PART II SPECIFIED ACTIVITIES
F1Chapter 15DActivities of Reclaim Funds
The activities
Dormant account funds63N
1
The following are specified kinds of activity—
a
the meeting of repayment claims by a reclaim fund;
b
the management of dormant account funds (including the investment of such funds) by a reclaim fund.
2
In this article—
“account”, “balance”, “dormant” and “reclaim fund” have the same meaning as in Part 1 of the Dormant Bank and Building Society Accounts Act 2008 (transfer of balances in dormant accounts) (see section 6 of that Act);
“dormant account funds” and “repayment claims” have the same meaning as in section 5 of that Act;
“management of dormant account funds” means the acceptance of a transfer from a bank or building society of the balance of a dormant account, or a proportion of such a balance, and the management of those funds in such a way as to enable the reclaim fund to meet whatever repayment claims it is prudent to anticipate.
Pt. 2 Ch. 15D inserted (13.7.2009) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2009 (S.I. 2009/1389), arts. 1, 4