Article 16 Meaning of “banking partnership”I1

For subsection (2) of section 255D of the 1985 Act (power to apply provisions to banking)^f1 substitute—

“(2)

A “banking partnership” means a partnership which has permission under Part 4 of the Financial Services and Markets Act 2000.

(2A)

But a partnership is not a banking partnership if it has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.”.

After subsection (4) of that section insert—

“(5)

Subsections (2) and (2A) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.