Article 56 Meaning of “banking partnership”I1

For paragraph (2) of Article 263D of the 1986 Order (power to apply provisions to banking)^f1 substitute—

“(2)

A “banking partnership” means a partnership which has permission under Part 4 of the Financial Services and Markets Act 2000.

(2A)

But a partnership is not a banking partnership if it has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.”.

After paragraph ( 4) of that Article insert—

“(5)

Paragraphs (2) and (2A) 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.”.