The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014
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Change 1
11 Circumstances in which UK deposit-takers are not ring-fenced bodies
(1) A UK deposit-taker is not a ring-fenced body if— (a) it carries out the regulated activity of effecting or carrying out contracts of insurance as principal in accordance with a permission under Part 4A of the 2000 Act; (b) it is a registered society, a Northern Ireland industrial and provident society or a Northern Ireland credit union; (c) it complies with the condition set out in paragraph (2) (the “relevant event condition”); ... (d) it complies with the condition set out in article 12 (the “core deposit level condition”) ; or (e) it complies with the condition set out in article 13A (the “trading assets condition”). (1A) Subject to paragraph (1B), paragraph (1)(e) does not apply to a UK deposit-taker which is included, or is a member of a group which is included, on the list of global systemically important banks published by the Financial Stability Board on 21st November 2022, as that list is updated by the Financial Stability Board from time to time (“the GSIB list”). (1B) When a UK deposit-taker, or the group of which it is a member, is included on the GSIB list by the Financial Stability Board after paragraph (1)(e) has come into force, paragraph (1)(e) continues to apply to that UK deposit-taker for a period of four years starting with the date on which it is first added to the GSIB list. (2) In relation to a UK deposit-taker, the relevant event condition is— (a) that the UK deposit-taker would not be a ring-fenced body but for the occurrence of a relevant event; and (b) not more than four years have passed since the date of that relevant event. (3) In this article “relevant event”, in relation to a UK deposit-taker, means an event of one of the following kinds— (a) as a result of a transfer effected by an instrument or order made under or in accordance with any provision of the Banking Act 2009 the UK deposit-taker or a member of its group— (i) acquires property, rights or liabilities from another institution, or (ii) acquires securities issued by another institution; (b) any other power conferred by or as a result of Part 1 of the Banking Act 2009 is exercised in relation to the UK deposit-taker; (c) a ring-fenced body or a member of its group acquires securities issued by— (i) the UK deposit-taker, or (ii) the parent undertaking of the UK deposit-taker; (d) as a result of one of the following transactions, the UK deposit-taker no longer satisfies the trading assets condition in article 13A— (i) the UK deposit-taker or a member of its group acquires the whole or part of the business of another undertaking, (ii) the UK deposit-taker or a member of its group acquires securities issued by another undertaking, making the undertaking a member of the same group as the UK deposit-taker, or (iii) an undertaking acquires securities issued by the UK deposit-taker or another member of its group, making the UK deposit-taker a member of the same group as that undertaking.
11 Circumstances in which UK deposit-takers are not ring-fenced bodies
(1) A UK deposit-taker is not a ring-fenced body if— (a) it carries out the regulated activity of effecting or carrying out contracts of insurance as principal in accordance with a permission under Part 4A of the 2000 Act; (b) it is a registered society, a Northern Ireland industrial and provident society or a Northern Ireland credit union; (c) it complies with the condition set out in paragraph (2) (the “relevant event condition”); ... (d) it complies with the condition set out in article 12 (the “core deposit level condition”) ; or (e) it complies with the condition set out in article 13A (the “trading assets condition”). (1A) Subject to paragraph (1B), paragraph (1)(e) does not apply to a UK deposit-taker which is included, or is a member of a group which is included, on the list of global systemically important banks published by the Financial Stability Board on 21st November 2022, as that list is updated by the Financial Stability Board from time to time (“the GSIB list”). (1B) When a UK deposit-taker, or the group of which it is a member, is included on the GSIB list by the Financial Stability Board after paragraph (1)(e) has come into force, paragraph (1)(e) continues to apply to that UK deposit-taker for a period of four years starting with the date on which it is first added to the GSIB list. (2) In relation to a UK deposit-taker, the relevant event condition is— (a) that the UK deposit-taker would not be a ring-fenced body but for the occurrence of a relevant event; and (b) not more than four years have passed since the date of that relevant event. (3) In this article “relevant event”, in relation to a UK deposit-taker, means an event of one of the following kinds— (a) as a result of a transfer effected by an instrument or order made under or in accordance with any provision of the Banking Act 2009 the UK deposit-taker or a member of its group— (i) acquires property, rights or liabilities from another institution, or (ii) acquires securities issued by another institution; (b) any other power conferred by or as a result of Part 1 of the Banking Act 2009 is exercised in relation to the UK deposit-taker; (c) a ring-fenced body or a member of its group acquires securities issued by— (i) the UK deposit-taker, or (ii) the parent undertaking of the UK deposit-taker; (d) as a result of one of the following transactions, the UK deposit-taker no longer satisfies the trading assets condition in article 13A— (i) the UK deposit-taker or a member of its group acquires the whole or part of the business of another undertaking, (ii) the UK deposit-taker or a member of its group acquires securities issued by another undertaking, making the undertaking a member of the same group as the UK deposit-taker, or (iii) an undertaking acquires securities issued by the UK deposit-taker or another member of its group, making the UK deposit-taker a member of the same group as that undertaking.
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