PART 5Amendments of secondary legislation

Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 200938

1

The Banking Act 2009 (Third Party Compensation for Partial Property Transfers) Regulations 2009135 are amended as follows.

2

In regulation 1—

a

in paragraph (3)136, in the definition of “banking institution”—

i

at the end of subparagraph (b), omit “or”;

ii

after subparagraph (c), insert—

or

d

a third-country institution (within the meaning of section 89JA of the Act (resolution of UK branches of third-country institutions)).

b

in paragraph (3), in the definition of “relevant time”—

i

in paragraph (c) omit “(including that section as applied by section 82 of the Act)”,

ii

after paragraph (e) insert—

f

in relation to Case 6 (as specified in regulation 2(4C)), the time at which the share transfer instrument made in accordance with section 12(2) of the Act took effect;

c

after paragraph (3), insert—

4

References in this Order to sections of the Banking Act 2009 include, as the context requires, references to those provisions as applied with or without modifications by that Act, as that Act has effect on the day on which the Bank Recovery and Resolution Order 2016 comes into force.

3

In regulation 2137—

a

in paragraph (4)—

i

in sub-paragraph (a) omit “(including that section as applied by section 82 of the Act)”;

ii

in sub-paragraph (b) omit “(including that section as modified by section 83 of the Act)”;

b

after paragraph (4B), insert—

4C

Case 6 is where—

a

the Bank has made a share transfer instrument in accordance with section 12(2) of the Act; and

b

a property transfer instrument has been made by the Bank in accordance with section 44D(2) (bridge bank: supplemental property transfer powers)138 or section 44E(2) (bridge bank: supplemental reverse property transfer powers) of the Act which is a partial property transfer.

4

In regulation 6139, in paragraph (b)—

a

in sub-paragraph (iii) omit “(including that section as applied by section 82 of the Act)”;

b

after sub-paragraph (v), insert—

vi

in the case of Case 6 (as specified in regulation 2(4C), the share transfer instrument made in accordance with section 12(2).