{
  "url": "https://openlegislation.uk/finance-act-2011-bank-levy-amendment-of-netting-agreements-provisions-order-2011/article-3",
  "json_url": "https://openlegislation.uk/finance-act-2011-bank-levy-amendment-of-netting-agreements-provisions-order-2011/article-3.json",
  "legislation": "uksi/2011/3015",
  "legislation_title": "The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011",
  "legislation_url": "https://openlegislation.uk/finance-act-2011-bank-levy-amendment-of-netting-agreements-provisions-order-2011",
  "path": "article/3",
  "kind": "article",
  "number": "3",
  "heading": "Amendment of paragraph 16",
  "text": "(1) Paragraph 16 (chargeable equity and liabilities of a UK banking group or a building society group) is amended as follows.\n(2) In sub-paragraph (1)—\n(a) in paragraph (a) omit “and N has assets which correspond to those liabilities”; and\n(b) for paragraph (b) substitute—\n“(b) M, or another member of the relevant group, recognises, as assets, amounts due from N or another entity which is not a member of the group (“N’s liabilities”),”.\n(3) In sub-paragraph (2)——\n(a) for paragraph (b) substitute—\n“(b) references to amounts due from N or another entity which is not a member of the relevant group include securities provided by M, or another member of the relevant group, to N or another entity which is not a member of the relevant group as collateral, but only where M or another member of the relevant group recognises those securities in its balance sheet or statement of financial position, and”;\n(b) omit paragraph (c) (and the “and” after it);\n(c) in paragraph (d)(i) omit “assets which correspond to”; and\n(d) after paragraph (d) insert—\n“Section 556 of CTA 2009 (meaning of securities and similar securities) applies for the purposes of this sub-paragraph as it applies for the purposes of Chapter 10 of Part 6 of that Act.”\n(4) Omit sub-paragraph (3).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "2009 c. 4."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/3015/article/3",
    "retrieved_at": "2026-10-29T01:47:09.049706+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."
}