Banking Act 2009 (c. 1)

Part 1U.K.Special Resolution Regime

Modifications etc. (not altering text)

Textual Amendments

Textual Amendments

F2Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)

(1)In section 48B—

“client assets” means assets which the bank has undertaken to hold on trust for, or on behalf of, a client;
“contract” includes any instrument;
“credit institution” means any credit institution as defined in Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, other than an entity mentioned in [F3Article 2.5(2), (3) or (23)] of Directive 2013/36/EU of the European Parliament and of the Council;
[F4“designated settlement system” means a system which is designated in accordance with the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);]
F5...
“employee” includes the holder of an office;
“investment firm” means an investment firm as defined in Article 4.1(2) of [F6the capital requirements regulation] that is subject to the initial capital requirement specified in [F7rules made by the FCA or PRA for the purpose of implementing] Article 28(2) of Directive 2013/36/EU of the European Parliament and of the Council;
F8...
“pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities;
[F9“recognised central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000;]
“secured” means secured against property or rights, or otherwise covered by collateral arrangements;
[F10“third country central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000.]

(2)In subsection (1)—

“assets” has the same meaning as in section 232(4) (ignoring for these purposes section 232(5A)(b));
“collateral arrangements” includes arrangements which are title transfer collateral arrangements for the purposes of section 48.

F11(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments