PART IV AMENDMENTS OF BANKING ACT

Interpretation

Other interpretation of Banking Act

45.—(1) In subsection (1) of section 106 of the Banking Act (interpretation)—

(a) after the definition of “municipal bank” there shall be inserted the following definition—

“'parent controller' has the meaning given in section 105(5A) above;”;

(b) for the definition of “relevant supervisory authority” there shall be substituted the following definition—

“'relevant supervisory authority'—

(a)

in relation to another member State, has the meaning given in regulation 2 of the Banking Coordination (Second Council Directive) Regulations 1992;

(b)

in relation to any other country or territory outside the United Kingdom, means the authority discharging in that country or territory functions corresponding to those of the Bank under this Act;”; and

(c) for the definition of “shareholder controller” and related definitions there shall be substituted the following definitions—

“'shareholder controller', 'minority shareholder controller', '10 per cent. shareholder controller', "20 per cent. shareholder controller', "33 per cent. shareholder controller', "50 per cent. shareholder controller', "majority shareholder controller' and "principal shareholder controller' have the meanings given in section 105(4) above”.

(2) After subsection (2) of that section there shall be inserted the following subsection—

“(2A) In this Act the following expressions, namely—

• another member State;

• connected UK authority;

• credit institution;

• European authorised institution;

• the First Council Directive;

• home State;

• listed activity;

• parent undertaking;

• recognised self-regulating organisation;

• relevant supervisory authority;

• the Second Council Directive;

• subsidiary undertaking;

• supervisory authority;

• undertaking,

have the same meanings as in the Banking Coordination (Second Council Directive) Regulations 1992.”