The Deposit Guarantee Scheme Regulations 2015
| Jurisdiction | UK Non-devolved |
| Citation | SI 2015/486 |
(1) These Regulations may be cited as the Deposit Guarantee Scheme Regulations 2015.(2) Subject to paragraph (3) , the provisions of these Regulations come into force on 26th March 2015.(3) Regulations 5 and 7 come into force on 3rd July 2015.(1) In these Regulations—The PRA must notify the scheme manager
(1) If the relevant administrative authority is satisfied that a compensation scheme member has failed to repay a deposit the compensation scheme member; andthe scheme manager, orif the scheme manager is the relevant administrative authority, the PRA,is the scheme manager in relation to a compensation scheme member that is a credit union; andis the PRA in relation to any other compensation scheme member.in relation to categories of eligible deposit which fall within Article 6(2) of the deposit guarantee schemes directive; andin relation to all other categories of eligible deposit.(2) Compensation scheme rules made by the PRA in accordance with paragraph (1) are subject to regulation 7A.(1) For the period from 3rd July 2015 to 31st December 2015, the maximum compensation payable in accordance with PRA compensation scheme rules in respect of eligible deposits held by a relevant person with a compensation scheme member is £85,000 (and no account shall be taken of any lower
- “compensation scheme rules” means rules made under section 213 of FSMA ;
- “the compensation scheme” has the meaning given in section 213(2) of FSMA;
- “credit union” means—
- (a) a registered society (within the meaning given by section 1 of the Co-operative and Community Benefit Societies Act 2014 ) that is registered as a credit union; or
- (b) 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;
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F45“deposit” means—
- (a) 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
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(b) a share in a credit union other than—
- (i) a deferred share within the meaning given by section 31A of the Credit Unions Act 1979; or
- (ii) 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.
- “deposit guarantee schemes directive” means Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast) , repealing directive 94/19/EC;
- F46“eligible deposit” has the meaning given in section 70A(7) of the Banking Act 2009
- “FSMA” means the Financial Services and Markets Act 2000 ;
- “non-UK deposit guarantee scheme” means a deposit guarantee scheme or an institutional protection scheme established in an EEA state other than the United Kingdom which is recognised by that state for the purposes of Article 4(1) of the deposit guarantee schemes directive.
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