The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

Document Number:2018 No. 1285
 
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Statutory Instruments

Exiting The European Union

Financial Services

Made

3 rd December 2018

Coming into force in accordance with regulation 1

The Treasury are designated(1) for the purpose of section 2(2) of the European Communities Act 1972(2) in relation to financial services.

The Treasury make these Regulations in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018(3).

In accordance with paragraph 2 A(3)(a) of Schedule 2 to the European Communities Act 1972 and paragraph 1(1) of Schedule 7 to the European Union (Withdrawal) Act 2018 , a draft of this instrument has been laid before Parliament and approved by a resolution of each House of Parliament.

PART 1 General provisions

Citation, commencement and interpretation

  1. —(1) These Regulations may be cited as the Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018.

    (2) Parts 1 and 2 come into force on the day after the day on which these Regulations are made.

    (3) Parts 3 and 4 come into force on exit day.

    (4) In these Regulations “the 2015 Regulations” means the Deposit Guarantee Scheme Regulations 2015(4).

    PART 2 Amendments of the Deposit Guarantee Scheme Regulations 2015: European Communities Act 1972

  2. —(1) The 2015 Regulations are amended as follows.

    (2) In regulation 2 (interpretation) , in paragraph (1)—

    (a) after the definition of “credit union” insert—

    ““deposit” means—

    a deposit within the meaning of point (3) of Article 2(1) of the deposit guarantee schemes directive (including a share treated as a deposit by virtue of Article 2(3) of the directive); or

    a share in a credit union other than—

    a deferred share within the meaning given by section 31 A of the Credit Unions Act 1979; or

    a deferred share issued by a society registered under the Credit Unions (Northern Ireland) Order 1985 or a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 as a credit union.”;

    (b) after the definition of “deposit guarantee schemes directive” insert—

    ““eligible deposit” has the meaning given in section 70 A(7) of the Banking Act 2009”.

    (3) In regulation 6 (time limit for determining that a compensation scheme member is unable to repay deposits) , in paragraph (1) , for the words from “make” to the end substitute—

    “determine whether in its view the compensation scheme member appears unable for the time being, for reasons which are directly related to its financial circumstances, to repay the deposit and the compensation scheme member has no current prospect of being able to do so.”.

    PART 3 Amendments of Primary Legislation: European Union (Withdrawal) Act 2018

    Amendments of the Financial Services and Markets Act 2000

  3. —(1) In the Financial Services and Markets Act 2000(5) , Schedule 17 (the ombudsman scheme) is amended as follows.

    (2) In Part 1 , in paragraph 1—

    (a) omit the definition of “ADR Directive”;

    (b) in the definition of “ADR entity”, for the words from “any” to the end substitute “a person whose name appears on a list maintained in accordance with regulation 10 of the Alternative Dispute Resolution for Consumer Disputes (Competent...

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