OpenLegislation

Article 3 Amendment

Original text. Later amendments are not shown.

In article 1(3)—

(a)

after the definition of “the Bank” insert—

  • ““Banking Consolidation Directive” means Directive 2006/48/EC of the European Parliament and of the Council relating to the taking up and pursuit of the business of credit institutionsf1;”;

(b)

in paragraphs (c) and (d) of the definition of “excluded rights”—

(i)

delete “solely”; and

(ii)

after “instruments” insert “or an activity referred to in Annex I to the Banking Consolidation Directive”;

(c)

at the end of paragraph (d) of the definition of “excluded rights” delete “or”;

(d)

after paragraph (e) of the definition of “excluded rights” insert—

  • “or

    1. (f)

      which relate to transferable securities (other than transferable securities referred to or described in a set-off arrangement, netting arrangement or title transfer financial collateral arrangement referred to in article 3(1));”;

(e)

in the definition of “financial instrument”—

(i)

the words from “any instrument” to the end become paragraph (a);

(ii)

for the words from “Directive” to “instruments” substitute “the Markets in Financial Instruments Directive”;

(iii)

at the end insert—

“(b)

any option, future, swap, forward, contract for differences or other derivative contract not falling within paragraph (a); and

(c)

any combination of any of the foregoing;”;

(f)

after the definition of “financial instrument” insert—

  • ““Markets in Financial Instruments Directive” means Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instrumentsf2;”;

(g)

in the definition of “relevant authority” substitute “(a)” and “(b)” for “(f)” and “(g)” respectively;

(h)

in the definition of “relevant financial instrument”—

(i)

substitute “(a)”, “(b)”, “(c)” and “(d)” for “(h)”, “(i)”, “(j)” and “(k)” respectively;

(ii)

after “loan;” delete “or”;

(iii)

at the end insert—

  • “or

    1. (e)

      any contract for the sale, purchase or delivery of—

      1. (i)

        transferable securities;

      2. (ii)

        the currency of the United Kingdom or any other country, territory or monetary union;

      3. (iii)

        palladium, platinum, gold, silver or any other precious metal; or

      4. (iv)

        any other commodity; ”;

(i)

in the definition of “retail deposit” substitute “(a)” and “(b)” for “(l)” and “(m)” respectively;

(j)

after the definition of “title transfer financial collateral arrangements” insert—

  • “;

  • “transferable securities” has the meaning given by Article 4(18) of the Markets in Financial Instruments Directive”.

Annotations

Footnotes

f1

OJ L177 30.6.2006 p.1.

f2

OJ L145 30.4.2004 p.1.