Article 4

The following paragraphs shall be inserted after Article 2(1) of the principal Order:

“(2)

For the purpose of the definition of “relevant institution” in paragraph (1)—

(a)

the activity of accepting deposits has the meaning given in any relevant order made under section 22 of the Financial Services and Markets Act 2000^f1; and

(b)

a person is not regarded as accepting deposits by way of business if—

(i)

he does not hold himself out as accepting deposits on a day to day basis, and

(ii)

any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities.

(3)

In determining for the purposes of paragraph 2(b)(ii) whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.”