Property transfer instruments: special bail-in provision

46.—(1) Section 44B (property transfer instruments: special bail-in provision)(1) is amended as follows.

(2) In subsection (1), for “12(2)” substitute “11(2), 12(2), 12ZA(3)”.

(3) In subsection (2), for “12(2)” substitute “11(2), 12(2), 12ZA(3)”.

(4) In subsection (3)—

(a) after “12(2)” in both places insert “or 12ZA(3),”

(b) after “class)” insert “of the bank or”, and

(c) after “12(1)” insert “or the asset management vehicle mentioned in section 12ZA(1) (as the case may be)”.

(5) In subsection (4)—

(a) for “12(1)” substitute “12(1A) and 12ZA(2)”, and

(b) for “continues to hold” substitute “is entitled to exercise, or control the exercise of, voting rights in respect of”.

(1)

Section 44BA was inserted by paragraph 5 of Schedule 2 to the Financial Services (Banking Reform) Act 2013 (c.33).