(1) The Banking Act 2009 is amended as follows.

(2) In section 3 (interpretation: other expressions), after "this Part -" insert -

""client assets" means assets which an institution has undertaken to hold for a client (whether or not on trust, and whether or not the undertaking has been complied with),".

(3) In section 4 (special resolution objectives), after subsection (8) insert -

"(8A) Objective 6, which applies in any case in which client assets may be affected, is to protect those assets.

(8B) Objective 7 is to minimise adverse effects on institutions (such as investment exchanges and clearing houses) that support the operation of financial markets."

(4) In section 8(2) (Condition A: private sector purchaser and bridge bank) -

(a) in paragraph (b) for "the banking systems of the United Kingdom, or" substitute "those systems,", and