Amendment of Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009125
1
The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009177 is amended as follows.
2
In article 1(3) (interpretation)—
a
in the definition of “banking institution” for paragraph (e), substitute—
e
a banking group company;
b
in the definition of “relevant authority”, for “Case 1 or 2 (as specified in article 2(2) and (3))” substitute “Case 1, 2, 4 or 5 (as specified in article 2(2), (3), (4A) and (4B))”.
3
In article 2 (application of this order)—
a
in paragraph (2), for “or 12(2)” substitute “, 12(2) or 12ZA(3)”,
b
in paragraph (3)(a), for “or 12(2)” substitute “, 12(2) or 12ZA(3)”,
c
after paragraph (4) insert—
4A
Case 4 is where—
a
the Bank has made a resolution instrument in accordance with section 12A(2) of the Act (bail-in option), and
b
a property transfer instrument has been made under section 41A(2) (transfer of property subsequent to resolution instrument), 42 (supplemental instruments) or 44A (bail in: reverse property transfer) of the Act which is a partial property transfer.
4B
Case 5 is where—
a
the Bank has made a third-country instrument in accordance with section 89H of the Act (recognition of third-country resolution actions), and
b
either—
i
that third-country instrument or
ii
any further third-country instrument made under section 89I(4)(b),
makes provision which would otherwise be made in a property transfer instrument and which, if made in a property transfer instrument, would be a partial property transfer.
4
In article 8—
a
in paragraph (1)(a) after “section 44” insert “or 44A”;
b
in paragraph (4)(a) after “section 44” insert “or 44A (as the case may be)”.
5
Omit article 9 (termination rights).
6
In article 10(1) omit “or 9”.
7
In article 12(6) after “section 44” insert “or 44A”.