- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 No. 1826
3. In article 1(3)—
(a)after the definition of “the Bank” insert—
(b)in paragraphs (c) and (d) of the definition of “excluded rights”—
(i)delete “solely”; and
(ii)after “instruments” insert “or an activity referred to in Annex I to the Banking Consolidation Directive”;
(c)at the end of paragraph (d) of the definition of “excluded rights” delete “or”;
(d)after paragraph (e) of the definition of “excluded rights” insert—
which relate to transferable securities (other than transferable securities referred to or described in a set-off arrangement, netting arrangement or title transfer financial collateral arrangement referred to in article 3(1));”;
(e)in the definition of “financial instrument”—
(i)the words from “any instrument” to the end become paragraph (a);
(ii)for the words from “Directive” to “instruments” substitute “the Markets in Financial Instruments Directive”;
(iii)at the end insert—
“(b)any option, future, swap, forward, contract for differences or other derivative contract not falling within paragraph (a); and
(c)any combination of any of the foregoing;”;
(f)after the definition of “financial instrument” insert—
(g)in the definition of “relevant authority” substitute “(a)” and “(b)” for “(f)” and “(g)” respectively;
(h)in the definition of “relevant financial instrument”—
(i)substitute “(a)”, “(b)”, “(c)” and “(d)” for “(h)”, “(i)”, “(j)” and “(k)” respectively;
(ii)after “loan;” delete “or”;
(iii)at the end insert—
any contract for the sale, purchase or delivery of—
the currency of the United Kingdom or any other country, territory or monetary union;
palladium, platinum, gold, silver or any other precious metal; or
any other commodity; ”;
(i)in the definition of “retail deposit” substitute “(a)” and “(b)” for “(l)” and “(m)” respectively;
(j)after the definition of “title transfer financial collateral arrangements” insert—
“transferable securities” has the meaning given by Article 4(18) of the Markets in Financial Instruments Directive”.
OJ L177 30.6.2006 p.1.
OJ L145 30.4.2004 p.1.
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