Moved by
Lord Deighton
106: Clause 28, page 40, line 32, leave out subsections (2) and (3) and insert—
“(2) “Financial institution” means a UK institution which—
(a) meets condition A or B, and
(b) is not an insurer or a credit union.
(2A) Condition A is that it has permission under Part 4A of FSMA 2000 to carry on the regulated activity of accepting deposits.
(2B) Condition B is that—
(a) it is for the purposes of FSMA 2000 an investment firm (see section 424A of that Act),
(b) it has permission under Part 4A of that Act to carry on the regulated activity of dealing in investments as principal, and
(c) when carried on by it, that activity is a PRA-regulated activity.”
107: Clause 28, page 40, line 37, leave out “subsections (2) and (3)” and insert “subsection (2)”
108: Clause 28, page 41, line 1, leave out subsection (5) and insert—
“(5) Subsections (2A), (2B) and (4)(b) are to be read in accordance with sections 22 and 22A of FSMA 2000, taken with Schedule 2 to that Act and any order under section 22.”
109: Clause 28, page 41, line 3, leave out “bank” and insert “financial institution”
110: Clause 28, page 41, line 4, leave out from “into” to “in” and insert “by the institution, or by a contractor of the institution,”
111: Clause 28, page 41, line 5, leave out “bank” and insert “institution”
112: Clause 28, page 41, line 5, leave out from “performs” to end of line 6 and insert “a senior management function.
(6A) A “senior management function” is a function designated as such—”
113: Clause 28, page 41, line 10, leave out “bank (“B”)” and insert “financial institution (“F”)”
114: Clause 28, page 41, line 11, leave out “B” and insert “F”
115: Clause 28, page 41, line 13, leave out “B” and insert “F”
116: Clause 28, page 41, line 14, leave out “B” and insert “F”
117: Clause 28, page 41, line 15, leave out “B” and insert “F”