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

Meaning of “reference banks”

514.  Regulation 2 of the Acquisition of Land (Rate of Interest after Entry) Regulations 1995 (rate of interest) is amended as follows—

(a) for sub-paragraph (a)(1) of paragraph (5) of that regulation, substitute—

“(a) the reference banks, in relation to any reference day, are the seven largest persons who—

(i) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ii) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(iii) quote a base rate in sterling effective as mentioned in paragraphs (2), (3) and (4); and”;

(b) in sub-paragraph (b) of that paragraph, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;

(c) in paragraph (6) of that regulation, for “an institution” substitute “a person” and for “that institution” substitute “that person”;

(d) after paragraph (7) of that regulation insert—

“(8) Paragraph (5)(a) 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.”.

(1)

Regulation 18(3)(a) was amended by S.I. 1998/1129.