Statutory Instrument 2001 No. 3801

The Financial Services and Markets Act 2000 (Consequential Amendments) (No. 2) Order 2001

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© Crown Copyright 2001

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Amendment to the Terrorism (United Nations Measures) (Overseas Territories) Order 2001 (S.I. 2001/3366)
     3.  - (1) Article 2 of the Terrorism (United Nations Measures) (Overseas Territories) Order 2001 (interpretation) is amended as follows.

    (2) The existing text is numbered paragraph (1).

    (3) In paragraph (1), in the definition of "relevant institution" - 

(a) for paragraph (b) substitute - 


" (b) a person who may lawfully accept deposits in or from within the Territory by way of business;";



(b) omit paragraph (c).

    (4) After paragraph (1) insert - 

    " (2) For the purposes of the definition of "relevant institution" in paragraph (1) - 


(a) the activity of accepting deposits has the meaning given in any relevant order made under section 22 of the Financial Services and Markets Act 2000; and

(b) a person is not regarded as accepting deposits by way of business if - 


(i) he does not hold himself out as accepting deposits on a day to day basis, and

(ii) any deposits which he accepts are accepted only on particular occasions, whether or not involving the issue of any securities.



    (3) In determining for the purposes of paragraph (2)(b)(ii) whether deposits are accepted only on particular occasions, regard is to be had to the frequency of those occasions and to any characteristics distinguishing them from each other.".

Tony McNulty

John Heppell
Two of the Lords Commissioners of Her Majesty's Treasury

27th November 2001