Regulation 3 Exemption for certain bodies

(1) Subject to paragraph (2) and regulation 4(1)(f), these Regulations do not apply to the following persons -

(a) credit unions;

(b) municipal banks; and

(c) the National Savings Bank.

(2) Where municipal banks provide or propose to provide payment services they must give notice to the FCA.

(3) In this regulation -

"credit union" means a credit union within the meaning of -

(a) the Credit Unions Act 1979 [1979 c.34. The definition of "credit union" in section 31(1) was substituted by paragraph 16 of Schedule 4 to the Cooperative and Community Benefit Societies Act 2014 (c. 14).];

(b) the Credit Unions (Northern Ireland) Order 1985 [S.I. 1985/1205 (N.I. 12).];

"municipal bank" means a company which, immediately before 1st December 2001, fell within the definition of a municipal bank in section 103 of the Banking Act 1987 (municipal banks) [1987 c. 22. The Act was repealed from 1st December 2001 by S.I. 2001/3649.].