PART 9AMENDMENTS TO SECONDARY LEGISLATION
The Bank Accounts Directive (Miscellaneous Banks) Regulations 1991 (S.I. 1991/2704)
Accounting requirements for authorised deposit takers not required to prepare accounts under Part VII of the Companies Act 1985417
1
The Bank Accounts Directive (Miscellaneous Banks) Regulations 1991 are amended as follows.
2
In regulation 3 of those Regulations (scope of application), the existing text is numbered as paragraph (1).
3
In paragraph (1)(c) of regulation 3, for “an authorised institution within the meaning of the Banking Act 1987” substitute “an authorised deposit taker”.
4
After paragraph (1) of regulation 3 insert—
2
In paragraph (1), “authorised deposit taker” means a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, but excludes—
a
a building society, within the meaning of section 119 of the Building Societies Act 1986,
b
a credit union, within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985,
c
a specially authorised friendly society, within the meaning of section 7(1)(f) of the Friendly Societies Act 1974, and
d
a person who has permission to accept deposits only in the course of effecting or carrying out contracts of insurance in accordance with that permission.
3
References in paragraph (2) to—
a
accepting deposits, and
b
effecting and carrying out contracts of insurance,
must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section, and Schedule 2 to that Act.
5
In regulation 5 (publication of Accounts), paragraph (4) is revoked.