The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Meaning of “deposit-taking business”, “chief executive” and “manager”

35.—(1) Schedule 9 to the 1985 Act (special provisions for banking companies and groups) is amended as follows.

(2) In Part II (consolidated accounts)(1), in paragraph 1 (undertakings to be included in consolidation)—

(a) in sub-paragraph (1) for “banking business” substitute “deposit-taking business”; and

(b) for sub-paragraph (2) substitute—

“(2) For the purposes of this paragraph “deposit-taking business” means the activity of accepting deposits by way of business, but does not include accepting deposits only for the purpose of carrying on another regulated activity.”;

(c) after sub-paragraph (2) insert—

“(3) References in sub-paragraph (2) to deposits and their acceptance, and to regulated activities must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.

(3) In Part IV of that Schedule (additional disclosure: emoluments and other benefits of directors and others), in sub-paragraph (1)(b) of paragraph 3 (other transactions and agreements) for “within the meaning of the Banking Act 1987” substitute “within the meaning of the Financial Services and Markets Act 2000”.

(1)

Part II was inserted by the Companies Act 1989 (c. 40), section 18, Schedule 7.