- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Banking Act 2009 (Banking Group Companies) Order 2014, Section 4.
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.
4.—(1) The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 M1 is amended as follows.
(2) In article 1(3) (citation, commencement and interpretation), in the definition of “banking institution”—
(a)after paragraph (a), insert—
“(aa)an investment firm;”; and
(b)in paragraph (b), after “bank” insert “ or an investment firm ”.
(3) After article 9 (termination rights), insert—
9A.—(1) A partial property transfer—
(a)to which this Order applies, and
(b)under which the transferor is a relevant company,
may not transfer property, rights or liabilities of the company unless the property, rights or liabilities are necessary for the carrying on of relevant business.
(2) For these purposes it does not matter whether relevant business has been transferred by a property transfer instrument.
(3) In this article—
“financial institution” has the meaning given by point (26) 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 and amending Regulation (EU) No. 648/2012;
“relevant business” means the business, or any part of the business, of a banking institution, recognised central counterparty or other banking group company which is (or, but for the exercise of a stabilisation power, would be) in the same group as the relevant company; and
“relevant company” means a company, other than a financial institution, which—
is a banking group company in relation to which this Order has effect by virtue of section 81C of the Act M2; and
is not a parent undertaking of the banking institution in the same group in respect of which the PRA is satisfied for the purpose of section 81B(2) of the Act M3 that the general conditions for the exercise of a stabilisation power are met.
(4) For the purpose of the definition of “relevant business” undertakings are in the same group if they are group undertakings in respect of each other.
(5) Expressions defined in the Companies Act 2006 M4 have the same meaning in this article as in that Act.”.
Marginal Citations
M1S.I. 2009/322, to which there are amendments not relevant to this Order.
M2Section 81C was inserted by the Financial Services Act 2012, section 100.
M3Section 81B was inserted by the Financial Services Act 2012, section 100.
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: