Article 397 Interpretation of the 1989 RegulationsI1

The Consumer Credit (Advertisements) Regulations 1989 are amended as follows.

In paragraph (2) of regulation 1 (citation, commencement, interpretation and revocation), after the definition of “the APR” insert—

• ““authorised deposit taker” means—

  1. (a)

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

  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)) to accept deposits,

  but sub-paragraph (a) does not include a person who is a credit union within the meaning of the Credit Unions Act 1979^f1 or the Credit Unions (Northern Ireland) Order 1985^f2, or a specially authorised friendly society within the meaning of section 7(1)(f) of the Friendly Societies Act 1974^f3;”.

In that paragraph, for the definition of “contract of insurance” substitute—

• ““contract of insurance” means a contract of insurance the effecting or carrying out of which, by way of business, constitutes the carrying on of a regulated activity within the meaning of the Financial Services and Markets Act 2000;”.

After that paragraph insert—

“(2A)

The definitions “authorised deposit taker” and “contract of insurance” in paragraph (2) 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.”.

In paragraph (3) of regulation 2 (general Rules) for “an institution authorised under the Banking Act 1987 or a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986” substitute “an authorised deposit taker”.