The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014 No. 1960

PART 1 U.K. General

Citation, commencement and interpretation U.K.

1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014.

(2) This Order comes into force on 1st January 2015.

(3) In this Order—

“account holder” means any person who has an account with an institution which carries on the activity of accepting deposits;

“the 2000 Act” means the Financial Services and Markets Act 2000;

“the 2006 Act” means the Companies Act 2006 M1 ;

“charity” has the meaning given in section 1 of the Charities Act 2011 M2 , section 106 of the Charities and Trustee Investment (Scotland) Act 2005 M3 or section 1 of the Charities (Northern Ireland) Act 2008 M4 ;

“CIO” means a body constituted and registered as a charitable incorporated organisation under Part 11 of the Charities Act 2011 or Part 11 of the Charities (Northern Ireland) Act 2008, or as a Scottish charitable incorporated organisation under Part 1 of the Charities and Trustee Investment (Scotland) Act 2005;

“company” has the meaning in section 1 of the 2006 Act;

“core deposit” has the meaning given in article 2(2);

“declaration of eligibility” has the meaning given in article 9(1);

“deposit” has the meaning given in article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M5 ;

“eligible individual” has the meaning given in article 9(1);

“excluded activities and prohibitions order” means the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 M6 ;

“financial year”—

(a)

in relation to a company, has the meaning given in section 390 of the 2006 Act,

(b)

in relation to a limited liability partnership has the meaning given in section 390 of the 2006 Act as modified by regulation 7 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 M7 ,

(c)

in relation to an organisation which is—

(i)

a charity or a CIO, and

(ii)

is not a company,

has the meaning given in regulation 3 of the Charities (Accounts and Reports) Regulations 2008 M8 ,

(d)

in relation to a registered society—

(i)

if that society was registered on or after 8th January 2012, means a year of account for that society as defined in section 77 of the Co-operative and Community Benefit Societies Act 2014 M9 ,

(ii)

if that society was registered on or before 7th January 2012 , means a year of account for that society as defined in section 78 of the Co-operative and Community Benefit Societies Act 2014,

(e)

in relation to a Northern Ireland industrial and provident society, means a year of account as defined in section 101(1) of the Industrial and Provident Societies Act (Northern Ireland) 1969 M10 ,

(f)

in relation to a Northern Ireland credit union, means a year of account as defined in Article 2(2) of the Credit Unions (Northern Ireland) Order 1985 M11 ,

(g)

in relation to a society registered under the Friendly Societies Act 1974 M12 , means a year of account as defined in section 111 of that Act,

(h)

in relation to a society incorporated in accordance with section 6(1) of the Friendly Societies Act 1992 M13 , has the meaning given in section 118 of that Act,

(i)

in relation to any other organisation—

(i)

if that organisation is required to prepare a profit and loss account by its constitution or by the law under which it is established, means any period in respect of which it is required to prepare such a profit and loss account,

(ii)

if that organisation is not required to prepare a profit and loss account, means any year commencing on the 1st January;

“limited liability partnership” means a body incorporated under the Limited Liability Partnerships Act 2000 M14 ;

“Northern Ireland credit union” means a credit union as defined in Article 2(2) of the Credit Unions (Northern Ireland) Order 1985;

“Northern Ireland industrial and provident society” means a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969;

“public body” means any person certain of whose functions are functions of a public nature;

“qualifying organisation” has the meaning given in article 3(1);

“qualifying organisation declaration” has the meaning given in article 3(1);

“qualifying group member” has the meaning given in article 8(1);

“qualifying group member declaration” has the meaning given in article 8(1);

“quarter” means a period of three months;

“recognised accountant” means an accountant who is a member of—

(a)

the Institute of Chartered Accountants in England and Wales,

(b)

the Institute of Chartered Accountants of Scotland,

(c)

the Institute of Chartered Accountants in Ireland,

(d)

the Association of Chartered Certified Accountants,

(e)

the Chartered Institute of Management Accountants,

(f)

the Chartered Institute of Public Finance and Accountancy, or

(g)

a professional body for accountants established in a jurisdiction outside the United Kingdom;

“registered society” has the meaning given in section 1 of the Co-operative and Community Benefit Societies Act 2014;

“securities” has the meaning given in section 14 of the Banking Act 2009 M15 ;

“UK deposit-taker” means an institution which carries on the regulated activity of accepting deposits in relation to which it has a permission under Part 4A of the 2000 Act.

Marginal Citations

M1 2006 c.46.

M2 2011 c. 25.

M3 2005 asp 10.

M4 2008 c. 12 (N.I.).

M5 S.I. 2001/544.This article was amended by S.I. 2002/682.

M6 S.I. 2014/[ ].

M7 S.I. 2008/1911.

M8 S.I. 2008/629.

M9 2014 c.14.

M10 1969 c. 24 (N.I.).

M11 S.I. 1985/1205 (N.I. 12).

M12 1974 c. 46. There are amendments to section 111, but none are relevant to this Order.

M13 1992 c. 40.

M14 2000 c. 12. There are amendments to the Act, but none are relevant to this Order.

M15 2009 c. 1. Section 14 was amended by S.I. 2013/3115.