SCHEDULEConsequential amendments
PART 1The Financial Services and Markets Act 2000 (c. 8)
1.
The Financial Services and Markets Act 20009 is amended as follows.
2.
In section 3E (memorandum of understanding)10, omit subsection (2)(f) and (k).
3.
Omit section 34 (EEA firms)11.
4.
Omit section 35 (Treaty firms)12.
5.
In section 55A (application for permission)13, omit subsection (4).
6.
In section 55Q (exercise of power in support of overseas regulator)14, omit subsection (2).
7.
In section 55R (persons connected with an applicant)15, omit subsections (2) to (3B).
8.
(1)
Section 55X (determination of applications: warning notices and decision notices)16 is amended as follows.
(2)
In subsection (2), omit “(unless subsection (3) applies)”.
(3)
Omit subsection (3).
9.
In section 137A (the FCA’s general rules)17, omit subsection (5).
10.
In section 137G (the PRA’s general rules)18, omit subsection (5).
11.
In section 168 (appointment of persons to carry out investigations in particular cases)19, in subsection (1)(b), omit “or under Schedule 4”.
12.
Omit Part 13 (incoming firms: intervention by FCA or PRA), except for, in section 195 (exercise of power in support of overseas regulator), subsections (3) and (4).
13.
Omit Part 13A (enhanced supervision of firms exercising rights under the Insurance Distribution Directive)20.
14.
In section 213 (the compensation scheme)21, omit subsections (10) and (11).
15.
In section 214 (provisions of the scheme: general), omit subsection (5).
16.
In section 224 (scheme manager’s power to inspect documents held by Official Receiver etc.), omit subsection (4).
17.
In section 234K (duty to consider exercise of powers under Competition Act 1998)22, in subsection (3), omit paragraph (f).
18.
In section 313D (interpretation of Part 18A)23, in subsection (1), in the definition of “institution”, omit from “but does not include” to the end.
19.
Omit section 368 (winding-up petitions: EEA and Treaty firms)24.
20.
(1)
Section 425 (expressions relating to authorisation elsewhere in the single market)25 is amended as follows.
(2)
Omit subsection (2).
(3)
In the heading, omit “elsewhere”.
21.
In Schedule 1ZA (the Financial Conduct Authority)26, in Part 3 (penalties and fees), omit paragraph 24(a) (together with the final “or”).
22.
In Schedule 1ZB (the Prudential Regulation Authority)27, in Part 3 (penalties and fees), omit paragraph 32(a) (together with the final “or”).
23.
(1)
Schedule 6 (threshold conditions) is amended as follows.
(2)
Omit Part 1F (authorisation under Schedule 3)28.
(3)
Omit Part 1G (authorisation under Schedule 4)29.
PART 2Other primary legislation
Agricultural Credits Act 1928 (c. 43)
24.
In section 5 of the Agricultural Credits Act 192830 (agricultural charges on farming stock and assets), in the definition of “Bank” in subsection (7), omit paragraph (c).
Solicitors Act 1974 (c. 47)
25.
In section 87 of the Solicitors Act 197431 (interpretation)—
(a)
in the definition of “bank” in subsection (1)—
(i)
for “, a person” substitute “or a person”;
(ii)
omit from “or an EEA firm” to the end;
(b)
in subsection (1A), omit paragraphs (c) (together with the final “or”) and (d).
Judicial Pensions Act 1981 (c. 20)
26.
In section 33A of the Judicial Pensions Act 198132 (voluntary contributions)—
(a)
in subsection (9)—
(i)
in the definition of “authorised provider”, omit paragraphs (b) (together with the final “or”) and (c);
(ii)
in the definition of “insurer”, omit paragraph (b);
(b)
omit subsections (9B) to (9E).
Administration of Justice Act 1985 (c. 61)
27.
In section 21 of the Administration of Justice Act 198533 (professional indemnity and compensation), in subsection (5), omit paragraphs (b) (together with the final “or”) and (c).
Housing Act 1985 (c. 68)
28.
