http://www.legislation.gov.uk/uksi/2014/3330/regulation/2/2020-12-31The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014texttext/xmlenStatute Law DatabaseBANKS AND BANKING2024-04-10Expert Participation2020-12-31 These Regulations are made under the Banking Act 2009 (c. 1) (“the Act”), as amended by the Financial Services (Banking Reform) Act 2013 (c. 33) (which introduced a new stabilisation power, the power to make special bail-in provision). They also implement, in part, Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms (OJ L173, 12.6.2014, p.190) (“the recovery and resolution directive”). Interpretation21In these Regulations—the Act” means the Banking Act 2009;the Bank” means the Bank of England;banking institution” means—a bank ;a building society (within the meaning of section 119 of the Building Societies Act 1986) ;an investment firm );a banking group company; a 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);2References to sections of the Act include, as the context requires, those sections as applied with or without modifications by that Act as that Act has effect on the day on which the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2018 come into force. 3In these Regulations, “relevant compensation order” means—ain relation to Case 1, the bail-in compensation order required to be made in relation to the resolution instrument;bin 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.Defined in section 2 of the Banking Act 2009.1986 c.53.Defined in section 258A of the Act. Section 258A was inserted by the Financial Services Act 2012 (c. 21), section 101(1), (7).Defined 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.Words in reg. 2(1) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 40(2)(a)Words in reg. 2(2) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 40(2)(b)Words in reg. 2(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 4 para. 6(2); 2020 c. 1, Sch. 5 para. 1(1)
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<Title>Interpretation</Title>
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<P2para>
<Text>In these Regulations—</Text>
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<Term id="term-the-act">the Act</Term>
” means the Banking Act 2009;
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<Term id="term-the-bank">the Bank</Term>
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<Term id="term-banking-institution">banking institution</Term>
” means—
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a bank
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;
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a building society (within the meaning of section 119 of the Building Societies Act 1986)
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;
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<Text>
an investment firm
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<Text>a banking group company;</Text>
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<Addition ChangeId="key-049e90e6cce40b640bd1fbc15e4df414-1534153206808" CommentaryRef="key-049e90e6cce40b640bd1fbc15e4df414"> branches of third-country institutions)).</Addition>
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“Case 1”, “
<Term id="term-case-2">Case 2</Term>
”, “
<Term id="term-case-3">Case 3</Term>
” and “
<Term id="term-case-4">Case 4</Term>
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<Term id="term-initial-instrument">initial instrument</Term>
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<Term id="term-relevant-banking-institution">relevant banking institution</Term>
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References to sections of the Act include, as the context requires, those sections
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In these Regulations, “
<Term id="term-relevant-compensation-order">relevant compensation order</Term>
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in relation to Case 1, the bail-in compensation order
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required to be made in relation to the resolution instrument;
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<Text>Defined in section 2 of the Banking Act 2009.</Text>
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<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/53" id="c00010" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="53">1986 c.53</Citation>
.
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<Text>
Defined in section 258A of the Act. Section 258A was inserted by the
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Defined in section 49(2A) of the Act (subsection (2A) was inserted by the
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,
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Words in reg. 2(1) inserted (16.12.2016) by
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,
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Words in reg. 2(2) substituted (16.12.2016) by
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,
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Words in
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substituted (31.12.2020) by
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,
<CitationSubRef CitationRef="cpzsz6oi4-00007" id="cpzsz6oi4-00008" SectionRef="regulation-1-2" URI="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cpzsz6oi4-00007" id="cpzsz6oi4-00009" SectionRef="schedule-4-paragraph-6-2" URI="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/4/paragraph/6/2" Operative="true">Sch. 4 para. 6(2)</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="cpzsz6oi4-00010" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="cpzsz6oi4-00010" id="cpzsz6oi4-00011" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
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</Commentaries>
</Legislation>