OpenLegislation

Regulation 191 The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014C1I1

United Kingdom

(1)

The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014 M1 is amended as follows.

(2)

In article 1 (interpretation), in paragraph (3), after the definition of “securities” insert—

““UK account” has the meaning given in article 2(3)(ba);

“UK account holder” means the holder of a UK account;”.

(3)

In article 2 (circumstances in which accepting a deposit is not a core activity)—

(a)

in paragraph (2), in the words before sub-paragraph (a), after “in” insert “ a UK account or ”;

(b)

in paragraph (3), after sub-paragraph (b) insert—

“(ba)

an account is a UK account if it was opened at a branch of the UK deposit-taker located in the United Kingdom;”.

(4)

In article 10 (declaration of eligibility: determining assets held by individual), in paragraph (5)(b), for the words from “Article 4.1(44)” to the end substitute “ Article 2.1(24) of the markets in financial instruments regulation ”.

(5)

In article 14 (rules about information to be provided by a non ring-fenced body to individual account-holders), in paragraph (1)—

(a)

in sub-paragraph (a), after “open” insert “ a UK account or ”;

(b)

in sub-paragraph (b), at the beginning insert “ UK account holders or ”.

Annotations

Marginal citations

M1

S.I. 2014/1960, amended by S.I. 2016/1032 and 2018/897.

Modifications

C1

Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)

Commencement

I1

Reg. 191 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)