Article 256 Definitions of termsI1

the existing provision becomes paragraph (1);

the definitions of “European authorised institution” and “European institution” are revoked;

the definition of “home-regulated investment business” is revoked;

for the definition of “relevant institution” substitute—

• ““relevant institution” means—

  1. (a)

     a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

  2. (b)

     an EEA firm of the kind mentioned in paragraph 5(b) 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(1) of that Schedule) to accept deposits; or

  3. (c)

     a person who is an exempt person in respect of accepting deposits as a result of an order made under section 38(1) of that Act;”;

after paragraph (1) insert—

“(2)

The definition of “relevant institution” in paragraph (1), together with regulations 3(5) to (6A) and 4(2) and paragraph 4 of Part I of Schedule 1, 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.”.