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

Citation, commencement and interpretation U.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)

  [F1 in 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 ;

• [F3 “relevant 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

F1 Words in reg. 1(2) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 7(a)(i)

F2 Words in reg. 1(2) inserted (31.10.2004 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 15(2)

F3 Words in reg. 1(2) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 7(a)(ii)

Marginal Citations

M1 OJ L135 31.5.1994 p. 5.

M2 OJ L084 26.3.1997 p 22.