Amendment3

In article 1(3)—

a

after the definition of “the Bank” insert—

  • “Banking Consolidation Directive” means Directive 2006/48/EC of the European Parliament and of the Council relating to the taking up and pursuit of the business of credit institutions3;

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—

  • or

    1. a

      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—

  • “Markets in Financial Instruments Directive” means Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments4;

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—

  • or

    1. a

      any contract for the sale, purchase or delivery of—

      1. i

        transferable securities;

      2. ii

        the currency of the United Kingdom or any other country, territory or monetary union;

      3. iii

        palladium, platinum, gold, silver or any other precious metal; or

      4. iv

        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