Schedule 2, Part 1, paragraph 4(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) to (23) of Directive 2013/36/EU of the European Parliament and of the Council; “designated settlement system” means a system designated in accordance with Directive 98/26/EC of the European Parliament and of the Council (as amended by Directives 2009/44/EC and 2010/78/EU); “employee” includes the holder of an office; “investment firm” means an investment firm as defined in Article 4.1(2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council that is subject to the initial capital requirement specified in Article 28(2) of Directive 2013/36/EU of the European Parliament and of the Council; “pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities; “secured” means secured against property or rights, or otherwise covered by collateral arrangements.

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