In section 622 of the Housing Act 198534 (minor definitions: general), in subsection (1)—
(a)
in the definition of “authorised deposit taker”, omit paragraph (b) and the “or” before it;
(b)
in the definition of “authorised insurer”, omit paragraph (b) and the “or” before it;
(c)
in the definition of “authorised mortgage lender”, omit paragraphs (b) (together with the final “or”) and (c).
Building Societies Act 1986 (c. 53)
29.
(1)
The Building Societies Act 198635 is amended as follows.
(2)
In section 9A (restrictions on certain transactions), in subsection (5), omit paragraph (b) and the “or” before it.
(3)
In section 98 (transfers of business: supplementary provisions), in subsection (3), omit paragraph (c)(ii) and the “or” before it.
Access to Medical Reports Act 1988 (c. 28)
30.
In section 2 of the Access to Medical Reports Act 198836 (interpretation), in the definition of “insurer” in subsection (1), omit paragraph (b).
Road Traffic Act 1988 (c. 52)
31.
In section 95 of the Road Traffic Act 198837 (notification of refusal of insurance on grounds of health), in subsection (3), omit paragraph (b) and the “or” before it.
Social Security Administration Act 1992 (c. 5)
32.
In section 109B of the Social Security Administration Act 199238 (power to require information), in subsection (7)—
(a)
in the definition of “bank”, omit paragraph (b) (but not the final “or”);
(b)
in the definition of “insurer”, omit paragraph (b) and the “or” before it.
Judicial Pensions and Retirement Act 1993 (c. 8)
33.
(1)
The Judicial Pensions and Retirement Act 199339 is amended as follows.
(2)
In section 10 (additional benefits from voluntary contributions)—
(a)
in subsection (8)—
(i)
in the definition of “authorised provider”, omit paragraphs (b) (together with the final “or”) and (c);
(ii)
in the definition of “insurer”, omit paragraph (b);
(b)
omit subsections (8B) to (8E).
(3)
In Schedule 2 (transfer of accrued benefits), in the definition of “authorised insurer” in paragraph 1(1), omit paragraph (ii) and the “or” before it.
Social Security (Recovery of Benefits) Act 1997 (c. 27)
34.
In Schedule 1 to the Social Security (Recovery of Benefits) Act 199740 (compensation payments), in paragraph 5, omit sub-paragraph (2)(b) at the “or” before it.
Bank of England Act 1998 (c. 11)
35.
(1)
The Bank of England Act 199841 is amended as follows.
(2)
In section 17 (power to obtain information), in subsection (7), omit paragraph (b) and the “or” before it.
(3)
In Schedule 2 (cash ratio deposits), in paragraph 1, omit sub-paragraph (1A)(d) and the “or” before it.
Trustee Act 2000 (c. 29)
36.
In section 29 of the Trustee Act 200042 (remuneration of certain trustees), in subsection (3A), omit paragraph (b) and the “or” before it.
Anti-terrorism, Crime and Security Act 2001 (c. 24)
37.
In Schedule 1 to the Anti-terrorism, Crime and Security Act 200143 (forfeiture of terrorist property), in paragraph 10R (meaning of “bank”), omit sub-paragraph (2)(c).
Health and Social Care (Community Health and Standards) Act 2003 (c. 43)
38.
In Schedule 10 to the Health and Social Care (Community Health and Standards) Act 200344 (recovery of NHS charges: exempted payments), in paragraph 4, omit sub-paragraph (b) and the “or” before it.
Legal Services Act 2007 (c. 29)
39.
In section 64 of the Legal Services Act 200745 (modification of the Board’s functions under section 62(1)(b)), in the definition of “authorised insurer” in subsection (5), omit paragraphs (b) and (c).
Dormant Bank and Building Society Accounts Act 2008 (c. 31)
40.
In section 7 of the Dormant Bank and Building Society Accounts Act 200846 (definition of “bank”)—
(a)
in subsection (2), omit paragraph (b);
(b)
in subsection (3), omit “or firm”, wherever occurring.
Terrorist Asset-Freezing etc. Act 2010 (c. 38)
41.
