Article 9 Group companies

A partial property transfer—

For these purposes it does not matter whether relevant business has been transferred by a property transfer instrument.

In this article—

• “financial institution” has the meaning given by point (26) of Article 4(1) of Regulation (EU) No. 575/2013 of the European Parliament and the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012^f1;

• “relevant business” means the business, or any part of the business, of a recognised central counterparty which is (or, but for the exercise of a stabilisation power, would be) in the same group as the relevant company; and

• “relevant company” means a company, other than a financial institution, which—

  1. (a)

     is a group company in relation to which this Order has effect by virtue of section 81C of the Act^f2; and

  2. (b)

     is not a parent undertaking of the recognised central counterparty in the same group in respect of which the Bank is satisfied for the purpose of section 81B(2) of the Act^f3 that the general conditions for the exercise of a stabilisation power are met.

For the purpose of the definition of “relevant business” undertakings are in the same group if they are group undertakings in respect of each other.

Expressions defined in the Companies Act 2006^f4 have the same meaning in this article as in that Act.