SCHEDULE 1MODIFICATION AND SAVING OF ENACTMENTS
PART 1MODIFICATIONS
Provision | Modifications |
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Sections 1, 3, 4, 529, 6, 730, 831, 932, 1033, 1134, 12, 1335, 14, 1536, 1637, 17, 23(1), 2738, 3139. | In each place where it appears, for “Board” substitute “scheme manager”. Where the Board are referred to in the plural, substitute the singular as it refers to the scheme manager. |
Section 3(2)40 | For the second “is” substitute “was, at the time the functions under sections 6 to 11 became exercisable,”. |
Section 9 | For “any other authorised insurance company which” substitute “an authorised person (within the meaning of the Financial Services and Markets Act 2000) with permission under that Act to effect or carry out contracts of insurance as principal, and who”. |
Section 11(5) | For “another authorised insurance company” in each place where those words appear, substitute “an authorised person (within the meaning of the Financial Services and Markets Act 2000) who has permission to effect and carry out contracts of insurance (within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)”. |
Section 13(3) | Omit from “together” to “such expenditure”. |
Section 16(3) | For “another authorised insurance company”, substitute “an authorised person (within the meaning of the Financial Services and Markets Act 2000) who has permission to effect and carry out contracts of insurance (within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)”. |
Section 3241 | In subsection (1), after the definition of “long term policy”, insert—
Omit the definitions of “the Board”, “general business expenditure”, “general business levy”, “long term business expenditure” and “long term business levy”. |
Sections 1(1), (2)(b)42, (3) to (5), 2, 18, 19, 20, 21, 23(2), 24, 25, 2643, 2944 and Schedules 1, 2 and 3 | Omit |
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A reference in any provision of the Policyholders Protection Act to any other provision of that Act is to be construed as reference to the latter provision as modified by this Order.
Provision | Modifications |
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Section 50(2)45 | Substitute—
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Section 52(6)46 | After the definition of “building society”, insert
After the definition of “participating non-EEA institution”, insert ““the scheme manager” has the same meaning as in Part XV of the Financial Services and Markets Act 2000;”. |
Section 58 | In subsection (1), for the words from “if at any time” to “becomes insolvent” substitute “in relation to an institution to which this subsection applies which was, before commencement, insolvent”. In subsection (1)(a), omit “out of the Fund”. In subsection (2), for “is” in each case it is used, substitute “was, at the time it became insolvent,”. |
Sections 58(1) to (6), (8), (9)47, 5948, 6049, 6150, 6251, 65(3) and (4)52. | For “Board” substitute “scheme manager”. |
Section 58(2C) | Immediately before “a UK institution”, insert “an institution which was, at the time it became insolvent,”. |
Section 58 (2D) | Immediately before “a participating EEA institution”, insert “an institution which was, at the time it became insolvent,”. |
Section 58(3) | Immdiately before “a UK institution”, insert “an institution which was, at the time it became insolvent,”. |
Section 58(7) and section 60(5) | For “Board” substitute “scheme manager and the Authority”. |
Section 59 | In subsections (1) and (2)—
In subsection (4), immediately before “a UK institution” insert “an institution which was, at the time it became insolvent,”. |
Section 59(4) | Immediately before “a UK institution”, insert “an institution which was, at the time it became insolvent,”. |
Section 60(2A) | Immediately before “UK institutions”, insert “institutions which were, at the time they became insolvent,”. |
Section 61(8) | Before “an authorised institution” insert “an institution which, immediately before commencement, was”. |
Sections 50(1) and (3), 5153, 52(1) to (4B)54, 5355, 54, 55, 56, 5756, 62(8), 63, 64, 65(1), (2)57 and 66 | Omit. |
Provision | Modifications |
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Section 2458 | For subsection (1) substitute—
In subsection (4), after the definition of “the 1995 Regulations”, insert—
In the definition of “participating institution”, after “means” insert “an insolvent institution which was, at the time it became insolvent”. At the end of subsection (4), insert—
