Article 439 Meaning of “relevant financial business”I1

Regulation 4 of the Money Laundering Regulations 1993 (relevant financial business) is amended as follows.

In paragraph (1), for sub-paragraph (a) substitute—

“(a)

accepting deposits, by a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits (including, in the case of a building society, the raising of money from members of the society by the issue of shares);”.

Sub-paragraph (b) of paragraph (1) is revoked.

In sub-paragraph (e) of paragraph (1), for “the requirements of paragraph 1 of Schedule 2 to the Banking Coordination (Second Council Directive) Regulations 1992 have been complied with” substitute “the establishment conditions in paragraph 13 of Schedule 3 to the Financial Services and Markets Act 2000, or the service conditions in paragraph 14 of that Schedule, have been satisfied;”.

For sub-paragraph (f) of that paragraph substitute—

“(f)

business which consists of carrying on one or more of the following kinds of regulated activity in the United Kingdom—

(i)

dealing in investments as principal or as agent,

(ii)

arranging deals in investments,

(iii)

managing investments,

(iv)

safeguarding and administering investments,

(v)

sending dematerialised instructions,

(vi)

establishing etc. a collective investment scheme,

(vii)

advising on investments.”.

In paragraph (2)—

Paragraph (3) of that regulation is revoked.

In paragraph (4) of that regulation, the definition of “deposit-taking business” is revoked.

After that paragraph insert—

“(5)

Sub-paragraphs (a) and (f) of 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.”.