In section 41 of the Terrorist Asset-Freezing etc. Act 201047 (meaning of “relevant institution”), in subsection (1), omit paragraph (b) (but not the final “or”).
Charities Act 2011 (c. 25)
42.
In section 109 of the Charities Act 201148 (dormant bank accounts: supplementary), in subsection (3), omit paragraph (c) (but not the final “or”).
Health and Social Care Act 2012 (c. 7)
43.
In section 145 of the Health and Social Care Act 201249 (borrowing), in subsection (3), omit paragraph (b) and the “or” before it.
Welfare Reform and Work Act 2016 (c. 7)
44.
In section 19 of the Welfare Reform and Work Act 201650 (section 18: further provision), in subsection (8)—
(a)
in the definition of “deposit taker”, omit paragraph (b) and the “or” before it;
(b)
in the definition of “insurer”, omit paragraph (b) and the “or” before it.
PART 3Secondary legislation
Social Security (Payments on account, Overpayments and Recovery) Regulations 1988
45.
In regulation 10 of the Social Security (Payments on account, Overpayments and Recovery) Regulations 198851 (conversion of payments made in a foreign currency), in paragraph (2), omit sub-paragraph (b) and the “or” before it.
Social Landlords (Additional Purposes or Objects) Order 1999
46.
In article 3 of the Social Landlords (Additional Purposes or Objects) Order 199952 (priority of mortgages), in the definition of “qualifying lending institution” in paragraph (3) (other than as that definition applies to bodies eligible for registration as social landlords by the Housing Corporation in England), omit paragraph (c) and the “or” before it.
National Health Service Pension Scheme (Additional Voluntary Contributions) Regulations 2000
47.
In regulation 2 of the National Health Service Pension Scheme (Additional Voluntary Contributions) Regulations 200053 (interpretation), in the definition of “insurer” in paragraph (1), omit paragraph (b) and the “or” before it.
Pig Industry Restructuring (Capital Grant) Scheme 2001
48.
In paragraph 2 of the Pig Industry Restructuring (Capital Grant) Scheme 200154 (interpretation), in the definition of “bank” in sub-paragraph (1), omit paragraph (ii).
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
49.
(1)
The Financial Services and Markets Act 2000 (Regulated Activities) Order 200155 is amended as follows.
(2)
In article 6 (sums paid by certain persons), in paragraph (1), omit sub-paragraph (a)(iii).
(3)
Omit article 11 (Community co-insurers).
(4)
In article 39B (claims management on behalf of an insurer etc.), in paragraph (2)—
(a)
omit sub-paragraph (a)(iii) (but not the final “or”);
(b)
omit sub-paragraph (b)(ii) (but not the final “or”);
(c)
in sub-paragraph (b)(iii), omit “and not falling within paragraph (ii)”.
Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004
50.
In regulation 2 of the Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 200456 (interpretation), in paragraph (1)—
(a)
in the definition of “relevant contract of insurance”, omit paragraph (b)(ii) and the “or” before it;
(b)
in the definition of “deposit-taker”, omit paragraph (b) and the “or” before it;
(c)
in the definition of “insurer”, omit paragraph (b) and the “or” before it.
North Korea (United Nations Measures) Order 2006
51.
In article 2 of the North Korea (United Nations Measures) Order 200657 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) and the “and” before it.
Iran (Financial Sanctions) Order 2007
52.
In article 2 of the Iran (Financial Sanctions) Order 200758 (interpretation), in the definition of “relevant institution” in paragraph (1), omit from “and an EEA firm” to the end.
Lasting Powers of Attorney, Enduring Powers of Attorney and Public Guardian Regulations 2007
53.
In regulation 34 of the Lasting Powers of Attorney, Enduring Powers of Attorney and Public Guardian Regulations 200759 (security given under regulation 33(2)(a): requirement for endorsement), in paragraph (5)—
(a)
in the definition of “authorised insurance company”, omit paragraph (b);
(b)
in the definition of “authorised deposit-taker”, omit paragraph (b).
