(1) Regulation 2 of the Independent Qualified Conveyancers (Scotland) Regulations 1997 (interpretation) is amended as follows.
(2) In paragraph (1) -
(a) for the definition of "Bank" substitute -
(a) a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule;"; and
(b) for the definition of "recognised financial institution" substitute -
""recognised financial institution" means -
(a) any person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result o
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