# The Banking Act 2009 (Restriction of Partial Property Transfers) (Amendment) Order 2009, Article 3: Amendment


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 institutions;”;
(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
(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 instruments;”;
(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
(e) any contract for the sale, purchase or delivery of—
(i) transferable securities;
(ii) the currency of the United Kingdom or any other country, territory or monetary union;
(iii) palladium, platinum, gold, silver or any other precious metal; or
(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”.

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Source: https://www.legislation.gov.uk/ukdsi/2009/9780111480724/article/3 (the official version)
Page: https://openlegislation.uk/draft-banking-act-2009-restriction-of-partial-property-transfers-amendment-order-2009/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.