PART 1Introductory Provisions

Interpretation2

1

In these Regulations—

  • “compensation scheme rules” means rules made under section 213 of FSMA3;

  • “the compensation scheme” has the meaning given in section 213(2) of FSMA;

  • “credit union” means—

    1. a

      a registered society (within the meaning given by section 1 of the Co-operative and Community Benefit Societies Act 20144) that is registered as a credit union; or

    2. b

      a society registered under the Credit Unions (Northern Ireland) Order 19855 or a society registered under the Industrial and Provident Societies Act (Northern Ireland) 19696 as a credit union;

  • “deposit guarantee schemes directive” means Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast), repealing directive 94/19/EC7;

  • “FSMA” means the Financial Services and Markets Act 20008;

  • “non-UK deposit guarantee scheme” means a deposit guarantee scheme or an institutional protection scheme established in an EEA state other than the United Kingdom which is recognised by that state for the purposes of Article 4(1) of the deposit guarantee schemes directive.

2

Except as provided by paragraph (1) or article 3—

a

any expression used in these Regulations which is defined in Article 2 (definitions) of the deposit guarantee schemes directive has the meaning given by that Article;

b

any other expression used in these Regulations which is defined in section 417 (definitions) of FSMA has the meaning given by that section.