The Banking Act 2009 (Restriction of Partial Property Transfers) (Recognised Central Counterparties) Order 2014

Made: 9th July 2014

Coming into force: 1st August 2014

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PART 1 — General

Citation, commencement and interpretation

1

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Application of this Order

2

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PART 2 — Restrictions on partial property transfers

Protected rights and liabilities

3

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EU law

4

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Secured liabilities

5

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Market contracts

6

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Trusts

7

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Additional restrictions on reverse transfers

8

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Group companies

9

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PART 3 — Remedies

Market contracts and continuity powers

10

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Set-off and netting

11

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Contravention of other provisions of the Order

12

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PART 4 — Amendments to the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009

13

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Signed

Sam Gyimah — Anne Milton — Two of the Lords Commissioners of Her Majesty's Treasury — 2014-07-09

Explanatory note

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Footnotes

[^f00001]: 2009 c.1; section 89B, which applies sections 47 and 48 of the Act to recognised central counterparties,was inserted by the Financial Services Act 2012 (c.21), section 102(1) and (6). Section 89B was amended by S.I. 2013/504.

[^f00002]: 1989 c.40; section 155(1) was substituted by S.I. 2013/504.

[^f00003]: S.I. 2003/3226.

[^f00004]: 1986 c.45.

[^f00005]: S.I. 1999/2979.

[^f00006]: Section 42A was inserted by the Financial Services Act 2012, section 97(1) and (5).

[^f00007]: Subsection (8) was amended by the Financial Services Act 2012, Schedule 17, paragraphs 1 and 24. Subsection (5A) will be inserted when the Financial Services Act 2012, section 98(1),(4) is commenced.

[^f00008]: Subsection (1) was amended by the Financial Services Act 2012, section 97(1) and (7)(a). Subsection (3A) was inserted by the Financial Services Act 2012, section 97(1) and (7)(b). Subsection (7) was amended by the Financial Services Act 2012, Schedule 17, paragraphs 1 and 25. Subsection (5A) will be inserted when the Financial Services Act 2012, section 98(1) and (5) is commenced.

[^f00009]: OJ No L 201, 27.7.2012, p1.

[^f00010]: 2000 c.8; section 286(1) was amended by the Financial Services Act 2012, Schedule 8, paragraphs 1, 2(1) and 2(2).

[^f00011]: Subsection (4F) was inserted by the Financial Services Act 2012, section 30.

[^f00012]: Subsection (7) will be amended when the Financial Services Act 2012, section 98(1),(2) is commenced.

[^f00013]: The section heading will be amended when the Financial Services (Banking Reform)Act 2013 (c. 33), Schedule 2, paragraphs (1) and 16(h) are commenced. Subsection (2) will be amended when the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs 1 and 16(a) are commenced. Subsection (3) was amended by the Financial Services Act 2012, section 97(1),(6)(a) and will be further amended when the the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs1 and 16(b) are commenced. Subsection (4) will be amended when the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs1 and 16(c) are commenced. Subsection (4A) was was inserted by the Financial Services Act 2012, section 97(1), (6)(b) and will be amended when the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs 1 and 16(d) are commenced. Subsections (5) and (7) will be amended when the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs 1 and 16(e), (g) are commenced. Subsection (6) was amended by the Financial Services Act 2012, Schedule 17, paragraphs 1 and 23 and will be amended when the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs (1) and 16(f) are commenced.

[^f00014]: Subsection (1) was amended by the Financial Services Act 2012, section 97(1), (7)(a). Subsection (3A) was inserted by the Financial Services Act 2012, section 97(1), (7)(b). Subsection (5A) will be inserted when the Financial Services Act 2012, section 98(1), (5) is commenced. Subsection (7) was amended by the Financial Services Act 2012, Schedule 17, paragraphs 1 and 25.

[^f00015]: OJ no L176, 27/6/2013, p.1.

[^f00016]: Section 81C was inserted by the Financial Services Act 2012, section 100.

[^f00017]: Section 81B was inserted by the Financial Services Act 2012, section 100.

[^f00018]: 2006 c.46.

[^f00019]: S.I. 2009/322, to which there are amendments not relevant to this Order.

Editorial notes