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     4. The following paragraphs shall be inserted after Article 2(1) of the principal Order:

    " (2) For the purpose 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[3]; 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."

     5. In Article 13(1) of the principal Order, before "by the Governor", the words, "an officer authorised for the purpose" shall be inserted.

     6. In Articles 15(2) and 16(2) of the principal Order, before "authorised person", the words, "authorised officer or" shall be deleted.

     7. In Schedule 3, paragraph 2(1) of the principal Order - 

(a) in the first line, before "any constable or person", the words, "police officer," shall be inserted;

(b) in the second line after sub-paragraph (b), the words "any other constable" shall be replaced by, "any other police officers or constables".

A K Galloway
Clerk of the Privy Council

[2] S.I. 2002/112.back

[3] 2000 c. 8.back

  Prepared 19 February 2002