Article 549 Capital receipts of debt-free authoritiesI1

Regulation 65 of the Local Authorities (Capital Finance) Regulations 1997^f1 is amended as follows.

In paragraph (1), for sub-paragraphs (e) and (f) of the definition of “relevant lender” substitute—

“(e)

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

(f)

an EEA firm of the kind mentioned in paragraph 5(b) 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(1) of that Schedule) to accept deposits.”.

After paragraph (1) insert—

“(1A)

Sub-paragraphs (e) and (f) of the definition of “relevant lender” 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.”.