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The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011

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Amendment of paragraph 16

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3.—(1) Paragraph 16 (chargeable equity and liabilities of a UK banking group or a building society group) is amended as follows.

(2) In sub-paragraph (1)—

(a)in paragraph (a) omit “and N has assets which correspond to those liabilities”; and

(b)for paragraph (b) substitute—

(b)M, or another member of the relevant group, recognises, as assets, amounts due from N or another entity which is not a member of the group (“N’s liabilities”),.

(3) In sub-paragraph (2)——

(a)for paragraph (b) substitute—

(b)references to amounts due from N or another entity which is not a member of the relevant group include securities provided by M, or another member of the relevant group, to N or another entity which is not a member of the relevant group as collateral, but only where M or another member of the relevant group recognises those securities in its balance sheet or statement of financial position, and;

(b)omit paragraph (c) (and the “and” after it);

(c)in paragraph (d)(i) omit “assets which correspond to”; and

(d)after paragraph (d) insert—

Section 556 of CTA 2009 (meaning of securities and similar securities)(1) applies for the purposes of this sub-paragraph as it applies for the purposes of Chapter 10 of Part 6 of that Act.

(4) Omit sub-paragraph (3).

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