Regulation 3 Meaning of “compensation scheme member”

(1)

In these Regulations “compensation scheme member” means an institution that—

F1(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

falls into one of the categories of institution specified in paragraph (2).

(2)

The categories of institution mentioned in paragraph (1)(b) are—

(a)

an institution that—

(i)

is incorporated in or formed under the law of any part of the United Kingdom;

(ii)

is not an insurer; and

(iii)

has permission under Part 4A of FSMA to carry on the regulated activity M1 of accepting deposits;

(b)

a building society within the meaning of section 119 of the Building Societies Act 1986 M2;

(c)

a credit union; or

(d)

an institution that—

(i)

has its head office outside the United Kingdom;

(ii)

is not F2... an insurer; and

(iii)

has permission under Part 4A of FSMA to carry on the regulated activity of accepting deposits.

(3)

For the purposes of this regulation—

F3(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

“insurer” means an institution which is authorised under Part 4A of FSMA to carry on the regulated activity of effecting or carrying out contracts of insurance as principal.

Annotations

Textual amendments

F1: Reg. 3(1)(a) omitted (31.12.2020) by virtue of The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1285), regs. 1(3), 5(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in reg. 3(2)(d)(ii) omitted (31.12.2020) by virtue of The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1285), regs. 1(3), 5(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
F3: Reg. 3(3)(a) omitted (31.12.2020) by virtue of The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1285), regs. 1(3), 5(3)(c); 2020 c. 1, Sch. 5 para. 1(1)

Marginal citations

M1: “regulated activity” is defined in section 417 of FSMA.
M2: 1986 c. 53.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 18) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xii)