# The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, Article 519: Meaning of “the reference banks”

Extent: E+W+S+N.I.

Regulation 9 of the National Parks Authorities (Levies) (Wales) Regulations 1995 (Interest on unpaid levies) is amended as follows—
(a) for sub-paragraph (a) of paragraph (3) of that regulation, 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.”;
(b) in sub-paragraph (b) of that paragraph, for “an institution” substitute “a person” and for “its” (in both places) substitute “his”;
(c) in paragraph (4) of that regulation—
(i) the definition of “a deposit-taking business” is revoked; and
(ii) in the paragraph beginning “the reference to the consolidated gross assets”, for “an institution” substitute “a person” and for “that institution” substitute “that person”; and
(d) 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.”.

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Source: https://www.legislation.gov.uk/uksi/2001/3649/article/519 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-519
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.