GeneralU.K.

15InterpretationU.K.

(1)In this Act—

(2)In this Act any reference (however expressed) to securities issued by any authorised UK deposit-taker includes a reference to rights granted by the deposit-taker which form part of its own funds for the purposes of [F2Title 1 of Part Two of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook] (and which would not otherwise be securities by virtue of subsection (1)).

F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F4(4) For the purposes of this Act any undertaking that was an authorised UK deposit-taker immediately before the making of the first order under section 3 or 6 in relation to the undertaking is to be regarded as continuing to be an authorised UK deposit-taker, whether or not it would be one apart from this subsection.

(5)For the purposes of this Act any reference (however expressed) to an undertaking which is—

(a) a group undertaking of an authorised UK deposit-taker, or

(b) a subsidiary undertaking of an authorised UK deposit-taker,

includes, in relation to any time after the making of the first order under section 3 or 6 in relation to the deposit-taker (“ the relevant time ”), a reference to an undertaking which was a group or subsidiary undertaking of the deposit-taker immediately before the making of that order but is not one at the relevant time.

(6)For the purposes of this Act—

(a)a company is to be regarded as wholly owned by the Bank of England at any time if at that time—

(i)it is a company of which no person other than the Bank or a nominee of the Bank is a member, or

(ii)it is a wholly-owned subsidiary of a company within sub-paragraph (i); and

(b)a company is to be regarded as wholly owned by the Treasury at any time if at that time—

(i)it is a company of which no person other than a nominee of the Treasury is a member, or

(ii)it is a wholly-owned subsidiary of a company within sub-paragraph (i).

(7) This subsection makes transitional provision for the purposes of this Act in relation to expressions defined by subsection (1) by reference to provisions of the Companies Act 2006 (c. 46) (“ the 2006 Act ”)—

(a) in relation to any time before the commencement of section 1 of the 2006 Act, “ company ” means a company within the meaning of the Companies Act 1985 (c. 6) (“ the 1985 Act ”) or the Companies (Northern Ireland) Order 1986 ( S.I. 1986/1032 (N.I. 6)) (“ the 1986 Order ”);

(b) in relation to any time before the commencement of section 1159 of the 2006 Act, “ wholly-owned subsidiary ” has the meaning given by section 736 of the 1985 Act or Article 4 of the 1986 Order;

(c) in relation to any time before the commencement of sections 1161 and 1162 of the 2006 Act, “ group undertaking ”, “ subsidiary undertaking ” and “ undertaking ” have the meanings given by sections 258 and 259 of the 1985 Act or Articles 266 and 267 of the 1986 Order. ]