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Financial Services (Banking Reform) Act 2013

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Point in time view as at 18/12/2013. This version of this cross heading contains provisions that are not valid for this point in time. Help about Status

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Financial Services (Banking Reform) Act 2013, Paragraph 29 is up to date with all changes known to be in force on or before 03 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Valid from 18/02/2014

Valid from 31/12/2014

This section has no associated Explanatory Notes

29U.K.After section 152 insert—

152AProperty transfer from transferred institution

(1)This section applies where the Bank of England—

(a)makes a resolution instrument that transfers securities issued by a bank (or a bank's parent undertaking), in accordance with section 12A(2), and

(b)later makes a property transfer instrument from the bank or from another bank which is or was in the same group as the bank, in accordance with section 41A(2).

(2)This Part applies to the transferor under the property transfer instrument made in accordance with section 41A(2) as to the transferor under a property transfer instrument made in accordance with section 12(2).

(3)For that purpose this Part applies with any modifications specified by the Treasury in regulations; and any regulations—

(a)are to be made by statutory instrument, and

(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

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