The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014

Circumstances in which UK deposit-takers are not ring-fenced bodies

11.—(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(1) 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.

(1)

2009 c. 1.