Page 479 - IOM Law Society Rules Book

182 Financial Services Act 2008 c.8

SCH. 6 29. In section 45(1), in the definition of “advertisement”, for the words from
“an investment” to the end of the definition substitute “a regulated activity (within
the meaning of the Financial Services Act 2008)”.

30. In section 57N, in the definition of “financial services” —

(a) in paragraph (b), for “within the meaning of the Investment Business
Act 1991” substitute “under the Financial Services Act 2008”.

(b) in paragraph (c), for “banking business within the meaning of the
Banking Act 1998” substitute “deposit taking under the Financial
Services Act 2008”.

High Court Act 1991 (c.12)

31. For section 48(2) substitute —

“(2) In sections 46 and 47, “deposit-taking institution” means
any person carrying on a business which is a deposit taking business
under the Financial Services Act 2008 and includes a building society
established under the Industrial and Building Societies Act 1892 and
a United Kingdom building society which is licensed to accept
deposits under the Act of 2008.”.

Companies Act 1992 (c.4)

32. In section 26(3)(c)(i) at the end add “or the Financial Services Act 2008”.

Credit Unions Act 1993 (c.19)

33. For section 26 substitute —
“Exclusion
of deposit 26. The carrying out by a credit union of transactions permitted by
taking its rules shall not be treated as deposit taking business, and accordingly
business a credit union shall not be treated as a deposit taking institution, for
under the
Financial the purposes of the Financial Services Act 2008.”.
Services
Act 2008
34. In section 29(1), in the definition of “authorised bank” for paragraph (a)
substitute —

“(a) the holder of a licence under section 7 of the Financial
Services Act 2008 in respect of deposit taking;”.

Post Office Act 1993 (c.20)

35. In section 11(4), in the definition of “bank” for paragraph (b) substitute —

“(b) the holder of a licence under section 7 of the Financial
Services Act 2008 in respect of deposit taking;”.