# The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014, Article 2: Circumstances in which accepting a deposit is not a core activity


(1) In relation to a UK deposit-taker, accepting a deposit is not a core activity unless the deposit is a core deposit.
(2) A deposit is a core deposit if it is held with the UK deposit-taker in an EEA account except where one or more of the account holders is—
(a) a relevant financial institution;
(b) a qualifying organisation;
(c) a qualifying group member; or
(d) an eligible individual.
(3) In this article—
(a) a reference to an account held with a UK deposit-taker is to an account provided by the institution as part of its activity of accepting deposits;
(b) an account is an EEA account if it was opened at a branch of the UK deposit-taker located in an EEA state;
(c) “branch” means a place of business that forms a legally dependent part of the UK deposit-taker and conducts directly all or some of the operations inherent in its business;
(d) “relevant financial institution” has the meaning given in the excluded activities and prohibitions order.

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Source: https://www.legislation.gov.uk/ukdsi/2014/9780111117118/article/2 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-ring-fenced-bodies-and-core-activities-order-2014/article-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.