SCHEDULES

SCHEDULE 5Treasury licences: purposes

F1PART 1BCorrespondent banking relationships F3and processing payments

Annotations:

Interpretation of Part 1B9K

In this Part, “designated person” has the meaning given in regulation 17A.

Basic needs9L

1

To enable the basic needs of a designated person, or a person owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person, to be met.

2

In the case of a person other than an individual, in sub-paragraph (1) “basic needs” includes needs for—

a

payment of insurance premiums;

b

payment of reasonable fees for the provision of property management services;

c

payment of reasonable fees for the provision of insolvency services;

d

payment of remuneration, allowances or pensions of employees;

e

payment of tax;

f

rent or mortgage payments;

g

utility payments.

Legal services9M

To enable the payment of—

a

reasonable professional fees for the provision of legal services to the designated person or a person owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person, or

b

reasonable expenses associated with the provision of legal services to the designated person (or a person owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

Financial regulation9N

1

To enable anything to be done by, or on behalf of, a relevant financial authority for the purposes of the functions of that authority.

F22

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Extraordinary situation9O

To enable anything to be done to deal with an extraordinary situation.