Section 32(6)

In section 340 (interpretation)— in subsection (14)— omit “or” at the end of paragraph (a), and after paragraph (b) insert , or a person specified, or of a description specified, in regulations made by the Treasury or the Secretary of State. after subsection (14) insert— In subsection (14)(a)— the reference to the activity of accepting deposits is a reference to that activity so far as it is, for the time being, a regulated activity for the purposes of the Financial Services and Markets Act 2000 by virtue of an order under section 22 of that Act, but the reference to a business which engages in that activity does not include a person specified, or of a description specified, in regulations made by the Treasury or the Secretary of State. Before making regulations under subsection (14A)(b), the Treasury or the Secretary of State (as appropriate) must consult such persons likely to be affected by the regulations, or such representatives of such persons, as they consider appropriate. “Electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations). at the end insert— “Payment institution” means an authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752)).

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