PART 2Amendment of Primary Legislation, Scottish Legislation and Northern Ireland Legislation

Banking Act 20097

1

The Banking Act 2009 is amended as follows.

2

In section 48D(1)18 (general interpretation of section 48B)—

a

omit the definition of “investment firm”;

b

in the definition of “credit institution”, for “(23)” substitute “(24)”.

3

After section 48D(2) insert—

2A

The definition of “investment firm” in section 258A19 applies for the purposes of section 48B but for these purposes—

a

any exclusions made under the power conferred by subsection (2)(b) of section 258A are to be ignored; and

b

an institution is to be treated as falling within the definition only if it has permission to carry on the investment services and activities in point 3 or 6 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 200120.

4

In section 89JA21 (resolution of UK branches of third-country institutions), in the table of further modifications in subsection (11), in the entry in column 2 relating to section 60(3)(c), for “third country” substitute “country or territory outside the United Kingdom”.