Article 445 Interpretation of article 12: assets of LibyaI1

Paragraph (5) of article 12 of the Libya (United Nations Sanctions) (Dependent Territories) 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 made under section 22 of the Financial Services and Markets Act 2000 which is not a security.”.

In that paragraph, for sub-paragraph (b) of the definition of “relevant institution” substitute—

“(b)

a person who may lawfully accept deposits in or from within the Territory by way of business.”.

After paragraph (5) insert—

“(6)

For the purpose of the definition of “relevant institution” in paragraph (5)—

(a)

the activity of accepting deposits has the meaning given in any relevant order under section 22 of the Financial Services and Markets Act 2000; and

(b)

a person is not regarded as accepting deposits by way of business if—

(i)

he does not hold himself out as accepting deposits on a day to day basis, and

(ii)

any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities.

(7)

In determining for the purposes of that definition whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.”.