Article 444 Interpretation of article 12: assets of LibyaI1

Paragraph (5) of article 12 of the Libya (United Nations Sanctions) Order 1993 (assets of Libya) is amended as follows.

For sub-paragraph (b) substitute—

“(b)

“investment” means any investment of a kind specified by any relevant order under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.

For the definition of “relevant institution” in sub-paragraph (c) substitute—

• ““relevant institution” means—

  1. (a)

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

  2. (b)

     an EEA firm of the kind mentioned in sub-paragraph (b) or (c) of paragraph 5 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 of that Schedule), to accept deposits, or

  3. (c)

     a person who may accept deposits without contravening the prohibition imposed by section 19 of that Act, by reason of being an exempt person as a result of an order under section 38 of that Act;”.