PART 9AMENDMENTS TO SECONDARY LEGISLATION
The Iraq (United Nations) (Sequestration of Assets) Order 1993 (S.I. 1993/1244)
Interpretation of the 1993 Order434
1
Article 2 of the Iraq (United Nations) (Sequestration of Assets) Order 1993 (interpretation) is amended as follows.
2
In paragraph (1) of that article before the definition of “the Bank” insert—
“authorised deposit taker” means—
- a
a person with permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, or
- b
an EEA firm of the kind mentioned in sub-paragraph (b) or (c) of paragraph 5 of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule), to accept deposits;
3
In that paragraph, the definition of “the Banking Act” is revoked.
4
In that paragraph, before the definition of “funds” insert—
“former authorised institution” means a person who—
- a
continues to have a liability in respect of a deposit which was held by him in accordance the Banking Act 1979 or the Banking Act 1987, and
- b
is not an authorised person within the meaning of the Financial Services and Markets Act 2000;
5
In that paragraph, for the definition of “relevant institution” substitute—
“relevant institution” means—
- a
an authorised deposit taker, and
- b
a person who may lawfully accept deposits by reason of being an exempt person within the meaning of section 38 of that Act;
6
After that paragraph insert—
1A
The definitions of “authorised deposit taker” and “relevant institution” in paragraph (1) 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.