# The Deposit Guarantee Scheme Regulations 2015, Regulation 2: Interpretation

Extent: E+W+S+N.I.

(1) In these Regulations—
“compensation scheme rules” means rules made under section 213 of FSMA ;
“the compensation scheme” has the meaning given in section 213(2) of FSMA;
“credit union” means—
(a)a registered society (within the meaning given by section 1 of the Co-operative and Community Benefit Societies Act 2014 ) that is registered as a credit union; or
(b)a society registered under the Credit Unions (Northern Ireland) Order 1985 or a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 as a credit union;
“deposit” means—
(a) a deposit within the meaning of point (23A) of Article 2(1) of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012;
(b) a share in a building society, as defined in section 119 of the Building Societies Act 1986, other than a share of a capital nature that is own funds, as defined in point (118) of Article 4.1 of Regulation No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012; or
(c)a share in a credit union other than—
(i)a deferred share within the meaning given by section 31A of the Credit Unions Act 1979; or
(ii) a deferred share issued by a society registered under the Credit Unions (Northern Ireland) Order 1985 or a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 as a credit union;
“deposit guarantee schemes directive” means Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast), repealing directive 94/19/EC ;
“eligible deposit” has the meaning given in section 70A(7) of the Banking Act 2009
“FSMA” means the Financial Services and Markets Act 2000 ;
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(2) Except as provided by paragraph (1) or article 3—
(a) any expression used in these Regulations which is defined in Article 2 (definitions) of the deposit guarantee schemes directive has the meaning given by that Article;
(b) any other expression used in these Regulations which is defined in section 417 (definitions) of FSMA has the meaning given by that section.

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Source: https://www.legislation.gov.uk/uksi/2015/486/regulation/2 (the official version)
Page: https://openlegislation.uk/deposit-guarantee-scheme-regulations-2015/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.