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The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001

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Citation, commencement and interpretationU.K.

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001 and come into force on 18th June 2001.

(2) In these Regulations—

  • “branch”—

    (a)

    in relation to an investment firm, has the meaning given by Article 1.5 of the investor-compensation schemes directive;

    (b)

    in relation to a credit institution, has the meaning given by Article 1.5 of the deposit-guarantee schemes directive;

    (c)

    [F1in relation to a relevant management company, has the meaning given by Article 1.5 of the investor-compensation schemes directive (as applied by Article 5f.2 of the UCITS directive);]

  • “credit institution” has the meaning given by Article 1 of the banking consolidation directive;

  • “deposit-guarantee schemes directive” means Council and European Parliament Directive 94/19/EC on deposit-guarantee schemes M1;

  • “depositor” has the same meaning as in the deposit-guarantee schemes directive;

  • “Financial Services Compensation Scheme” means the compensation scheme established pursuant to Part XV of the Act;

  • “home State deposit-guarantee scheme” means—

    (a)

    in relation to a credit institution which is exempted by the EEA State in which that institution has its head office from the obligation to belong to a deposit-guarantee scheme by virtue of belonging to a system which protects the credit institution as mentioned in Article 3 of the deposit-guarantee schemes directive, that system; and

    (b)

    in all other cases, the deposit-guarantee scheme officially recognised by that EEA State for the purposes of Article 3.1 of the deposit-guarantee schemes directive;

  • “home State investor-compensation scheme” means—

    (a)

    in relation to a credit institution which is exempted by the EEA State in which that institution has its head office from the obligation to belong to an investor-compensation scheme by virtue of Article 2.1 of the investor-compensation schemes directive (participation in a system that protects the credit institution), that system; and

    (b)

    in all other cases, the investor-compensation scheme officially recognised by that EEA State for the purposes of Article 2.1 of the investor-compensation schemes directive;

  • [F2“insurance intermediary” means an insurance intermediary (within the meaning of Article 2(5) of the insurance mediation directive) or a reinsurance intermediary (within the meaning of Article 2(6) of that Directive);]

  • “investment firm” has the meaning given by Article 1.1 of the investor-compensation schemes directive;

  • “investor” has the meaning given by Article 1.4 of the investor-compensation schemes directive;

  • “investor-compensation schemes directive” means the Council and European Parliament Directive 97/9/EC on investor-compensation schemes M2;

  • [F3relevant management company” means an EEA firm falling within paragraph 5(f) of Schedule 3 to the Act which—

    (a)

    is authorised by its home state regulator to provide services of the kind specified by Article 5.3(a) of the UCITS directive (management of portfolios of investments); and

    (b)

    is providing those services in the United Kingdom].

Textual Amendments

Marginal Citations

M1OJ L135 31.5.1994 p. 5.

M2OJ L084 26.3.1997 p 22.

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