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Regulation 2 Interpretation

Original text. Later amendments are not shown.

In these Regulations—

  • “bureau de change” has the meaning assigned to it by regulation 3(2) below and references to a person operating a bureau de change shall be construed accordingly;

  • “buying rate” means the amount of a specified foreign currency which the person giving the exchange rate indication will buy from a consumer for the sum of £1 sterling, subject, if that be the case, to payment of any commission or other charge not taken into account in the calculation of that amount;

  • “deal” means purchase from or sell to a consumer foreign currency and “dealing” shall be construed accordingly;

  • “exchange rate”, except in the expression “exchange rate indication”, means a buying rate or a selling rate, as the case may be;

  • “exchange rate indication” has the meaning assigned to it by regulation 3(3) below;

  • “foreign exchange” means the currency (other than sterling) of any country and in any form (other than bankers' drafts) and includes European Currency Units; and

  • “selling rate” means the amount of a specified foreign currency which the person giving the exchange rate indication will sell to a consumer for the sum of £1 sterling, subject, if that be the case, to payment of any commission or other charge not taken into account in the calculation of that amount.