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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

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The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009

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2.—(1) The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 is amended as follows.

(2) In article 1 (interpretation etc.)—

(a)in paragraph (3)—

(i)after the definition of “the Act” insert—

““Annex 1 activity” has the meaning given in point (26A) of Article 4.1 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms;”;

(ii)omit the definition of “capital requirements directive”;

(iii)in the definition of “excluded rights”, in paragraphs (c) and (d), for “an activity referred to in Annex I to the capital requirements directive” in both cases substitute “an Annex 1 activity”;

(iv)in the definition of “financial instrument” in paragraph (a) for the words from “Section C” to “Instruments Directive” substitute “Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”;

(v)omit the definition of “Markets in Financial Instruments Directive”;

(vi)in the definition of “transferable securities” for the words from “Article 4.44” to the end substitute “point (24) of Article 2.1 of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012(1)”;

(b)in paragraph (5) for “Order 2016 comes” substitute “(Amendment) (EU Exit) Regulations 2018 come”; and

(c)after paragraph (5) insert—

“(6) In this Order any reference to an EU regulation or EU tertiary legislation within the meaning of the European Union (Withdrawal) Act 2018 is to be read as a reference to the instrument as it had effect on the day on which the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 were made.”.

(3) Omit article 4 (EU law).

(1)

OJ L 173, 12.6.2014, p.84.

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