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There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, Section 216.
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216.—(1) In this Part—
[F1“applying the public equity support tool” means participating in the recapitalisation of an institution or an entity by providing capital to the institution or entity in exchange for Common Equity Tier 1 instruments, Additional Tier 1 instruments or Tier 2 instruments;]
[F1“Common Equity Tier 1 instruments”, “Additional Tier 1 instruments” and “Tier 2 instruments” have the meanings given in section 3(1) of the Banking Act 2009;]
“the use of resolution tools, powers and mechanisms” means—
the exercise by the Bank or the Treasury of a stabilisation power (within the meaning given in section 1(4) of the Banking Act 2009);
the making by the Bank of a mandatory reduction instrument (within the meaning given in section 6B of that Act M1); or
“UK-registered company” has the meaning given in section 1158 of the Companies Act 2006 M2 (meaning of UK-registered company).
F4(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) For the purposes of this Part a company is a company under resolution if it is a UK-registered company which is subject to the use of resolution tools, powers and mechanisms.
(4) But such a company is not a company under resolution if—
(a)it has ceased to be subject to the exercise of a stabilisation power or the application of the public equity support tool; and
(b)the results which are to be achieved by an instrument made in respect of the company under Part 1 of the Banking Act 2009 have been achieved.
Textual Amendments
F1Words in art. 216(1) inserted (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. 3 para. 108(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 216(1) 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. 3 para. 108(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 216(1) inserted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 19(13)
F4Art. 216(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 108(3); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M1Section 6B was inserted by S.I. 2014/3329.
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