PART 3Circumstances in which UK deposit-takers are not ring-fenced bodies
Circumstances in which UK deposit-takers are not ring-fenced bodiesC111
1
A UK deposit-taker is not a ring-fenced body if—
a
it carries out the regulated activity of effecting or carrying out contracts of insurance as principal in accordance with a permission under Part 4A of the 2000 Act;
b
it is a registered society, a Northern Ireland industrial and provident society or a Northern Ireland credit union;
c
it complies with the condition set out in paragraph (2) (the “relevant event condition”); or
d
it complies with the condition set out in article 12 (the “core deposit level condition”).
2
In relation to a UK deposit-taker, the relevant event condition is—
a
that the UK deposit-taker would not be a ring-fenced body but for the occurrence of a relevant event; and
b
not more than four years have passed since the date of that relevant event.
3
In this article “relevant event”, in relation to a UK deposit-taker, means an event of one of the following kinds—
a
as a result of a transfer effected by an instrument or order made under or in accordance with any provision of the Banking Act 2009 M1 the UK deposit-taker or a member of its group—
i
acquires property, rights or liabilities from another institution, or
ii
acquires securities issued by another institution;
b
any other power conferred by or as a result of Part 1 of the Banking Act 2009 is exercised in relation to the UK deposit-taker.