The Investment Bank (Amendment of Definition) Order 2011
This Order amends section 232 of the Banking Act 2009 (c.1) to provide that the term “assets” (in the context of the meaning of “client assets”) includes money, but does not include anything held by an institution for the purposes of carrying on insurance mediation activity, unless that activity arises in the course of carrying on an investment activity, or if the institution has elected to hold those assets in accordance with rules made by virtue of section 139 of the Financial Services and Markets Act 2000 (c. 8) which apply to the protection of assets in the course of an investment activity that isa non-insurance mediation activity.