Article 535 Interpretation of the 1996 OrderI1

the existing provision becomes paragraph (1);

the definitions of “bank” and “insurance company” are revoked;

for the definition of “qualifying lending institution” substitute—

• ““qualifying lending institution” means—

  1. (a)

     the Corporation;

  2. (b)

     a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or to effect or carry out contracts of insurance; or

  3. (c)

     an EEA firm of the kind mentioned in paragraph 5(b) or (d) 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) either—

     1. (i)

        to accept deposits; or

     2. (ii)

        to effect or carry out contracts of insurance;”;

after paragraph (1) insert—

“(2)

The definition of “qualifying lending institution” 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.”.