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The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014

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Changes over time for: Section 2

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Version Superseded: 31/12/2020

Alternative versions:

Status:

Point in time view as at 16/12/2016. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014, Section 2. Help about Changes to Legislation

InterpretationU.K.

This section has no associated Explanatory Memorandum

2.—(1) In these Regulations—

the Act” means the Banking Act 2009;

the Bank” means the Bank of England;

banking institution” means—

(a)

a bank M1;

(b)

a building society (within the meaning of section 119 of the Building Societies Act 1986) M2;

(c)

an investment firm M3);

(d)

a banking group company;

(e)

[F1a third-country institution (within the meaning of section 89JA of the Act (resolution of UK branches of third-country institutions)).]

“Case 1”, “Case 2”, “Case 3” and “Case 4” have the meanings given in regulation 3;

initial instrument” has the meaning given in regulation 6(6);

relevant banking institution” has the meaning given in regulation 6(6);

relevant persons” has the meaning given in regulation 5(2);

(2) References to sections of the Act include, as the context requires, those sections [F2as applied with or without modifications by that Act as that Act has effect on the day on which the Bank Recovery and Resolution Order 2016 comes into force.]

(3) In these Regulations, “relevant compensation order” means—

(a)in relation to Case 1, the bail-in compensation order M4 required to be made in relation to the resolution instrument;

(b)in relation to Case 2, Case 3 or Case 4, the third party compensation order required to be included in the compensation scheme order or the resolution fund order by regulation 4.

Textual Amendments

Marginal Citations

M1Defined in section 2 of the Banking Act 2009.

M3Defined in section 258A of the Act. Section 258A was inserted by the Financial Services Act 2012 (c. 21), section 101(1), (7).

M4Defined in section 49(2A) of the Act (subsection (2A) was inserted by the Financial Services (Banking Reform) Act 2013 (c.33), Schedule 2, paragraph 6.

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