The Banking Act 2009 (Banking Group Companies) Order 2014
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
3 Specified conditions
(1) The following conditions are specified for the purposes of section 81D(1) of the Banking Act 2009. (2) Subject to paragraphs (3) and (4), the undertaking must be— (a) a subsidiary of the bank; (b) a parent of the bank; or (c) a group subsidiary. (3) Where the bank is a subsidiary of a mixed activity holding company (“the MAHC”) and of a financial holding company which is also a subsidiary of the MAHC— (a) the MAHC is not a parent for the purposes of paragraph (2)(b); and (b) a group subsidiary which is a subsidiary of the MAHC is not a group subsidiary for the purposes of paragraph (2)(c) unless it is— (i) a financial institution; or (ii) a subsidiary of a financial institution which is also a subsidiary of the MAHC. (4) If the undertaking is a covered bond vehicle or a securitisation company, it must be— (a) an investment firm ; or (b) a financial institution. (5) A company which is a warehouse company within the meaning given by section 83(6) of the Finance Act 2005 or regulation 8 of the Taxation of Securitisation Companies Regulations 2006 is not a securitisation company for the purposes of paragraph (4) unless its business is carried on for the purposes of an existing asset-holding or note-issuing company. (6) In this article “group subsidiary” means a subsidiary of a parent of the bank which is not a parent or subsidiary of the bank.
3 Specified conditions
(1) The following conditions are specified for the purposes of section 81D(1) of the Banking Act 2009. (2) Subject to paragraphs (3) and (4), the undertaking must be— (a) a subsidiary of the bank; (b) a parent of the bank; or (c) a group subsidiary. (3) Where the bank is a subsidiary of a mixed activity holding company (“the MAHC”) and of a financial holding company which is also a subsidiary of the MAHC— (a) the MAHC is not a parent for the purposes of paragraph (2)(b); and (b) a group subsidiary which is a subsidiary of the MAHC is not a group subsidiary for the purposes of paragraph (2)(c) unless it is— (i) a financial institution; or (ii) a subsidiary of a financial institution which is also a subsidiary of the MAHC. (4) If the undertaking is a covered bond vehicle or a securitisation company, it must be— (a) an investment firm ; or (b) a financial institution. (5) A company which is a warehouse company within the meaning given by section 83(6) of the Finance Act 2005 or regulation 8 of the Taxation of Securitisation Companies Regulations 2006 is not a securitisation company for the purposes of paragraph (4) unless its business is carried on for the purposes of an existing asset-holding or note-issuing company. (6) In this article “group subsidiary” means a subsidiary of a parent of the bank which is not a parent or subsidiary of the bank.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
How this law is officially changed
Solon does not know this law's official route yet. The proposal is recorded all the same, and the route appears here once its source is added.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.