BKM207200 | Bank compensation restriction: definition of banking company: the conditions

CTA09/S133E (1)

A company is a banking company if it is not an excluded company, and it meets the financial sector condition and either:

• the deposit-taker condition

• the investment banking condition

A company will also be a banking company if it is not an excluded company and is a member of a partnership which satisfies the financial sector condition and one of the deposit-taker or investment banking conditions. A partnership includes a limited liability partnership and an entity established overseas of a similar character to a partnership. ‘Member’ in relation to a partnership is to be read accordingly.

A company will be a banking company if it is a building society as defined by the Building Society Act 1986.