Article 35 Meaning of “deposit-taking business”, “chief executive” and “manager”I1

United Kingdom

(1)

Schedule 9 to the 1985 Act (special provisions for banking companies and groups) is amended as follows.

(2)

In Part II (consolidated accounts)^f1, in paragraph 1 (undertakings to be included in consolidation)—

(a)

in sub-paragraph (1) for “banking business” substitute “deposit-taking business”; and

(b)

for sub-paragraph (2) substitute—

“(2)

For the purposes of this paragraph “deposit-taking business” means the activity of accepting deposits by way of business, but does not include accepting deposits only for the purpose of carrying on another regulated activity.”;

(c)

after sub-paragraph (2) insert—

“(3)

References in sub-paragraph (2) to deposits and their acceptance, and to regulated activities 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.”.

(3)

In Part IV of that Schedule (additional disclosure: emoluments and other benefits of directors and others), in sub-paragraph (1)(b) of paragraph 3 (other transactions and agreements) for “within the meaning of the Banking Act 1987” substitute “within the meaning of the Financial Services and Markets Act 2000”.

Annotations

Commencement

I1: Art. 35 in force at 1.12.2001, see art. 1

Footnotes

f1: Part II was inserted by the Companies Act 1989 (c. 40), section 18, Schedule 7.