Banking Act 2009

[F148DGeneral interpretation of section 48BU.K.
This section has no associated Explanatory Notes

(1)In section 48B—

  • “client assets” means assets which the bank has undertaken to hold on trust for, or on behalf of, a client;

  • “contract” includes any instrument;

  • “credit institution” means any credit institution as defined in Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, other than an entity mentioned in [F2Article 2.5(2), (3) or [F3(24)]] of Directive 2013/36/EU of the European Parliament and of the Council;

  • [F4“designated settlement system” means a system which is designated in accordance with the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);]

  • F5...

  • “employee” includes the holder of an office;

  • F6...

  • F7...

  • “pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities;

  • [F8“recognised central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000;]

  • “secured” means secured against property or rights, or otherwise covered by collateral arrangements;

  • [F9“third country central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000.]

(2)In subsection (1)—

  • “assets” has the same meaning as in section 232(4) (ignoring for these purposes section 232(5A)(b));

  • “collateral arrangements” includes arrangements which are title transfer collateral arrangements for the purposes of section 48.

[F10(2A)The definition of “investment firm” in section 258A applies for the purposes of section 48B but for these purposes—

(a)any exclusions made under the power conferred by subsection (2)(b) of section 258A are to be ignored; and

(b)an institution is to be treated as falling within the definition only if it has permission to carry on the investment services and activities in point 3 or 6 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.]

F11(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)