848B Interpretation.

(1) In this Part—

“deposit account” means an account beneficially owned by an individual, which is—

(a) an account into which a deposit (within the meaning of section 256(1)) is made, or

(b) an account with a relevant European institution into which repayable funds are lodged;

“investment undertaking” has the meaning assigned to it in section 739B and “units in an investment undertaking” shall be construed accordingly;

“PPS Number”, in relation to an individual, means that individual’s Personal Public Service Number within the meaning of ^[2]>section 223 of the Social Welfare (Consolidation) Act, 1993;^<[2][2]>section 262 of the Social Welfare Consolidation Act 2005;^<[2]

“qualifying assets”, subject to section 848G, means—

(a) deposit accounts,

(b) shares within the meaning of section 2(1) of the Credit Union Act, 1997,

(c) units in an investment undertaking,

(d) units in, or shares of, a relevant UCITS,

(e) relevant life assurance policies,

(f) shares issued by a company, wherever incorporated, officially listed on a recognised stock exchange, and

(g) securities issued by or on behalf of a government;

“qualifying individual” means an individual who at the time of opening a special savings incentive account—

(a) is 18 years of age, or older, and

(b) is resident in the State;

“qualifying savings manager” means—

(a) a person who is a holder of a licence granted under section 9 of the Central Bank Act, 1971, or a person who holds a licence or other similar authorisation under the law of any other Member State of the European Communities which corresponds to a licence granted under that section,

(b) a building society within the meaning of section 256,

(c) a trustee savings bank within the meaning of the Trustee Savings Banks Act, 1989,

(d) ACC Bank plc,

(e) the Post Office Savings Bank,

(f) a credit union within the meaning of the Credit Union Act, 1997,

(g) an investment undertaking,

(h) the holder of—

(i) an authorisation issued by the Minister for Enterprise, Trade and Employment under the European Communities (Life Assurance) Regulations of 1984 (S.I. No. 57 of 1984), as amended, or,

(ii) an authorisation granted by the authority charged by law with the duty of supervising the activities of insurance undertakings in a Member State of the European Communities, other than the State, in accordance with Article 6 of Directive No. 79/267/EEC¹, who is carrying on the business of life assurance in the State, or

(iii) an official authorisation to undertake insurance in Iceland, Liechtenstein and Norway pursuant to the EEA Agreement within the meaning of the European Communities (Amendment) Act, 1993, and who is carrying on the business of life assurance in the State,

(i) a person which is an authorised member firm of the Irish Stock Exchange, within the meaning of the Stock Exchange Act, 1995, or a member firm (which carries on a trade in the State through a branch or agency) of a stock exchange of any other Member State of the European Communities,

(j) a firm approved under section 10 of the Investment Intermediaries Act, 1995, which is authorised to hold client money, other than a firm authorised as a Restricted Activity Investment Product Intermediary, where the firm’s authorisation permits it to engage in the proposed activities, or a business firm which has been authorised to provide similar investment business services under the laws of a Member State of the European Communities which correspond to that Act, or

(k) the Minister for Finance, acting through the Agency (within the meaning of section (1) of the National Treasury Management Agency Act, 1990);

“relevant European institution” means an institution which is a credit institution (within the meaning of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 (S.I. No. 395 of 1992)) which has been authorised by the Central Bank of Ireland to carry on business of a credit institution in accordance with the provisions of the supervisory enactments (within the meaning of those Regulations);

“relevant UCITS” means a UCITS situated in a Member State of the European Communities, other than the State, which has been authorised by the competent authorities of the Member State in which it is situated;

“relevant life assurance policy” means a policy of assurance which satisfies the conditions specified in subsection (3);

“special savings incentive account” has the meaning assigned to it in section 848C;

“tax credit”, in relation to a subscription, has the meaning assigned to it in section 848D(1);

“UCITS” means undertakings for collective investment in transferable securities within the meaning of Article 1 of Council Directive 85/611² and references to—

(a) “the Member State in which UCITS is situated”

and

(b) a UCITS which has been “authorised by the competent authorities of the Member State in which it is situated”,

shall have the same meanings as in Articles 3 and 4 respectively of that Directive;

“units in, or shares of, a relevant UCITS” means the rights or interests (however described) of the holder of units or shares in that relevant UCITS.

(2) Nothing in this Part shall be construed as authorising or permitting a person who is a qualifying savings manager to provide any services which that person would not otherwise be authorised or permitted to provide in the State.

(3) The conditions referred to in the definition of “relevant life assurance policy” in subsection (1) are that the policy of assurance is on the life of a person who beneficially owns the policy, and that the terms and conditions of the policy provide—

(a) for an express prohibition of any transfer of the policy, or the rights conferred by the policy or any share or interest in the policy or rights respectively, other than the cash proceeds from the termination of the policy or a partial surrender of the rights conferred by the policy, to that person,

(b) the policy, the rights conferred by the policy and any share or interest in the policy or rights respectively, shall not be capable of assignment, other than that the proceeds on the termination of the policy (other than on the death of the policyholder) may be transferred from a qualifying savings manager to another qualifying savings manager in accordance with the provisions of this Part, and

(c) the policy is not issued in the course of annuity business or pension business, within the meaning of section 706.