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The Financial Services and Markets Act 2000 (Stakeholder Products) (Amendment) Regulations 2005

S.I. 2005/594 · Made 9 March 2005

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

FINANCIAL SERVICES AND MARKETS

Made 9th March 2005

Laid before Parliament 10th March 2005

Coming into force 6th April 2005

The Treasury, in exercise of the powers conferred upon them by section 428 of the Financial Services and Markets Act 2000f1 and article 52B(3) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001f2, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

2000 c. 8.

f2

S.I. 2001/544; article 52B was inserted by S.I. 2004/2737.

Contents

  1. 1Regulation 1
  2. 2Regulation 2
  3. Signature
  4. Explanatory note

1

These Regulations may be cited as the Financial Services and Markets Act 2000 (Stakeholder Products) (Amendment) Regulations 2005 and come into force on 6th April 2005.

2

(1)

The Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004f1 are amended as follows.

(2)

In paragraph (b) of regulation 4 (certain deposit accounts)—

(a)

for “as a means of payment to the account payment by” substitute—

  • “payment to the account by any of the following means, at the option of the account-holder”;

(b)

omit sub-paragraph (iii).

(3)

In paragraph (2)(b) of regulation 7 (characteristics and conditions applicable to certain stakeholder products) for the words from “as a means” to “payment by” substitute—

  • “payment to the investment scheme by any of the following means, at the option of the investor”.

Signature

Joan Ryan

Nick Ainger

Two of the Lords Commissioners of Her Majesty’s Treasury

9th March 2005

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004. Regulation 2(2) amends one of the qualifying conditions for a deposit account to be a stakeholder product. Regulation 2(3) makes an amendment consequent on the amended wording in regulation 2(2).