Article 195 Restrictions on powers of building societiesI1

for paragraphs (a) and (b) substitute—

“(a)

as a person who has permission under Part IV of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance.”;

the words after paragraph (b) to the end are repealed.

in the definition of “collective investment scheme” for the words “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”;

for the definition of “derivative investment” substitute—

• ““derivative investment” means an investment of the following kinds—

  1. (a)

     instruments giving entitlements to investments;

  2. (b)

     options;

  3. (c)

     futures;

  4. (d)

     contracts for differences;”.