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| Mr Chancellor of the Exchequer |
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| Page 316, line 1 [Schedule 19], leave out paragraph (d) and insert— |
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| | ‘(d) | “the netting event occurs” if the insolvency or bankruptcy of— |
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| | (i) | M, or another member of the relevant group which has assets |
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| | which correspond to a liability covered by the provision |
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| | mentioned in sub-paragraph (1)(c), or |
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| | (ii) | N, or another entity which is not a member of the group and |
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| | which has such a liability, |
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| | | gives rise to the termination of any arrangements under which such a |
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| Mr Chancellor of the Exchequer |
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| Page 316, line 23 [Schedule 19], leave out ‘M’s assets’ and insert ‘the assets of M, |
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| or of another member of the relevant group,’. |
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| Mr Chancellor of the Exchequer |
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| Page 316, line 24 [Schedule 19], at end insert— |
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| | ‘() | But if this paragraph applies in relation to more than one member of the |
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| | relevant group, no part of an asset may be included in the net settlement assets |
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| | of more than one such member.’. |
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| Mr Chancellor of the Exchequer |
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| Page 320, line 11 [Schedule 19], leave out paragraph (b) and insert— |
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| | ‘(b) | M, or another entity within sub-paragraph (9), has assets which |
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| | correspond to liabilities which N, or another entity not within that sub- |
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| | paragraph, has to M or (as the case may be) to that other entity within |
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| | that sub-paragraph (“N’s liabilities”),’. |
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| Mr Chancellor of the Exchequer |
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| Page 320, line 13 [Schedule 19], leave out ‘between M and N’. |
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| Mr Chancellor of the Exchequer |
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| Page 320, line 14 [Schedule 19], at end insert ‘, and liabilities of other entities |
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| within sub-paragraph (9) to N or another entity which is not within that sub-paragraph,’. |
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| Mr Chancellor of the Exchequer |
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| Page 320, line 35 [Schedule 19], leave out paragraph (e) and insert— |
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| | ‘(e) | “the netting event occurs” if the insolvency or bankruptcy of— |
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| | (i) | M, or another entity within sub-paragraph (9) which has assets |
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| | which correspond to a liability covered by the provision |
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| | mentioned in sub-paragraph (8)(c), or |
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| | (ii) | N, or another entity not within sub-paragraph (9) which has |
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| | | gives rise to the termination of any arrangements under which such a |
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| Mr Chancellor of the Exchequer |
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| Page 321, line 6 [Schedule 19], leave out ‘M’s assets’ and insert ‘the assets of M, |
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| or of another entity within sub-paragraph (9),’. |
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| Mr Chancellor of the Exchequer |
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| Page 321, line 7 [Schedule 19], at end insert— |
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| | (a) | if N’s net settlement liabilities include liabilities of a relevant foreign |
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| | bank covered by paragraph 17(17), X% (as determined at Step 2 in |
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| | paragraph 24(1)) of the assets corresponding to the liabilities of the |
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| | relevant foreign bank are to be disregarded for the purposes of sub- |
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| | |
| | (b) | if sub-paragraph (12) applies in relation to more than one entity within |
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| | sub-paragraph (9), no part of an asset may be included in the net |
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| | settlement assets of more than one such entity.’. |
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| Mr Chancellor of the Exchequer |
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| Page 324, line 38 [Schedule 19], leave out paragraph (b) and insert— |
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| | ‘(b) | M, or another entity within sub-paragraph (9), has assets which |
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| | correspond to liabilities which N, or another entity not within that sub- |
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| | paragraph, has to M or, as the case may be, to that other entity within |
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| | that sub-paragraph (“N’s liabilities”),’. |
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| Mr Chancellor of the Exchequer |
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| Page 324, line 40 [Schedule 19], leave out ‘between M and N’. |
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| Mr Chancellor of the Exchequer |
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| Page 324, line 41 [Schedule 19], at end insert ‘, and liabilities of other entities |
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| within sub-paragraph (9) to N or another entity which is not within that sub-paragraph,’. |
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| Mr Chancellor of the Exchequer |
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| Page 325, line 15 [Schedule 19], leave out paragraph (e) and insert— |
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| | ‘(e) | “the netting event occurs” if the insolvency or bankruptcy of— |
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| |
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| | (i) | M, or another entity within sub-paragraph (9) which has assets |
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| | which correspond to a liability covered by the provision |
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| | mentioned in sub-paragraph (8)(c), or |
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| | (ii) | N, or another entity not within sub-paragraph (9) which has |
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| | |
| | | gives rise to the termination of any arrangements under which such a |
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| Mr Chancellor of the Exchequer |
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| Page 325, line 36 [Schedule 19], leave out ‘M’s assets’ and insert ‘the assets of M, |
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| or of another entity within sub-paragraph (9),’. |
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| Mr Chancellor of the Exchequer |
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| Page 325, line 37 [Schedule 19], at end insert— |
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| | (a) | if N’s net settlement liabilities include liabilities of a relevant foreign |
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| | bank covered by paragraph 19(17), X% (as determined at Step 2 in |
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| | paragraph 24(1)) of the assets corresponding to the liabilities of the |
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| | relevant foreign bank are to be disregarded for the purposes of sub- |
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| | |
| | (b) | if sub-paragraph (12) applies in relation to more than one entity within |
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| | sub-paragraph (9), no part of an asset may be included in the net |
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| | settlement assets of more than one such entity.’. |
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| Mr Chancellor of the Exchequer |
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| Page 336, line 33 [Schedule 19], at end insert— |
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| | (1) | The Treasury may by order add to, repeal or otherwise amend any of |
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| | paragraphs 16, 18(8) to (16), 20(8) to (16), 22 and 25. |
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| | (2) | An order under this paragraph may make consequential amendments of this |
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| | |
| | (3) | An order under this paragraph may have retrospective effect in relation to— |
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| | (a) | any chargeable period in which the order is made, or |
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| | (b) | in the case of an order made on or before 31 December 2011, any |
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| | chargeable period ending on or after 1 January 2011. |
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| | (4) | Orders under this paragraph are to be made by statutory instrument. |
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| | (5) | A statutory instrument containing an order under this paragraph may not be |
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| | made unless a draft has been laid before, and approved by a resolution of, the |
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| Mr Chancellor of the Exchequer |
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| Page 390, line 29 [Schedule 25], leave out ‘other than excluded matters’. |
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| Mr Chancellor of the Exchequer |
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| Page 390, line 31 [Schedule 25], leave out ‘other than excluded matters’. |
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| Mr Chancellor of the Exchequer |
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| Page 390, line 32 [Schedule 25], leave out sub-paragraphs (3) and (4). |
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| Mr Chancellor of the Exchequer |
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| Page 391, line 18 [Schedule 25], leave out sub-paragraph (4). |
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| Mr Chancellor of the Exchequer |
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| Page 393, line 15 [Schedule 25], at end insert— |
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| | ‘(ca) | if the foreign claim relates to an agricultural levy and the steps are ones |
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| | to be taken in or in relation to Scotland, the Commissioners |
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| | concurrently with the Scottish Ministers;’. |
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| Mr Chancellor of the Exchequer |
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| Page 393, line 42 [Schedule 25], leave out sub-paragraph (2). |
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| Mr Chancellor of the Exchequer |
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| Page 395, line 26 [Schedule 25], leave out sub-paragraph (3). |
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| | Bill read the third time on division, and passed. |
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