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The Banking Act 2009 (Restriction of Special Bail-in Provision, etc. ) Order 2014
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Set-off and netting: meaning of “derivative”, “financial contract” and “qualifying master agreement”U.K.
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5.—(1) In this Order “derivative” means a derivative as defined in Article 2(5) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories M1 [F1as it [F2forms part of retained EU law]].
(2) In this Order “financial contract” means any or any combination of the following (other than a derivative)—
(a)a contract for the purchase, sale, transfer or loan of a transferable security, a group of transferable securities or index of transferable securities;
(b)a repurchase or reverse repurchase transaction on any transferable security, group of transferable securities or index of transferable securities;
(c)a commodities contract of a financial nature, including—
(i)a contract for the purchase, sale, transfer or loan of a commodity, a group of commodities or an index of commodities for future delivery;
(ii)a swap or option on a commodity, a group of commodities or an index of commodities;
(iii)a repurchase or reverse repurchase transaction on any such commodity, group or index;
(d)a futures contract, including a contract (other than a commodities contract) for the purchase, sale or transfer of property of any description under which delivery is to be made at a future date and at a price agreed when the contract is made.
(3) In article 4 “qualifying master agreement” means a master agreement in so far as it relates to—
(a)a derivative,
(b)a financial contract, or
(c)a contract for the sale, purchase or delivery of the currency of the United Kingdom or any other country, territory or monetary union.
Textual Amendments
F1Words in art. 5(1) 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. 7(3)
F2Words in art. 5(1) substituted (31.12.2020 immediately before IP completiton 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)(h)
Marginal Citations
M1OJ L 201, 27.7.2012, p.1.
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