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

The National Parks Authorities (Levies) (Wales) Regulations 1995 (S.I. 1995/3019)

Meaning of “the reference banks”

519.  Regulation 9 of the National Parks Authorities (Levies) (Wales) Regulations 1995 (Interest on unpaid levies) is amended as follows—

(a) for sub-paragraph (a)(1) of paragraph (3) of that regulation, substitute—

“(a) the reference banks are the seven largest persons for the time being 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.”;

(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 (4) of that regulation—

(i) the definition of “a deposit-taking business” is revoked; and

(ii) in the paragraph beginning “the reference to the consolidated gross assets”, for “an institution” substitute “a person” and for “that institution” substitute “that person”; and

(d) after paragraph (4) of that regulation insert—

“(5) Paragraph (3)(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)

Sub-paragraph (3)(a) was amended by S.I. 1998/1129, article 3, Schedule 2.