Article 429 Meaning of “the reference banks”I1

In paragraph (3) of regulation 10 of the Levying Bodies (General) Regulations 1992 (interest on unpaid levies) for sub-paragraph (a) substitute—

“(a)

the reference banks are the seven largest persons for the time being who—

(i)

have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ii)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and

(iii)

quote a base rate in sterling;”.

In paragraph (3)(b) of that regulation, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”.

In paragraph (4) of that regulation—

After paragraph (4) of that regulation insert—

“(5)

Paragraph (3)(a) 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.”.