Companies (Authorised Minimum) Regulations 2008
54.
In regulation 4 of the Companies (Authorised Minimum) Regulations 200860 (the appropriate spot rate of exchange), in paragraph (3), omit sub-paragraph (b) and the “or” before it.
Zimbabwe (Financial Sanctions) Regulations 2009
55.
In regulation 2 of the Zimbabwe (Financial Sanctions) Regulations 200961 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) and the “and” before it.
Companies (Authorised Minimum) Regulations 2009
56.
In regulation 4 of the Companies (Authorised Minimum) Regulations 200962 (the appropriate spot rate of exchange), in paragraph (3), omit sub-paragraph (b) and the “or” before it.
Somalia (Asset-Freezing) Regulations 2010
57.
In regulation 2 of the Somalia (Asset-Freezing) Regulations 201063 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Libya (Financial Sanctions) Order 2011
58.
In article 2 of the Libya (Financial Sanctions) Order 201164 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Egypt (Asset-Freezing) Regulations 2011
59.
In regulation 2 of the Egypt (Asset-Freezing) Regulations 201165 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Tunisia (Asset-Freezing) Regulations 2011
60.
In regulation 2 of the Tunisia (Asset-Freezing) Regulations 201166 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Iran (Asset-Freezing) Regulations 2011
61.
In regulation 2 of the Iran (Asset-Freezing) Regulations 201167 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Afghanistan (Asset-Freezing) Regulations 2011
62.
In regulation 2 of the Afghanistan (Asset-Freezing) Regulations 201168 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Legal Services Act 2007 (Designation as a Licensing Authority) Order 2011
63.
In the Schedule to the Legal Services Act 2007 (Designation as a Licensing Authority) Order 201169, in paragraph 2, omit sub-paragraph (4)(a)(iii) (but not the final “and”).
ISIL (Da’esh) and Al-Qaida (Asset-Freezing) Regulations 2011
64.
In regulation 2 of the ISIL (Da’esh) and Al-Qaida (Asset-Freezing) Regulations 201170 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Legal Services Act 2007 (Designation as a Licensing Authority) (No. 2) Order 2011
65.
In article 4 of the Legal Services Act 2007 (Designation as a Licensing Authority) (No. 2) Order 201171 (bank accounts of licensed bodies), in paragraph (4), omit sub-paragraph (a)(iii) (but not the final “and”).
Syria (European Union Financial Sanctions) Regulations 2012
66.
In regulation 2 of the Syria (European Union Financial Sanctions) Regulations 201272 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Guinea-Bissau (Asset-Freezing) Regulations 2012
67.
In regulation 2 of the Guinea-Bissau (Asset-Freezing) Regulations 201273 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Iraq (Asset-Freezing) Regulations 2012
68.
In regulation 2 of the Iraq (Asset-Freezing) Regulations 201274 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Republic of Guinea (Asset-Freezing) Regulations 2012
69.
In regulation 2 of the Republic of Guinea (Asset-Freezing) Regulations 201275 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Democratic Republic of the Congo (Asset-Freezing) Regulations 2012
70.
In regulation 2 of the Democratic Republic of the Congo (Asset-Freezing) Regulations 201276 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Eritrea (Asset-Freezing) Regulations 2012
71.
In regulation 2 of the Eritrea (Asset-Freezing) Regulations 201277 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Lebanon and Syria (Asset-Freezing) Regulations 2012
72.
In regulation 2 of the Lebanon and Syria (Asset-Freezing) Regulations 201278 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Belarus (Asset-Freezing) Regulations 2013
73.
In regulation 2 of the Belarus (Asset-Freezing) Regulations 201379 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Council Tax Reduction Schemes (Detection of Fraud and Enforcement) (England) Regulations 2013
74.
In regulation 4 of the Council Tax Reduction Schemes (Detection of Fraud and Enforcement) (England) Regulations 201380 (power to require information), in paragraph (10)—
(a)
in the definition of “bank”, omit paragraph (b) (but not the final “or”);
(b)
in the definition of “insurer”, omit paragraph (e) and the “or” before it.
