{
  "url": "https://openlegislation.uk/draft-banking-act-2009-banking-group-companies-order-2014/article-3",
  "json_url": "https://openlegislation.uk/draft-banking-act-2009-banking-group-companies-order-2014/article-3.json",
  "legislation": "ukdsi/2014/9780111115893",
  "legislation_title": "The Banking Act 2009 (Banking Group Companies) Order 2014",
  "legislation_url": "https://openlegislation.uk/draft-banking-act-2009-banking-group-companies-order-2014",
  "path": "article/3",
  "kind": "article",
  "number": "3",
  "heading": "Specified conditions",
  "text": "(1) The following conditions are specified for the purposes of section 81D(1) of the Banking Act 2009.\n(2) Subject to paragraphs (3) and (4), the undertaking must be—\n(a) a subsidiary of the bank;\n(b) a parent of the bank; or\n(c) a group subsidiary.\n(3) Where the bank is a subsidiary of a mixed activity holding company (“the MAHC”) and of a financial holding company which is also a subsidiary of the MAHC—\n(a) the MAHC is not a parent for the purposes of paragraph (2)(b); and\n(b) a group subsidiary which is a subsidiary of the MAHC is not a group subsidiary for the purposes of paragraph (2)(c) unless it is—\n(i) a financial institution; or\n(ii) a subsidiary of a financial institution which is also a subsidiary of the MAHC.\n(4) If the undertaking is a covered bond vehicle or a securitisation company, it must be—\n(a) an investment firm; or\n(b) a financial institution.\n(5) A company which is a warehouse company within the meaning given by section 83(6) of the Finance Act 2005 or regulation 8 of the Taxation of Securitisation Companies Regulations 2006 is not a securitisation company for the purposes of paragraph (4) unless its business is carried on for the purposes of an existing asset-holding or note-issuing company.\n(6) In this article “group subsidiary” means a subsidiary of a parent of the bank which is not a parent or subsidiary of the bank.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "By virtue of S.I. 2014/9999 “investment firm” in the Banking Act 2009 does not include an investment firm of a description given in Article 29 of Directive 2013/36/EU (OJ No. L 176, 27.6.2013, p. 338-436), which is not subject to the initial capital requirement (EUR 730,000) specified in Article 28(2) of that Directive."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2014/9780111115893/article/3",
    "retrieved_at": "2026-10-30T15:13:04.394624+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}