Search Legislation

Advanced Search

The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009

Help about what version

What Version

Help about advanced features

Advanced Features

Help about opening options

Opening Options

Changes to legislation:

There are currently no known outstanding effects for the The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009, Section 1. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Citation, commencement and interpretationU.K.

This section has no associated Explanatory Memorandum

1.—(1) This Order may be cited as the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009.

(2) This Order comes into force on 21st February 2009.

(3) In this Order—

“the Act” means the Banking Act 2009;

[F1“Annex 1 activity” has the meaning given in point (26A) of Article 4.1 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms;]

“the Bank” means the Bank of England;

F2...

“banking institution” means—

(a)

a bank (within the meaning of Part 1 of the Act) M1;

(aa)

[F3an investment firm;]

(b)

an undertaking which was a bank [F4or an investment firm] immediately before the making of a share transfer order under section 13(2) of the Act;

(c)

a bridge bank M2;

(d)

a building society (within the meaning of section 119 of the Building Societies Act 1986 M3); F5...

(e)

[F6a banking group company;] [F7 or

(f)

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

F8...

“continuity powers” means the powers conferred by section 64(2) of the Act F9... and section 67(2) of the Act F9...;

“deposit” has the meaning given by article 5 of the Regulated Activities Order M4 (disregarding the exclusions in articles 6 to 9AA of that Order M5);

[F10“eligible claimant” has the meaning given by rules made by the Financial Conduct Authority or the Prudential Regulation Authority under section 213 of the Financial Services and Markets Act 2000;]

“excluded rights” means rights—

(a)

which relate to a retail deposit made with a banking institution;

(b)

which relate to a retail liability owed to a banking institution;

(c)

which relate to a contract which was entered into by or on behalf of a banking institution otherwise than in the course of carrying on of an activity which relates F11... to relevant financial instruments [F12or [F13an Annex 1 activity]];

(d)

which relate to a claim for damages, an award of damages or a claim under an indemnity which arose in connection with the carrying on by a banking institution of an activity which relates F11... to relevant financial instruments [F12or [F13an Annex 1 activity]]; F14...

(e)

which relate to subordinated debt; [F15or

(f)

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));]

and “excluded liabilities” shall be interpreted accordingly;

“financial instrument” means—

(a)

[F16any instrument listed in [F17Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001], read with [F18 Articles 5 to 8, 10 and 11 of the Commission Delegated Regulation (EU) C(2016) 2398 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council]];

(b)

[F19any 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;]

F20...

“Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M6);

“relevant authority” means—

(a)

F21in relation to [F22Case 1, 2, 4 [F23, 5 or 6] (as specified in article 2(2), (3), (4A) [F24, (4B) and (4C) ])], the Bank;

(b)

F21in relation to Case 3 (as specified in article 2(4)), the Treasury;

“relevant financial instrument” means—

(a)

F25a financial instrument;

(b)

F25a deposit;

(c)

F25a loan;F26...

(d)

F25an instrument which falls within article 77 of the Regulated Activities Order (disregarding the exclusions in article 77(2)(b) to (d)); [F27or

(e)

any contract for the sale, purchase or delivery of—

(i)

transferable securities;

(ii)

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

(iii)

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

(iv)

any other commodity;]

“retail deposit” means a deposit in relation to which the condition in paragraph (a) or (b) is satisfied—

(a)

F28the depositor is an eligible claimant; or

(b)

F28the deposit is held in an account of a particular class or brand provided by a particular banking institution which either—

(i)

is mainly used by eligible claimants; or

(ii)

has been mainly marketed by the banking institution to eligible claimants;

“retail liability” means a liability which is owed to a banking institution by an eligible claimant;

“title transfer financial collateral arrangements” has the meaning given by regulation 3 of the Financial Collateral Arrangements (No 2) Regulations 2003 M7 [F29;]

[F29“transferable securities” has the meaning given by [F30point (24) of Article 2.1 of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.]]

(4) References in this Order to netting arrangements include—

(a)arrangements which provide for netting (within the meaning given by regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 M8); and

(b)arrangements which include a close-out netting provision (within the meaning given by regulation 3 of the Financial Collateral Arrangements (No 2) Regulations 2003).

[F31(5) 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 [F32(Amendment) (EU Exit) Regulations 2018 come] into force.]

[F33(6) In this Order any reference to an EU regulation or EU tertiary legislation within the meaning of the European Union (Withdrawal) Act 2018 is to be read as a reference to the instrument as it [F34forms part of retained EU law].]

Textual Amendments

F5Word in art. 1(3) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(2)(a)(i)

F9Words in art. 1(3) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(2)(b)

F18Words in art. 1(3) substituted (29.6.2017 for specified purposes; 3.7.2017 for specified purposes; 31.7.2017 for specified purposes; 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 5 para. 10(a) (with reg. 7)

F21Para. references “(a)” and “(b)” in art. 1(3) substituted for “(f)” and “(g)” (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(g)

F25Para. references “(a)”, “(b)”, “(c)” and “(d)” in art. 1(3) substituted for “(h)”, “(i)”, “(j)” and “(k)” substituted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(h)(i)

F28Para. references “(a)” and “(b)” in art. 1 (3) substituted for for “(l)” and “(m)” (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(i)

Marginal Citations

M1See section 2 of the Act.

M2“Bridge bank” is defined in section 12(1) of the Act. By virtue of section 11 of the Interpretation Act 1978 (c.30), expressions used in this Order have, unless the contrary intention appears, the meaning which they bear in the Banking Act 2009.

M4Article 5 was amended by SI 2002/682.

M5Articles 6 to 9AA were amended by SI 2001/3544; SI 2002/682; SI 2002/1310; and SI 2002/1776.

M6SI 2001/544.

M7SI 2003/3226.

M8SI 1999/2979.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources