- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009, PART 1 .
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.
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 bank (within the meaning of Part 1 of the Act) M1;
[F3an investment firm;]
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;
a bridge bank M2;
a building society (within the meaning of section 119 of the Building Societies Act 1986 M3); F5...
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—
which relate to a retail deposit made with a banking institution;
which relate to a retail liability owed to a banking institution;
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]];
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...
which relate to subordinated debt; [F15or
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—
[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]];
[F19any option, future, swap, forward, contract for differences or other derivative contract not falling within paragraph (a); and
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—
“relevant financial instrument” means—
F25a financial instrument;
F25a deposit;
F25an instrument which falls within article 77 of the Regulated Activities Order (disregarding the exclusions in article 77(2)(b) to (d)); [F27or
any contract for the sale, purchase or delivery of—
transferable securities;
the currency of the United Kingdom or any other country, territory or monetary union;
palladium, platinum, gold, silver or any other precious metal; or
any other commodity;]
“retail deposit” means a deposit in relation to which the condition in paragraph (a) or (b) is satisfied—
F28the depositor is an eligible claimant; or
F28the deposit is held in an account of a particular class or brand provided by a particular banking institution which either—
is mainly used by eligible claimants; or
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
F1Words in art. 1(3) inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 4 para. 2(2)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 1(3) omitted (1.1.2014) by virtue of The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 71(a)
F3Words in art. 1(3) inserted (1.8.2014) by The Banking Act 2009 (Banking Group Companies) Order 2014 (S.I. 2014/1831), arts. 1, 4(2)(a)
F4Words in art. 1(3) inserted (1.8.2014) by The Banking Act 2009 (Banking Group Companies) Order 2014 (S.I. 2014/1831), arts. 1, 4(2)(b)
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)
F6Words in art. 1(3) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 125(2)(a)
F7Words in art. 1(3) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(2)(a)(ii)
F8Words in art. 1(3) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 4 para. 2(2)(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)
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)
F10Words in art. 1(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 160(a)
F11Word in art. 1(3) deleted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(b)(i)
F12Words in art. 1(3) inserted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(b)(ii)
F13Words in art. 1(3) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 4 para. 2(2)(a)(iii); 2020 c. 1, Sch. 5 para. 1(1)
F14Word in art. 1(3) omitted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(c)
F15Words in art. 1(3) inserted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(d)
F16Words in art. 1(3) become para. (a) (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(e)(i)
F17Words in art. 1(3) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 4 para. 2(2)(a)(iv); 2020 c. 1, Sch. 5 para. 1(1)
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)
F19Words in art. 1(3) inserted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(e)(iii)
F20Words in art. 1(3) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 4 para. 2(2)(a)(v); 2020 c. 1, Sch. 5 para. 1(1)
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)
F22Words in art. 1(3) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 125(2)(b)
F23Words in art. 1(3) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(2)(c)(i)
F24Words in art. 1(3) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(2)(c)(ii)
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)
F26Word in art. 1(3) omitted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(h)(ii)
F27Words in art. 1(3) inserted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(h)(iii)
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)
F29Words in art. 1(3) inserted (9.7.2009) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009 (S.I. 2009/1826), arts. 1, 3(j)
F30Words in art. 1(3) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 4 para. 2(2)(a)(vi); 2020 c. 1, Sch. 5 para. 1(1)
F31Art. 1(5) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(2)(d)
F32Words in art. 1(5) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 4 para. 2(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F33Art. 1(6) inserted (21.12.2018) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(3), Sch. 4 para. 2(2)(c)
F34Words in art. 1(6) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), reg. 1(4), Sch. para. 1(1)(2)(c)
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.
2.—(1) This Order applies in the following cases.
(2) Case 1 is where a partial property transfer M9 has been made by the Bank in accordance with section 11(2) [F35, 12(2) or 12ZA(3)] of the Act.
(3) Case 2 is where—
(a)the Bank has made a property transfer instrument in accordance with section 11(2) [F36, 12(2) or 12ZA(3)] of the Act (whether or not that instrument is a partial property transfer); and
(b)a property transfer instrument under section 42, 43 or 44 of the Act has been made by the Bank which is a partial property transfer.
(4) Case 3 is where—
(a)the Treasury have made a share transfer order in accordance with section 13(2) of the Act F37...; and
(b)a property transfer instrument has been made by the Treasury under section 45 or 46 of the Act F38... which by virtue of section 45(5)(b) or 46(5)(b) of the Act is to be treated as a partial property transfer.
[F39(4A) Case 4 is where—
(a)the Bank has made a resolution instrument in accordance with section 12A(2) of the Act (bail-in option), and
(b)a property transfer instrument has been made under section 41A(2) (transfer of property subsequent to resolution instrument), 42 (supplemental instruments) or 44A (bail in: reverse property transfer) of the Act which is a partial property transfer.
(4B) Case 5 is where—
(a)the Bank has made a third-country instrument in accordance with section 89H of the Act (recognition of third-country resolution actions), and
(b)either—
(i)that third-country instrument or
(ii)any further third-country instrument made under section 89I(4)(b),
makes provision which would otherwise be made in a property transfer instrument and which, if made in a property transfer instrument, would be a partial property transfer.]
[F40(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) or section 44E(2) (bridge bank: supplemental reverse property transfer powers) of the Act which is a partial property transfer.]
(5) For the purposes of this Order, a property transfer instrument or order which purports to transfer all of the property, rights and liabilities of a banking institution shall be treated as having done so effectively (and so shall not be treated as a partial property transfer), notwithstanding the possibility that any of the property, rights or liabilities are foreign property and may not have been effectively transferred by the property transfer instrument or order or by virtue of steps taken under section 39 of the Act.
[F41(6) This Order does not apply in the case of a partial property transfer made under Part 1 of the Act as applied by section 89B of the Act.]
Textual Amendments
F35Words in art. 2(2) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 125(3)(a)
F36Words in art. 2(3)(a) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 125(3)(b)
F37Words in art. 2(4)(a) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(3)(a)(i)
F38Words in art. 2(4)(b) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(3)(a)(ii)
F39Art. 2(4A)(4B) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 125(3)(c)
F40Art. 2(4C) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 36(3)(b)
F41Art. 2(6) inserted (1.8.2014) by The Banking Act 2009 (Restriction of Partial Property Transfers) (Recognised Central Counterparties) Order 2014 (S.I. 2014/1828), arts. 1(2), 13(2)
Marginal Citations
M9“Partial property transfer” is defined by section 47(1) of the Act. See also section 42 (supplemental instruments), section 43 (onward transfer), section 44 (reverse property transfer), 45 (temporary public ownership: property transfer) and sections 82 and 83 (holding companies: temporary public ownership).
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.
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.
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.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: