Article 4 Amendment of earlier Orders

in paragraph 1 of Part II of Schedule 1 (meaning of “specified type of body corporate”) by the insertion after sub-paragraph (a) of the following sub-paragraph—

“(aa)

a company or industrial and provident society,”;

by the substitution for paragraph 4(2)(b) of that Part of that Schedule (which currently restricts a funding body from carrying on a deposit-taking business in the United Kingdom) of the words “it carries on the business of trading in derivatives”; and

by the substitution for paragraph 6 of that Part of that Schedule (definitions) of the following—

“Other definitions

6

In this Schedule—

• “market maker” means—

  1. (a)

     in relation to the United Kingdom, a person who—

     1. (i)

        holds himself out at all normal times in compliance with the rules of the Stock Exchange as willing to buy and sell securities of a particular kind at a price specified by him, and

     2. (ii)

        is recognised as doing so by the Council of the Stock Exchange; or

  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 securities of a particular kind which are traded on any exchange in that country or territory;

• “the Stock Exchange” means The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited; and

• “trading in derivatives” means trading as principal in any investment of a description falling within one or more of paragraphs 4 (instruments entitling to shares or securities), 7 (options), 8 (futures) and 9 (contracts for differences) of Part I of Schedule 1 to the Financial Services Act 1986^f2.”.

in column 4 of item 9 of Part I of the Schedule (purposes for which investment and support of a lending body is permitted) by the insertion of the words “and to accept deposits” after the words “this item”;

by the substitution for paragraph 6(2)(b) of Part II of the Schedule (which currently restricts designated bodies from carrying on a deposit-taking business in the United Kingdom) of the words “it carries on the business of trading in derivatives”; and

in paragraph 14 of the Schedule—