies whose principal business is the sale by retail of goods for the domestic or personal use of individuals dealing with the society, or the provision of services for such individuals).