# The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014, Article 10: Declaration of eligibility: determining assets held by an individual


(1) For the purpose of preparing a declaration of eligibility the assets of an individual (“A”) must be calculated as follows—
(a) at the end of each quarter in the eligibility calculation period calculate the value of such assets held by A as are necessary to demonstrate that A meets the condition specified in article 9(3) to give quarterly totals; and
(b) add the quarterly totals together and divide by four.
(2) For the purpose of calculating quarterly totals—
(a) any money on deposit in a joint bank account for which A is one of the account holders shall be treated as held by A alone;
(b) if A holds any other asset jointly with one or more other persons, A shall be treated as holding —
(i) a share of the asset determined in accordance with any agreement between the owners of the asset concerning the shares in which they hold the asset, or
(ii) if there is no such agreement, a share of the value of the asset which is equal to the total value of the asset concerned divided by the number of joint owners.
(3) In this article “assets”, in relation to an individual, means assets of one of the kinds mentioned in paragraph (5) which are held—
(a) by that individual as legal and beneficial owner, solely or jointly with others; or
(b) by another person for the benefit of that individual (solely or jointly with others) under a trust.
(4) For the purpose of paragraph (3)(b) assets which are held in a part of the United Kingdom other than England or Wales or in a country or territory outside the United Kingdom are to be regarded as held under a trust if they are held under an arrangement under the law of that part, country or territory which corresponds to a trust.
(5) The kinds of asset referred to in paragraph (3) are—
(a) money, including money held on deposit; or
(b) transferable securities as defined in Article 4.1(18) of the markets in financial instruments directive.
(6) In this article “joint bank account” means an account—
(a) opened in the name of two or more persons; or
(b) over which two or more persons have rights that are exercised by means of the signature of one or more of those persons.
(7) In this article, a reference to a quarter is a reference to any complete quarter falling within a core deposit calculation period for a UK deposit-taker.

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Source: https://www.legislation.gov.uk/ukdsi/2014/9780111117118/article/10 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-ring-fenced-bodies-and-core-activities-order-2014/article-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.