(1) Subject to paragraph (2), a partial property transfer may not provide for the transfer of some, but not all, of the property, rights and liabilities which are or form part of a capital market arrangement to which the investment bank is a party.

(2) Paragraph (1) does not apply where the only property, rights and liabilities which are, or are not, transferred relate to deposits.

(3) For the purpose of paragraph (1), a partial property transfer which purports to transfer all of the property, rights and liabilities which are or form part of a capital market arrangement to which the investment bank is a party is to be treated as having done so effectively (and not in contravention of paragraph (1)) notwithstanding the possibility that any property, right or liability purportedly transferred is foreign property and might not have been effectively transferred by the arrangement.

(4) In this regulation -

"capital market arrangement" has the meaning given by paragraph 1 of Schedule 2A to the Insolvency Act [Schedule 2A was inserted by the Enterprise Act 2002 (c. 40), section 250(2) and Schedule 18, and was amended by S.I. 2003/1468.];

"deposit" has the same meaning as in article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001[S.I. 2001/544, as amended by S.I. 2002/682.], disregarding the exclusions in other articles of that Order; and