Paragraph 7 Other definitions

In this Schedule, except where the context otherwise requires—

• “banking services” has the meaning which it bears in Schedule 8 to the Act;

• “company limited by shares” has the meaning which it bears for the purposes of the Companies Act 1985^f1 or the Companies (Northern Ireland) Order 1986^f2;

• “facility account” has the meaning which it bears in the Building Societies (Limited Credit Facilities) Order 1987^f3;

• “investment”, in respect of the expressions “the subscription for or the purchase or sale of investments” and in the definition of “market maker”, has the meaning which it bears in section 1 (investment business) of the Financial Services Act 1986^f4;

• “market maker” means—

  1. (a)

     in relation to the United Kingdom, a market maker in securities of a particular kind,

  2. (b)

     in relation to any country or territory outside the United Kingdom, a person who holds himself out at all normal times as willing to buy and sell at a price specified by him investments of a particular kind which are traded on any exchange in that country or territory;

• “market maker in securities of a particular kind” means a person who, for the purposes of subsection (4) of section 67 (depositary receipts) of the Finance Act 1986^f5, is so described in section 69(7) (depositary receipts: supplementary) of that Act;

• “subordinate organisation” means, in relation to a body corporate, another body corporate of which the first owns directly or indirectly 5% or more of the ordinary share capital, and for this purpose—

  1. (a)

     “ordinary share capital” shall have the meaning which it has in section 832 (interpretation) of the Income and Corporation Taxes Act 1988^f6, and

  2. (b)

     direct and indirect ownership shall be determined in accordance with methods the same as those set out in section 838 (subsidiaries) of that Act for determining whether a body corporate is a class of subsidiary of another.