The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014
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Change 1
4 Qualifying condition for a body corporate or a partnership
(1) The qualifying condition for a body corporate or a partnership is that during the relevant financial year that body or partnership met one or more of the criteria in table 1— Table 1 Turnover | Not less than £6.5 million Balance sheet total | Not less than £3.26 million Number of employees | Not less than 50 (2) If the organisation has existed for less than one financial year, the maximum figure for turnover must be proportionately adjusted. (3) The balance sheet total means— (a) the aggregate of the amounts shown as assets in the organisation's balance sheet for the relevant financial year; or (b) where the UK deposit-taker— (i) makes a determination as to whether the organisation meets the qualifying condition during the organisation’s first financial year; and (ii) at the time the determination is made, the organisation has not yet prepared a balance sheet; the aggregate of the amounts which would be shown as assets in a balance sheet prepared not more than six weeks before the date upon which that determination is made. (4) The number of employees means the average number of persons employed (whether full-time or part-time) by the organisation in the relevant financial year, determined as follows— (a) find for each month in the relevant financial year the number of persons employed under contracts of service by the organisation (whether throughout the month or not); (b) add together the monthly totals; and (c) divide by the number of months in the relevant financial year. (5) In this article “turnover”, in relation to a body corporate or a partnership, means the amounts derived from the provision of goods and services falling within the ordinary activities of the body corporate or partnership (“the gross receipts”), after deduction of— (a) trade discounts; (b) value added tax; and (c) any other taxes based on the gross receipts.
4 Qualifying condition for a body corporate or a partnership
(1) The qualifying condition for a body corporate or a partnership is that during the relevant financial year that body or partnership met one or more of the criteria in table 1— Table 1 Turnover | Not less than £6.5 million Balance sheet total | Not less than £3.26 million Number of employees | Not less than 50 (2) If the organisation has existed for less than one financial year, the maximum figure for turnover must be proportionately adjusted. (3) The balance sheet total means— (a) the aggregate of the amounts shown as assets in the organisation's balance sheet for the relevant financial year; or (b) where the UK deposit-taker— (i) makes a determination as to whether the organisation meets the qualifying condition during the organisation’s first financial year; and (ii) at the time the determination is made, the organisation has not yet prepared a balance sheet; the aggregate of the amounts which would be shown as assets in a balance sheet prepared not more than six weeks before the date upon which that determination is made. (4) The number of employees means the average number of persons employed (whether full-time or part-time) by the organisation in the relevant financial year, determined as follows— (a) find for each month in the relevant financial year the number of persons employed under contracts of service by the organisation (whether throughout the month or not); (b) add together the monthly totals; and (c) divide by the number of months in the relevant financial year. (5) In this article “turnover”, in relation to a body corporate or a partnership, means the amounts derived from the provision of goods and services falling within the ordinary activities of the body corporate or partnership (“the gross receipts”), after deduction of— (a) trade discounts; (b) value added tax; and (c) any other taxes based on the gross receipts.
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