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Sections 25A59 | In subsection (1) and (2)—
In subsection (4), so far as it relates to paragraph (b), for “Commission” substitute “Authority”. |
Section 2760 | In subsection (1), for the words from “if at any time” to “become insolvent” substitute “in relation to a participating institution”. In subsection (1)(a) omit “out of the Fund”. In subsection (2A)—
In subsection (3), for “an authorised institution” substitute “an authorised person within the meaning of the Financial Services and Markets Act 2000 who has permission to accept deposits (within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)”. In subsections (3B) and (5C), before “a participating EEA institution”, insert “a participating institution which was, when it became insolvent,”. In subsection (4)(b), at the end insert “or under the Financial Services Compensation Scheme established under Part XV of the Financial Services and Markets Act 2000”. In subsection (5), omit “which has become insolvent”. In subsection (6), for “the Board” substitute “the scheme manager and the Authority”. In subsections (10) and (11), omit “insolvent”. |
Section 27A(1) | Omit “which has become insolvent”. |
Section 2861 | In subsection (1), omit paragraph (a) and, in paragraph (b), after “the insolvency” insert “of a participating institution”. |
Section 29A62 | In subsection (3), omit “insolvent”. |
Sections 27(1) to (5C), (8) to (11), 27A, 28, 29A(3) to (5), Schedule 6 | For “Board” substitute “scheme manager”. |
Schedule 6 | In paragraph 5, for “investment business (within the meaning of the Financial Services Act 1986)” substitute “activities which are regulated activities for the purposes of the Financial Services and Markets Act 2000”. |
Sections 24(2), 2563, 25A(4)(a), 2664, 28(9), 2965, 29A(1), (2), 30, 3166 | Omit |
Provision | Modifications |
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Regulation 267 | After the definition of “the 1992 Regulations” insert—
After the definition of “building society” insert—
After the definition of “non-EEA institution” insert—
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Regulation 7(2) | For the words from the beginning to “the relevant Board”, substitute—
In sub-paragraph (b), for “the Board” substitute “the scheme manager”. |
Regulation 10(2) | For the words from “an EEA institution” to “the relevant Board” substitute “an article 9 default occurs in relation to a person who was, immediately before commencement, an EEA institution which was participating in a UK scheme, the scheme manager”. |
Regulation 14(1) | For the words from the beginning of the paragraph to “the relevant enactment” substitute “Where an article 9 default has occurred in relation to a person who was, immediately before commencement, a UK institution or building society which is participating in a host State scheme, section 62 of the 1987 Act or section 28 of the 1986 Act as the case may be,”. For “relevant Board” substitute “scheme manager”. |
Regulation 15(2) | For the words from “a UK institution” to “the relevant Board” substitute “an article 9 default occurs in relation to a person who was, immediately before commencement, a UK institution or building society which is participating in a host State scheme, the scheme manager”. |
Regulation 17 | In paragraph (1), for the words from “a UK institution” to “relevant authority” substitute “an article 9 default has occurred in relation to a person who was, immediately before commencement, a UK institution or building society, it shall be the duty of the Authority”. In paragraph (2), after “where” insert “a person who was, immediately before commencement,” and for “relevant authority” substitute “the Authority”. In paragraph (3), for “relevant enactment” substitute “relevant Part”. |
Regulation 18 | For the words from the beginning of the paragprah to “obtain information)” substitute “Where an article 9 default has occurred in relation to a person who was, immediately before commencement, a UK institution or building society which is participating in a host State scheme, the provisions of the relevant Part which enable the scheme manager to obtain information (sections 58(8), (9), 65(3), (4) of the 1987 Act or sections 29A(3) and (4) of the 1986 Act”. For “relevant Board” substitute “scheme manager”. For “relevant UK scheme” substitute “the deposit protection scheme or the investor protection scheme as appropriate”. |
Regulations 1(1), (2), 368 to 6, 7(1), (3) to (5), 8, 9, 10(1), (3), 11, 12, 13, 14(2), 15(1), (3), 16, 17(4)69, 18(2), 19 to 45 and 53 to 54 | Omit |