§ 91 — Interpretation of this Division

91. In this Division, unless the context otherwise requires —“approved clearing house” has the meaning given by section 2(1) of the Securities and Futures Act 2001;

“basic substantive obligation”, in relation to a contract, means an obligation provided by the contract for payment, delivery or the provision of collateral;

“business day” has the meaning given by section 2(1) of the Banking Act 1970;

“designated payment system” has the meaning given by section 2(1) of the Payment Services Act 2019;

“foreign resolution” means any action by a foreign resolution authority of a foreign country or territory to do either or both of the following:(a)

to maintain financial stability;

(b)

to deal with any serious problem in a financial institution of that country or territory which affects the ability of the financial institution to continue its business or operations as a financial institution, and which, if not dealt with, may cause the financial institution to be no longer able to continue its business or operations as a financial institution;

“foreign resolution authority”, in relation to a foreign country or territory, means an authority of the foreign country or territory which, whether alone or together with one or more other authorities of the foreign country or territory, is responsible for a foreign resolution, or for preparing plans for a foreign resolution;

“group of companies”, in relation to a pertinent financial institution, means —(a)

the pertinent financial institution;

(b)

the entities that are subsidiaries of the pertinent financial institution; and

(c)

the entity that is the holding company of the pertinent financial institution, and the entities that are subsidiaries of that holding company;

“operator” and “settlement institution” have the meanings given by section 2(1) of the Payment Services Act 2019;

“reinsurance contract” means any contract or arrangement involving the reinsurance of liabilities under insurance policies;

“resolution measure” means —(a)

the making of a determination under Division 2, 4, 5, 6 or 9, the issue of any certificate under Division 2, 4, 5 or 6, the making of an order under Division 9, or the exercise of any power under any such certificate or order; or

(b)

the exercise of any power under any relevant provision applicable to the pertinent financial institution concerned;

“termination right” means —(a)

a right to terminate a contract;

(b)

a right to accelerate, close out, set off or net an obligation under a contract that would result in a suspension or modification or the extinguishment of the obligation;

(c)

a right to suspend, modify or extinguish an obligation of a party to a contract; or

(d)

in the case of a reinsurance contract, a right of the reinsurer to terminate or not to reinstate coverage under the contract.