PART 1Introductory provisions
Exemption for certain bodies3
1
Subject to paragraph (2) and regulation 4(1)(f), these Regulations do not apply to the following persons—
a
credit unions;
b
municipal banks; and
c
the National Savings Bank.
2
Where municipal banks provide or propose to provide payment services they must give notice to the FCA.
3
In this regulation—
“credit union” means a credit union within the meaning of—
“municipal bank” means a company which, immediately before 1st December 2001, fell within the definition of a municipal bank in section 103 of the Banking Act 1987 (municipal banks) M3.