The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014
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Change 1
14 Rules about information to be provided by a non ring-fenced body to individual account-holders
(1) The FCA must make rules specifying the information a non ring-fenced body must provide at any specified time (“specified information”) to— (a) individuals who have applied to open a UK account ... for the purpose of making one or more deposits with that non ring-fenced body (including a joint account); and (b) UK account holders ... of that non ring-fenced body who are individuals who use the account for the purpose of making one or more deposits. (2) The specified information must include a description of— (a) any excluded activity which the non ring-fenced body is carrying on; and (b) any prohibited action which the non ring-fenced body has taken; at the time at which rules made by the FCA under paragraph (1) specify the information must be provided. (3) In this article— (a) “non ring-fenced body” means a UK deposit-taker which is not— (i) a ring-fenced body, or (ii) an institution which is exempt from the definition of a ring-fenced body by virtue of section 142A(2) of the 2000 Act or any order made under that section; (b) “prohibited action” means any action which a ring-fenced body is prohibited from taking by the excluded activities and prohibitions order.
14 Rules about information to be provided by a non ring-fenced body to individual account-holders
(1) The FCA must make rules specifying the information a non ring-fenced body must provide at any specified time (“specified information”) to— (a) individuals who have applied to open a UK account ... for the purpose of making one or more deposits with that non ring-fenced body (including a joint account); and (b) UK account holders ... of that non ring-fenced body who are individuals who use the account for the purpose of making one or more deposits. (2) The specified information must include a description of— (a) any excluded activity which the non ring-fenced body is carrying on; and (b) any prohibited action which the non ring-fenced body has taken; at the time at which rules made by the FCA under paragraph (1) specify the information must be provided. (3) In this article— (a) “non ring-fenced body” means a UK deposit-taker which is not— (i) a ring-fenced body, or (ii) an institution which is exempt from the definition of a ring-fenced body by virtue of section 142A(2) of the 2000 Act or any order made under that section; (b) “prohibited action” means any action which a ring-fenced body is prohibited from taking by the excluded activities and prohibitions order.
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