Civil Legal Aid (Statutory Charge) Regulations 2013
75.
In regulation 19 of the Civil Legal Aid (Statutory Charge) Regulations 201381 (interest on damages), in paragraph (4)—
(a)
in sub-paragraph (b), omit “either”;
(b)
omit sub-paragraph (b)(ii) (but not the final “and”) and the “or” before it.
Local Government Pension Scheme Regulations 2013
76.
In Part 3 of Schedule 2 to the Local Government Pension Scheme Regulations 201382 (scheme employers), in paragraph 7, omit sub-paragraph (b) (but not the final “or”).
Ukraine (European Union Financial Sanctions) Regulations 2014
77.
In regulation 2 of the Ukraine (European Union Financial Sanctions) Regulations 201483 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Central African Republic (European Union Financial Sanctions) Regulations 2014
78.
In regulation 2 of the Central African Republic (European Union Financial Sanctions) Regulations 201484 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Ukraine (European Union Financial Sanctions) (No. 2) Regulations 2014
79.
In regulation 2 of the Ukraine (European Union Financial Sanctions) (No. 2) Regulations 201485 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Prevention of Social Housing Fraud (Power to Require Information) (England) Regulations 2014
80.
In regulation 4 of the Prevention of Social Housing Fraud (Power to Require Information) (England) Regulations 201486 (power to require information), in the definition of “bank” in paragraph (11), omit paragraph (b) (but not the final “or”).
Sudan (European Union Financial Sanctions) Regulations 2014
81.
In regulation 2 of the Sudan (European Union Financial Sanctions) Regulations 201487 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Ukraine (European Union Financial Sanctions) (No. 3) Regulations 2014
82.
In regulation 2 of the Ukraine (European Union Financial Sanctions) (No. 3) Regulations 201488 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Yemen (European Union Financial Sanctions) Regulations 2014
83.
In regulation 2 of the Yemen (European Union Financial Sanctions) Regulations 201489 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
South Sudan (European Union Financial Sanctions) (No. 2) Regulations 2015
84.
In regulation 2 of the South Sudan (European Union Financial Sanctions) (No. 2) Regulations 201590 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Burundi (European Union Financial Sanctions) Regulations 2015
85.
In regulation 2 of the Burundi (European Union Financial Sanctions) Regulations 201591 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Iran (European Union Financial Sanctions) Regulations 2016
86.
In regulation 2 of the Iran (European Union Financial Sanctions) Regulations 201692 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Libya (European Union Financial Sanctions) Regulations 2016
87.
In regulation 2 of the Libya (European Union Financial Sanctions) Regulations 201693 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016
88.
In regulation 6 of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 201694 (separate bank account), in paragraph (2), omit sub-paragraph (b).
Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017
89.
In regulation 2 of the Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 201795 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Judicial Pensions (Fee-Paid Judges) Regulations 2017
90.
In regulation 70 of the Judicial Pensions (Fee-Paid Judges) Regulations 201796 (interpretation), in the definition of “authorised insurer” in paragraph (1), omit paragraph (b) and the “or” before it.
Republic of Mali (European Union Financial Sanctions) Regulations 2017
91.
In regulation 2 of the Republic of Mali (European Union Financial Sanctions) Regulations 201797 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Venezuela (European Union Financial Sanctions) Regulations 2017
92.
In regulation 2 of the Venezuela (European Union Financial Sanctions) Regulations 201798 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).
Andrey Lugovoy and Dmitri Kovtun Freezing Order 2018
93.
In article 2 of the Andrey Lugovoy and Dmitri Kovtun Freezing Order 201899 (interpretation), in paragraph (2)—
(a)
before ““relevant institution”” insert “In this Order,”;
(b)
omit sub-paragraph (b) and the “and” before it.
Burma (European Union Financial Sanctions) Regulations 2018
94.
In regulation 2 of the Burma (European Union Financial Sanctions) Regulations 2018100 (interpretation), in the definition of “relevant institution” in paragraph (1), omit paragraph (b) (but not the final “or”).