Financial Services (Banking Reform) Bill Debate

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Department: HM Treasury

Lord Deighton

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Financial Services (Banking Reform) Bill

Lord Deighton Excerpts

London Local Authorities and Transport for London (No.2) Bill [HL]
Tuesday 26th November 2013

(11 years, 11 months ago)

Lords Chamber
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Moved by
86: Clause 27, page 40, line 1, leave out “B” and insert “F”
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Moved by
96: Clause 27, page 40, line 7, leave out “bank” and insert “institution”
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Moved by
103: Clause 27, page 40, line 11, leave out “bank” and insert “institution”
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Moved by
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.”
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Moved by
119: Clause 28, page 41, line 23, leave out “B and B’s” and insert “F and F’s”
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