# The Finance Act 2011 (Bank Levy: Amendment of Netting Agreements Provisions) Order 2011, Article 3: Amendment of paragraph 16


(1) Paragraph 16 (chargeable equity and liabilities of a UK banking group or a building society group) is amended as follows.
(2) In sub-paragraph (1)—
(a) in paragraph (a) omit “and N has assets which correspond to those liabilities”; and
(b) for paragraph (b) substitute—
“(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”),”.
(3) In sub-paragraph (2)——
(a) for paragraph (b) substitute—
“(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”;
(b) omit paragraph (c) (and the “and” after it);
(c) in paragraph (d)(i) omit “assets which correspond to”; and
(d) after paragraph (d) insert—
“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.”
(4) Omit sub-paragraph (3).

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Source: https://www.legislation.gov.uk/uksi/2011/3015/article/3 (the official version)
Page: https://openlegislation.uk/finance-act-2011-bank-levy-amendment-of-netting-agreements-provisions-order-2011/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.