(1) The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 [S.I. 2009/322, to which there are amendments not relevant to this Order.] is amended as follows.

(2) In article 1(3) (citation, commencement and interpretation), in the definition of "banking institution" -

(a) after paragraph (a), insert -

"(aa) an investment firm;"; and

(b) in paragraph (b), after "bank" insert "or an investment firm".

(3) After article 9 (termination rights), insert -

"9A. Banking Group Companies

(1) A partial property transfer -

(a) to which this Order applies, and

(b) under which the transferor is a relevant company,

may not transfer property, rights or liabilities of the company unless the property, rights or liabilities are necessary for the carrying on of relevant business.

(2) For these purposes it does not matter whether relevant business has been transferred by a property transfer instrument.

(3) In this article -