This Order may be cited as the Bank of England (Information Powers) Order 1998, and shall come into force on 1st June 1998.

In this Order—

• “the Act” means the Bank of England Act 1998;

• “asset” includes property or rights of any kind, and includes any interest, whether direct or indirect, whether present or future, and whether vested or contingent, in any asset;

• “liability” includes any liability whether conditional or unconditional, whether present or future, and whether vested or contingent;

• “overseas undertaking” means any undertaking which is not a UK undertaking;

• “parent undertaking” and “subsidiary undertaking” have the same meaning as in Part VII of the Companies Act 19852, but as if (in each case)—

  1. a

     the reference in section 260(2) of that Act (definition of “participating interest”) to a holding of 20 per cent or more were a reference to a holding of 10 per cent or more, and

  2. b

     the reference in section 258(4)(a) of that Act to a “dominant influence” were a reference to a “significant influence”;

• “securities” means shares, stock, debentures, debenture stock, loan stock, bonds, relevant debt securities (within the meaning of section 17 of the Act), units of a collective investment scheme (within the meaning of the Financial Services Act 19863) and other securities of any description, and includes any interest in any security;

• “UK undertaking” means an undertaking which is incorporated in any part of the United Kingdom, or is a partnership or other unincorporated association formed under the law of any part of the United Kingdom;

• “undertaking” has the meaning given by section 259 of the Companies Act 1985.