Article 608 Construction of the 2001 Order—“relevant institution”I1

Article 2 of the Afghanistan (United Nations Sanctions) Order 2001 (interpretation) is amended as follows.

The existing text is numbered paragraph (1).

In paragraph (1), for the definition of “relevant institution” substitute—

• ““relevant institution” means—

  1. (a)

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

  2. (b)

     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; or

  3. (c)

     an institution, not falling within paragraph (a), which continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987,

  but does not include a person of the kind mentioned in paragraph (a) who has permission to accept deposits for the purpose of effecting or carrying out contracts of insurance.”.

After paragraph (1) insert—

“(2)

The definition of “relevant 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.”.