Section 470 | Power to apply provisions to banking partnerships

(1)The Secretary of State may by regulations apply to banking partnerships, subject to such exceptions, adaptations and modifications as he considers appropriate, the provisions of this Part (and of regulations made under this Part) applying to banking companies.

(2)A “banking partnership” means a partnership which has permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8).But a partnership is not a banking partnership if it has permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission.^F1

(3)Expressions used in this section that are also used in the provisions regulating activities under the Financial Services and Markets Act 2000 have the same meaning here as they do in those provisions.See section 22 of that Act, orders made under that section and Schedule 2 to that Act.

(4)Regulations under this section are subject to affirmative resolution procedure.