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Banking Act 2009

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Changes over time for: Cross Heading: Independent valuer: valuation under section 6E or 48X

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Version Superseded: 01/01/2024

Status:

Point in time view as at 31/12/2020.

Changes to legislation:

Banking Act 2009, Cross Heading: Independent valuer: valuation under section 6E or 48X is up to date with all changes known to be in force on or before 18 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

[F1Independent valuer: valuation under section 6E or 48XU.K.

Textual Amendments

F1S. 62A and cross-heading inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 69

62A.Independent valuer: sections 6E and 48XU.K.

(1)The Bank of England must make arrangements for the appointment of a person to act as independent valuer for the purposes of a valuation to be conducted under section 6E or 48X.

[F2(1A)The Bank may require the bank to which the valuation relates to reimburse the Bank for costs it incurs in relation to the independent valuer (including remuneration and allowances paid to the valuer and the valuer's staff).]

(2)A person may not be appointed as independent valuer under subsection (1) unless that person—

(a)qualifies as “independent” in accordance with regulatory technical standards F3..., or

(b)if no such regulatory technical standards [F4exist], satisfies the independence requirement set out in section 1151 of the Companies Act 2006.

[F5(2A)In subsection (2) “regulatory technical standards” means—

(a)any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are retained EU law, or

(b)technical standards made under subsection (2B).

(2B)The Bank of England may make technical standards specifying the circumstances in which for the purposes of this section a person is to be considered independent from the Bank of England and the bank to which the valuation relates.]

(3)An independent valuer is to hold and vacate office in accordance with the terms of his or her appointment.

(4)An independent valuer may be removed from office only on the grounds of incapacity or serious misconduct.

(5)In the event of the death of an independent valuer, or an independent valuer being removed from office or resigning, a new independent valuer must be appointed by the Bank in accordance with this section.

(6)[F6Section] 55(1) to (5) and (7) to (10) F7... apply in relation to an independent valuer appointed in accordance with this section as they apply to an independent valuer appointed by virtue of section 54.]

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