Section 48D(1)

In section 48B— “client assets” means assets which the bank has undertaken to hold on trust for, or on behalf of, a client; “contract” includes any instrument; “credit institution” means any credit institution as defined in Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, other than an entity mentioned in Article 2.5(2), (3) or (24) of Directive 2013/36/EU of the European Parliament and of the Council; “designated settlement system” means a system which is designated in accordance with the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979); ... “employee” includes the holder of an office; ... ... “pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities; “recognised central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000; “secured” means secured against property or rights, or otherwise covered by collateral arrangements; “third country central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000.

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Source: legislation.gov.uk · retrieved 2026-09-04