Article 438 Interpretation of the 1993 RegulationsI1

Regulation 2 of the Money Laundering Regulations 1993 (interpretation) is amended as follows.

In paragraph (1), for the definition of “European institution” substitute—

• ““European institution” means an EEA firm of the kind mentioned in sub-paragraph (b) or (c) of paragraph 5 of Schedule 3 to the Financial Services and Markets Act 2000 which qualifies for authorisation for the purposes of that Act under paragraph 12 of that Schedule;”.

In that paragraph, after the definition of “European institution” insert—

• ““home regulated activity”, in relation to a European institution, means any activity listed in Annex 1 to the banking consolidation directive (the text of which is, for convenience set out in the Schedule to these Regulations)—

  1. (a)

     in relation to which a supervisory authority in its home state has regulatory functions, and

  2. (b)

     in the case of an EEA firm of the kind mentioned in paragraph 5(c) of Schedule 3 to the Financial Services and Markets Act 2000, it is carrying on in its home State;

• “home state”, in relation to a person incorporated in or formed under the law of another member State, means that State;”.

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

• ““insurance business” means business which consists of effecting or carrying out contracts of long-term insurance”.

After paragraph (1) insert—

“(1A)

The definition of “insurance business” in paragraph (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.”.