- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol). This item of legislation is currently only available in its original format.
(This note is not part of the Order)
This Order makes provision to apply to co-operative societies and community benefit societies the provisions in the Corporate Insolvency and Governance Act 2020 (c. 12) (“the 2020 Act”) relating to moratoriums (“the moratorium provisions”) and arrangements and reconstructions for companies in financial difficulty (“the Part 26A provisions”).
For those purposes articles 6 to 13 amend the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229) (“the 2014 Order”).
Article 6 inserts a definition of “relevant CCBS” into the 2014 Order for the purpose of defining the categories of co-operative societies and community benefit societies to which the moratorium provisions do not apply.
Articles 7 and 8 amend the 2014 Order to apply the moratorium provisions, including the temporary provisions, to relevant CCBS and the Part 26A provisions to relevant societies with the modifications set out in—
(a)Schedule 1 to the 2014 Order, amended by article 11;
(b)Schedule 2A to the 2014 Order, inserted by article 12; and
(c)Part 4 of Schedule 4 to the 2014 Order, inserted by article 13.
Article 9 amends the 2014 Order to enable the Financial Conduct Authority and the Prudential Regulation Authority to participate in proceedings where the Part 26A provisions apply to a relevant society which meets the criteria in section 355A(1) of the Financial Services and Markets Act 2000 (c. 8).
Article 10 amends the 2014 Order to apply the temporary provision relating to moratoriums set out in the 2020 Act where a proposal for a moratorium is made to a relevant CCBS and its creditors and the courts have jurisdiction to wind up the society.
Article 11 provides the modifications to the moratorium provisions in their application to relevant CCBS to ensure those provisions operate correctly in relation to relevant CCBS.
Article 12 provides the modifications to the Part 26A provisions in their application to relevant societies to ensure those provisions operate correctly in relation to relevant societies.
Article 13 provides the modifications to the temporary moratorium provisions of the 2020 Act in their application to relevant CCBS to ensure those provisions operate correctly in relation to relevant CCBS.
Articles 14 to 17 make amendments consequential to the 2020 Act to the—
(a)Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I 1999/2979);
(b)Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226);
(c)Insurers (Reorganisation and Winding Up) (Lloyds) Regulations 2005 (S.I. 2005/1998); and
(d)Regulated Covered Bonds Regulations 2008 (S.I. 2008/346).
A full impact assessment has not been produced for this instrument as no impact, or no significant impact on the private, public or voluntary sectors is foreseen.
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Mae Memoranda Esboniadol yn nodi datganiad byr o ddiben Offeryn Statudol ac yn rhoi gwybodaeth am ei amcan polisi a goblygiadau polisi. Maent yn ceisio gwneud yr Offeryn Statudol yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol, ac maent yn cyd-fynd ag unrhyw Offeryn Statudol neu Offeryn Statudol Drafft a gyflwynwyd ger bron y Senedd o Fehefin 2004 ymlaen.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys