The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014
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2 Circumstances in which accepting a deposit is not a core activity
(1) In relation to a UK deposit-taker, accepting a deposit is not a core activity unless the deposit is a core deposit. (2) A deposit is a core deposit if it is held with the UK deposit-taker in a UK account ... except where one or more of the account holders is— (a) a relevant financial institution; (aa) an SME which is— (i) an investment firm, (ii) a UCITS or an alternative investment fund, (iii) a management company or an alternative investment fund manager, or (iv) a financial holding company or a mixed financial holding company, and for these purposes, “UCITS”, “alternative investment fund”, “management company”, “alternative investment fund manager”, “financial holding company” and “mixed financial holding company” have the meanings given in article 1(4) of the excluded activities and prohibitions order; (b) a qualifying organisation; (c) a qualifying group member; ... (d) an eligible individual; ... (e) a person who is, or at any time within the previous six months has been, subject to financial sanctions; (f) the central bank of a state or territory other than the United Kingdom; (g) the European Central Bank; (h) the European Union; (i) the European Atomic Energy Community; (j) the Bank for International Settlements; (k) the Bank of England Asset Purchase Facility Fund Limited; (l) the Covid Corporate Financing Facility Limited; or (m) the UK Infrastructure Bank Limited. (3) In this article— (a) a reference to an account held with a UK deposit-taker is to an account provided by the institution as part of its activity of accepting deposits; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ba) an account is a UK account if it was opened at a branch of the UK deposit-taker located in the United Kingdom; (c) “branch” means a place of business that forms a legally dependent part of the UK deposit-taker and conducts directly all or some of the operations inherent in its business; (d) “relevant financial institution” has the meaning given in the excluded activities and prohibitions order; (e) “financial sanctions” means any prohibition or obligation imposed under financial sanctions legislation as defined in section 143(4) of the Policing and Crime Act 2017. (4) A UK deposit-taker may continue to treat an account holder of that UK deposit-taker as a relevant financial institution for the purposes of this article— (a) for a period of twelve months beginning with the day after the day on which the account holder ceases to satisfy the definition of a relevant financial institution (“the twelve-month period”), or (b) until the date on which the account holder ceases to be an account holder of that UK deposit-taker, where this happens before the end of the twelve-month period.
2 Circumstances in which accepting a deposit is not a core activity
(1) In relation to a UK deposit-taker, accepting a deposit is not a core activity unless the deposit is a core deposit. (2) A deposit is a core deposit if it is held with the UK deposit-taker in a UK account ... except where one or more of the account holders is— (a) a relevant financial institution; (aa) an SME which is— (i) an investment firm, (ii) a UCITS or an alternative investment fund, (iii) a management company or an alternative investment fund manager, or (iv) a financial holding company or a mixed financial holding company, and for these purposes, “UCITS”, “alternative investment fund”, “management company”, “alternative investment fund manager”, “financial holding company” and “mixed financial holding company” have the meanings given in article 1(4) of the excluded activities and prohibitions order; (b) a qualifying organisation; (c) a qualifying group member; ... (d) an eligible individual; ... (e) a person who is, or at any time within the previous six months has been, subject to financial sanctions; (f) the central bank of a state or territory other than the United Kingdom; (g) the European Central Bank; (h) the European Union; (i) the European Atomic Energy Community; (j) the Bank for International Settlements; (k) the Bank of England Asset Purchase Facility Fund Limited; (l) the Covid Corporate Financing Facility Limited; or (m) the UK Infrastructure Bank Limited. (3) In this article— (a) a reference to an account held with a UK deposit-taker is to an account provided by the institution as part of its activity of accepting deposits; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ba) an account is a UK account if it was opened at a branch of the UK deposit-taker located in the United Kingdom; (c) “branch” means a place of business that forms a legally dependent part of the UK deposit-taker and conducts directly all or some of the operations inherent in its business; (d) “relevant financial institution” has the meaning given in the excluded activities and prohibitions order; (e) “financial sanctions” means any prohibition or obligation imposed under financial sanctions legislation as defined in section 143(4) of the Policing and Crime Act 2017. (4) A UK deposit-taker may continue to treat an account holder of that UK deposit-taker as a relevant financial institution for the purposes of this article— (a) for a period of twelve months beginning with the day after the day on which the account holder ceases to satisfy the definition of a relevant financial institution (“the twelve-month period”), or (b) until the date on which the account holder ceases to be an account holder of that UK deposit-taker, where this happens before the end of the twelve-month period.
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